1. OGK-2 Group 9 months 2018 IFRS Results
November 16, 2018

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
9M 2017
9M 2018
Change
Revenue
103,690
105,272
+1.5%
Operating Expenses, incl.
(88,979)
(91,043)
+2.3%
Variable Costs2
(58,807)
(56,111)
-4.6%
Fixed Costs2
(21,821)
(25,327)
+16.1%
Depreciation and Amortization
(8,351)
(9,605)
+15.0%
Reversal of Impairment Loss (Loss) of Financial Assets
(733)
(1,347)
x1.8
Operating Profit
13,978
12,883
-7.8%
EBITDA3
22,329
22,487
+0.7%
Profit for the Period
7,672
7,650
-0.3%
Total Comprehensive Income for the Period
7,586
7,640
9M 2017
9M 2018
Change
Electricity Output, mn kWh
47,506
44,499
-6.3%
Effective Electricity Output Without Regard to Financial Operations, mn kWh
44,416
41,530
-6.5%
Useful Heat Output, thousand Gcal
4,258
4,656
+9.3%
Fuel Rate on Electricity, g/kWh
340.4
332.9
-2.2%
Fuel Rate on Heat, kg/Gcal
156.8
153.8
-1.9%
Installed Capacity Load Factor, %
38.2
36.5
-4.5%
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, mn RUR Prices and Tariffs1
Average electricity price at the free market, RUR/MWh
1,188.54
Average heat tariff, RUR/Gcal
781.84
Average price for new capacity,
RUR/MW per month
809,122.08
Average price for old capacity,
123,300.89
Electricity and Capacity Revenue Structure for 9M 20181
Structure of Electricity Sales Volume at the Wholesale Market for 9M 20181
1 Management report data

5. Variable Costs Variable Costs Change Factors
Variable Costs Structure, mn RUR
9M 2017
9M 2018
Change
Fuel Expenses
49,397
46,761
-5.3%
Purchased Heat and Electricity
9,262
9,208
-0.6%
Ecology Payments
148
142
-4.1%
Total Variable Costs
58,807
56,111
-4.6%
Decrease of fuel expenses was due to lower fuel consumption on the back of decreased electricity output.
Fuel Expenses, mn RUR
Fuel Consumption, thous. t1
-5.3%
1 Management report data

6. Fixed Costs and Depreciation
Fixed Costs and Depreciation Change Factors
Fixed Costs Structure, mn RUR
Depreciation and amortization growth was due to CSA-capacity commissioning at Troitskaya station and service contract capitalization at Cherepovetskaya station.
Taxes other than income tax growth resulted from increased property tax expense, on the back of changes in tax legislation, concerning allowance for movable property, as well as commissioning of the 1-st start-up facility of a power unit at Troitskaya station.
Increased maintenance and repair expenses were due to additional repair works at Novocherkasskaya and Surgutskaya stations.
9M 2017
9M 2018
Change
Employee Benefit
5,536
6,198
+12.0%
Maintenance and Repair Expenses
2,458
2,909
+18.3%
Fee of the System Operator
1,536
1,525
-0.7%
Taxes Other than Income Tax
2,770
3,170
+14.4%
Rent
1,711
1,973
+15.3%
Other Fixed Costs
7,810
9,552
+22.3%
Total Fixed Costs
21,821
25,327
+16.1%
Total Fixed Costs, mn RUR
Depreciation and Amortization, mn RUR
+16.1%
+15.0%

7. EBITDA and Profit EBITDA, mn RUR Profit Bridge for 9M 2018, mn RUR
+0.7%

8. Debt Debt Structure, mn RUR
Debt Maturity Profile, as of September 30, 2018, mn RUR
Net Debt, mn RUR1
Net Debt/ EBITDA
2.02
1.54
-20.9%
1 Net debt = Total amount of borrowings less cash and cash equivalents

9. Thank You For Your Attention!
IR contacts:
Natalya Grizel
Tel.: + 7 (812) , ext. 2416