The Federal Financial Markets Service of Russia has issued JSC RusHydro a permit to trade JSC RusHydro ordinary shares outside the Russian Federation. The permit from the Federal Financial Markets Service of Russia establishes that the number of JSC RusHydro shares trading abroad shall not exceed 37,500,000,000 units.

Receipt of the permit from the Federal Financial Markets Service of Russia was one of the final stages in launching the sponsored JSC RusHydro GDR programme. The Company plans to launch the given programme in June 2008. The Bank of New York has been chosen as the depositary bank of the sponsored JSC RusHydro GDR programme.