Investment policy and its principles [103–2]

The Company’s investments are governed by the Regulations on Managing Investing Activities Performed in the Form of Capital Investments.

Investment programs are approved by the respective boards of directors within RusHydro Group, with the programs of members involved in the electricity sector additionally reviewed by the authorized government agencies. The drafts are based on the Group’s consolidated investment program, which is approved by the Management Board and presented to the Board of Directors. In the case of entities involved in the electricity sector, the drafts are submitted to the authorized government agencies after being reviewed by their boards of directors.