Buenos Aires

1. Presentation by Anatoly Chubais Chief Executive OfficerRAO «UES of Russia»to the 18th World Energy Congress (round table) Buenos Aires

2. RAO «UES of Russia» in the country’s energy sector 407 thermal and hydropower plants with installed capacity of 156,000 MW 2.7 mn km of power transmission lines - 96 % of Russia’s total length 623 bn kWh of electricity generated - 72% of Russia’s total generation 668,000 employees

3. New management - three years’ positive performance Modern business procedures Corporate governance Budgeting International accounting standards Business planning International audit Бизнес- планиро- вание Separate accounting

4. New management - three years’ positive performance Supply management: solving the non-payment problem Significant increase in cash collection Payment in cash, % 112 120 101 100 92 80 48 60 17 22 40 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 98 98 98 98 99 99 99 99 00 00 00 00 01 01 01

5. New management - three years’ positive performance Investments increased Compared with 1999, cash investments in 2000 grew by the factor of 4.5 - from RUR 2.0 bn to RUR 9.2 bn, for 2001 investments are estimated at RUR 11 bn RUR bn 10 11.0 9.2 2.0 0 2001 2000 1999 *) All 1999 figures are adjusted for the Rouble purchasing power as of 12/31/2000

6. New management - three years’ positive performance Third year of international audit by PricewaterhouseCoopers: profit based on 2000 year results Operating profit of the Group, RUR bn In 2000 the Group for the first time posted an operating profit of RUR 7.9 bn and net profit of RUR 0.5 bn. 2000 20 1998 1999 0 7.9 -20 - 28.2 Net profit of the Group, RUR bn -40 -60 2000 100 -80 1998 1999 -100 - 91.3 0 0.5 * 1998 reports reflected the loss from economic ageing which affected the Group’s performance - 11.9 -100 -500 - 532.3 *) All 1998 and 1999 figures are adjusted for the Rouble purchasing power as of 12/31/2000

7. LV Grid LV Grid LV Grid Independent generating company Power plants Changing the power sector structure with transition to the market 2006-2008 2001 Independent generating company RAO «UES of Russia» holding LV Grid HV Grid Independent generating company CDU HV Grid Regional energos Generation LV Grid Supply Independent generating company Consumers

8. 437.0 gas 900 Europe 32.5 gas 215 Baltic states 177.7 gas 345 166.8 gas 474 Turkey 9600 gas 4000 Japan Short-term investment program of RAO «UES of Russia» Kaliningrad co-gen plant-2 North-Western co-gen plant Pskov thermal plant 230.0 450 Scandinavia gas Upper Volga hydroplant cascade Ivanovo thermal plant Dzerzhinsk co-gen plant Schekino co-gen plant 31.2 hydro 195 273.6 gas 37.6 150 gas 275.8 gas 900 Surgut thermal plant Krasnodar co-gen plant Sakhalin thermal plant Berezov thermal plant-1 investment, US$ mn fuel type capacity to be installed, MW export capabilities 113.5 coal 700

9. Long-term investment capabilities: generating companies In accordance with economic growth forecasts by 2010 power consumption level shall grow by 20-35% Free market share in power generation Necessary investments - over US$ 35 bn bn kWh Capacity requirements 250 214 246 200 196 191 Capacity adjusted for resource exhaustion 150 100 2000 2003 2010 Competitive market State regulation Deregulation