UNIFIED ENERGY SYSTEM OF RUSSIA
(UES)

ANNUAL REPORT
2003

1. About the Company

2. Performance Highlights

3. Board Chairman's Statement

4. Management Board Chairman's Statement

5. RAO "UES of Russia" Today

5.1 Capital Structure of RAO "UES of Russia"
5.2 Map of the UES of Russia
5.3 Structure of RAO "UES of Russia"

6. Company Management

6.1 Board of Directors
6.2 Management Board
6.3 Company's Governance Structure in 2003
6.4 Governance System
   6.4.1 Corporate Policy
   6.4.2 Financial management and organization of financial market operations
   6.4.3 Business Planning
   6.4.4 Asset Management
   6.4.5 Operational Management
   6.4.6 Human Resource Management

7. Reforming the Company

7.1 Reform Strategy
7.2 Implementation of the Reform Plans

8. Production

8.1 Generation
8.2 Fuel Supplies
8.3 Repairs and Maintenance

9. Operation of the UES of Russia

10. Economy

10.1 Sales Results
10.2 Tariff Policy
10.3 Cost Reduction

11. Electricity and Heat Markets

11.1 Wholesale Market
11.2 Retail Market
11.3 Energy Sales
11.4 Foreign Markets

12. Investments and Innovations

12.1 Results of Investment Activities
12.2 Investment Prospects
12.3 Research and Development

13. The Company's Finance

13.1 Financial Results of the Company
13.2 Financial Results of the Holding Company

14. Appendix

1. Financial Statements of RAO "UES of Russia" for 2003
1.1. Balance Sheet of the Company
1.2. The Company's Statement of Income
2. Copy of the Auditor's Report made by ZAO "KPMG"
3. Interest in Shares and Voting Shares of Joint Stock Companies held by RAO "UES of Russia"
4. CEOs of Subsidiaries and Dependent Companies of RAO "UES of Russia"
5. Major corporate events in 2003
6. Securities Market
7. Glossary
8. Contact Information