Agreement between the Government of the Kyrgyz Republic and Government of the Russian Federation on construction of Kambaratinsky GES-1

of February 3, 2009

The government of the Kyrgyz Republic (the Kyrgyz Side) and the Government of the Russian Federation (Russian side) which further are referred to as "Party"

in view of the signed Agreement between the Government of the Kyrgyz Republic and the Government of the Russian Federation on development of cooperation in the field of power industry of October 9, 2008,

confirming the commitment to the purposes of the specified Agreement and to the mutual rights and obligations of the Parties affirmed in it,

considering that the Parties have potential necessary for realization of the purposes of this agreement,

agreed as follows:

Article 1

The purpose of this agreement is the cooperation of the Parties on construction and operation of Kambaratinsky GES-1 and infrastructure facilities, necessary for its functioning (further - the Project).

Article 2

The parties render assistance to creation of Joint-stock company, being the owner of Kambaratinsky GES-1 (further - Society).

Society is established according to the legislation of the Kyrgyz Republic the following business entities of the Parties having shares in the authorized (joint-stock) capital:

JSC INTER RAO UES - 50%;

JSC Elektricheskiye stantsii - 50%,

further referred to as - Founders.

Founders carry out registration of Society till 6 months after the signature of this agreement.

Article 3

Three representatives from the Russian Founder and two representatives from the Kyrgyz Founder are part of the Board of directors of Society. The chairman of the board of directors of Society is elected on representation of the Russian Founder.

The decision of the Board of directors is made jointly.

The board of Society affirms the Board of directors and consists of three representatives of the Kyrgyz Founder and two representatives of the Russian Founder.

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