1. Potential of Uzbekistan’s energy system and proposals for cooperation development with Korean companies STATE JOINT STOCK COMPANY «UZBEKENERGO» uzenergy.uzpak.uz sjsc@uzpak.uz Mr. Botir Teshabaev Chairman

2. Structure of Executive Body of the State Joint Stock Company “Uzbekenergo” Slide 1 Coal production OJSC "Uzbekugol" with affiliates The Boardof Company The Board of Company Council of the Company Power generation companies: TPP, HPP, HPP cascades Power sale company (affiliate) (affiliate) Repair and adjustment companies Design institutes Construction-and- Mounting company Logistical support companies Power distribution and selling companies Branch general functions UE Uzenergosozlash company Others Power transportation UE "Uzelektroset" with functional and zone affiliates

3. Installed capacities of the power plants (MW), total 12357,6 1. SJSC "Uzbekenergo" including: Thermal power plants (TPP) Hydro power plants (HPP) 12038,6 10619,0 1419,6 2. Power plants are not in jurisdiction of SJSC "Uzbekenergo" 320 Slide 2 Structure of installed capacities of the power plants of Uzbekistan

4. Thermal power plants (TPP) Plants Installed capacity, МW Number of units Commissioning Syrdarya3000101972-1981 Novo-Angren210071985-1995 Tashkent1860121963-1971 Navoii1250111963-1981 Talimardjan80012004 Hydro power plants (HPP) Hydro power plants (HPP) Plants Installed capacity, МW Number of units Commissioning Charvak620,541970-1972 Khodjikent16531976 Gazalkent12031980-1981 Main power generation plants of SJSC "Uzbekenergo" Slide 3

5. Fuel consumption Total (thnds. tons of fuel equivalent) 17345 including: natural gas (bln.m 3 ) coal (mln.t.) mazut (mln.t.) underground gas (mln.m 3 ) 13,0 2,6 1,1 0,37 Slide 4 Structure of fuel consumption by power plants of the Company in 2004

6. 0,4-500 kV electrical network total length, km 234794 including: 500 kV transmission lines 220 kV transmission lines 110 kV transmission lines 35 kV transmission lines 6-10 kV transmission lines 0,4 kV transmission lines 1661 6134 15060 13116 93905 104918 Slide 5 Structure of electrical network

7. Structure of power consumption by branches of economy and population in 2004 Slide 6

8. Electric power tariffs for domestic consumption Tariffs kW/h Period (June-August) 20002001200220032004 2005 six months Tariffs (US cent) 0,880,760,831,302,083,14 Tariffs (uzbek sum) 4,004,708,0013,1021,3035,40 Slide 7

9. Measures for generation capacity commissioning for the period of years 2001-2010 №Projects Commissio ning capacity, MW Note 1.Reconstruction of Syrdarya TPP 2 power units 120executed 2.Talimardjan TPP, unit № 1800commissioned in 2004 3.CCPP Construction, total888 3.1.Tashkent TPP modernization376at the first stage 3.2.Navoi TPP modernization346 3.3.Mubarek CHP reconstruction106 3.4.Tashkent CHP modernization60 Slide 8

10. 220-500 kV electric network development for the period till 2010 Slide 9 №Names Commissioning capacity 1South-Western main transmission networks (MTN): 500 kV SS Sogdiana with 220-500 kV OHL (I and II stage) 2х501 MVA - 67 km 500 kV OHL «Syrdarya TPP – Sogdiana» 205 km 500 kV OHL «Sogdiana – Talimardjan TPP» 216 km 2Central MTN: 220 kV SS Keles, step-down station 110 kV Navoi with 220-110 kV OHL 400 MVA - 7,2 km 110 kV SS ODO with 110 kV cable line 126 MVA - 6 km 220 kV OHL «Tashkent TPP – Keles» 43,8 km 220 kV SS Yangiyul with 220 kV OHL 2х200 MVA - 20 km 3Eastern MTN: 500 kV SS Uzbekistanskaya with 500 kV OHL connection 501 MVA - 40 km 500 kV OHL Novo-Angren TPP - Uzbekistanskaya 200 km

11. Slide 10

12. Financial results of the Company for 2004 In total incomes 918903 mln. sum including: total income on production sale 822693 mln. sum other incomes from the main activity 96210 mln. sum incomes as the dividends 80 mln. sum gain of exchange currency rate differences 161 mln. sum all the expenditures 773966 mln. sum including: charges of the period 180564 mln. sum interest charges 6163 mln. sum loss from exchange currency rate differences 2164 mln. sum The profit before taxation 136851 mln. sum Charged: income tax 33114 mln. sum other taxes and dues 8843 mln. sum The net profit 94894 mln. sum Slide 11 Slide 11

13. Joint Stock Companies (OJSC) which share are subject for sale №Denomination Statutory fund including Shares owned by SJSC "Uzbekenergo" Shares for sale thous. sum% % 1 Takhiatash TPP 197749.6060.011864976.038.97692459.4* 2 Navoi TPP 9276680.060.05566008.039.03617905.2* 3 Syr-Darya TPP 13700650.060.08220390.039.012358.3** 4 Tashkent HPP 2089960.060.01253976.038.06156.0** 5 Fergana HPP 7462060.060.04477236.039.014197.8** 6 Mubarek HPP 6971240.060.04182744.039.211144.2** 7 Karakalpakstan ESN 2239690.051.01142241.947.01052654.3* 8 Andijan ESN 2990307.951.01525057.047.01405444.7* 9 Djizakh ESN 3252139.051.01658590.947.010735000.0* 10 Namangan ESN 4446900.051.02267919.044.01956636.0* 11 Sirdarya ESN 3136733.051.01599733.847.011716000.0* 12 Tashkent ESN 6052319.951.03086683.147.02844590.4* 13 Fergana ESN 5426334.251.02767430.444.02387587.0* 14 Khorezm ESN 3244110.051.01654496.148.01557172.8* 15 Tashkent.City ESN 9746100.051.04970511.048.04678128.0* 16 Bukhara ESN 4448693.051.02268833.445.0200191.9* 17 Kashkadarya ESN 5167360.051.02635353.646.02376985.6* 18 Navoi ESN 7161000.051.03652110.047.07660.0** 19 Samarkand ESN 5850000.051.02983500.046.02691000.0* 20 Surkhandarya ESN 1565000.051.0798150.044.0688600.0* 21 Energoimpex 64630.025.016157.574.047226.2* 22 Uzbekgidroenergokurilish 8016033.051.04088176.845.93679359.2* 23 Gidrospetstroy 677400.025.0169350.044.0298056.0* 24 Uzbekugol 29420870.026.07649420.044.012945180.0* * - There is a process of definition of starting cost of a sold package of the shares. ** - Market value of holding of shares is thous. US$

14. Stage 1 2005-2006 Stage 2 2007 Stage 2 2008 TotalCost, th.uzbek sum Single phase meters1 255 0001 540 0001 332 2274 127 227123 816 810 Three-phase meters104 500131 100102 603338 39337 223 230 Installation of modern electric power meters in networks Slide 13

15. Slide 14 reliable power supply of population and industry with qualitative electrical power; technical re-equipment and modernization of branch facilities, efficiency and functional improvement; reduction of negative energy production impact on the environment; further development of economical reforms creation and development electrical power market; integration process improvement in the unified power grid of the Central Asia. Strategic aims of development of electric Power Industry till 2010 are the following:

16. The company conducts the reconstruction works on Syrdarya TPP, having 10 energy units with single design capacity 300 MW The first phase of reconstruction of two power unit № 7 and № 8 by means of EBRD loan financing for the amount of USD 27,8mln was carried out at Syrdarya TPP Second phase – next power units reconstruction. Project cost will be defined after FS preparation «Syrdarya TPP» modernization Slide 15

17. The agreement between JBIC and Government of Republic of Uzbekistan was signed in 2002 where the Government of Japan provides the promotional loan at the amount of JY24 955 mln. for implementation of this project The project provides construction of 370 MW Combined Cycle Power Plant at Tashkent TPP with commissioning in 2008 The International Consulting Company on support of this project was selected by means of Bidding Now the preparation to Bidding process for selection of EPC Contractor is carrying out Modernization of the «Tashkent TPP» Slide 16

18. The installed capacity of Navoi TPP is 1250 MW. The Plant has 2 units of 210 MW, 4 units of 160MW, 6 boilers and 5 turbines, producing electric and thermal power The project provides construction of 346 MW modern Combined Cycle Power Plant. The Project Feasibility Study has developed and passed the examination in the authorized bodies. The total project cost according to Feasibility Study is US$ 232 mln Modernization of «Navoi TPP» Slide 17

19. The installed capacity of Mubarek CHP – 60 MW, plant has 3 boilers with steam productive capacity till 500 tn/h and 2 turbines, producing electrical - and thermal energy The Feasibility Study (FS) of the project was developed and passed the examination in the authorized bodies. The total project cost in compliance with Feasibility Study is USD103,2 mln The investment project purpose is the reconstruction and expansion of operating capacities of Mubarek CHP with commissioning of 2 unit (gas turbine mounting) of total capacity 106,3 MW of electrical energy and 400 ton /h of steam Mubarek CHP reconstruction Slide 18

20. Construction of 500 kV High Voltage transmission line from Syrdarya TPP to Sogdiana substation Project goal is effective power supply of Samarkand – Bukhara region, reduction electric power losses in transmission lines Islamic Development Bank allocated 25 mln. US dollars for this project with total cost 44 mln. US dollars. Now we are in a bidding process for project consulting company Slide 19

21. Project realization is planned for the period 2006-2007. Project total cost 70 mln. USD, including IDB loan - 25 mln. USD Project goal is reliable power supply of Samarkand – Bukhara region, reduction electric power losses in transmission lines 500 kV High Voltage transmission line construction from SS Sogdiana to Talimardjan TPP Slide 20

22. Coal deposits of Republic of Uzbekistan Slide 21 Slide 21

23. 200520102020 Gas88,378,977,2 Oil6,67,67,8 Coal4,813,214,7 Gas (under ground gas installation)0,3 The forecast of structure of fuel consumption for electric power production at Power Plants of Uzbekistan (%) Slide 22 Slide 22

24. Work of rotor complex at open-pit mine "Angrenskiy" Slide 23 Slide 23

25. Slide 24 Slide 24