Due to efficient work of the Group’s management on shaping and promoting investment history, realization of the Group’s Development Strategy and improving communication channels with investment society “ capitalization of the Group grew by more than 55% in 2015. % RUB +55.3 115,466 MLN growth in capitalization Group capitalization in 2015 as for the end of 2015 PJSC Inter RAO 2015 Annual Report 7. Company on the Capital Markets and Investor Relations 7. Company on the Capital Markets and Investor Relations The authorised capital of PJSC Inter RAO amounts to RUB 293,339,674,800 CHANGES IN THE AUTHORIZED CAPITAL DURING and is divided into 104,400,000,000 common registered shares, each share THE YEAR having a par value of RUB 2.809767. The shares were added by the Moscow Stock Exchange to the First Level of the List of Securities admitted for trading In 2015, Norilsk Nickel Group sold the whole block of PJSC Inter RAO shares at Closed Joint Stock Company MICEX Stock Exchange, which is the top stock owned by the Group, therefore, the share of minority shareholders in the exchange level. structure of PJSC Inter RAO authorized capital increased from 16.7% to 29.9% as at December 31, 2015. As at December 31, 2015, Inter RAO held no preferred shares. THE KEY CHANGE TO THE STRUCTURE OF PJSC INTER RAO AUTHORIZED CAPITAL IS A SALE OF SHARES BY NORILSK NICKEL GROUP 16.7 % % %* % 27.6 Rosneftegaz Group (27.6%) 29.9 27.6 Rosneftegaz Group (27.6%) % STRUCTURE OF STRUCTURE OF % % % % 4.9 PJSC INTER RAO PJSC INTER RAO AUTHORIZED CAPITAL CJSC Inter RAO Capital (19.0%) AUTHORIZED CAPITAL CJSC Inter RAO Capital (19.0%) 9 64 9 64 AS AT DECEMBER 31, 2014 AS AT DECEMBER 31, 2015 FGC UES Group (18.6%) FGC UES Group (18.6%) Покупать % РЕКОМЕНДАЦИИ РЕКОМЕНДАЦИИ 13.2 Norilsk Nickel Group (13.2%) RusHydro Group (4.9%) АНАЛИТИКОВ АНАЛИТИКОВ 2014 % 2015 ПО АКЦИЯМ ПО АКЦИЯМ 4.9 % ПАО ИНТЕР РАО Держать % ПАО ИНТЕР РАО % % 19.0 RusHydro Group (4.9%) 19.0 Free-float (29.9%) 27 27 18.6% 18.6% Продавать For up-to-date information on the Free-float (16.7%) structure of the authorized capital of PJSC Покупать Держать Продавать 2 Inter RAO, please refer to the Website: http://www.interrao.ru/company/capital/ * Including shares held by UCP Group. % % 4 155 14 Moscow London 10% 40% 131 Georgia MEETINGS WITH RUSSIAN AND FOREIGN Scandinavia FOUNDATIONS % IN 2015 13 Europe (others) 19% Asia PJSC Inter RAO 2015 Annual Report SHAREHOLDERS RECORDED IN THE REGISTER OF SHAREHOLDERS OF PJSC INTER RAO WITH AT LEAST 5% OF STATEMENT OF THE COMPANY’S EXECUTIVE VOTING SHARES OF THE COMPANY AS AT JANUARY 01, 2015 (EXCLUDING NOMINEE SHAREHOLDERS) BODIES ON ABSENCE OF THE COMPANY’S INFORMATION ABOUT SHAREHOLDERS WITH Item Full name or company Location Number of shares OVER 5% SHARES, BESIDES THE INFORMATION No. WHICH HAS BEEN ALREADY DISCLOSED Total, sh. % from the authorized capital Herewith the Company’s executive bodies inform that 26/1 Sofiyskaya Nab., Moscow 1 JSC ROSNEFTEGAZ 27,526,226,998.90 26.3661 the Company has no information about blocks of shares 115035 exceeding five percents besides that already disclosed by 27, Pirogovskaya B. Str.,Moscow 2 CJSC Inter RAO Capital 5,530,606,427.78 5.2975 the Company. All information available for the Company 119435 according to the effective law is disclosed by PJSC Inter RAO in essential notifications, quarterly reports of the Issuer, and Non-Banking Credit Organisation Closed Joint-Stock Company 12, Spartakovskaya Str., Moscow 3 29,795,805,767.62 28.5400 National Settlement Depository (nominee shareholder) 105066 the Company’s Annual Reports. LLC Depository and Corporate Technologies (nominee 4 Bdg 1, Stromynka Str., Moscow 4 39,688,662,974.99 38.0160 shareholder) 107014 TOTAL per list: 102,541,302,169.29 98.2196 (accounts: 4) INFORMATION ON THE POSSIBILITY TO PURCHASE OR PROCUREMENT BY SHAREHOLDERS OF THE CONTROL SHARE SHAREHOLDERS RECORDED IN THE REGISTER OF SHAREHOLDERS OF PJSC INTER RAO WITH AT LEAST 5% OF VOTING WHICH DOES NOT MEET THEIR SHARE IN SHARES OF THE COMPANY AS AT DECEMBER 31, 2015 (EXCLUDING NOMINEE SHAREHOLDERS) THE COMPANY’S AUTHORIZED CAPITAL, IN PARTICULAR, BASED ON SHAREHOLDER Item Full name or company Location Number of shares AGREEMENTS OR DUE TO ORDINARY AND No. PREFERRED SHARES WITH VARIOUS NOMINAL Total, sh. % from the authorized VALUE. capital 26/1 Sofiyskaya Nab., Moscow 1 JSC ROSNEFTEGAZ 27,526,226,998.90 26.3661 The Company does not possess any information on the 115035 possibility to purchase or procurement by shareholders of 27, Pirogovskaya B. Str.,Moscow 2 CJSC Inter RAO Capital 5,530,565,439.78 5.2975 the control share which does not meet their share in the 119435 Company’s authorized capital, in particular, based on shareholder agreements. 3 Non-Banking Credit Organisation Closed Joint-Stock Company 12, Spartakovskaya Str., Moscow 41,736,666,045.07 39.9776 National Settlement Depository (nominee shareholder) 105066 LLC Depository and Corporate Technologies (nominee 4 Bdg 1, Stromynka Str., Moscow 4 27,766,732,675.59 26.5965 shareholder) 107014 TOTAL per list: 102,560,191,159.34 98.2377 (accounts: 4) 156 PJSC Inter RAO 2015 Annual Report 7. Company on the Capital Markets and Investor Relations STATE REGISTRATION DATES AND STATE REGISTRATION SHARE ISSUE NUMBERS State registration issue date State registration issue number Placement Report date Date of cancellation of an additional issue individual number (code) December 23, 2014 1-04-33498-E December 31, 2014 – INFORMATION ON END BENEFICIARIES OF THE COMPANY AS AT DECEMBER 31, 2015 Item Full name of company End Beneficiary Number of shares No. Total, sh. % from the authorized capital Russian Federation represented by Federal Agency for State Property 1 Russian Federation 0.09 0.0000000001 Management 2 JSC ROSNEFTEGAZ (including direct and indirect ownership) Russian Federation 28,844,020,032.02 27.63 JSC Federal Grid Company of the Unified Energy System (including direct and 3 Russian Federation 19,386,053,950.04 18.57 indirect ownership) JSC Federal Hydrogenerating Company – RusHydro (including direct and 4 Russian Federation 5,131,522,464.02 4.92 indirect ownership) Total shareholders of the Company under state control which do not belong to 53,361,596,446.17 51.11 Inter RAO Group Shareholders of the Company belonging to Inter RAO Group 19,995,787,939.06 19.1531 5 UCP SEA RESOURCES LTD Ilya Scherbovich 10,108,860,696.00 9.6828 Total other shareholders (individual and entities), not listed above 20,933,754,918.77 20.0515 TOTAL 104,400,000,000 100.00 For reference: Free floating shares (including blocks of shares owned by private 29.9 investment foundations) 157 PJSC Inter RAO 2015 Annual Report 7. Company on the Capital Markets and Investor Relations DEPOSITORY RECEIPTS INVESTMENT COMMUNITY RELATIONS IN 2015 Since November 28, 2011 shares of PJSC Inter RAO have been listed as global The Group applies a wide range of shareholder and investor relations channels. depositary receipts at London Stock Exchange (LSE) in the IOB segment The Group’s Management is committed to improvement of quality of the (International Order Book) as admitted for trading. The date of change in the voluntary information disclosure. To improve the information transparency, it ratio of the number of shares represented by global depositary receipts issued has been the second year that the Group’s management within the framework for the Company’s shares varies from 1:10,000 to 1:100 on December 29, of webcasts disclosures both financial performance statements and financial 2014. FX trading in foreign securities (global depositary receipts each of which forecasts and plans, provide the quarterly report on activities to improve proves ownership of one hundred (100) uncertified registered ordinary shares the operations efficiency for the main businesses, publish information about of PJSC Inter RAO) starts on January 20, 2015. key and essential market trends, and answer the questions of investors and analysts. SHARES ON THE MOSCOW STOCK EXCHANGE (FIRST LEVEL QUOTATION LIST) For more details please refer to the Company’s Website: Investor Relations: Financial Information: Market Sector Ticker ISIN Date of Listing 2 http://www.interrao.ru/investors/funds Main Market IRAO* RU000A0JPNM1 July 17, 2008 Classic IRAO RU000A0JPNM1 July 17, 2008 * IUES ticker during the period from December 01, 2009 till November 18, 2011. Proceeding from results of the year, analytical support of PJSC Inter RAO business was provided by 11 specialists from ORDINARY SHARES OF PJSC INTER RAO INCLUDED IN THE INDEX CALCULATION BASES leading Russian and international banks. Index Tocker Weight of Inter RAO Update Date “ securities in the index, % All investment institutions updated the financial models, most of them MICEX Index (composite index) MICEXINDEXCF 0.25 December 31, 2015 increased the target prices and recommendations on PJSC Inter RAO shares. MICEX Power Industry (industry index) MICEXPWR 14.13 December 31, 2015 FTSE Emerging index – 0.013 December 31, 2015 FTSE Russia index – 0.29 December 31, 2015 For more details please refer to the Company’s Website: Investor Relations: Investor Tools: MSCI Emerging Markets Small Cap Index MXEM 0.05 December 31, 2015 2 http://www.interrao.ru/investors/calendar/ 158 PJSC Inter RAO 2015 Annual Report 7. Company on the Capital Markets and Investor Relations ANALYSTS FROM THE INVESTMENT BANKS HIGHLY EVALUATE THE POTENTIAL OF THE COMPANY’S DEVELOPMENT AND CONSIDER THE COMPANY TO BE UNDEREVALUATED COMPARED TO OTHER POWER INDUSTRY COMPANIES: Investors attitude to Russian generating companies shall improve significantly in the short term, and the launch of long-term capacity market, completion of the investment cycle and perspectives of the dividend payout will contribute to increase of the investors interests to shares of the generating companies.