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The Leading Russian Utilities and Renewables Company

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The Leading Russian Utilities and Renewables Company RusHydro Investor presentation ATON Utilities Day, September 17, 2018 Key figures and facts Key figures 39.0 140 71 >60% 104 11.2 1.0x 68% GW TWh Of Russia’s RUB bn RUB bn net debt/ EBITDA margin of thousand installed hydro LTM EBITDA hydropower Installed electric Total output of FY2017 EBITDA Dividends for employees capacity controlled as of 1H’18 segment in capacity of RusHydro Group in FY2017 paid in 2018 by RusHydro 1H ‘18 RusHydro Group(1) 2017 (1) Group Largest generating company in Russia and one of the largest publicly traded generating company with predominantly hydro assets in the world with installed capacity of 39.0 GW (1) (ca.16% of Russia’s total installed electric capacity) A developing and successful dividend story: 7 consecutive years of increasing dividend payments since 2010; dividend payout in the amount of 50% of net profit in 2016-2017 Focus on the Russian market: implementation of new construction projects, extension of life-time and improving efficiency of existing assets Diversified holding company with hydro and thermal generation assets, alternative renewables, transmission and distribution, retail, R&D and repair assets One of the most liquid generating companies of the Russian stock market: local shares included in Level 1 list on MOEX, DRs listed on the LSE and trading on OTCQX in New York, included in MSCI Russia index. Green utility – one of the world’s largest renewable energy players, a sustainable development leader in Russia (1) Including 3 GW Boguchanskaya hydropower plant, 50/50 JV with UC RUSAL 2 Geography of key assets - benefitting from high diversification Far East European Russia Siberia(1) Key facts Electricity Heat 72(1) 35 >100,000 km 0,1 hydro power major fossil fuel plants of electricity grids 5,1 plants 14.6 10.2 13.5 18,147 5 GW GW GW Gcal/h 4 ~ 4,000 km 8,3 types of non-hydro retail companies of heating networks renewables 14,6 10,2 18 147 Hydro(2) Fossil fuel Non-hydro renewables Hydropower Hydropower u/construction Non-hydro renewables Fossil fuel plants Electricity retail 3 4 2 5 1 6 400 Armenia 561 MW 2 997 2 671 2 467 2 010 1 467 1 403 1 370 1 330 1 200 1 020 1 000 900 720 552 520 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 (1) Including 2,997MW (total capacity) of Boguchanskaya HPP (50% owned by RusHydro) (2) Including 1,200MW of pumped storage capacity 3 RusHydro: preliminary results of transformation 2015 2017 38.7 (1) Installed electric capacity, GW 39.0 (1) 127 (1) Electricity generation, TWh 140.2 (1) 73 104 EBITDA, RUB bn/ EBITDA margin, % 20% 27% 6 20(2) Dividend, RUB bn/ Dividend per share, kopecks 1.56 4.66(2) 197 Total debt, RUB bn / 190(3) 2.0x Net debt/EBITDA 1.1x(3) -49% (4) 3-year total shareholder return (TSR) +45% (5) (1) Including capacity of Boguchanskaya HPP, a 50/50 JV with UC RUSAL (2) Dividends paid in 2017 (3) Reflecting cancelation of guarantee of Boguchanskaya HPP loan by PJSC RusHydro (4) For 2012-2014 (5) For 2015-2017 4 Corporate governance Key highlights Shareholder structure(1) . The Russian government directly owns 60.6% of RusHydro. Other shareholders A special Presidential decree stipulates minimum government's JSC Avitrans ownership at 60.5% 20.1% 6.0% . RusHydro’s shares are listed on the Moscow Exchange and on the London Stock Exchange in the form of ADRs (ticker - HYDR) VTB Bank Russian . The Board of Directors includes 13 reputable representatives 13.3% Federation and is headed by Mr. Yuri Trutnev – Deputy Prime Minister and 60.6% Authorized Representative of the President in the Far Eastern Federal District Board of directors CEO Non-independent / Executive Directors Independent Directors(2) Vyacheslav Kravchenko Sergey Shishin Deputy Minister of Energy Senior Vice-President, VTB Bank Pavel Grachev CEO of Polyus Pavel Livinsky Andrei Shishkin General Director of Vice-President, Rosneft Sergei Ivanov PJSC Rosseti General Director of RT-Capital Artem Avetisyan Nikolai Shulginov Director of New Business at Agency Maxim Bystrov Yuri Trutnev Chairman of the Management Board of Strategic Initiatives for Promotion Chairman of the Management Nikolai Shulginov Chairman of the Board - General Director of RusHydro of New Projects Board, ATS, NP Market Council Chairman of the Deputy Prime Minister Management Board - and Authorized Mikhail Rasstrigin Nikolai Rogalev Vyacheslav Pivovarov General Director of Representative of the Deputy Minister of Economic Head of the National Research CEO of Altera Capital RusHydro President in the Far Development University “MEI” Works in the electricity Eastern Federal District sector since 1976 (1) As at 30 June 2018 (2) Independent Directors in accordance with the UK Corporate Governance Code 5 Key factors of RusHydro Group value growth plan (1) On October 27, 2017, the Board of Directors approved the value growth plan of RusHydro Group through 2021 and commissioned the Management Board to prepare necessary applications to the Government of the Russian Federation for organization of measures in support of the Plan, as well as draft regulations aimed at introduction of long-tem tariffs and return on investment principles. Current market cap ↗ Increase in company transparency and improved corporate Decrease of market discount governance quality; ↗ Ensuring sustainably high and predictable dividend; Base fundamental value ↗ Increased liquidity of local shares and depositary receipts, weight increase of RusHydro’s shares in key indices; ↗ Diversification of shareholder base; Operating efficiency and opex optimization 13.7 ↗ Increased profile for international financial audiences; ↗ Compliance with sustainable development criteria. Decrease of cost of production through modernization 0.8 Decrease in transmission and distribution losses 0.6 Increase in efficiency of electricity retail and 1.0 Changing tariff system in the Far East Federal accounts receivable management District with the view to establish long-term tariff regulation for operating facilities, Sale of non-core assets 0.5 providing economically justified tariffs, enabling return on invested capital, as well Other measures 1.3 as amending regulation in order to include lost income in the tariffs. Long-term tariffs in the Far East 17.5 Strategic deals and JVs 11.3 Target fundamental value (1) Effects estimate as at 2017. (2) Measures, aimed at improved energy efficiency and optimization of subsidiaries’ activity. 6 Overview of forward contract with VTB RUB 55 bn 1 No mandatory buy-back of shares from VTB Bank by RusHydro (“put) 55 bn shares RusHydro Dividends paid to VTB will be netted against quarterly interest payments 5-year non-deliverable forward contract Potential additional income for RusHydro in case of further sale of the stake at a price above RUB 55 bn 2 Option of early settlement before expiration of the 5-year term Cash* RusHydro Review of the forward rate along inline with CBR key rate Cash Shares Requirement of Gov’t approval of sale of VTB Bank stake to strategic * Direction of the settlement depends on investor the sale price and is calculated as the difference between forward and sale Strategic The fair value of forward capitalized at initial recognition is not a subject to prices investor (s) change Significant volume of RusHydro’s potential liabilities will be covered 5.66% -0.82 p.p. by third party investors via sale of RusHydro’s shares and dividend Current effective Reduction of average rate forward rate of RusHydro Group debt paid to VTB portfolio due to the forward contract (1) The transaction creates strong long-term incentives for the management to maximize company value in the interest if all shareholders Funds raised via the forward contract transaction were used for 702 >RUB 6.7 repayment of external debt of RAO ES East Subgroup companies, RUB mn allowing to significantly reduce consolidated debt of RusHydro Group. Effect from reduced bn Primarily short term bank loans were paid back, improving duration of payments to the Bank due Expected effect from to reduction of the CBR’s reduced payments to the the overall debt portfolio key rate in 2017 Bank due to reduction of the CBR’s key rate for 5 years(2) (1) Not reflecting expected further reduction of the rate by the Central Bank (2) As of 23.03.2018 7 RusHydro Group 1H 2018 & FY 2017 operating results . 67.4 TWh (+6.0% y-o-y) – total electricity production by power plants of RusHydro ↗ Volga-Kama cascade: increased water inflows Group in 1H 2018. to major reservoirs of the (1.2x); • 50.6 TWh (+5.5% y-o-y) – total production by hydropower plants (HPPs) and ↗ South of Russia and Siberia: water inflow to pumped storage hydropower plants (PSPs) major reservoirs at normal level; ↗ RAO ES East: growth of electricity generation • 16.5 TWh (+11.9%) – electricity production by fossil fuel plants in the Far East by thermal power plants due to lower hydro • 0.2 TWh (-1.8%) – electricity production by renewables volumes and increase in consumption; . 17,659 thousand GCal (+5.4%) – total heat output by fossil fuel plants. ↗ Far East: increase in electricity sales to China . 6.2 TWh (-8.6%) – electricity production of Boguchanskaya hydropower plant. and UES of Siberia by 5% y-o-y. 1H’17/1H’18 – European Russia and Siberia, hydro only - (price zones), GWh 1H’17/1H’18 – Far East (non-price and isolated zones), GWh +7.1% +4.3% 12,832 12,333 Siberia 8,375 8,228 Hydro, RES 3,454 3,608 South Fossil fuel Center 23,808 25,985 15,349 16,525 1H 2017 1H 2018 1H 2017 1H 2018 For reference only: FY’16/17 – European part of Russia and Siberia (price zones), GWh FY’16/17 – Far East (non-price and isolated zones), GWh +3.1% -0.6% Siberia 29,208 25,380 South 15,904 14,484 Hydro, RES 6,826 Center 8,239 Fossil fuel 31,672 32,824 39,372 46,985 2016 2017 2016 2017 8 1H 2018 financial results review Key highlights .
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