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Unified Energy System

April 28, 2003

Today, the Board of Directors of RAO "UES of Russia" resumed its meeting that started last Friday, 25 April

Moscow, 28 April. The Board of Directors decided to submit for approval by shareholders at the AGM a finalized draft text of the Annual Report of the Company for 2002, the financial statements, including the profit and loss account (income statement), and profit and loss allocation based on the financial year's results.

The Board of Directors reviewed the recommendations on the amount of dividends to be paid for 2002 on RAO UES shares and the procedure for their payment, and decided to recommend that the Company's shareholders approve the following dividend amounts:

  • ordinary shares: RUB1,383,105,161.1, or RUB0.0337 per share;
  • preferred shares: RUB605,112,753.52, or RUB0.2916 per share.

The Board also recommended to approve the form of dividend payment (cash) and the dividend payment period for ordinary and preferred shares (until 1 December 2003).

The Board of Directors approved the form and text of Ballot No. 2 to be used for voting at the AGM of RAO "UES of Russia". This ballot will be cast by shareholders on the issue of the Company's dividend payment for 2002.

The Board reviewed the Basic Principles for performance by members of the Board of Directors and Management Board of RAO "UES of Russia" of transactions in shares in RAO "UES of Russia" and its subsidiaries and dependent companies (SDCs).

The Board of Directors approved the Basic Principles and recommended that the members of the Company's Board of Directors and Management Board sign, within one week after approval of said decision, a personal undertaking to comply with the Basic Principles.

The Board of Directors determined that all members of the Company's management bodies must, within 10 days upon approval of said decision, disclose their shareholdings in the Parent Company and its SDCs to the Audit Committee of the Board of Directors. Until the Audit Committee is established and its terms of reference are defined, its functions are to be performed by the Board of Directors.

The Board of Directors decided that, until the Audit Committee is set up, the period for prior approval of transactions established by the Basic Principles shall be 25 days.

In order to define more specifically the provisions of the Basic Principles, the Board of Directors instructed the Company's Management Board to develop and submit for approval by one of the next Board meetings the documents defining:

- the legal regime for the Company's information and data resources, including the procedure for documenting information, conditions and rules for the processing of information (information resources), categories of information by level of access, procedures for protection of information and data resources, and rules for handling documents in the process of their copying and distribution;

- the notion of "insider information", its constituents, documenting procedures, processing conditions and rules, categories of information by level of access and the access procedure, measures to ensure data protection, rules for dealing with documents containing such information when copying or distributing them;

- additional rules (procedures) for obtaining prior approval and subsequent submission of a notification to the Board's Audit Committee about the performance of a transaction (deal) in shares of the Company and its subsidiaries or affiliates.

RAO UES Mass Media Relations will release the details of the Basic Principles in the near future.

 

 

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