Moscow, 21 April 2005. RAO "UES of Russia" has fully and timely paid the interest in respect of the fifty coupon period on its Series 2 interest-bearing bonds in the amount of RUB224.37 million.

The coupon amount is RUB74.79 per bond (par value of RUB1,000). The paying agent and underwriter for the bond issue is TRUST Investment Bank.

The bonds carry six coupons. The interest rate is 15% per annum. The previous four coupons for a total amount of RUB900 million were paid in full and in a timely manner. On 22 October 2003, RAO "UES of Russia" made an annual offer of early redemption of the bonds at 102.36% of the par (RUB1,023.6 per bond), but no investors have accepted that offer.

The resolution to issue RUB3 billion in bonds was approved by the Board of Directors of RAO "UES of Russia" at the Board meeting held 21 June 2002. The bonds were floated on the Moscow Interbank Currency Exchange (MICEX) on 22 October 2002. The bond placement report was registered with the FCSM of Russia on 19 November 2002. The maturity period of the bonds is 1,095 days, with the maturity date of 21 October 2005.

The proceeds from the bond issue were used to finance the current activities of the Company.