16.10.2013
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Results of the Board of Directors on October 15, 2013

JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on October 15, 2013.


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The Board of Directors decided to increase the number of members of the Strategy and the Investments committees to 10 and 11 persons respectively.


The Board of Directors elected Maria Tikhonova, Secretary of the Interdepartmental Commission for analysis of the effectiveness of fuel and energy companies, to the Strategy and Investments Committees.


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The Board of Directors commissioned representatives of RusHydro in the Board of Directors of JSC Yakutskenergo (RusHydro Group) to vote for the exchange and sale and purchase agreements between Yakutskenergo and JSC Sakhaenergo (RusHydro Group).


According to the exchange agreement Yakutskenergo should transfer to Sakhaenergo the ownership of building and equipment of the mini-TPP located in Deputatsky settlement of the Ust-Yansky region of the Republic of Sakha (Yakutia). Sakhaenergo should transfer to AK Yakutskenergo its shares of additional issue in the amount of 54,800,290 with par value of RUB 10 per share placed through private subscription.


According to the sale and purchase agreement Yakutskenergo should transfer to Sakhaenergo machines and the equipment of the mini TPP located in Deputatsky settlement, which should be paid by Sakhaenergo in the amount of RUB 103,075,150.90 (incl. VAT).


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The Board of Directors approved RusHydro’s net foreign exchange position limit for the agreements denominated in foreign currency in the amount of USD 100 mn equivalent.


The Company’s net foreign exchange position limit should be applied to the agreements denominated in foreign currency, including agreements signed in terms of construction of the cascade of Verkhne-Narynskie HPPs in Kyrgyzstan, as well as implementation of modernization of the Saratovskaya HPP and the cascade of Kubanskie HPPs.


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The Board of Directors resolved to make the amendments to the Articles of Association of RusHydro, due to change of address of the Corporate University of Hydropower, an affiliate of RusHydro.


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The Board of Directors resolved to make the amendments to the procurement plan of RusHydro for 2013, due to changes in terms and volumes of works on the number of projects.


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In accordance with the government’s decree the Board of Directors commissioned the Management Board of RusHydro:

  1. To hold necessary corporate events in DRSK to approve the following decisions:
    • To add the indicator ‘To adhere to terms of making utility connection’ to the list of KPIs of DRSK CEO and heads of the company’s affiliates responsible for electricity supply and utility connection;
    • To make the amendments to the employment contract of DRSK CEO and heads of the company’s affiliates responsible for electricity supply and utility connection in accordance with the addition to the list of KPIs mentioned above.
  1. To develop the procedure to evaluate the new KPI and target values for 2014 for DRSK and the company’s affiliates responsible for electricity supply and utility connection, and to submit it for the Board of Directors’ approval till November 2013.

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The Board of Directors approved the amended regulations of committees of the Board of Directors.


The amendments are aimed to adjust issues considered by the Board’s committees in compliance with the requirements of the financial markets regulator, listing rules of stock exchanges and best corporate 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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