Open Joint-Stock Company Federal Hydro-Generating Company - RusHydro, Board Meeting, May 14, 2013. Agenda: To consider election of the Chairman of the Board of Directors; and to consider election of members to committees of the Board of Directors.

Open Joint-Stock Company Federal Hydro-Generating Company - RusHydro reported non consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported revenue of RUB 25,444 million against RUB 20,190 million a year ago. Operating profit was RUB 13,186 million against RUB 9,084 million a year ago. EBITDA was RUB 16,115 million against RUB 11,695 million a year ago. Net profit was RUB 9,337 million against RUB 6,328 million a year ago. Net profit (adj.) was RUB 11,188 million against RUB 7,495 million a year ago. The underlying factors behind the change in revenue were: significant increase in electricity generation by the Volga-Kama cascade of hydropower plants in the first quarter of 2013 and inline growth of power sales on the 'day-ahead' market. Increase in electricity prices on the 'day-ahead' market. Increase in sales volumes and sale prices under free bilateral agreements. Increase in volumes and tariffs of regulated power sales. Increase in capacity prices under competitive capacity selection.

Russia's Federation Council has ratified an agreement with Kyrgyzstan to construct and operate the First Kambarata Hydroelectric Power Plant (HPP) and the Verkhne-Naryn HPP cascade. The documents were signed in Bishkek on September 20, 2012 and have been temporarily in effect since October 21. The projects will be implemented on the Kyrgyz side by JSC Electric Power Plants, while the Russian participants will be Open Joint-Stock Company INTER RAO UES for Kambarata HPP-1 and Open Joint-Stock Company Federal Hydro-Generating Company - RusHydro for the Verkhne-Naryn cascade. The Kambarata HPP-1 is part of the Sredne-Naryn HPP cascade along with the Kambarata HPP-2 and Kambarata HPP-3. The plant will tentatively have capacity of 1,600 MW and is expected to produce an average of more than 5 billion kWh of electricity annually. In order to implement the project, the parties have formed a 50-50 joint venture called CJSC Kambarata HPP-1. The Russian side will provide about $1.7 billion to finance the project and help raise debt financing for 50% of the construction cost. Kyrgyzstan will provide tenure rights to land set aside for construction and other assets as its contribution to the charter capital of both joint ventures. The Verkhne-Naryn cascade will include four HPPs: the Akbulun HPP, Naryn-1, Naryn-2 and Naryn-3, with combined capacity of 282 MW and expected average annual output of more than 1 billion kWh. Electric Power Plants and RusHydro have formed the 50-50 joint venture CJSC Verkhne-Naryn HPPs for this purpose.