11.10.2016
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Results of the Board of Directors on October 7, 2016

October 11, 2016. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on October 7, 2016.


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The Board of Directors moved the deadline for technological and price audit of the Maynskiy hydro complex comprehensive reconstruction project from 2016 to 2017 in order to develop the spillway construction options in line with optimization of PJSC RusHydro’s investment program.


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The Board of Directors approved corporate social responsibility and sustainable development report of RusHydro Group for 2015. The report is prepared in accordance with GRI G-4 guidelines.


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The Board of Directors commissioned Nikolay Shulginov, Chairman of the Management Board – General Director of PJSC RusHydro, to add until October 31, 2016, the Company’s procurement policy with the requirement to buy innovative construction materials mostly from Russian producers.


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The Board of Directors approved a number of agreements, including those, qualified as interested party transactions.


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The Board of Directors approved an agreement with LLC Telmamskaya HPP (wholly owned by JSC EuroSibEnergo) for sale of five dams of the Angara cascade owned by the Company. The transaction price will be RUB 9,280 mn (excluding VAT in the amount of RUB 1,670 mn). KPMG made an independent assessment of the dams’ market price.


PJSC RusHydro owns five dams of HPPs of the Angara cascade: right and left bank dams of the Irkutskaya HPP, right and left bank dams of the Bratskaya HPP, Ust’-Ilimskaya HPP dam. The Company acquired the dams in September 2011 for RUB 7,588 mn.


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The Board of Directors approved the report on execution of the Company’s KPIs in the 2nd quarter of 2016.


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The Board of Directors moved the deadline for submission feasibility analysis of the Zagorskaya PSPP-2 reconstruction project to March 10, 2017.


Currently, the field-testing is taking place at the site of the Zagorskaya PSPP-2. The feasibility analysis will be based on testing results.

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The Board of Directors decided to dissolve the agreement on maintaining the Company’s shareholder register between PJSC RusHydro and JSC Registrar R.O.S.T. and determined that JSC VTB Registrar will provide such services going forward. VTB Registrar has been chosen based on tender results. The Company’s stakeholders will be informed on shareholder register handover from JSC Registrar R.O.S.T. to JSC VTB Registrar in compliance with the established procedures.


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The Board of Directors approved an addendum to the general credit agreement between PJSC RusHydro, JSC RUSAL, JSC RUSAL Krasnoyarsk and CJSC BoAZ, qualified as transaction denominated in foreign currency (pegged to foreign currency exchange rate).


The general credit agreement should be prolonged due to extension of credit period for three years.


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The Board of Directors approved an agreement between PJSC RusHydro and National Research Moscow State University of Civil Engineering (NRU MGSU), qualified as an interested party transaction, and determined the price of the agreement in the amount of RUB 280,604 (including VAT).


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The Board of Directors commissioned RusHydro’s representatives in the Annual General Meeting of shareholders of JSC Blagoveschenskaya CHPP to approve the general contractor agreement for construction and installation works between JSC Blagoveschenskaya CHPP and PJSC Power Machines with a memorandum of reconciliation of disagreements, qualified as major transaction.


The Board of Directors cancelled the decision of the Extraordinary Meeting of shareholders of JSC Blagoveschenskaya CHPP of June 8, 2016, on approval of the general contractor agreement between JSC Blagoveschenskaya CHPP and PJSC Power Machines.


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The Board of Directors approved a new version of internal audit Policy of PJSC RusHydro.

The document has been amended to comply with the listing rules of MOEX.


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The Board of Directors approved a new version of the Regulations on Corporate Secretary of PJSC RusHydro developed in compliance with the requirements of MOEX listing rules.


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The Board of Directors increased the number of members of the Strategy Committee to 14 and elected Nikolay Podguzov, member of the Board of Directors, to the Committee.


The Board of Directors approved the amended Regulations on Strategy Committee. The document has been developed to comply with the Corporate Governance Code of PJSC RusHydro and Corporate Governance Code of the Bank of Russia as well as the Company’s corporate governance practices.
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
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