1. OGK-2 Group 3M 2017 IFRS Results
May 25, 2017

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 Highlights, mn RUR
3М 2016
3М 2017
Change
Electricity Output, mn kWh
16,369
17,538
+7.1%
Effective Electricity Output Without Regard to Financial Operations, mn kWh
15,266
16,409
+7.5%
Useful Heat Output, thousand Gcal
2,400
2,309
-3.8%
Fuel Rate on Electricity, g/kWh
337.3
333.4
-1.2%
Fuel Rate on Heat, kg/Gcal
152.3
153.1
+0.5%
Installed Capacity Load Factor, %
40.5
42.8
+2.3 p.p.
3М 2016
3М 2017
Change
Revenue
32,118
38,145
+18.8%
Operating Expenses, incl.
(28,133)
(30,331)
+7.8%
Variable Costs2
(19,489)
(21,284)
+9.2%
Fixed Costs2
(6,773)
(6,285)
-7.2%
Depreciation and Amortization
(1,871)
(2,762)
+47.6%
Other Operating Income (Expense)
112
(10) -
Operating Profit
4,097
7,805
+90.5%
EBITDA3
5,968
10,567
+77.1%
Profit/ Total Comprehensive Income for the Period
2,667
5,005
+87.7%
1 Management report data
2 Variable and fixed costs classification is based upon management report methodology
3 EBITDA = Operating profit + Depreciation and Amortization

4. Revenue Revenue Structure, bn RUR Prices and Tariffs1
3М 2017
Average electricity price at the free market, RUR/MWh
1,165.24
Average heat tariff, RUR/Gcal
773.83
Average price for new capacity,
RUR/MW per month
859,437.17
Average price for old capacity,
132,334.43
Electricity and Capacity Revenue Structure for 3М 2017 г.1
Structure of Electricity Sales Volume at the Wholesale Market for 3М 20171
1 Management report data

5. Variable Costs Variable Costs Change Factors
Variable Costs Structure, mn RUR
3М 2016
3М 2017
Change
Fuel Expenses
16,581
18,150
+9.5%
Purchased Heat and Electricity
2,825
3,077
+8.9%
Other Variable Costs 83 57
-31.3%
Total Variable Costs
19,489
21,284
+9.2%
Increase of fuel expenses was due to higher electricity production, as well as growing fuel prices.
Lower ecology payments resulted from decreased expenses at Troitskaya station on the back of equipment in reserve.
Fuel Expenses, mn RUR
Fuel Consumption, thous. t
+9.5%
1 Management report data

6. Fixed Costs and Depreciation
Fixed Costs and Depreciation Change Factors
Fixed Costs Structure, mn RUR
Taxes grew mainly on the account of property tax, on the back of increased water usage payments at Stavropolskaya and Novocherkasskaya stations, resulting from growing production and tariff.
Decreased maintenance and repair expenses were due to absent service of gas turbines at Adlerskaya station in 3M 2017, as well as considerable amount of repair works at Surgutskaya station in 3M as compared to 3M 2017.
Lower other fixed costs mostly resulted from decrease of raw and other materials expenses at Adlerskaya station, on the back of absent service of gas turbines in 3M 2017, as well as acquisition of more income from provision for doubtful debt recovery in 3M 2017 year-on-year.
3М 2016
3М 2017
Change
Employee Benefit
1,960
1,974
+0.7%
Maintenance and Repair Expenses
780
556
-28.7%
Fee of the System Operator
500
512
+2.4%
Taxes Other than Income Tax
759
819
+7.9%
Rent
582
532
-8.6%
Other Fixed Costs
2,192
1,892
-13.7%
Total Fixed Costs
6,773
6,285
-7.2%
Total Fixed Costs, mn RUR
Depreciation and Amortization, mn RUR
-7.2%
+47.6%

7. EBITDA and Profit EBITDA, mn RUR Profit Bridge for 3M 2017, mn RUR
+77.1%

8. Debt and Liabilities Debt Structure, mn RUR
Maturity Profile, as of March 31, 2017, mn RUR
Net Debt, mn RUR1
Net Debt/ EBITDA
3.30
2.36
+0.4%
1 Net debt = Total amount of borrowings less cash and cash equivalents

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