Issue of Debt

April 15th, 2011

RusHydro Will Start Bond Placement on April 25, 2011

JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces that it will start the placement of two interest-bearing domestic bond issues of series 01 and 02 with nominal amount of RUR 10 bln each on April 25, 2011. In accordance with the decision signed by the Chairman of the Board of RusHydro Evgeny Dod OJSC Gazprombank was appointed the underwriter of the issue. OJSC Gazprombank, CJSC Raiffeisen Bank and CJSC VTB Capital are the lead managers of the placement.

Gazprombank accepts the bids from potential investors from April 11, 2011 till 17.00 April 21, 2011. After the closure of the order book RusHydro will price the first coupon and has the right to determine the price of further coupons. The placement volume will total RUR 15 billion with one issue placed only in half.

The placement will be conducted via open subscription by collecting bids from investors at a fixed price and coupon rate for the first coupon period. The placement arrangements were approved by the Board of Directors July 29th, 2010. The bonds are subject to put option in 5 years.

The bond issues were registered by Russia's Federal Service for Financial Markets (FSFM) September 23rd, 2010 (State registration numbers 4-01-55038-E and 4-02-55038-Е). The par value of each security is RUR 1,000.

RusHydro's 2011-2015 business plan, as adopted by a resolution of the Company's Board of Directors March 18th, 2011, provides for increasing long-term borrowings in 2011 up to RUR 15 billion. Proceeds will be used to finance the Company's investments as well as to partially refinance the bond issue of JSC Management Company HydroOGK, which matures in June 2011.

DISCLAIMER

The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. One can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements.

We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia and rapid technological and market changes in our industries, as well as many other risks specifically related to RusHydro and its operations.