REPORT OF OAO RAO "UES OF RUSSIA"
TO ANNUAL GENERAL MEETING OF SHAREHOLDERS
FOR 2004

CONTENTS

5. COMPANY MANAGEMENT

5.1. Board of Directors

5.2. Management Board

5.3. Governance System

5.3.1. Governance Structure and Methods

5.3.2. Administration of Property

5.3.3. Human Resource Management

5.3.4. Key Performance Indicators and Business Planning

5.3.5. Dividend Policy

6. REFORMING THE COMPANY

6.1. Implementation of the Reform Plans

6.2. Restructuring of Regional Energy Companies

6.3. Establishment of New Industry Participants (WGCs, TGCs, IDCs)

6.4. Creation of the Structure of Dispatch System

6.5. Restructuring of Repair and Maintenance Operations

6.6. Consolidation of Transmission Assets

6.7. Restructuring of Research Operations

6.8. Market Development

6.9. Reform Plans for 2005-2006

7. PRODUCTION

7.1. Generation

7.2. Fuel Supply

7.3. Repairs and Maintenance

8. OPERATION OF THE UES OF RUSSIA

9. ECONOMY

9.1. Tariff Policy

9.2. Sales Results

10. ELECTRICITY AND HEAT MARKETS

10.1. Wholesale Market

10.2. Retail Market

10.3. Electricity Sales

10.4. Foreign Markets

11. INVESTMENTS AND INNOVATIONS

11.1. Results of Investment Operations

11.2. Investment Prospects

11.3. Research, Development, and Deployment

12. INTERNATIONAL ACTIVITIES

13. COMPANY'S FINANCE

13.1. Financial Management and Financial Market Operations

13.2. Company's Financial Results

13.3. Copy of the Auditor's Report by ZAO "KPMG"

13.4. Financial Statements of OAO RAO "UES of Russia" for 2004

              Balance Sheet of the Company

              Statement of Income of the Company

13.5. Financial Results of RAO "UES of Russia" Holding Company

14. APPENDIXES: