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Rushydro Group 1Q 2018 IFRS Results & Market Update

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Rushydro Group 1Q 2018 IFRS Results & Market Update RusHydro Group 1Q 2018 IFRS results & market update June 7, 2018 Disclaimer This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation, communication or distribution form the basis of, or be relied on in connection with any contract or investment decision. These written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities act of 1933, as amended. Any public offer or distribution of securities to be made in the United States will be made in accordance with a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements. The Company has not registered and does not intend to register any portion of any offering in the United States or conduct a public offering of any securities in the United States. This presentation is only addressed to and directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ("Qualified Investors"). In addition, in the United Kingdom, this presentation is being distributed only to, and is directed only at, (i) Qualified Investors who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") and Qualified Investors falling within Article 49(2)(a) to (d) of the Order, and (ii) Qualified Investors to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This presentation must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this presentation relates is available only to (i) in the United Kingdom, relevant persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, Qualified Investors, and will be engaged in only with such persons. The distribution of this presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents. This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements and reflect the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, performance, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that the actual results of operations, financial condition and liquidity of the Company and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this document. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review or confirm expectations or estimates or to update any forward- looking statements to reflect events that occur or circumstances that arise after the date of this presentation. By attending this presentation, you agree to be bound by the foregoing limitations. 2 I. Key highlights & operating results II. Financial results III. Segment review IV. Market update Key highlights of 1Q 2018 110.1 32.0 31.8 +3.2% 174.5 1.1x 11.2 66% RUB bn increase in RUB bn net debt/ EBITDA margin of RUB bn TWh manageable cash costs EBITDA (LTM) RUB bn hydropower segment Revenue EBITDA in 1Q‘18 Total RusHydro Financial debt of Dividend for FY2017 excl. fuel cost in 1Q’18 (1) in 1Q’18 in 1Q’18 (+5.9%) Group output in RusHydro Group recommended by the (+6.5%) 1Q’18 Board of Directors (+9.3%) (50% of IFRS profit) 1 • Total electricity output of the Group in 1Q’18 – 31.8 TWh (+9.3)% Operations • RusHydro expects solid operational results to continue in 2018 2 Manageable cash costs printed a moderate growth of 3.2% (excluding fuel costs driven demand Operating efficiency growth and lower hydropower output, as well as coal price growth) 3 Dividends RusHydro management committed to 50% dividend payout from IFRS net profit in 2018 4 • Cancellation of RusHydro’s guarantee of RUB 26 bn in respect of Boguchaskaya HPP loan • Successful placement of RUB 20 bn worth of 3-year loan participation notes on the Irish Exchange Financial policy • S&P raised long-term corporate credit ratings on PJSC RusHydro to ‘BBB-’ with ‘Stable’ outlook. Short-term corporate credit was raised to ‘А-3’ respectively. 5 • RusHydro committed to reduce direct greenhouse gas emissions by 6.1% through 2025 vs 2015 Sustainable development • RusHydro initiated development of a unified occupational health and safety (OHS) policy in 2018 (1) Updated as at April 30, 2018 4 RusHydro Group 1Q 2018 operating results . 31,8 TWh (+9.3% y-o-y) – total electricity production by power plants of RusHydro ↗ Volga-Kama cascade: increased water inflows to major reservoirs of the (1.2-2.5x); Group in 1Q 2018. ↗ South of Russia and Siberia: increased water • 22.1 TWh (+8.2% y-o-y) – total production by hydropower plants (HPPs) and inflow to major reservoirs (+10-25%); pump storage hydropower plants (PSPs) ↗ RAO ES East: growth of electricity generation • 9.6 TWh (+11.9%) – electricity production by fossil fuel plants in the Far East by thermal power plants due to lower hydro . 13,039 thousand GCal (+7.7%) – total heat output by the thermal plants. volumes and increase in consumption; ↗ Far East: increase in electricity sales to China . 2.8 TWh (-11.7%) – electricity production of Boguchanskaya hydropower plant. and UES of Siberia by 25% y-o-y. 1Q’17/18 – European part of Russia and Siberia (price zones), GWh 1Q’17/1Q’18 – Far East (non-price and isolated zones), GWh +12.5% +5.3% 4,499 5,594 4,807 5,788 Siberia Hydro, RES 1,141 South 1,204 Center Thermal 10,957 8,561 9,581 8,729 1Q 2017 1Q 2018 1Q 2017 1Q 2018 FY’16/FY‘17 – European part of Russia and Siberia (price zones), GWh FY’16/FY’17 – Far East (non-price and isolated zones), GWh +3.1% -0.6% 18,195 16,753 25,380 29,208 Siberia Hydro, RES 6,826 South 8,239 Thermal Center 29,379 30,555 39,372 46,985 2016 2017 2016 2017 5 Hydropower production trends 2014-2018 Center of Russia, GWh Siberia, GWh 2015 2015 6 000 2016 3 750 2016 5 500 2017 2017 2018 3 250 2018 5 000 Long-run average Long-run average 4 500 2 750 4 000 3 500 2 250 3 000 1 750 2 500 2 000 1 250 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec South of Russia & N. Caucasus, GWh Far East, GWh 2015 2015 1 500 2016 2016 2017 2017 1 500 2018 2018 1 250 Long-run average Long-run average 1 300 1 000 750 1 100 500 900 250 700 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 6 Electricity spot market overview . RusHydro’s average achieved selling spot power prices in European Russia in 1Q’18 – RUB 1,249/MWh (-3%); in Siberia in 1Q’18 – RUB 867/MWh (-1%). Non-indexation of gas tariffs for industrial consumption in 2016, increase as of 2H 2017 – ca.3%. Low demand growth and overcapacity on the market coupled with below-inflation hikes in gas tariffs led to stabilization of unregulated power prices in European Russia. Gradual decommissioning of excess and outdated fossil fuel capacity in European Russia to support unregulated power prices going forward. Europe and Urals (1st price zone), RUB/MWh (1) Siberia (2nd price zone), RUB/MWh (1) 1298 1269 1254 1233 1202 1204 1224 1221 1164 1204 1204 1026 1154 1184 1179 1180 1187 1167 994 983 1147 1148 1104 1136 914 1120 1122 928 928 1116 922 866 913 865 895 888 854 789 828 1043 800 790 777 764 718 1002 762 723 714 677 639 662 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 (1) Day ahead selling prices data from the Administrator of the trading system (ATS).
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