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Rosatom Energy International” JOINT STOCK COMPANY “ROSATOM ENERGY INTERNATIONAL” ROSATOM: Financing Opportunities and Challenges Vyacheslav Ivanov May 2016 Global Nuclear Technology Footprint NPP design, Electricity Services and Uranium Uranium Fuel Power equipment engineering generation modernization production enrichment fabrication manufacturing and construction JSC Rosatom Energy International - subsidiary of State Corporation ROSATOM – integrator and project developer of ROSATOM solutions in Russian nuclear business abroad 1 Tested Nuclear Technology – key reference factor for financing Water-Water Power Reactor (VVER) • One of the most reliable reactors in the world today • One of the most referenced technology Nuclear Icebreaker Fleet • #1 nuclear fleet in the world • Assures stable functioning of Northern Sea Route Fast Reactors (Gen IV) • #1 fast neutron reactor in the world • #1 operating fast neutron reactor in the world Small and Medium Size Reactors • Variety of different designs with referent parameters Floating Nuclear Power Plant and Desalination Solution • FNPP solution - manufactured on a turnkey basis, unique, eco-friendly • Desalination solution – variety of applications, referenced, proven safety Nuclear medicine and Radiation technologies • Nuclear medicine is a niche market based on the use of radioisotopes, mature for diagnostic and emerging for therapy. 2 Russian nuclear technology – Water-Water Power Reactor (VVER) Forefront of nuclear technology – Generation III+ reactor Hanhikivi-1 project is based on VVER-1200 design Proven and mature solutions – ≈1400 reactor years of total operating time* In Finland 2 VVER-440 units have been used safely in Loviisa for decades A high level of internal safety gained through evolution of design Most demanded capacity suitable for various grid conditions – 1000-1200 MWe 60-year lifetime (+20-year extension possible) High performing source of supply – availability factor ≈ 92% Meets all current Russian and international safety standards and the IAEA requirements Widely referenced by utilities * According to WANO it is one of the most reliable reactors in the world today. The content of this presentation is for discussion purposes only, shall not be considered as an offer and doesn’t lead to any obligations to Rosatom and its affiliated companies. Rosatom disclaims all responsibility for any and all mistakes, quality and completeness of the information. 3 ROSATOM VVER Technology Nuclear Power Plants (NPP) Perspective pipeline Great Britain 4 BOO* BOO* Finland Russia Czech Republic 1 9 2 Belorussia Slovakia 2 Kazakhstan 1 7 2 Hungary Ukraine Armenia 2 1 2 4 Iran China 2 BOO* Turkey 8 Egypt India Bangladesh 4 2 2 Vietnam Jordan 12 2 BOO* BOO(T)* Nigeria 2 Malaysia 2 Saudi Arabia 2 2 Indonesia Brazil 2 4 BOO* BOO* South Africa Argentina 8 1 43 25 24 In progress Tendering Potential process/ negotiations Rosatom NPP construction perspective pipeline – more than 90 units *Countries of BOO(T) Projects- “built-own-operate (transfer)” projects where Rosatom Group owns equity vs. the rest EPC(M) project countries where it provides engineering procurement and construction (management) services . 4 Our Approach to Financing New NPP Generation Financing terms and structures for new NPP are unique and driven by: Economic and credit Bilateral relationships Selected business metrics of host between host country and model for NPP country Russia EPC contract + IGA BOO model might be put financing (sovereign in place when economic EPC Model vs BOO Model loans and terms and conditions are guarantees) is cost favorable. Such structures effective and long- are multilayer, complex term solution to and more expensive and ensure new NPP usually not fully committed generation built on at the beginning of the time and budget. project (additional risk and costs on the project). Rosatom has successful track record arranging multibillion financing for Russia design NPPs (both EPC and BOO models) new NPP generation across the world. 5 Contracting and risk sharing EPC BOO Various models are possible : Model Model • Customer’s risk appetite and investment horizon • Availability of financing • Host government agreement and guarantees • Available tax incentives 6 Representative Financing Structure: EPC plus IGA Financing Focus on Intra-Government Debt Russian Rosatom Family Host Country Government • IGA on cooperation in peaceful use of nuclear energy • Financial IGA for financing the Project 70% debt of total The Russian Vnesheconombank financing Ministry (VEB) or other State bank of Finance EPC Contract / State credit EPC contract implementation Rosatom EPC Contractor NFS contract O&M contract Contracts 30% equity or implementation sponsorship of total financing Obtaining licenses and permits Project company NPP operation Decommissioning and waste disposal 7 Representative Financing Structure: BOO plus Financing Focus on project financing and international economics Host Country New Investors REIN Consortium equity ownership decided case by case Project Company EPC contract Construction site Obtaining licenses and permits Site Selection Project management ROSATOM Project warranties Fund raising Operation & Family and permits maintenance contract Contract execution Companies Operation Management Domestic Utility Power purchase Fuel supply contract agreement (PPA) Decommissioning and waste disposal International and Russian ECAs, Banks, Capital Markets 8 Hanhikivi-1 Case. Project snapshot • Project: construction of Hanhikivi 1 nuclear power plant on a greenfield site Pyhäjoki in Northern Finland, Baltic Sea • Mankala structure: NPP will produce electricity which will be sold to the shareholders at cost (Finnish “Mankala model”) • Shareholder base: majority shareholder is Voimaosakeytiö SF (“VSF”) which comprises some 47 Finnish corporates (industrials and utilities). Rosatom also became shareholder in April 2014. • Local support and government approval: In 2010, the Government of Finland and the Finnish parliament granted their permit (Decision-in-Principle) to FV for the Project. The Project also benefits from strong and consistent local support • Vendor and technology: Rosatom is the exclusive turn-key EPC contractor providing its AES-2006 / VVER nuclear reactor technology (1,200MW). Its Leningrad 2 is the reference plant • Timetable: It is currently planned that construction works will commence in 2018, and that the commercial operation date will occur in 2024 • Project funding: project costs are to be funded 72.5% by debt financing and 27.5% by equity • Competitiveness: Target Mankala price over 2024-2035 is expected to be highly competitive in Nord Pool. Key project strengths Strong and balanced financing Proven and competitive Russian structure technology Established nuclear country with On-time and to-budget project strong government support delivery secured by Rosatom role Mankala structure providing optimal Strong EPC contract provides risk diversification among protection to the project from delays shareholders and open-ended full and cost overruns recourse 9 Finland Sources of Funding Equity financing: VSF (including its EUR ~ 1.7 billion NA shareholders), REIN • Project’s economic success highly correlated with Subordinated debt financing originated from competitiveness of EUR ~2.4 billion 3% ~ CIRR+100 NWF sources financing Primary secured debt financing: various • Key economic rates (*) state-owned and commercial banks with EUR ~2.2 billion ~CIRR+200 have been favorable ECAs coverage • Rouble devaluation Other EUR ~0.5 billion ~EURIBOR+300(*) contributed 2,50% 14,00% 80,00 13,00% 70,00 2,00% 12,00% 60,00 11,00% 1,50% 50,00 LIBOR 10,00% 1,00% EURIBOR 9,00% 40,00 CBR Rate CIRR EUR 8,00% 30,00 USD-RUR 0,50% 7,00% 20,00 6,00% 0,00% 10,00 2010 2011 2012 2013 2014 2015 2016 5,00% -0,50% 4,00% 0,00 2010 2011 2012 2013 2014 2015 2016 * Benchmark (target) terms 10 Electricity supply-demand forecast for Finland Finnish real yearly prices SKM, forecast € / MWh Domestic electricity balance (base case) TWh 70 120 SKM — forecast 102 98 60 FV Mankala 55 57 100 96 93 95 95 90 87 87 90 50 82 84 85 86 82 50 47 78 77 46 80 74 76 43 42 70 70 68 40 38 38 38 39 38 42 60 38 39 38 38 30 35 40 20 20 10 0 0 2015f 2020f 2025f 2030f 2035f 2007 2008 2009 2010 2011 2012 2015 2020 2025 2030 2035 High Central Low Source: SKM (all except “Mankala price”), FV (“Mankala price” only) Source: SKM Production Consumption Summary Financials, mln EUR 2 500 10 000 2 000 8 000 1 500 6 000 1 000 4 000 500 2 000 - - (500) (2 000) (1 000) (4 000) (1 500) (6 000) (2 000) (8 000) (2 500) (10 000) Cummulative FCFF, right scale Revenue, left scale Equity, left scale NWF funds, left scale Other commercial debt, left scale FCFF, left scale 11 Hanhikivi-1. Preliminary project schedule Phase 1 Phase 2 Phase 3 Phase 4 Preparation NPP construction Operation and Decommissioning maintenance 2007 2010 Dec. 2013 July. 2017 Jan.2023 Mar.2023 Jan.2024 Dec.2025 2083 First criticality Provisional Acceptance FV Project EPC, SHA signed company Construction established permit Commercial Operation Decision-in- Decommissioning Principal Final work acceptance granted to FV NWF drawdowns ECA drawdowns • June 2015 – application for construction license submitted • January 2018 – first concrete • January 2024 - Commercial Operations Date (COD) 12 NPP in Jordan. Project snapshot • Project: The Project envisages the construction of 2 nuclear power plant units in the desert 72 km far from the As Samra Waste Treatment plant Nuclear energy in the region • Model: ForJoint-Venture.
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