Minutes of 24.03.2011 №122

MINUTES No. 122

OF THE BOARD OF DIRECTORS MEETING


Date and time of the Board of Directors meeting

(date and time of vote counting):                              March 24, 2011, 6:00 p.m.

                                                                                     (Moscow time)

Minutes Dated:                                                           March 24, 2011

Form of vote:                                                              Absentee vote

Site of vote counting:                                                 Mosсow, 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 (Chairman)

                                                                                A. B. Ballo

                                                                                S. S. Beloborodov

                                                                                E. P. Volkov

                                                                                E. V. Dod

                                                                                V. M. Zimin

                                                                                B. Yu. Kovalchuk

                                                                                V. V. Kudryavy

                                                                                G. M. Kurtser

                                                                                N. G. Kutyin

                                                                                A. B. Malyshev

                                                                                M. V. Seliverstrova


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. Approval of a transaction (several interconnected transactions) between JSC RusHydro and JSC INTER RAO UES as interconnected interested party transactions.

1.1. Determination (monetary appraisal) of property price (property rights and obligations) purchased and alienated by the company under an interested-party transaction (transactions).

1.2. Approval of a transaction (several interconnected transactions) as interconnected interested party transactions.

1.3. Change of the company's participation share in Open Joint-Stock Company The First Wholesale Electricity Market Generating Company (JSC OGK-1):

1.4. Company's participation in Open Joint-Stock Company INTER RAO UES (JSC INTER RAO UES).


RESULTS OF VOTING ON AGENDA:

 

Matter 1: Approval of a transaction (several interconnected transactions) between JSC RusHydro and JSC INTER RAO UES as interconnected interested party transactions.


1.1. Determination (monetary appraisal) of property price (property rights and obligations) purchased and alienated by the company under an interested-party transaction (transactions).


Decision:

Determine the use of the following parameters for the price (monetary appraisal) of property (property rights and obligations) in the process of making a transaction (several interconnected transactions) to let JSC RusHydro purchase equity securities - ordinary registered shares of JSC RAO UES registered by the Federal Service for Financial Markets of Russia under state registration number 1-03-33498-Е-002D dated 16.11.2010 being placed by private offering, which is an interested party transaction (transactions):

- the price of ordinary registered shares of Open Joint-Stock Company The First Wholesale Electricity Market Generating Company (JSC OGK-1) to be alienated by JSC RusHydro, OGRN: 1057200597960, with the face value of 0.57478 (zero point fifty seven thousand four hundred seventy eight hundred thousandth) of a ruble per share under state registration number 1-02-65107-D amounts to 1.12 (one point twelve) rubles per 1 (one) share;

- the total price of alienated shares of JSC OGK-1 under the interconnected transaction to the amount of 8,573,887,372 (eight billion five hundred seventy three million eight hundred and eighty seven thousand three hundred seventy two) shares amounts to 9,602,753,856 (nine billion six hundred and two million seven hundred and fifty three thousand eight hundred and fifty six) rubles 64 kopecks that does not exceed two per cent of the balance sheet assets of JSC RusHydro;

- the offering price of ordinary registered shares of JSC INTER RAO UES of additional issue registered by the Federal Service for Financial Markets of Russia under state registration number 1-03-33498-Е-002D dated 16.11.2010 to be purchased by JSC RusHydro amounts to 5.35 (five point thirty five hundredth) kopecks per 1 (one) share;

- the total price of ordinary registered shares of JSC INTER RAO UES registered by the Federal Service for Financial Markets of Russia under state registration number 1-03-33498-Е-002D dated 16.11.2010 to be purchased by JSC RusHydro to the number of 179,490,726,307 (one hundred and seventy nine billion four hundred and ninety million seven hundred and twenty six thousand three hundred and seven) shares amounts to 9,602,753,857 (nine billion six hundred and two million seven hundred and fifty three thousand eight hundred and fifty seven) rubles 03 kopecks that does not exceed two per cent of the balance sheet assets of JSC RusHydro;


Voting results:

"For" - 10 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, E. P. Volkov, Е. V. Dod, V. M. Zimin, B. Yu. Kovalchuk, V. V. Kudryavy, G. M. Kurtser, A. B. Malyshev)

"Against" - 0

"Abstained" - 2 (M. G. Kutyin, M. V. Seliverstova)

Decision made.


1.2. Approval of a transaction (several interconnected transactions) as interconnected interested party transactions.


Decision:

Approve a transaction (several interconnected transactions) to let JSC RusHydro purchase equity securities - ordinary registered shares of JSC RAO UES being placed through private offering, which is an interested party transaction (transactions) on the following essential terms:

- parties to the transaction (transactions):

Issuer JSC INTER RAO UES;

Buyer: JSC RusHydro, OGRN: 1042401810494);

- subject of the transaction (transactions).

The Issuer places (transfers the ownership of) the following securities into the purchaser's possession- ordinary registered additional shares of JSC INTER RAO UES registered by the Federal Service for Financial Markets of Russia under state registration number 1-03-33498-Е-002D dated 16.11.2010 with the nominal value of 0.02809767 (zero point zero two million eight hundred nine thousand seven hundred sixty seven) rubles per one share placed through private offering (hereinafter referred to as the issuer's securities) and the purchaser pays for the issuer's securities subject to the following conditions:

- number of the issuer's securities to be acquired: up to 179,490,726,307 (one hundred and seventy nine billion four hundred and ninety million seven hundred and twenty six thousand three hundred and seven) shares;

- offering price of the Issuer's securities acquired.

5.35 (five point thirty five) kopecks per one ordinary personal supplementary share of JSC INTER RAO UES registered by the Federal Service for Financial Markets of Russia under state registration number 1-03-33498-Е-002D dated 16.11.2010:

- total cost of the Issuer's securities to be acquired: up to 9,602,753,857 (nine billion six hundred and two million seven hundred and fifty three thousand eight hundred and fifty seven) rubles 42 (forty two) kopecks;

- the Issuer's securities acquired are paid as follows;

- by non-monetary assets (property) - to pay for the issuer's securities acquired under the transaction (transactions), the purchaser transfers ordinary registered uncertified shares of Open Joint-Stock Company First Power-Generating Company on the Wholesale Energy Market (JSC OGK-1), OGRN: 1057200597960) with the nominal value of 0.57478 (zero point five seven four seven eight) ruble per one share under state registration number 1-02-65107-D, the price of one share is 1.12 (one point twelve) rubles to the number of 8,573,887,372 (eight billion five hundred seventy three million eight hundred and eighty seven thousand three hundred seventy two) shares, whose value amounts to 9,602,753,856 (nine billion six hundred and two million seven hundred and fifty three thousand eight hundred and fifty six) rubles and 64 (sixty four) kopecks (the price of transferred property):

- by monetary assets in rubles of the Russia Federation - in case of a difference between the total cost of the issuer's securities acquired and the price of property being transferred by JSC RusHydro.



Voting results:

"For" - 10 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, E. P. Volkov, Е. V. Dod, V. M. Zimin, B. Yu. Kovalchuk, V. V. Kudryavy, G. M. Kurtser, A. B. Malyshev)

"Against" - 0

"Abstained" - 2 (M. G. Kutyin, M. V. Seliverstova)

Decision made.


1.3.   Change of the company's participation share in Open Joint-Stock Company The First Wholesale Electricity Market Generating Company (JSC OGK-1).


Decision:

1.3.1. Approve change termination) of JSC RusHydro's participation in Open Joint-Stock Company The First Wholesale Electricity Market Generating Company (JSC OGK-1) in connection with entering into a transaction to purchase shares of JSC INTER RAO UES, swapping shares of JSC OGK-1 in return.

1.3.2. JSC RusHydro's participation share in Open Joint-Stock Company The First Wholesale Electricity Market Generating Company (JSC OGK-1) prior to entering into a transaction (transactions) specified in clause 1.3.1 of the present decision amounted to 14.8 per cent (9,693,041,512 shares).

JSC RusHydro's participation share in Open Joint-Stock Company The First Wholesale Electricity Market Generating Company (JSC OGK-1) after entering into a transaction (transactions) specified in clause 1.3.1 of the present decision may reduce to zero per cent.


Voting results:

"For" - 12 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, E. P. Volkov, Е. V. Dod, V. M. Zimin, B. Yu. Kovalchuk, V. V. Kudryavy, G. M. Kurtser, N. G. Kutyin, A. B. Malyshev, M. V. Seliverstrova)

"Against" - 0

"Abstained" - 0

Decision made.


1.4. Company's participation in Open Joint-Stock Company INTER RAO UES:


Decision:

Approve the participation of JSC RusHydro in Open Joint-Stock Company INTER RAO UES (JSC INTER RAO UES) by acquiring shares of JSC INTER RAO UES placed through private offering on the on the following terms:

- category, type, nominal value of shares: ordinary registered shares with nominal value of 0.02809767 (zero point zero two eight zero nine seven six seven) rubles of additional release registered by the FSFM of Russia. Dated 16.11.2010 under state registration number 1-03-33498-Е-002D;

- number of acquired shares: up to 202,919,747,552 (two hundred and two billion nine hundred and nineteen million seven hundred and forty seven thousand five hundred and fifty two) shares;

- the cost of acquired shares: at the offering price up to 10,856,206,494 (ten billion eight hundred fifty six million two hundred and six thousand four hundred and ninety four) rubles 03 kopecks;

- the form of share payment:

- by non-monetary assets (property) - to pay for the issuer's securities acquired under the transaction (transactions), the purchaser transfers ordinary registered uncertified shares of Open Joint-Stock Company First Power-Generating Company on the Wholesale Energy Market (JSC OGK-1), OGRN: 1057200597960) with the face value of 0.57478 (zero point fifty seven thousand four hundred seventy eight hundred thousandth) of a ruble per share under state registration number 1-02-65107-D, the price of one share is 1.12 (one point twelve) rubles to the number of 9,693,041,512 (nine billion six hundred ninety three million forty one thousand five hundred and twelve) shares amount to 10,856,206,493 (ten billion eight hundred fifty six million two hundred six thousand four hundred ninety three) rubles 44 kopecks (alienated property price);

- by monetary assets in rubles of the Russia Federation - in case of a difference between the total cost of the issuer's securities acquired and the price of property being transferred by JSC RusHydro.


Voting results:

"For" - 12 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, E. P. Volkov, Е. V. Dod, V. M. Zimin, B. Yu. Kovalchuk, V. V. Kudryavy, G. M. Kurtser, N. G. Kutyin, A. B. Malyshev, M. V. Seliverstrova)

"Against" - 0

"Abstained" - 0

Decision made.





Chairman of the Board of Directors                                                   S. I. Shmatko


Secretary of the Board of Directors                                                M. M. Davydov

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