Open Joint Stock Company Mordovia Energy Power Corporation

OBJECT OF THE CONTRACT.

We, the undersigned:

Closed Joint Stock Company "Hydropower Company"; legal address: 129339, Moscow, ul.

Torrents of Spring, d. 8A, p. 1, VAT 7716509955, 771601001 CPR, BIN 1047796498463,

represented by President Ivan Nikolaevich Budanov, acting under the Charter;

Municipal Enterprise Community Education Kovylkino "Kovylkinsky urban networks"; legal address

of Mordovia Republic, 431350, city Kovylkino str. 40 October, Building 10; INN 1323123185,

132301001 CPR, BIN 1051323017790, represented by the Director Nikolai Malyshev, acting under

the Charter, hereinafter referred to as - Founders, having considered the question of unification

and its potential for profit, the provisions of the Civil Code of the Russian Federation (part 1 ) and

the Federal Law "On Joint Stock Companies" (with subsequent amendments), have entered into

this agreement as follows:

1.1. Create through the establishment of Joint Stock Company "Mordovia Energy Power

Corporation" (hereinafter - the Company) in accordance with the Civil Code of the Russian

Federation, the Russian Federal Law "On Joint Stock Companies" and other applicable laws of the

Russian Federation, to meet the public demand for goods and services and profit.

1.2. This Agreement shall determine the order of the founders of joint activities for the

establishment of the Company.

1.3. Founders undertake to bear the cost of the organization of the Company in proportion to the

amount of the redeemed in accordance with Sec. 5.3 of this Agreement the shares.

2 the object and purpose of social activity.

2.1. Object and purpose of the activities detailed in the Company's Articles of Association.

2.2. The Company may carry out all acts not prohibited by applicable law. The Company's

activities are not limited to the Charter. Transactions beyond the authorized activity, but not

contrary to law, be recognized as valid.