As of the end of September 2009, at the initiative of JSC RusHydro, the Company terminated its relationship with Standard & Poor’s (under this relationship Standard & Poor’s provided corporate governance scores for RusHydro). RusHydro informed Standard & Poor’s of this decision in August 2009.

The initial agreement between RusHydro and Standard & Poor’s was concluded in 2007. Under this agreement, in October 2007, the Company received its initial corporate governance score (CGS) of 5 (on the Russian national scale, RusHydro was rated at CGS-5.2). In November 2008, Standard & Poor’s upgraded RusHydro’s score to CGS-5+ (and on the Russian national scale, its score increased to 5.7).

The agreement between the Company and the ratings agency (Standard & Poor’s) was concluded during a period when RusHydro was not a publicly listed company. RusHydro believed that going through the ratings process would help upgrade its corporate governance practices and improve transparency prior to its re-organization and the re-organization of its subsidiaries and dependent companies (SDCs), as well as prior to placing its shares on the market.

Following the completion of corporate re-organization, RusHydro is now a publicly listed company with more than 360,000 shareholders. The Company’s shares are currently traded on the “A1” quotation lists of both Russian Stock Exchanges (MICEX and RTS), and since July 2009, the Company’s global depositary receipts (GDRs) have been traded on the London Stock Exchange (LSE).

The Company is in full compliance with all regulatory and legislative requirements established by Russian and British laws, as well as the listing exchanges, for corporate governance and information transparency. RusHydro strives to meet and/or exceed best practice standards in the sphere of corporate governance.