Unified Energy System of Russia
(UES)

ANNUAL REPORT

1998

CONTENTS

Letters to Shareholders

• Chairman of the Board of Directors
• Chairman of the Management Board

1. Summary of Performance Results
2. Unified Energy System of Russia: Overview
3. Production
4. Investments and Innovations
5. Foreign Economic Relations
6. Share Capital
7. Asset Management
8. Finance and  Accounting
9. Auditor's Opinion
10. Board of Directors and Management Board
11. Information for Shareholders