PJSC RusHydro | Annual Report 2018 Share of securities in free float1 Shareholder agreements Date Free-float factor RusHydro’s shareholders can enter into Last trading day of 2016 0.23 shareholder agreements, including Last trading day of 2017 0.25 those that afford them an extent of Last trading day of 2018 0.19 control disproportionate to their contribution to the authorized capital2. Notifications on concluded shareholder agreements received by RusHydro Parties to the shareholder agreement Date of the shareholder agreement ↗ The Russian Federation as represented by the Federal Agency for State Property Management March 7, 2017 ↗ VTB Bank (PJSC) ↗ The Russian Federation as represented by the Federal Agency for State Property Management June 23, 2016 ↗ RusHydro’s subsidiaries: Hydroinvest3, EZOP, Energy Index – HydroOGK Outstanding shares Moscow Exchange listing Index inclusion: ↗ FTSE All-World Index AWORLDS; ↗ MOEX Russia Index (previous name – ↗ FTSE4Good Emerging; The Company’s shares have been MICEX Index) IMOEX; ↗ NASDAQ Russia NQRU; traded on the Moscow Exchange ↗ Electric Utilities Index MOEXEU; ↗ Nasdaq AlphaDEX Emerging Markets (formerly MICEX Stock Exchange). ↗ Broad Market Index MOEXBMI; NQDXEM; since February 4, 2008 (ticker: HYDR). ↗ State-Owned Companies Index ↗ STOXX Russia Total Market TCRUP; The securities are listed in Level 1, MOEXSCI; ↗ STOXX Optimized Russia EEORGT. the Exchange’s top quotation list. ↗ FTSE Emerging Index AWALLE; Moscow Exchange trading information Item 2016 2017 2018 Trading mode T+: stocks and DRs T+: stocks and DRs T+: stocks and DRs Currency RUB RUB RUB Maximum trade price 0.994 1.100 0.810 Minimum trade price 0.575 0.717 0.476 Year-end trade price 0.926 0.729 0.486 Trading volume, bn pcs 134 173 136 1 In accordance with the Moscow Exchange’s methodology for calculating the free-float factor published at http://www.moex.com/ru/index/MICEXINDEXCF/constituents/. 2 For information on the ability of certain shareholders to obtain or actual cases of them obtaining an extent of control disproportionate to their contribution to the authorized capital, including through shareholder agreements or based on them holding ordinary and preferred shares with differing par values, please see the website at: http://www.rushydro.ru/upload/iblock/65a/ Svedeniya-o-vozmozhnosti-priobreteniya-stepeni-kontrolya.pdf. 3 As at March 7, 2017, Hydroinvest was no longer the Company’s shareholder, while the aggregate stake of EZOP and Energy Index – HydroOGK in the Company’s authorized capital went down to 0.8% due to the sale of shares to VTB Bank (PJSC). As at September 28, 2018, Hydroinvest held 0.8% in RusHydro’s authorized capital following the incorporation of EZOP and Energy Index – HydroOGK into Hydroinvest. 155 //CORPORATE GOVERNANCE Share performance on the Moscow Exchange RUB bn pcs 1.2 10 8 1.0 6 0.8 4 0.6 2 0 0.4 12312014 12312015 12312016 12312017 12312018 Share price, RUB Trading volume, bn pcs Shares vs key indices of the Moscow Exchange % 200 150 100 50 0 -50 12312014 6/30/2015 12312015 6/30/2016 12312016 6/30/2017 12312017 6/30/2018 12312018 RusHydro MicexPWR Moscow Exchange Shares traded on the global ADR trading on the London Stock Exchange market Item 2016 2017 2018 As at December 31, 2018, the number Maximum trade price, USD 1.570 1.810 1.370 of shares traded outside of the Russian Minimum trade price, USD 0.750 1.200 0.640 Federation in the form of ADRs and GDRs stood at 11,639,652,200, or 2.73% of Year-end trade price, USD 1.455 1.200 0.660 the Company’s authorized capital. Trading volume, bn pcs 188 175 195 ADR performance on the London Stock Exchange USD mn psc 1.9 12 1.7 10 1.5 8 1.3 6 1.1 4 0.9 2 0.7 0 0.5 12312014 12312015 12312016 12312017 12312018 ADR price, USD Trading volume, mn psc 156 PJSC RusHydro | Annual Report 2018 GDR and ADR program structure as at December 31, 2018 Type Start of Depositary bank Ratio Ticker Quantity as at Trading platforms trading December 31, 2018, pcs Rule 144А June 17, 2008 The Bank of New 1 GDR = 100 HYDR 78,273 London Stock Exchange GDRs York Mellon ordinary shares (Main Market – IOB) Level I ADRs August 7, 2009 The Bank of New 1 ADR = 100 RSHYY 116,318,249 OTCQX York Mellon ordinary shares HYDR London Stock Exchange Share performance over companies on the part of global investors Capitalization the last three years given the stricter monetary policy in the US and oil price volatility. For most of RusHydro’s market 2016 the year, RusHydro’s shares traded in line capitalization1, RUB mn with the market. At the end of the year, In 2016, the MOEX Russia Index added the share price was driven down by 27%, the MOEX Electric Utilities Index – the news of RusHydro’s Board of Directors 110%, and RusHydro shares grew resolving to suspend the construction by 36%. The domestic market was of Zagorskaya PSPP-2. buoyed by the expected recovery of the Russian economy and ruble appreciation in the second half of 2018 the year. RusHydro shares grew on 356,1 the back of high dividend payments, In 2018, the MOEX Russia Index was up 0,656 207,01 full liberalization of the HPP capacity 7.8% year-on-year, while the Moscow 12/30/2016 12/29/2017 12/29/2018 market in Siberia, as well as overall Stock Exchange Power Index was strong hydro performance thanks to down 11.4%, with shares in RusHydro higher water levels. An additional boost losing 33.4%. In 2018, the market value to shares was provided by measures of RusHydro shares decreased against to optimize operating and investment a backdrop of the general lack of expenses, decisions on refinancing investor interest in the electric power the debt of RAO ES East Subgroup industry. In Q1 2018, RusHydro’s shares by signing a forward contract for traded in line with the market. From THE COMPANY’S SHARES RUB 55 bn in equity capital with VTB Q2 2018 onwards, the Russian market HAVE BEEN TRADED ON THE Bank (PJSC), and full consolidation and RusHydro shares were under MOSCOW EXCHANGE SINCE of the RAO ES East shares for 100% pressure from sanctions on RUSAL Group, ownership. The shares also benefited the biggest power consumer in Siberia 2008 AND ARE LISTED IN from the disposal of major assets by and the Group’s partner on the BEMO LEVEL 1, THE EXCHANGE’S TOP the Company for a total amount of over project, geopolitical risks, including talks QUOTATION LIST. RUB 15 bn. on introducing new sanctions by the US (DASKA, August 2018), as well as lower interest in emerging market companies 2017 with no USD-denominated export revenue on the part of global investors while In 2017, the MOEX Russia Index was down the US was tightening its monetary policy. 6%, the MOEX Electric Utilities Index – Starting mid-October, RusHydro’s shares 110%, and RusHydro shares lost 21%. began dropping in price due to investor The Russian market faced headwinds and analyst expectation of MSCI excluding in the form of geopolitical risks, which the Company from its Russia index, which included talks on new US sanctions it did in late November 2018. as well as lower interest in Russian 1 Source: the official website of the securities market operator (PJSC Moscow Exchange): http://www.moex.com/s26 Market capitalization is calculated as the number of shares of the respective category (type) multiplied by the market price of one share as disclosed by the market operator. 157.