1. OGK-2 Group 9M 2016 IFRS Results
November 25, 2016

2. Disclaimer
The information contained herein has been prepared using information available to JSC “OGK-2” (hereinafter - OGK-2 or the Company) at the time of preparation of the presentation. Since making a presentation, on the activities of OGK-2 and the content of the presentation could affect the external or other factors. In addition all relevant information about OGK-2 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. OGK-2 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 OGK-2, 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.

3. Operational and Financial Highlights
Operational Highlights1
Financial Highlights4, mn RUR
9М 2015
9М 2016
Change
Electricity Output, mn kWh
46,710
48,057
+2.9%
Effective Electricity Output Without Regard to Financial Operations, mn kWh
43,734
45,152
+3.2%
Useful Heat Output, thousand Gcal
4,128
4,250
+3.0%
Fuel Rate on Electricity, g/kWh
345.2
337.6
-2.2%
Fuel Rate on Heat, kg/Gcal
152.4
154.1
+1.1%
Installed Capacity Load Factor, %
39.6
39.2
-0.4 p.p.
9М 2015
9М 2016
Change
Revenue
80,917
94,170
+16.4%
Operating Expenses, incl.
(77,051)
(87,680)
+13.8%
Variable Costs2
(53,804)
(57,611)
+7.1%
Fixed Costs2
(18,592)
(23,337)
+25.5%
Depreciation and Amortization
(4,655)
(6,732)
+44.6%
Other Operating Income (Expense)
(19)
(562)
Х29.6
Operating Profit
3,846
5,927
+54.1%
EBITDA3
8,501
12,659
+48.9%
Profit/ Total Comprehensive Income for the Period
2,758
1,985
-28.0%
1 Management report data
2 Variable and fixed costs classification is based upon management report methodology
3 EBITDA = Operating profit + Depreciation and Amortization
4 Here and further P&L Statement data for 9М 2015 was restated to account for acquisition of an enterprise under common control

4. Revenue Revenue Structure, bn RUR Prices and Tariffs1
9М 2016
Average electricity price at the free market, RUR/MWh
1,152.7
Average heat tariff, RUR/Gcal
793.67
Average price for new capacity,
RUR/MW per month
616,883.8
Average price for old capacity,
116,983.8
Electricity and Capacity Wholesale Market Revenue Structure for 9М 2016 г.1
Structure of Electricity Sales Volume at the Wholesale Market for 9М 20161
1 Management report data

5. Variable Costs Variable Costs Change Factors
Variable Costs Structure, mn RUR
9М 2015
9М 2016
Change
Fuel Expenses
45,624
48,766
+6.9%
Purchased Heat and Electricity
7,851
8,635
+10.0%
Other Variable Costs
329
210
-36.2%
Total Variable Costs
53,804
57,611
+7.1%
Increase of fuel expenses was due to higher electricity production and growing fuel prices
Lower ecology payments resulted from decreased expenses at Troitskaya station on the back of equipment in reserve, as well as declining FX rate of Kazakh tenge vs. Russian rouble
Fuel Expenses, mn RUR
Fuel Consumption, thous. t
+6.9%
1 Management report data

6. Fixed Costs and Depreciation
Fixed Costs and Depreciation Change Factors
Fixed Costs Structure, mn RUR
Increased maintenance and repair expenses were due to growing maintenance costs for gas turbines at Adlerskaya and Kirishskaya stations, as well as growing repair works volume at Ryazanskaya, Surgutskaya-1 and Stavropolskaya stations
Taxes grew mainly on the account of capacity commissioning under CSA at Serovskaya and Ryazanskaya stations in December, 2015 and CSA commissioning at Troitskaya station in June, 2016
The decrease of rent is dew mainly to lower rental payments for land at Serovskaya and Kirishskaya stations
Higher other fixed costs were due to growing raw and other materials costs, generated by maintenance service of gas turbines at Adlerskaya and Kirishskaya stations, as well as provision for accounts receivable
9М 2015
9М 2016
Change
Employee Benefit
5,754
5,848
+1.6%
Maintenance and Repair Expenses
2,317
2,790
+20.4%
Fee of the System Operator
1,500
1,509
+0.6%
Taxes Other than Income Tax
1,875
2,097
+11.8%
Rent
1,910
1,736
-9.1%
Other Fixed Costs
5,236
9,357
+78.7%
Total Fixed Costs
18,592
23,337
+25.5%
Total Fixed Costs, mn RUR
Depreciation and Amortization, mn RUR
+25.5%
+44.6%

7. EBITDA and Profit EBITDA, mn RUR Profit Bridge for 9M 2016, mn RUR
+48.9%

8. Debt and Liabilities Debt Structure, mn RUR
Maturity Profile, as of September 30, 2016, mn RUR
Net Debt, mn RUR1
Net Debt/ EBITDA
6.45
4.57
-3.6%
1 Net debt = Total amount of borrowings less cash and cash equivalents

9. Investment Program 14,6 bn RUR
Investment activity financing for 9M 20161, bn RUR
Commissioned under CSA Program
Station
CSA Units Capacity Increase
CSA Units Installed Capacity
SDPP-24
110
420
Kirishskaya
540
800
Adlerskaya
360
Novocherkasskskaya 36
300
Cherepovetskaya
Ryazanskaya 60
330
Serovskaya
Novocherkasskskaya (unit 9)
Troitskskaya
660
Total
2,936MW
4,040 MW
Modernization and reconstruction
14,6 bn RUR
CSA
1 Net of capitalized interest, VAT included

10. Thank You For Your Attention!
IR contacts:
Alina Rassmagina
Tel.: +7 (495) , ext. 2423