OGK-2 Group 9M 2017 IFRS Results November 22, 2017

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Operational and Financial Highlights Operational Highlights1 Financial Highlights, mn RUR 9М 2016 9М 2017 Change Electricity Output, mn kWh 48,057 47,506 -1.1% Effective Electricity Output Without Regard to Financial Operations, mn kWh 45,152 44,416 -1.6% Useful Heat Output, thousand Gcal 4,251 4,258 +0,2% Fuel Rate on Electricity, g/kWh 337.60 340.43 +0.8% Fuel Rate on Heat, kg/Gcal 154.09 156.82 +1.8% Installed Capacity Load Factor, % 39.20 38.20 -1,0 p.p. 9М 2016 9М 2017 Change Revenue 94,170 103,690 +10.1% Operating Expenses, incl. (87,680) (88,943) +1.4% Variable Costs2 (57,611) (58,807) +2.1% Fixed Costs2 (23,337) (21,785) -6.7% Depreciation and Amortization (6,732) (8,351) +24.0% Other Operating Income (Expense) (563) (769) +36.6% Operating Profit 5,927 13,978 x2.4 EBITDA3 12,659 22,329 +76.4% Profit for the Period 1,985 7,672 x3.9 Total Comprehensive Income for the Period 7,586 x3.8 1 Management report data 2 Variable and fixed costs classification is based upon management report methodology 3 EBITDA = Operating profit + Depreciation and Amortization

Revenue Revenue Structure, bn RUR Prices and Tariffs1 9М 2017 Average electricity price at the free market, RUR/MWh 1,167.9 Average heat tariff, RUR/Gcal 796.5 Average price for new capacity, RUR/MW per month 736,990.5 Average price for old capacity, 121,129.6 Electricity and Capacity Revenue Structure for 9М 2017 г.1 Structure of Electricity Sales Volume at the Wholesale Market for 9М 20171 1 Management report data

Variable Costs Variable Costs Change Factors Variable Costs Structure, mn RUR 9М 2016 9М 2017 Change Fuel Expenses 48,766 49,397 +1.3% Purchased Heat and Electricity 8,635 9,262 +7.3% Ecology Payments 210 148 -29.5% Total Variable Costs 57,611 58,807 +2.1% Increase of fuel expenses (gas) was due to growing prices and consumption volumes. Purchased electricity expenses growth accounted for increased purchase volumes and prices at the wholesale market. Lower ecology payments resulted mainly from decreased volume of extracted bottom ash waste at Troitskaya station. Fuel Expenses, mn RUR Fuel Consumption, thous. t +1.3% 1 Management report data

Fixed Costs and Depreciation Fixed Costs and Depreciation Change Factors Fixed Costs Structure, mn RUR Depreciation and amortization growth was due to commissioning under CSA at Troitskaya and Novocherkasskaya stations. Decreased maintenance and repair expenses were due to lower service expenses for gas turbines at Adlerskaya station in 9M 2017. Lower other fixed costs mostly resulted from decrease of raw and other materials expenses at Adlerskaya station, on the back of lower service expenses for gas turbines in 9M 2017. 9М 2016 9М 2017 Change Employee Benefit 5,848 5,536 -5.3% Maintenance and Repair Expenses 2,790 2,458 -11.9% Fee of the System Operator 1,509 1,536 +1.8% Taxes Other than Income Tax 2,097 2,770 +32.1% Rent 1,736 1,711 -1.4% Other Fixed Costs 9,357 7,774 -16.9% Total Fixed Costs 23,337 21,785 -6.7% Total Fixed Costs, mn RUR Depreciation and Amortization, mn RUR -6.7% +24.0%

EBITDA and Profit EBITDA, mn RUR Profit Bridge for 9M 2017, mn RUR +76.4%

Debt Debt Structure, mn RUR Debt Maturity Profile, as of September 30, 2017, mn RUR Net Debt, mn RUR1 Net Debt/ EBITDA 3.30 1.87 -11.6% 1 Net debt = Total amount of borrowings less cash and cash equivalents

Thank You For Your Attention! IR contacts: Natalya Grizel Tel.: +7(495)428-54-28, ext. 2416 Email: Grizel.Natalya@ogk2.ru