1. OGK-2 Group 3 months 2018 IFRS Results
May 28, 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
3M 2017
3M 2018
Change
Electricity Output, mn kWh
17,538
17,495
-0.2%
Effective Electricity Output Without Regard to Financial Operations, mn kWh
16,409
16,345
-0.4%
Useful Heat Output, thousand Gcal
2,309
2,560
+10.9%
Fuel Rate on Electricity, g/kWh
333.4
331.6
-0.5%
Fuel Rate on Heat, kg/Gcal
153.1
151.9
-0.8%
Installed Capacity Load Factor, %
42.8
43.5
+0.7 p.p.
3M 2017
3M 2018
Change
Revenue
38,145
39,650
+3.9%
Operating Expenses, incl.
(30,331)
(32,266)
+6.4%
Variable Costs2
(21,284)
(21,738)
+2.1%
Fixed Costs2
(6,285)
(7,506)
+19.4%
Depreciation and Amortization
(2,762)
(3,022)
+9.4%
Other Operating Income (Expense)
(10)
(530)
x53.0
Operating Profit
7,805
6,853
-12.2%
EBITDA3
10,567
9,875
-6.5%
Profit / Total Comprehensive Income for the Period
5,005
4,609
-7.9%
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
1,165.85
Average heat tariff, RUR/Gcal
744.52
Average price for new capacity,
RUR/MW per month
875,805.93
Average price for old capacity,
133,346.10
Electricity and Capacity Revenue Structure for 3M 20181
Structure of Electricity Sales Volume at the Wholesale Market for 3M 20181
1 Management report data

5. Variable Costs Variable Costs Change Factors
Variable Costs Structure, mn RUR
3M 2017
3M 2018
Change
Fuel Expenses
18,150
18,509
+2.0%
Purchased Heat and Electricity
3 077
3,169
+3.0%
Ecology Payments 57 60
+5.3%
Total Variable Costs
21,284
21,738
+2.1%
Growth of fuel expenses was due price indexation.
Purchased electricity and capacity expenses growth accounted for increased purchase volumes and prices at the wholesale market.
Higher ecology payments resulted from elaboration of draft standards of waste disposal at Troitskaya station.
Fuel Expenses, mn RUR
Fuel Consumption, thous. t1
+2.0%
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 service contract capitalization at Cherepovetskaya station, as well as CSA- capacity commissioning at Troitskaya and Novocherkasskaya stations.
Increased maintenance and repair expenses were due to additional repair works at Novocherkasskaya, Ryazanskaya and Surgutskaya stations.
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.
3M 2017
3M 2018
Change
Employee Benefit
1,974
2,010
+1.8%
Maintenance and Repair Expenses
556
696
+25.2%
Fee of the System Operator
512
502
-2.0%
Taxes Other than Income Tax
819
1,132
+38.2%
Rent
532
982
+84.6%
Other Fixed Costs
1,892
2,184
+15.4%
Total Fixed Costs
6,285
7,506
+19.4%
Total Fixed Costs, mn RUR
Depreciation and Amortization, mn RUR
+19.4%
+9.4%

7. EBITDA and Profit EBITDA, mn RUR Profit Bridge for 3M 2018, mn RUR
-6.5%

8. Debt Debt Structure, mn RUR
Debt Maturity Profile, as of March 31, 2018, mn RUR
Net Debt, mn RUR1
Net Debt/ EBITDA
2.02
1.71
-3.3%
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