1. OGK-2 Group 6 months 2018 IFRS Results
August 29, 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
6M 2017
6M 2018
Change
Revenue
70,094
71,129
+1.5%
Operating Expenses, incl.
(58,870)
(59,955)
+1.8%
Variable Costs2
(39,258)
(37,426)
-4.7%
Fixed Costs2
(14,078)
(16,224)
+15.2%
Depreciation and Amortization
(5,534)
(6,305)
+13.9%
Reversal of Impairment Loss (Loss) of Financial Assets
295
(898) -
Operating Profit
11,519
10,277
-10.8%
EBITDA3
17,053
16,582
-2.8%
Profit for the Period
6,826
6,564
-3.8%
Total Comprehensive Income for the Period
6,738
6,554
-2.7%
6M 2017
6M 2018
Change
Electricity Output, mn kWh
32,633
30,644
-6.1%
Effective Electricity Output Without Regard to Financial Operations, mn kWh
30,513
28,627
-6.2%
Useful Heat Output, thousand Gcal
3,501
3,820
+9.1%
Fuel Rate on Electricity, g/kWh
336.4
329.0
-2.2%
Fuel Rate on Heat, kg/Gcal
155.5
152.9
-1.7%
Installed Capacity Load Factor, %
39.6
37.9
-4.3%
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
1,145.36
Average heat tariff, RUR/Gcal
757.18
Average price for new capacity,
RUR/MW per month
820,068,25
Average price for old capacity,
125,578.44
Electricity and Capacity Revenue Structure for 6M 20181
Structure of Electricity Sales Volume at the Wholesale Market for 6M 20181
1 Management report data

5. Variable Costs Variable Costs Change Factors
Variable Costs Structure, mn RUR
6M 2017
6M 2018
Change
Fuel Expenses
33,189
31,267
-5.8%
Purchased Heat and Electricity
5,962
6,049
+1.5%
Ecology Payments
107
110
+2.8%
Total Variable Costs
39,258
37,426
-4,7%
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
-5.8%
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.
6M 2017
6M 2018
Change
Employee Benefit
3,593
4,183
+16.4%
Maintenance and Repair Expenses
1,535
1,637
+6.6%
Fee of the System Operator
1,024
1,004
-2.0%
Taxes Other than Income Tax
1,795
2,024
+12.8%
Rent
1,381
1,592
+15.3%
Other Fixed Costs
4,750
5,784
+21.8%
Total Fixed Costs
14,078
16,224
+15.2%
Total Fixed Costs, mn RUR
Depreciation and Amortization, mn RUR
+15.2%
+13.9%

7. EBITDA and Profit EBITDA, mn RUR Profit Bridge for 6M 2018, mn RUR
-2.8%

8. Debt Debt Structure, mn RUR
Debt Maturity Profile, as of June 30, 2018, mn RUR
Net Debt, mn RUR1
Net Debt/ EBITDA
2.02
1.67
-18.1%
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