Share Capital Structure

As of 31^st of December 2004, UESR share capital amounted to 21,588 billion rubles. The total number of shares issued at a nominal price of 50 kopeks per share is 43,116,903,368, including 41,041,757,984 common shares and 2,075,149,384 preferred shares.

The total number of shares issued at the first emission in 1993 was 139,989,946 shares and at the second emission in 1995 was 42,976,913,422 shares.

The Federal ownership amounts to 22,715,371,537 shares (52.68% of total number of shares outstanding). The estimated number of shareholders is 343,579.

The major shareholders (as of 31^st of December 2004)

	31 December 2002	31 December 2003	31 December 2004
Ordinary shares
Federal ownership - total	22,512,343,161	22,569,848,313	22,569,848,313
including:
The Ministry of Property Relations of the RF*	22,512,329,609	22,569,834,761	22,569,834,761
Regional property funds	13,552	13,552	13,552
Preference shares
Federal ownership - total	145,523,224	145,523,224	145,523,224
including:
The Ministry of Property Relations of the RF	145,523,224	145,523,224	145,523,224

* as of 31 December 2004  - Federal Agency of Federal Property Management on behalf of the Russian Federation