Agreement with ABB 06/24/2008

On June 24, 2008 ABB Management Services Ltd., Open JSC ZARUBEZHENERGOPROEKT and ZarubezhEnergoProekt Europe Ltd. signed the tripartite Cooperation Agreement in Moscow. Under this Agreement ZarubezhEnergoProekt Europe Ltd., the affiliated company of Open JSC ZARUBEZHENERGOPROEKT, becomes a distributor of ABB MV & HV Electrical Equipment in Russia and inside CIS countries. The Agreement was signed by Mr. Stefan Ranstrand, ABB Group Senior Vice President, Mr. Leonid Kulebyakin, General Director of Open JSC ZARUBEZHENERGOPROEKT and Mr. Marko Rakic, Director of ZarubezhEnergoProekt Europe Ltd.

Under this Cooperation Agreement it is envisaged that ABB will give to its Partner, ZarubezhEnergoProekt Europe Ltd. marketing and competitive advantages in the form of special prices and terms of supply for complete equipment (transformers, metalclad switchgears, generator circuit-breakers etc.) Within the framework of cooperation, ABB has also granted a right for ZarubezhEnergoProekt Europe Ltd. to use ABB equipment when participating in tenders to supply the equipment for power projects in Russia and inside CIS countries.

Also, under this Agreement ABB warranty responsibilities will cover in a full scope all the equipment to be supplied through ZarubezhEnergoProekt Europe Ltd - affiliated company of OJSC ZARUBEZHENERGOPROEKT. Further, within the framework of cooperation, the companies have agreed to carry out a program for training and technical probations of specialists of ZarubezhEnergoProekt Europe Ltd at the ABB production plants.