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Capital Markets Day Presentation (Moscow) Capital markets day Efficiency and stability are the name of the game December 8, 2016 Moscow, Russia Capital markets day Agenda Nikolay Shulginov Chairman of • Opening remarks. Preliminary results of 1 the Management Board – RusHydro Group in 2016 General Director George Rizhinashvili • RusHydro Group Development Strategy Management Board member, 2 • Overview of capital raising to refinance RAO ES First Deputy General Director East debt Sergey Kirov Management Board member, • Optimization of capital and operating costs 3 First Deputy General Director • Operating efficiency improvement plan Q&A session 2 Capital markets day RusHydro: the leading Russian utilities and renewables company No. 2 Russian power generation company, GW No.3 world’s hydropower co. by capacity, GW 15% 15% 11% 10% 7% 6% 38.9 38.2(2) 29 27 19 16 38 36 30(2) 29 28 26 Source: companies’ data, System operator Source: companies’ data 15% - share of total installed capacity of Russia No.6 heat producer in the world, mn GCal 12% of total Russia’s electricity output in 2015 12% (2) 1,050 TWh 117 108 45 39 37 31 25 Source: companies’ data Source: companies’ data, System operator 3 Capital markets day RusHydro – a leading Russian genco Russia’s largest genco and one of the world’s largest publicly-traded predominantly hydro generation companies, with capacity of 38.7 GW (ca. 16% of the Russian total) The biggest winner from electricity market liberalization in Russia due to extensive exposure to low- cost hydro generation A developing and succesful dividend story: 5 consecutive years of increasing dividend payments since 2010; dividend payout in the amount of 50% of net profit as of 2016 Focus on the Russian market: extension of life-time and improving efficiency of existing hydro assets, implementation of value-accretive hydro projects, streamlining existing assets Diversified holding company with hydro engineering and design assets Conservative financial management: target debt/EBITDA ≤ 3x Ownership structure Other One of the most liquid generating companies of the Russian shareholders stock market: local shares in Level 1 list on MOEX, GDRs listed 28.3% on the LSE, ADRs trading on OTC QX in New York Quasi-treasury Shares included in MSCI Russia shares Russian 4.9% Federation 66.8% Green utility – one of the world largest renewable energy players 4 Capital markets day Geography of key assets European Russia Siberia Far East (1st price zone) (2nd price zone) (non-price zone) 1 200 74 Hydro Hydro 5 133 14,355 7,186 13,284 Hydro Fossil fuel MW Pumped storage MW MW 8 077 Geothermal 13 155 100% Hydropower Hydropower u/construction Non-hydro renewables Fossil fuel plants Electricity retail 3 4 2 5 1 6 400 Armenia 561 MW 2 997 2 650 2 404 2 010 1 467 1 391 1 370 1 330 1 200 1 020 1 000 900 720 549 520 Sayano- Boguchanskaya Volzhskaya Zhigulevskaya Bureyskaya Primorskaya Saratovskaya Cheboksarskaya Zeyskaya Zagorskaya Votkinskaya Chirkeyskaya Kolymskaya Khabarovskaya Kamskaya Nizhegorodskaya Shushenskaya HPP HPP HPP HPP TPP HPP HPP HPP PSP HPP HPP HPP TPP-3 HPP HPP HPP 5 Capital markets day RusHydro – among top 20 green generators of the world (1) № Company Country Nuclear,GW Hydro, GW Renewables, GW CO2 free, GW CO2 free/IC 1 Acciona Spain 0.0 0.9 7.7 8.6 100% 2 China General Nuclear (CGN) China 14.9 1.6 12.5 29.0 100% 3 China National Nuclear Corp. China 11.5 0.0 0.0 11.5 100% 4 Energoatom Ukraine 13.8 0.3 0.0 14.2 100% 5 Rosatom Russia 26.6 0.0 0.0 26.6 100% 6 Hydro Quebec Canada 0.0 36.4 0.0 36.4 99% 7 BC Hydro Canada 0.0 11.9 0.0 11.9 99% 8 Cemig Brazil 0.0 7.2 0.1 7.3 98% 9 China Three Gorges China 0.0 51.4 6.0 57.5 97% 10 Eletrobras Brasil 2.0 38.7 0.9 41.6 92% 11 Verbund Austria 0.0 7.8 0.4 8.2 88% 12 Statcraft Norway 0.0 15.0 0.9 15.9 86% 13 Ontario Power Generation Canadа 6.6 7.4 0.0 14.0 82% 14 PG&E US 2.2 3.9 0.2 6.3 82% 15 Axpo Switzerland 3.0 3.5 0.4 7.0 80% 16 RusHydro Russia 0.0 28.7 0.1 28.8 78% 17 Evrosibenergo Russia 0.0 15.0 0.0 15.0 77% 18 EDF France 73.0 21.7 7.7 102.3 76% 19 Energias de Portugal (EDP) Portugal 0.2 7.8 9.3 17.2 71% 20 Exelon US 19.5 1.6 2.0 23.1 71% (1) Energy Intelligence New Energy Top 100 Green Utilities, November 3, 2016 6 Capital markets day What’s driving investment story turnaround? What has changed? In 2016, management approved reduction of rehabilitation and modernization capex by ca. RUB 60 bn in 2016-2019 while maintaining high level of reliability and safety of operations; By 2020, rehabilitation and modernization capex shrinks to the level not exceeding RUB 28-30 bn; Substantial investment RusHydro nears completion of large investment projects, including covered by capacity delivery agreements; liabilities/commitments Management has no plans to initiate new large-scale investment projects, and gave up a number of large-scale projects, not offering sufficient return (Cascade of Verkhne-Naryn HPPs in Kirgizia, flood-control HPPs in the Russian Far East); Positive FCF expected as of 2018 Best dividend story among Russian state-owned utilities: consistent and steady dividend growth since 2010 Low dividend yield, lack of dividend visibility for 50% of 2015 net profit paid out as dividends (yielding 6.5%), high probability of maintaining 50% payout for mid-term investors Ruble-denominated instruments becoming more attractive as economic situation stabilizes and interest rates go down Planned refinancing of RAO ES of the East debt through capital-raising forward deal and optimization of its subsidiaries debt portfolio to significantly improve financial position of RusHydro Group and increase bottom line projections due to RAO ES of the East: problematic reduction of interest payments; regulated asset, saddled with huge debt and requiring significant funds Proceeds from capital-raising will be used exclusively for refinancing of the RAO ES of the East debt portfolio; for replacement of obsolete facilities Forward mechanism creates strong incentives for value-creation and stimulation of the market capitalization growth; Non-initiation of large new developments in the Russian Far East Approval and implementation of asset divestments plan; Lack of clear asset management Efficient sale of Angara cascade dams to Irkutskenergo for RUB 10.95 bn (incl. VAT); strategy, a portfolio of diverse non- core assets Efficient sale of Energy Retail Company of Bashkortostan for RUB 4.1 bn; Planned sale of most of quasi-treasury stock as part of the recapitalization of RAO ES East debt 7 Capital markets day Key highlights of 2016 Key figures 48 25.5 +20% -9% 3.88 ~60 9.5 ~980 RUB bn Growth of RusHydro’s Planned reduction of Kopecks per RUB bn HPPs output for 9 operating costs of RUB bn RUB bn RUB bn Consolidated EBITDA of Consolidated net profit months of 2016 RusHydro group in 2016 share Optimization of Savings as a result of Additional excepted RusHydro Group in of RusHydro Group in (adjusted for projected dividends, approved by rehabilitation and procurements revenue from 1H’16 1H’16 inflation) AGM in June modernization capex optimization of 100%liberalization of (+43%) (+37%) programs in 2016-2019 RusHydro Group in 9M hydropower capacity (+148%) 2016 1 RAO ES East subgroup debt Key decisions made on capital raising of RUB 55 bn to refinance the debt 2 Operating efficiency • Independent audit of expenses • Reduction of non-productive, SG&A expenses 3 Dividends Payout of record dividend of 50% of net profit totaling RUB 15 bn 4 • Consolidation of 100% in RAO ES of East Organizational development • Start of management and HQ consolidation of RusHydro and RAO ES of East 5 Operations • Total electricity output of the Group increased for 9 months of 2016 by 12.6% • Pick-up in hydro output in FY’16 could exceed 15% compared to 2015 6 Corporate governance Approval of new long-term incentive plan (LTIP) for top management, based on best Russian and global practice 7 Efficient sale of assets Sale of assets for a total of > RUB 15 bn 8 Capital markets day Commissioning of electric and thermal capacity in 2016-2020 Commissioning of new electricity generation capacity, MW 84 270 840 342 143 120 140 120 (2) 320 41,365 194 140 38,652(1) 2016 Zelenchukskaya Yakutskaya TPP-2 Nizhne-Bureyskaya Vostochnaya Sakhalinskaya CHPP Zaramagskie Ust'- Zagorskaya Hydro rehab & Other HPP-PSP (1st stage) HPP CHPP TPP-2 (1st stage) Sovetskaya Gavan' HPP Srednekanskaya PSP-2 modernization HPP Commissioning of new thermal capacity, GCal 237 300 200 421 18 19,621(2) 470 17,975 2016 Yakutskaya TPP-2 Vostochnaya Sakhalinskaya TPP-2 CHPP Boiler of Other (1st stage) CHPP (1st stage) Sovetskaya Gavan' Yakutskaya TPP (1) Including Boguchanskaya HPP (JV of RusHydro and UC RUSAL) – 2,997 MW (2) Excluding potential capacity decommissioning during the period 9 Capital markets day Best dividend story and practice among Russian SOE utilities Dividends (RUB bn) . RusHydro is one of the few Russian state-owned utilities companies 15 paying and consistently increasing dividend payments from 2010 . RusHydro is committed to gradual and consistent increase of yearly dividends to benefit all shareholders, together with the company’s 6,0 development priorities and its financials 5,2 3,7 2,5 2,5 On June 27, 2016, AGM has approved dividends in the amount of RUB 0.038863 per share or 50% of RAS net profit of PJSC RusHydro for 2015 (higher than the profit under IFRS: RUB 30 bn vs RUB 27.2 bn) 2011 2012 2013 2014 2015 2016 (25% IFRS (50% RAS revenue) revenue) Dividend yields of Russian generating companies Dividends per share and dividend yield (1) 2011 2012 2013 2014 2015 2016 4,5 Krasnoyarskaya HPP 0.0% 4.9% 0.0% 0.0% 0.0% 0.0% 3.88 7,5% 4 DPS, Quadra 1.9% 2.6% 0.0% 0.0% 0.0% 0.0% 6,5% 3,5 kopecks Unipro (EON Russia) 0.0% 2.6% 10.8% 16.2% 8.8% 7.2% 6,5% 3 Div.
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