03.09.2010
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Regular Meeting of JSC RusHydro Board of Directors

On August 10, 2010, RusHydro Board of Directors held a regular meeting by proxy.    


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The Board of Directors has approved providing material aid to the victims and families of those killed in the terror attack on Baksanskaya HPP (RusHydro subsidiary - Kabardino-Balkarian subsidiary) on July 21, 2010, and in the natural disaster that occurred at Irganaiskaya HPP, a RusHydro subsidiary, on June 12, 2010.

Material aid will be paid to each victim and each bereaved family personally as well as under the current collective contracts at RusHydro subsidiaries (Kabardino-Balkarian subsidiary, Irganaiskaya HPP) and/or through charitable organizations.


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The Board of Directors has approved RusHydro's equity interest in RusHydro International, a company limited by authorized capital, formed on the following terms:

● RusHydro International form of incorporation: limited liability company;

● RusHydro International founder: JSC RusHydro (sole founder);

● RusHydro International authorized capital: one million (1,000,000) euros divided into one million (1,000,000) shares with a par value of one (1) euro each;

● founder's share: 100%;

● shares payment method: cash;

● RusHydro International will be established under the jurisdiction of the Netherlands;

● location: Netherlands.


RusHydro International objectives:

● investment in emerging hydropower generation projects;

● accumulation, transfer and optimal implementation by the Company of state-of-the-art technologies in the facility construction/operation area;

● promotion of services provided by the Company's R&D subsidiaries and affiliates and promotion of Russian-made equipment exports.


The Netherlands was chosen through comparing a few European jurisdictions, with assistance by PriceWaterhouseCoopers experts.  


RusHydro International is formed under the Company's Strategic Plan contemplating the development of foreign operations. RusHydro's Strategic Plan for the period ending in 2015, approved by the Board of Directors, envisages development of international operations, placing emphasis on the construction and acquisition of external hydropower assets.  The Strategic Plan provides for the Company to have foreign assets of at least 1 GW of installed capacity, 3 GW of capacity under construction by 2015 and 5 GW of installed capacity of foreign assets by 2020.


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The Board of Directors has instructed the Company's representatives at the ESK RusHydro Board of Directors to vote for transferring the blocks of shares of the following power retail companies owned by JSC ESK RusHydro to trust under JSC INTER RAO UES:  

● 50.9% of JSC Mosenergosbyt shares;

● 61.51% of JSC St.Petersburg Energy Retailing Company shares;

● 100% of JSC Altayenergosbyt shares;

● 49.01% of JSC Tambov Energy Retailing Company shares;

● 48.36% of JSC Saratovenergo shares;

● 100% of JSC United Energy Retailing Company shares.


In May 2010, JSC RusHydro closed a transaction of purchase from JSC RAO Energy Systems of East of shares of the following energy retail companies: JSC Mosenergosbyt, JSC St.Petersburg Energy Retailing Company, JSC Saratovenergo, JSC Tambov Energy Retailing Company, JSC Altayenergosbyt  and JSC United Energy Retailing Company.


The title to the acquired blocks of shares has been transferred to JSC ESK RusHydro (RusHydro subsidiary) supervising the sales operations of the RusHydro Group.


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