MOSENERGO. Investor Presentation

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Dominic Charles
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1 MOSENERGO Investor Presentation March, 207

2 Disclaimer The information contained herein has been prepared using information available to JSC Mosenergo (hereinafter - Mosenergo or the Company) at the time of preparation of the presentation. External or other factors might have impacted the business of Mosenergo and the content of this presentation, since its preparation. In addition all relevant information about Mosenergo may not be included in this presentation. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or reliability of the information. Any forward looking information herein has been prepared on the basis of a number of assumptions which may prove to be incorrect. Forward looking statements, by the nature, involve risk and uncertainty. Mosenergo cautions that actual results may differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Report for a description of the major risk factors. This presentation 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 shares in Mosenergo, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. 2 December Mosenergo 3, 202 Investor 6M 206 Presentation

3 Mosenergo Profile Operational Profile Total electric capacity 3 GW Mitischi Total heat capacity 42.9 thous Gcal/h Elektrogorsk Number of power plants under management Electricity output 59,068 mln kwh 206 Heat output 8,827 thous Gcal CSA capacity in work 2.9 GW Stock Market Profile Total number of shares MOSCOW Dzerjinski Share of Gazprom Energoholding 53.5% Free float 20% Volume of Depositary Receipt Programs.3% Stupino Market Cap 8 bln RUB (2 bln USD) Dividend Yield % Capacity Supply Agreement 3 December Mosenergo 3, 202 Investor 6M 206 Presentation

4 2M 206 Highlights (IFRS) Operational Highlights 2M 205 2M 206 Change Electricity Output, mn kwh 54,72 59, % Financial Highlights, mn RUR 2M 205 2M 206 Change Revenue 7,63 90, % Variable Costs (4,06) (26,240) +0.7% Electricity Sales, mn kwh 56,349 60, % Fixed Costs 2 (26,769) (26,60) -2.3% Heat Output, th.gcal 7,682 8, % EBITDA 3 6,670 30, % EBITDA, adj. 4 30,333 38, % Fuel Rate on Electricity, g/kwh % Depreciation of PP&E (8,585) (5,067) -8.9% Operating Profit (,95) 5,636 - Fuel Rate on Heat, kg/gcal % Profit for the Period (,778) 3,438 - Management report data 2 Excluding Depreciation of PP&E 3 EBITDA = Operating Profit + Depreciation of PP&E 4 Adjusted to Charge for impairment and other provisions, net 4 December Mosenergo 3, 202 Investor 6M 206 Presentation

5 Prices and Tariffs in Revenue (IFRS) Revenue, mn RUR % 2,452 7, % 77,879 69,906 Other Revenue Heat Electricity and Capacity Revenue Structure for 2M 206, % 35% Electricity +7.4 % 94,002 0,325 Electricity and Capacity 65% Capacity 2М 205 2М 206 Prices and Tariffs Parameter 2M 205 2M 206 Change Average Weighted Electricity Price, RUR/MWh,26.22, % Average Price for New Capacity, RUR/MW per Month 584, , % Average Price for Old Capacity, RUR/MW per Month 39, , % Average Weighted Heat Tariff, RUR/Gcal % Including the generation + distribution tariff, RUR/Gcal % At the wholesale market of electricity and capacity 5 December Mosenergo 3, 202 Investor 6M 206 Presentation

6 Investment Program Mosenergo CSA Program Capacity, MW Date of launch Mosenergo has accomplished all obligations in CSA investment program TPP-27 2x TPP Pavlovski Posad (GRES-3) TPP TPP TPP TPP TPP Total 2,886 9 units with total capacity more than 2.8 GW have been commissioned from 20 New capacity share in Mosenergo installed capacity is 22% New capacity share in total electricity output is about 27% Fuel efficiency rate of new units on electricity production is about 26 g/kwh Average annual capital expenditures after CSA program is expected on 2.5 bln RUB (incl. maintenance capex). CSA Capacity Supply Agreement 6 December Mosenergo 3, 202 Investor 6M 206 Presentation

7 New Capacity CSA Units Production CSA Units Share in Total Electricity Output 4,043 6, % 27.2% 0,067,058, % 8.9% 20.7% 2,8 3,454 3,54 3,95 4, Electricity Output, mln kwh Heat Output, thous Gcal Average price of CSA capacity in 206 was 798 thous RUB per MW per month. 206 CSA price increased on 36.5% compared 205 (585 thous RUB per MW per month). It happened due to launches of new units at TPP-2 and TPP-20 and compensational payments for early CSA units. 7 December Mosenergo 3, 202 Investor 6M 206 Presentation

8 Capacity Decommission Mosenergo Capacity Decommission Program Capacity, MW Date of removal TPP TPP TPP TG-: TG-2: TG-3: TPP Total 585 In 205 Mosenergo has approved capacity decommission program (585 MW to 2020) which was accepted by Energy Ministry and System Operator. Unit no. 9 at TPP-22 removed from work in terms of modernization project. This unit will be replaced by new T-295 unit. Also Company decommissioned extra 64 MW, including 30 MW from retail market (district and local boilers received from MOEK). More than 400 mln RUB extra receivables for Gazprom Energoholding group due to increase of MW price at power market. Approved in December Mosenergo 3, 202 Investor 6M 206 Presentation

9 Dividends Dividend Payments ,244,584,88, % 35% 30% 25% 20% 5% 0% 5% 0% The Dividend Policy of Mosenergo allows to pay 5-35% of net income (RAS). Major shareholder of Mosenergo can decide to change dividends base from RAS to IFRS in 207. Dividend Amount Share of Net Income Dividend Yield 6.9% Dividend yield of Mosenergo is one of the most attractive in the sector (6.9% in 205). 4.6% Total shareholder yield in 205 is 36.8% (counted as sum of dividend yield and stock increase)..8% 2.3%.6% December Mosenergo 3, 202 Investor 6M 206 Presentation

10 60,000 50,000 40,000 30,000 20,000 0, Debt and Liabilities (IFRS) Liabilities Structure, mn RUR Total 48, % 880 Total 43, , % 43,002 December 3, 205 December 3, 206 Other loans Unsecured bond issues Unsecured bank loans Maturity Profile as of December 3, 206, mn RUR (book value).6 Debt/ EBITDA, adj. 9,750 3,750 Unsecured Bank Loan Sberbank Unsecured Bank Loan VTB 48,970 30,333 43,002 38, ,250 5,86 5,436 Unsecured Bank Loan BNP Paribas December 3, 205 December 3, 206 Unsecured Bank Loan Credit Agricole Debt EBITDA for 2 months Debt/EBITDA EBITDA = Operating Profit + Depreciation of PP&E. Adjusted to Charge for impairment and other provisions, net 0 December Mosenergo 3, 202 Investor 6M 206 Presentation

11 Thank You for Your Attention! IR contact: Denis Voronchikhin Tel. (495) (ext. 3457)

MOSENERGO. FY2012 IFRS Results

MOSENERGO. FY2012 IFRS Results MOSENERGO FY2012 IFRS Results April 1, 2013 Disclaimer The information contained herein has been prepared using information available to JSC Mosenergo (hereinafter - Mosenergo or the Company) at the time