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.