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RusHydro

July 10, 2009

JSC RusHydro announces plans to convert its Regulation S Global Depositary Receipts into Level 1 American Depositary Receipts

JSC RusHydro (the “Company”), which recently successfully completed a listing of its Regulation S and Rule 144A global depositary receipts (“GDRs”) on the Official List of the Financial Services Authority in the United Kingdom (“Official List”) and admission to trading on the EEA Regulated Market of the London Stock Exchange (the “Main Market”) of the London Stock Exchange, is planning to convert its Regulation S GDRs into Level 1 American depositary receipts (“ADRs”).

In June 2008, the Company simultaneously launched both a Regulation S and a Rule 144A GDR program, trading under the ticker symbol HYDR. The Bank of New York Mellon acts as the depositary bank for both of these programs.

As part of its continued effort to boost liquidity in its securities, RusHydro is in the process of establishing a Level 1 ADR program, and in connection with the proposed issuance of Level 1 ADRs in exchange for Regulation S GDRs, it is planning to convert its Regulation S GDRs into Level 1 ADRs. Following approval for the listing of the Level 1 ADRs on the Official List and admission to trading on the Main Market, investors who hold Regulation S GDRs will receive in exchange for their Regulation S GDRs the same number of ADRs (with one ADR of RusHydro being equal to 100 ordinary shares in the Company).

The Company anticipates that the cancellation of the Regulation S GDRs and the concurrent launch of the ADR program will occur on August 7th 2009. The ADRs are also expected to be traded on the OTC market in New York.

The above-mentioned cancellation and issuance will have no effect on the Company’s current Rule 144A GDR program.

This document is not a prospectus but an advertisement. Investors should not subscribe for any transferable securities referred to in this announcement except on the basis of information in a prospectus, which has been published in accordance with the Prospectus Directive.

Neither the shares of RusHydro or the GDRs have been, nor will be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States, absent registration or an exemption from registration.

This announcement may include forward-looking statements. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. In particular, there can be no assurance that (i) the requisite approvals for the ADR Programme will be obtained and ADRs will be issued to holders of Regulation S GDRs; and (ii) RusHydro’s application to admit those ADRs to the Official List of the United Kingdom Listing Authority and to trading on the Main Market of the London Stock Exchange will be approved.

 

 

 

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