To Shareholders of RAO UES of Russia

 The information contained in the following pages is restricted and is not for release, publication to, distribution in, or into the United States, Canada, Australia or Japan. The information    contained in this   website does not constitute   an   offer   of, or   the    solicitation    of  an  offer to   buy or   subscribe for, securities of RAO UES (the "Company") or any securities in any other company that the Company may hold from time to     time    (any such securities,  the " Shares")  or rights    to subscribe for    Shares in the  United States or to  any  person in any other jurisdiction to whom or in which such offer or solicitation  is  unlawful  and, in particular, is  not  for distribution in Australia, Canada or Japan. The offer of the Shares has not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of Australia, Canada, Japan or the United States or to, or for the account  or  benefit  of, any   national,   resident  or citizen of Australia, Canada,  Japan  or   the United  States and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an  exemption  from, or in  a transaction not subject to,  such  registration  requirements.   No public offering  or sale  of the Shares  is being made in  the United  States.  The Shares   offered  outside t he  United    States are  being  offered  in  reliance  on  Regulation  S  under the Securities Act.