Conversion has been completed of the shares in JSC Irganaiskaya HPP, JSC Cascade of NChHPPs, JSC HydroOGK State Holding Company, and JSC HydroOGK Minority Holding Company, which have been affiliated with RusHydro.

The shares were converted at conversion ratios established by the General Meetings of Shareholders of JSC HydroOGK, JSC Irganaiskaya HPP, JSC Cascade of NChHPPs and JSC RAO UES of Russia (in relation to JSC HydroOGK State Holding Company and JSC HydroOGK Minority Holding Company) in October 2007.

Since all these companies were affiliated with JSC HydroOGK simultaneously on 1 July 2008, in accordance with the terms and conditions of the Affiliation Agreements, the shares in JSC HydroOGK Minority Holding Company, JSC Irganaiskaya HPP and JSC Cascade of NChHPPs were converted into ordinary shares in JSC HydroOGK, now at the disposal of JSC HydroOGK as a result of the affiliation.

The shareholders in JSC RAO UES of Russia that received shares in JSC HydroOGK as a result of distribution among them of the shares in JSC HydroOGK Minority Holding Company and conversion of the shares in JSC HydroOGK Minority Holding Company into shares in JSC HydroOGK have an opportunity to conclude transactions with their shares in JSC HydroOGK as soon as the shares are entered into the personal accounts.

Shares in JSC HydroOGK State Holding Company were converted into additional ordinary shares of JSC HydroOGK.

State registration of the reports on the results of additional share issues of JSC HydroOGK placed by means of conversion of ordinary and preferred shares in JSC HydroOGK State Holding Company is planned for July 2008.