17.04.2008
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JSC RusHydro and The Bank of New York sign a depositary agreement

NOT INTENDED FOR DISTRIBUTION IN THE USA, CANADA, AUSTRALIA AND JAPAN

JSC RusHydro summed up the results of an open tender to select a depositary bank to organise trading of JSC RusHydro securities outside the Russian Federation (by issuing Global Depositary Receipts (GDR) for JSC RusHydro shares). The depositary bank The Bank of New York was recognised as the winner of the open tender.

On 14 April, 2008, a depositary agreement was signed between JSC RusHydro and The Bank of New York.

It is planned to launch the GDR programme for JSC RusHydro shares in June-July 2008 on receipt of a permit from the Federal Financial Markets Service of Russia.

This announcement is not intended for publication or distribution in the USA, Canada, Australia and Japan. This announcement does not constitute an offer of securities or an invitation to subscribe to or purchase any securities, depending on the circumstances, in any jurisdiction in which such an offer or invitation is unlawful. This press release does not constitute an offer to sell any securities of JSC RusHydro in the USA. No securities of JSC RusHydro may be offered or sold in the USA in the absence of their registration or exemption from registration in accordance with the US Law of 1933 "On Securities". JSC RusHydro has not registered and does not plan to register any of its securities in the USA or to make a public offer of its securities in the USA. This document is not an invitation and shall not be perceived as encouraging investment for the purposes of the UK law of 2000 "On Financial Services and Markets".

This document is addressed exclusively to (i) persons outside the United Kingdom or (ii) persons that are investment professionals for the purposes of Article 19(5) of the Order (On financial assistance) of 2005 (the "Order") in accordance with the UK Law of 2000 "On Financial Services and Markets" or (iii) companies with high value assets and other persons to whom this document may be forwarded and that meet the requirements of article 49(2) of the Order (all such persons together shall hereinafter be referred to as the "relevant persons"). The securities may be purchased and any invitation or offer may be addressed, as well as any agreement on subscription to securities or purchase of securities or acquisition of securities by any other method may be concluded only with relevant persons. Any person that is not a relevant person should not rely on this document or its contents.

Any public offer of securities that may be considered realised in accordance with this announcement in any member state of the European Economic Area that applies directive 2003/71/ЕС (the given directive, together with any applicable measures for enactment thereof in any member state shall hereinafter be referred to as the "Directive on prospectuses"), is addressed exclusively to persons that are qualified investors (in accordance with Article 21 (1)(е) of the Directive on prospectuses) in said member state and to other persons to whom this document may be addressed on lawful grounds and no other person, not being a relevant person, should rely on this press release or its contents.

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