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Gold/Mining/Energy : Mosenergo ADR

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To: Copperfield who started this subject	9/15/2004 1:13:33 PM
From: Copperfield	of 241

After the government gave the green light to formation of new WGCs and TGCs in the industry, investors became more upbeat about the prospects of utility sector reforms. This drove up utilities stocks, which accounted for 40% of last week’s top gainers on RTS. UES BoD at its October 1 meeting is expected to address the issue of formation of the next WGC #3 and TGCs. According to UES board member Vasily Zubakin, the power holding is planning to establish all the six thermal WGCs in late 2004 – early 2005. We are not as upbeat as market participants about a number of investment options (in particular, Mosenergo, Yakutskenergo and Dalenergo). In our opinion, these stocks look like quite risky investment instruments. Nevertheless, we believe that the industry still has investment appeal and certain upside potential. However, the government’s positive resolution on genco privatization is required in order to unlock this potential. For the record, the Cabinet meeting on power industry reform is slated for early December, after which the Cabinet will most likely be able to finalize its position on WGC privatization. - FINAM

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