Minutes of 30.12.2009 №91

MINUTES NO. 91 OF THE BOARD OF DIRECTORS MEETING


Date and time of the Board of Directors Meeting
(date and time of vote counting):                                                  December 30, 2009, 6.00 p.m.

                                                                                                 (Moscow time)

Minutes Dated:                                                                            December 30, 2009

Form of vote:                                                                              absentee vote

Site of vote counting:                                                                   Moscow, Arkhitektora Vlasova Str., 51

Number of elected members of the Board of Directors                     13

Members of the Board of Directors
present at meeting:                                                                     S. I. Shmatko

                                                                                                 A. B. Ballo

                                                                                                 S. S. Beloborodov

                                                                                                 B. F. Vainzikher

                                                                                                 E. P. Volkov

                                                                                                 V. I. Danilov-Danilyan

                                                                                                 S. V. Maslov

                                                                                                 S. V. Serebryannikov

                                                                                                 O. V. Surikov

                                                                                                 V. V. Tatsy

                                                                                                 R. Z. Khamitov


In compliance with the Federal Law on Joint-Stock companies and the company's Articles of Association the quorum for conducting the Board of Directors Meeting is present.


AGENDA OF THE BOARD OF DIRECTORS MEETING:


1. On Strategy Development Committee under supervision of the company's Board of Directors.

2. Reliability Committee under the supervision of the company's Board of Directors.

3. Approval of the report on execution of key performance indicators of the company for the third quarter of 2009.

4. Charity work of the company.

5. Approve the provision on the company's insurance coverage organisation.

6. Approval of the insurance coverage programme of the company for 2010.

7. Report on the implementation of the company's Insurance Coverage Programme for the third quarter of 2009.

8. On financial incentives for the company's Top managers.

9. Participation (termination of participation) of the company in other organisations:

9.1. Company's participation in JSC Malaya Mezenskaya TPP.

9.2. Company's participation in JSC Zagorskaya PSHPP-2.

9.3. Company's participation in JSC Nizhne-Bureyskaya HPP.

10. Approving the company's transactions:

10.1. Approval of an interested-party transaction with NP Hydro Power Engineering of Russia.

11. Determination of company's (company's representatives) opinion regarding the agenda of the Board of Directors Meeting and General Shareholders' (participants) Meeting of subsidiaries and affiliates (SA) of the company.

11.1. Decision regarding participation (change of participation share) of the company's subsidiaries and affiliates
in other organisations.

11.2. Decision regarding the issues related to a major transaction made by LLC Index of Energy - HydroOGK.

12. Selection of an appraiser to determine the cost of shares of energy supplying companies incorporated in JSC RusHydro Group.

13. Comprehensive diagnostics and expert review of the condition of JSC RusHydro HPP's equipment.

14. On holding more than one office, by members of the company's Management Board, in the management bodies of other organisations.


RESULTS OF VOTING ON AGENDA:


Matter 1: On Strategy Development Committee under supervision of the company's Board of Directors.

Decision:
1.1. To terminate the powers or membership of the Strategy Development Committee under the supervision
of the company's Board of Directors, elected by the Board of Directors on 23.07.2009 (minutes No. 81 dated 24.07.2009).
1.2. To elect the Strategy Development Committee under the supervision of the company's Board of Directors:


1.

Stanislav Yuryevich Svetlitsky

Deputy Minister of Energy of the Russian Federation

2.

Maria Gennadyevna Tikhonova

Deputy Director of the Economic Regulation and Property Relations Department in FEC of the Ministry of Energy of the Russian Federation

3.

Aleksandr Sergeevich Yugov

Head of the Oil and Gas and Mineral Raw Materials Industry Department under the supervision of the Administration for Infrastructural Branches and Organisations of the VPK Rosimushestvo

4.

Valentin Efimovich Mezhevich

Member of the Federation Council of the Federal Assembly of the Russian Federation, First Deputy Chairman of Natural Monopolies Commission
of the Federation Council

5.

Vsevolod Valeriyanovich Gavrilov

Head of the Directorate for Project Management in the sphere of power supply and environmental management of Sberbank of Russia

6.

Sergey Sergeevich Beloborodov

Member of the Board of Directors of JSC RusHydro

7.

Eduard Petrovich Volkov

Member of the Board of Directors of JSC RusHydro

8.

Viktor Ivanovich Danilov-Danilyan

Member of the Board of Directors of JSC RusHydro

9.

George Ilyich Rizhinashvili

Deputy Chairman of the Management Board, JSC RusHydro

10.

Evgeny Evgenyevich Gorev

Member of the Management Board, JSC RusHydro

 
1.3. To elect Stanislav Yuryevich Svetlitsky as Chairman of the Strategy Development Committee under the supervision of the company's Board of Directors.


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 0

Decision made.


Matter 2: Reliability Committee under the supervision of the company's Board of Directors.

Decision:

2.1. To elect the Reliability Committee under the company's Board of Directors in the following composition:



1.

Eduard Petrovich Volkov

Member of the Board of Directors of JSC RusHydro, member of the Russian Academy of Sciences

2.

Yury Vladimirovich Sharov

Deputy Chairman of the Management Board, JSC RusHydro

3.

Rustem Zakievich Khamitov

Member of the Board of Directors, Deputy Chairman of the Management Board of JSC RusHydro

4.

Sergey Alekseevich Mikhailov

Director of the State Department of Energy Policy and Efficiency of the Ministry of Energy of Russia

5.

Boris Borisovich Bogush

Manager of Production Business Production Unit, JSC RusHydro

6.

Semen Yakovlevich Lashchenov

Deputy Chairman of the Scientific and Technical Counsel, JSC RusHydro, Candidate of Science (engineering)

7.

Evgeny Nikolaevich Bellendir

General Director of JSC B. E. Vedeneyev VNIIG, Doctor of Technical Science.

8.

Vladimir Ivanovich Shcherbina

Director, OIDTS Centre, JSC NIIES, Candidate of Science (engineering)

9.

Yury Aleksandrovich Fokin

Professor of the Moscow Power Engineering Institute (technical University), Doctor of Engineering Science



2.2. To elect Eduard Petrovich Volkov as Chairman of the Reliability Committee under the supervision of the company's Board of Directors.


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0


"Abstained" - 0

Decision made.


Matter 3: Approval of the report on execution of key performance indicators of the company for the third quarter of 2009.

Decision:

To approve the report on execution of key performance indicators of JSC RusHydro for the third quarter of 2009 (Appendix 1)


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 0

Decision made.


Matter 4: Charity work of the company.

Decision:

4.1. To take into consideration the information on material aid payments to injured persons, families of people killed and (or) missed during an accident on August 17, 2009 at Neporozhniy Sayano-Shushenskaya HPP to the sum of 185 million rubles, approved by the Board of Directors on 21.08.2009 (minutes No. 82) and 09.09.2009 (minutes No. 83) (Appendix 2).

4.2. E. V. Dod, Сhairman of the Management Board, shall submit by 30.03.2010 a report on payments to injured persons, families of the people killed and (or) missed during an accident (emergency) on August 17, 2009 at Neporozhniy Sayano-Shushenskaya HPP, to the members of the company's Board of Directors.

4.3. To approve a compensation-free transfer of the property (monetary assets) by the company to State Educational Institution of Higher Professional Education Saint Petersburg State Polytechnic University (SEI SPbSPU) with the purpose to repair a laboratory with hydro power units to the amount of 3,600,000 (three million six hundred) rubles.

4.4. To approve a compensation-free transfer of the property (monetary assets) by the company to Safety Culture Fund with the purpose of publishing an album with photos of the EMERCOM rescue team during accident response which happened on August 17, 2009, at Neporozhniy Sayano-Shushenskaya HPP, to the amount of 2,000,000 (two million) rubles.

4.5. To allow E. V. Dod, Chairman of the company's Management Board, to finance the purposes within the limits stipulated by clauses 4.3 and 4.4 of the present decision.


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 0

Decision made.


Matter 5: Approve the Provision on JSC RusHydro's insurance coverage organisation.

Decision:
5.1. To approve provision on JSC RusHydro's insurance coverage organisation (hereinafter referred to as Provision)
in accordance with Appendix 3.

5.2. To make the Provision on JSC RusHydro's insurance coverage organisation effective from 01.01.2010.

5.3. Establish that all regulations of the Provision are applied to the procedure of insurers selection for 2010 from 28.07.2009.


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 0

Decision made.


Matter 6: Approval of the insurance coverage programme of the company for 2010.

Decision:

6.1. To approve the Insurance Coverage Programme of JSC RusHydro for 2010 (Appendix 4).

6.2. To instruct the company's Management Board to prepare a reasonable proposal on reimbursement limit under the contract on property insurance "against all risks" for 2010, sufficient to ensure effective insurance of the company, and to submit it by 01.02.2010 for consideration of the company's Board of Directors.



Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 0

Decision made.


Matter 7: Report on the implementation of the company's Insurance Coverage Programme for the third quarter
of 2009.

Decision:

Take into consideration the Report on the implementation of the Insurance Coverage Programme of JSC RusHydro for the third quarter of 2009 (Appendix 5).


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 0

Decision made.


Matter 8: On financial incentives for the company's Top managers.

Decision:

8.1. To approve rent expenses compensation to the company's top manager, category 1 - A. P. Konovalov, member of the Management Board, under the terms listed in Appendix 6.

8.2. To approve the Provision on Material Incentives for JSC RusHydro's top managers as amended (Appendix 7).


Voting results:

"For" - 10 (S. I. Shmatko, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan, S. V. Maslov,
S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 1 (A. B. Ballo)

Decision made.


Matter 9: Participation (termination of participation) of the company in other organisations:

9.1. Company's participation in JSC Malaya Mezenskaya TPP.

Decision:

9.1.1. To approve participation of JSC RusHydro in JSC Malaya Mezenskaya TPP by purchasing additional shares
of JSC Malaya Mezenskaya TPP subject to the following conditions:

- category, type, nominal value; ordinary registered shares with nominal value of 1 (one) ruble per share;

- number of acquired shares: 433,059,890 (four hundred and thirty-three million, fifty-nine thousand, eight hundred and ninety); JSC RusHydro is entitled to purchase less shares of JSC Malaya Mezenskaya TPP, in this case JSC Malaya Mezenskaya TPP transfers into ownership of JSC RusHydro a corresponding number of the paid shares;

- share acquisition price: at additional shares of JSC Malaya Mezenskaya TPP placement price which is 1 (one) ruble 19 (nineteen) kopecks per 1 (one) additional ordinary registered share to the total sum not exceeding 515,341,269 (five hundred and fifteen million, three hundred and forty-one thousand, two hundred and sixty-nine) rubles
10 kopecks;

- method of share payment - monetary assets;

- JSC RusHydro's share in the authorised capital of JSC Malaya Mezenskaya TPP prior to purchasing shares
of additional issue - 100 per cent; JSC RusHydro's share in the authorised capital of JSC Malaya Mezenskaya TPP after purchasing shares of additional issue - 100 per cent (remains unchanged).

9.1.2. To instruct JSC RusHydro's representatives in the management bodies of JSC Malaya Mezenskaya TPP to vote "FOR" making all the necessary decisions to implement this decision.


Voting results:

"For" - 10 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, E. P. Volkov, V. I. Danilov-Danilyan, S. V. Maslov,
S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 1 (B. F. Vainzikher)

Decision made.


9.2. Company's participation in JSC Zagorskaya PSHPP-2.

Decision:

9.2.1. To approve participation of JSC RusHydro in JSC Zagorskaya PSHPP-2 by purchasing additional shares of JSC Zagorskaya PSHPP-2 subject to the following conditions:

- category, type, nominal value; ordinary registered shares with nominal value of 1 (one) ruble per share;

- number of acquired shares: 305,949,009 (three hundred and five million, nine hundred and forty-nine thousand and nine) shares; JSC RusHydro is entitled to purchase less shares of JSC Zagorskaya PSHPP-2, in this case JSC Zagorskaya PSHPP-2 transfers into ownership of JSC RusHydro a corresponding number of the paid shares;

- share acquisition price: at additional shares of JSC Zagorskaya PSHPP-2 placement price which is 3 (three) rubles 53 (fifty-three) kopecks per 1 (one) additional, ordinary registered share to the total amount not exceeding 1,080,000,001 (one billion, eighty million and one) rubles 77 (seventy-seven) kopecks;

- method of share payment - monetary assets;

- JSC RusHydro's share in the authorised capital of JSC Zagorskaya PSHPP-2 prior to purchasing additional shares
in compliance with the present decision is 100 per cent; JSC RusHydro's share in the authorised capital of JSC Zagorskaya PSHPP-2 after share acquisition in compliance with the present decision is 100 per cent (remains unchanged).

9.2.2.1. To establish that the cost of acquiring additional shares of JSC Zagorskaya PSHPP-2 under the share purchase and sale contract between JSC RusHydro and JSC Zagorskaya PSHPP-2, which is an interested-party transaction, does not exceed (based on additional shares of JSC Zagorskaya PSHPP-2 placement price which
is 3 (three) rubles 53 (fifty-three) kopecks per 1 (one) additional ordinary registered share) 1,080,000,001 (one billion, eighty million and one) rubles 77 (seventy-seven) kopecks.

9.2.2.2. To approve conclusion of share purchase and sale contract between JSC RusHydro and JSC Zagorskaya PSHPP-2 being an interested party transaction under the following essential terms:

Parties to Contract:

Buyer - JSC RusHydro

Issuer - JSC Zagorskaya PSHPP-2

Subject of Contract:

The Issuer shall transfer to the ownership of the Buyer the following shares of JSC Zagorskaya PSHPP-2 placed through private subscription, issued in accordance with a decision on additional issue of the Issuer's securities registered by the FSFM of Russia on 27.03.2009:


Number of shares acquired

305,949,009 (three hundred and five million, nine hundred and forty-nine thousand and nine)

Category (type) of shares

Ordinary registered shares

Nominal value of 1 share

1 (one) ruble

Placement (acquisition) price per
1 share

3.53 rubles

Registration number of securities issue

1-01-11397-А-001D



The Buyer has the right to pay and to acquire less shares of the Issuer as well as to pay and to buy the Issuer's shares partly. In this case the Issuer transfers to the ownership of the Buyer a corresponding number of the paid shares.

Contract Price:

The Buyer shall pay the Issuer the cost of the Issuer's shares in monetary assets to the total amount not exceeding 1,080,000,001 (one billion, eighty million and one) rubles 77 (seventy-seven) kopecks.

The form of shares payment - monetary assets;

Effective Period of Contract:

The Contract comes into force from the date of its signing and is valid until 27.03.2010.


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 0

Decision made.


9.3. Company's participation in JSC Nizhne-Bureyskaya HPP.

Decision:

9.3.1. To approve JSC RusHydro's participation in JSC Nizhne-Bureyskaya HPP, by purchasing additional shares
of JSC Nizhne-Bureyskaya HPP placed through private subscription in favour of JSC RusHydro under the following terms:

9.3.1.1. Category, type, face value of shares: ordinary registered shares with nominal value of 1 (one) ruble per share;

9.3.1.2. Number of shares being acquired: up to 407,626,411 (four hundred and seven million six hundred and twenty-six thousand four hundred and eleven) shares; JSC RusHydro is entitled to purchase less shares of JSC Nizhne-Bureyskaya HPP, in this case JSC Nizhne-Bureyskaya HPP transfers into ownership of JSC RusHydro
a corresponding number of the paid shares;

9.3.1.3. Share acquisition price: at additional shares placement price determined by the Board of Directors of JSC Nizhne-Bureyskaya HPP in accordance with articles 36 and 77 of the Federal Law On Joint-Stock Companies but not less than their nominal value;

9.3.1.4. The form of shares payment - monetary assets;

9.3.1.5. The order of share payment: shares shall be paid at their placement in full;

9.3.1.6. JSC RusHydro's share in the authorised capital of JSC Nizhne-Bureyskaya HPP prior to purchasing shares
of additional issue - 100 per cent; JSC RusHydro's share in the authorised capital of JSC Nizhne-Bureyskaya HPP after purchasing shares of additional issue - 100 per cent (remains unchanged).

9.3.2. Establish that the price (monetary value) of the property carved-out by JSC RusHydro, listed in Appendix 8, determined on the basis of an independent appraiser's report, is 407,626,410 (four hundred and seven million, six hundred and twenty six thousand, four hundred and ten) rubles 98 kopecks (VAT included).

9.3.2.1. To approve a transaction made by JSC RusHydro related to disposal of property owned by JSC RusHydro according to the list in Appendix 8, including the property intended for electricity production under the following essential terms:

Transaction parties:

Seller - JSC RusHydro

Buyer - JSC Nizhne-Bureyskaya HPP

Subject of the Transaction:

The Seller shall transfer into the ownership of the Buyer, and the Buyer shall accept and pay for, the property, according to the list of Appendix 8.

Balance value of the property disposed under the transaction: 345,094,359 (three hundred and forty-five million, ninety-four thousand, three hundred and fifty-nine) rubles 76 kopecks as of 30.09.2009.
Transaction price: Establish that the price (monetary value) of the property carved-out by JSC RusHydro under the transaction taking into account a conclusion made by an independent appraiser is 407,626,410 (four hundred and seven million six hundred and twenty-six thousand four hundred and ten) rubles 98 kopecks (VAT included).

Form of payment for the property: monetary assets.

9.3.3. To instruct JSC RusHydro's representatives in the Board of Directors of JSC Nizhne-Bureyskaya HPP to vote FOR inclusion of the following matters into agenda of General Shareholders' Meeting of JSC Nizhne-Bureyskaya HPP:

 

determination of quantity, nominal value, category (type) of the company's declared shares and rights attached to these shares;

introduction of amendments and supplements to the company's Articles of Association;

an increase in the company's authorised capital by offering additional shares.

9.3.4. To instruct JSC RusHydro's representatives in the General Shareholders' Meeting of JSC Nizhne-Bureyskaya HPP to vote "FOR" making the following decision in relation to the determination of quantity, nominal value, category (type) of the company's declared shares and rights attached to these shares:
1) to determine limit number of declared ordinary registered shares of JSC Nizhne-Bureyskaya HPP to the sum of 410,000,000 (four hundred and ten million) pieces with nominal value of 1 (one) ruble each for the total amount
of 410,000,000 (four hundred and ten million) rubles;

2) ordinary registered shares declared by JSC Nizhne-Bureyskaya HPP to be released provide their holders with rights stipulated in clause 6.2 of the Article of Association of JSC Nizhne-Bureyskaya HPP.

9.3.5. To instruct JSC RusHydro's representatives in the General Shareholders' Meeting of JSC Nizhne-Bureyskaya HPP to vote "FOR" the following decision making in relation to an increase of JSC Nizhne-Bureyskaya HPP's authorised capital by offering additional shares:

to increase the authorised capital of JSC Nizhne-Bureyskaya HPP by placing additional ordinary registered shares to the sum of 410,000,000 (four hundred and ten million) pieces with nominal value of 1 (one) ruble each for the total amount of 410,000,000 (four hundred and ten million) rubles;

method of placement - private subscription, group of persons among which supplementary shares are assumed
to be placed - JSC RusHydro;

additional shares are placed at a price determined by the Board of Directors of JSC Nizhne-Bureyskaya HPP
in accordance with articles 36, 77 of the Federal Law On Joint-Stock Companies but not less than their nominal value;

method of share payment - monetary assets;

procedure for share payment - the shares shall be paid at their placement in full.


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0


"Abstained" - 0

Decision made.


Matter 10: Approving the company's transactions:

10.1. Approval of an interested-party transaction with NP Hydro Power Engineering of Russia.

Decision:

10.1.1.1. To establish that the cost of services rendered by JSC RusHydro (JSC RusHydro's branch - Corporative HydroPower University) for NP Hydro Power Engineering of Russia under the paid services contract concluded between JSC RusHydro and NP Hydro Power Engineering of Russia is 600,000 (six hundred thousand) rubles including VAT (18 per cent) - 91,525.42 (ninety-one thousand, five hundred and twenty-five) rubles 42 kopecks.

10.1.1.2. To approve conclusion of the paid services Contract between JSC RusHydro and NP Hydro Power Engineering of Russia (hereinafter referred to as the Contract) being an interested party transaction under the following essential terms:

Parties to Contract:

Executor - JSC RusHydro (JSC RusHydro's branch - Corporative HydroPower University).

Customer - NP Hydro Power Engineering of Russia.

Subject of Contract:

The Customer shall assign and the Executor shall undertake to render services on translating the document
of International Hydropower Association Minutes on Hydro-Power Engineering Sustainable Development Assessment and to submit the results of the services rendered to the Customer in due time, and the latter shall accept and arrange payment for them.

Contract Price:

600,000 (six hundred thousand) rubles, VAT (18 per cent) included - 91,525.42 (ninety-one thousand five hundred and twenty-five) rubles 42 kopecks.

Effective Period of Contract:

The Contract comes into effect and becomes mandatory for the Parties from the date of its signing by authorised representatives of the Parties.

The Contract is valid until Parties have their duties completed in full.


Voting results:

"For" - 10 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy)

"Against" - 0

"Abstained" - 0

Decision made.


Decision:

10.1.2.1. To establish that the cost of services rendered by JSC RusHydro (JSC RusHydro's branch - Corporative HydroPower University) for NP Hydro Power Engineering of Russia under the paid services contract concluded between JSC RusHydro and NP Hydro Power Engineering of Russia is 1,200,000 (one million, two hundred thousand) rubles including VAT (18 per cent) - 183,050.85 (one hundred and eighty-three thousand, fifty) rubles 85 kopecks.

10.1.2.2. To approve conclusion of the paid services Contract between JSC RusHydro and NP Hydro Power Engineering of Russia (hereinafter referred to as the Contract) being an interested party transaction under the following essential terms:

Parties to Contract:

Executor - JSC RusHydro (JSC RusHydro's branch - Corporative HydroPower University).

Customer - NP Hydro Power Engineering of Russia.

Subject of Contract:

The Customer shall assign and the Executor shall undertake to render services on translating the voting papers of the International Commission on Large Dams, (ICOLD) and to submit the results of the services rendered to the Customer in due time, and the latter shall accept and arrange payment for them.

Contract Price:

1,200,000 (one million two hundred thousand) rubles, and 18 per cent VAT: 183,050.85 (one hundred and eighty-three thousand fifty) rubles 85 kopecks.

Term of providing services under Contract:

From the date of signing the Contract until June 07, 2010.

Services stipulated by the Contract, including parts of them (stages), shall be rendered within the terms listed in the calendar plan which is an integral part of the Contract. Deadline for the stages are also stipulated in a calendar plan.

Effective Period of Contract:

The Contract comes into effect and becomes mandatory for the Parties from the date of its signing by authorised representatives of the Parties.


The Contract is valid until Parties have their duties completed in full.


Voting results:

"For" - 9 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, V. V. Tatsy)

"Against" - 0

"Abstained" - 0

Decision made.


Matter 11: Determination of company's (company's representatives) opinion regarding the agenda of the Board
of Directors Meeting and General Shareholders' (participants) Meeting of subsidiaries and affiliates (SA) of the company.

11.1. Decision regarding participation (change of participation share) of the company's subsidiaries and affiliates
in other organisations.

Decision:

To instruct JSC RusHydro's representatives in the Board of Directors of JSC Kolymaenergo to vote FOR participation in a non-commercial partnership based on membership of entities engaged in construction, capital repair and reconstruction of power facilities, grids and substations - NP ENERGOSTROY on the following terms:

- an admission fee amount is 150,000 rubles;

- an annual membership fee amount is 150,000 rubles;

- a contribution to the compensation fund of the self-regulating organisation is 300,000 rubles;

- a procedure of admission and membership fee payments is defined by the provision on admission and membership fee payment terms and procedure of NP ENERGOSTROY;

- a procedure of contribution fee payments to the compensation fund is defined by the provision on the compensation fund of NP ENERGOSTROY.


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 0

Decision made.


11.2. Decision regarding the issues related to a major transaction made by LLC Index of Energy - HydroOGK.

Decision:

11.2.1. To instruct the company's representatives in the SA Board of Directors - LLC Index of Energy - HydroOGK
to vote "FOR" inclusion of the following matter into the agenda of an Extraordinary General Meeting of LLC Index
of Energy - HydroOGK:

- approval of a major transaction.

11.2.2. To instruct the company's representatives in the Extraordinary General Meeting of LLC Index of Energy - HydroOGK to vote FOR making the following decision relating to approval of a major transaction:

To approve conclusion of an Agreement on compensation between LLC Index of Energy - HydroOGK and JSC RusHydro under the following essential terms:

Party 1: JSC RusHydro.

Party 2: LLC Index of Energy - HydroOGK.

Obligations subject to termination on compensation provision: obligations of LLC Index of Energy - HydroOGK to JSC RusHydro to pay 13,841,780,745 (thirteen billion, eight hundred and forty-one million, seven hundred and eighty thousand, seven hundred and forty-five) rubles 50 kopecks arising from ordinary non-interest bearing notes:




 

Issuer

Series/ number

Note sum (rubles)

Date of drawing

Payment term

1.

LLC Index of Energy - HydroOGK

ВВ/001

1,000,000,000.00

02.06.2008

After sight

2.

LLC Index of Energy - HydroOGK

ВВ/002

1,000,000,000.00

02.06.2008

After sight

3.

LLC Index of Energy - HydroOGK

ВВ/003

1,000,000,000.00

02.06.2008

After sight

4.

LLC Index of Energy - HydroOGK

ВВ/004

1,000,000,000.00

02.06.2008

After sight

5.

LLC Index of Energy - HydroOGK

ВВ/005

1,000,000,000.00

02.06.2008

After sight

6.

LLC Index of Energy - HydroOGK

ВВ/006

1,000,000,000.00

02.06.2008

After sight

7.

LLC Index of Energy - HydroOGK

ВВ/007

1,000,000,000.00

02.06.2008

After sight

8.

LLC Index of Energy - HydroOGK

ВВ/008

1,000,000,000.00

02.06.2008

After sight




9.

LLC Index of Energy - HydroOGK

ВВ/009

1,000,000,000.00

02.06.2008

After sight

10.

LLC Index of Energy - HydroOGK

ВВ/010

1,000,000,000.00

02.06.2008

After sight

11.

LLC Index of Energy - HydroOGK

ВВ/011

1,000,000,000.00

02.06.2008

After sight

12.

LLC Index of Energy - HydroOGK

ВВ/012

1,000,000,000.00

02.06.2008

After sight

13.

LLC Index of Energy - HydroOGK

ВВ/016

500,000,000.00

02.06.2008

After sight

14.

LLC Index of Energy - HydroOGK

ВВ/017

500,000,000.00

02.06.2008

After sight

15.

LLC Index of Energy - HydroOGK

ВВ/018

444,000,000.00

02.06.2008

After sight

16.

LLC Index of Energy - HydroOGK

ВВ/020

100,000,000.00

02.06.2008

After sight

17.

LLC Index of Energy - HydroOGK

ВВ/021

100,000,000.00

02.06.2008

After sight

18.

LLC Index of Energy - HydroOGK

ВВ/022

100,000,000.00

02.06.2008

After sight

19.

LLC Index of Energy - HydroOGK

ВВ/023

97,780,745.50

02.06.2008

After sight

 

TOTAL:

 

13,841,780,745.50

 

 



Property transferred as a compensation: 23 ordinary non-interest bearing notes of LLC Index of Energy - HydroOGK for the total amount of 13,841,780,745 (thirteen billion, eight hundred and forty-one million, seven hundred and eighty thousand, seven hundred and forty-five) rubles 50 kopecks:

Issuer

Series/ number

Note sum (rubles)

Date of drawing

Payment term

Note price (rubles)

LLC Index of Energy - HydroOGK

ВВ/025

1,000 000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

1,000,000,000.00

LLC Index of Energy - HydroOGK

ВВ/026

1,000,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

1,000,000,000.00

LLC Index of Energy - HydroOGK

ВВ/027

1,000,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

1,000,000,000.00

LLC Index of Energy - HydroOGK

ВВ/028

1,000,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

1,000,000,000.00

LLC Index of Energy - HydroOGK

ВВ/029

1,000,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

1,000,000,000.00

LLC Index of Energy - HydroOGK

ВВ/030

1,000,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

1,000,000,000.00

LLC Index of Energy - HydroOGK

ВВ/031

1,000,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

1,000,000,000.00

LLC Index of Energy - HydroOGK

ВВ/032

1,000,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

1,000,000,000.00

LLC Index of Energy - HydroOGK

ВВ/033

1,000,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

1,000,000,000.00

LLC Index of Energy - HydroOGK

ВВ/034

1,000,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

1,000,000,000.00

LLC Index of Energy - HydroOGK

ВВ/035

500,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

500,000,000.00

LLC Index of Energy - HydroOGK

ВВ/036

500,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

500,000,000.00

LLC Index of Energy - HydroOGK

ВВ/037

500,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

500,000,000.00

LLC Index of Energy - HydroOGK

ВВ/038

500,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

500,000,000.00

LLC Index of Energy - HydroOGK

ВВ/039

500,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

500,000,000.00

LLC Index of Energy - HydroOGK

ВВ/040

444,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

444,000,000.00

LLC Index of Energy - HydroOGK

ВВ/041

100,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

100,000,000.00

LLC Index of Energy - HydroOGK

ВВ/042

100,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

100,000,000.00

LLC Index of Energy - HydroOGK

ВВ/043

100,000,000.00

29.01.2010

After sight but not earlier than 01.03.2010

100,000,000.00

LLC Index of Energy - HydroOGK

ВВ/044

114,814,665.50

29.01.2010

After sight but not earlier than 01.03.2010

114,814,665.50

LLC Index of Energy - HydroOGK

ВВ/045

480,000,000.00

29.01.2010

After sight but not earlier than 01.10.2010

480,000,000.00

LLC Index of Energy - HydroOGK

ВВ/046

2,500,000.00

29.01.2010

After sight but not earlier than 01.10.2010

2,500,000.00

LLC Index of Energy - HydroOGK

ВВ/047

466,080.00

29.01.2010

After sight but not earlier than 01.10.2010

466,080.00

TOTAL:


13,841,780,745.50



13,841,780,745.50


Voting results:

"For" - 10 (S. I. Shmatko, A. B. Ballo, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan, S. V. Maslov,
S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" -1 (S. S. Beloborodov)

Decision made.


Matter 12: Selection of an appraiser to determine the cost of shares of energy supplying companies incorporated
in JSC RusHydro Group.

Decision:

12.1. To approve engagement of Closed Joint Stock Company ABM Partner (CJSC ABM Partner) to determine the cost of shares of energy supplying companies incorporated in JSC RusHydro Group.


12.2. To instruct E. V. Dod, Chairman of the company's Management Board, to determine the contractual terms and to conclude a contract for services rendering on evaluation of the block of shares of energy supplying companies incorporated into JSC RusHydro Group with CJSC ABM Partner.


Voting results:

"For" - 10 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, E. P. Volkov, V. I. Danilov-Danilyan, S. V. Maslov,
S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 1 (B. F. Vainzikher)

Decision made.


Matter 13: Comprehensive diagnostics and expert review of the condition of JSC RusHydro HPP's equipment.

Decision:

13.1. To approve engagement of Federal State Unitary Enterprise VO Safety (FSUE VO Safety) to perform
a comprehensive diagnostics and expert review of JSC RusHydro's HPPs' equipment condition.

13.2. To instruct Dod E.V., Chairman of the company's Management Board, to determine contractual terms and
to conclude a contract with FSUE VO Safety on a comprehensive diagnostics and expert review of JSC RusHydro's HPPs' equipment condition.


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 0

Decision made.


Matter 14: On holding more than one office, by members of the company's Management Board, in the management bodies of other organisations.

Decision:

To approve for Kuznetsov David Feliksovich, member of the Management Board, to hold positions of member of the Board of Directors, Head of Strategic Planning Committee of the Open Joint-Stock Company First United Bank.


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan,
S. V. Maslov, S. V. Serebryannikov, О. V. Surikov, V. V. Tatsy, R. Z. Khamitov)

"Against" - 0

"Abstained" - 0

Decision made.


Questionnaires of the members of the Board of Directors are attached.





Chairman of the Board of Directors                                                                          S. I. Shmatko


Secretary of the Board of Directors                                                                           M. M. Davydov 



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