Financial results

STATEMENT OF OPINION of the Auditing Commission on the results of audit of the operations of OAO RAO "UES of Russia" in 2007

Pursuant to Federal Law No. 208-FZ of 24 November 1995 On Joint Stock Companies, the Charter of OAO RAO "UES of Russia", and the Regulation on the Activities of the Auditing Commission of OAO RAO "UES of Russia" approved by the General Meeting of shareholders on 28 June 2002, the Auditing Commission of OAO RAO "UES of Russia" conducted an audit of operations of OAO RAO "UES of Russia" in 2007 (the "Audit").

The following has been found based on the results of the Audit and taking into account the Auditor's Report prepared by ZAO "PricewaterhouseCoopers Audit" in respect of the statutory annual financial statements of OAO RAO "UES of Russia" for 2007:

• The data contained in the Annual Report and statutory annual financial statements of OAO RAO "UES of Russia" for 2007 may be confirmed as true and correct, based on random selection of the original documents made available to the Auditing Commission;

• We have not found any instances of non-compliance with the Russian Federation statutory accounting and reporting requirements and the legal acts of the Russian Federation governing the financial and business operations.