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26 February 2015

Inter RAO Group FY2014 Consolidated Financial

and Operating Results

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2

Generation:

Commissioning of 2.1 GW of new and modernized power capacity under CDA since 4Q2013

Electricity price on the spot market in the 1st price zone increased 5.3% YoY and 8.0% YoY in the 2nd price

zone;

KOM’s capacity prices in the wholesale market went up by 8.6% YoY

Gas prices in 2014 for the Russian generation assets increased 7.1% YoY, while coal prices decreased 4%

YoY

Heat tariffs increased 20.7% YoY

Supply:

Regulated supply margin for Inter RAO Group’s guaranteed supply companies went up on average by 6.6%

YoY

Guaranteed supplier status obtained in Orel and Omsk regions from February and March 2014 respectively;

Regional expansion and client base increase in guaranteed supply companies independent supply

companies

Key Factors Affecting The Group’s Financial Performance

Trading:

Russian national currency decreased in relation to the currency of major export contracts (EUR, USD) that

led to trading profitability increase and allowed to increase volumes in 4Q 2014

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I. Operational Performance Results

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22 8572 036

4 180

5 965

4

Electricity And Heat Production

Installed Electric Capacity

Total: 35 038 МW

103.6 102.7

8.8 9.2

19.8 19.6

15.3 14.5

0

40

80

120

160

2013 2014

Electricity Production

146.0

-1.0% TWh

147.5

Heat Production

Load Factor

48.7%

Mln.Gcal

6 176

7 544

12 445

680

Installed Heat Capacity

Total: 26 844 Gcal/h

Load Factor

17.6%

4.2 4.0

16.0 16.2

20.8 21.1

0.2 0.3

0

9

18

27

36

45

2013 2014

41.6

0.9%

41.2

TGK-11 Group IRAO – Electricity Generation BGC Group Foreign Generation

TGK-11 Group IRAO – Electricity Generation BGC Group Foreign Generation TGK-11 Group IRAO – Electricity Generation BGC Group Foreign Generation

TGK-11 Group IRAO – Electricity Generation BGC Group Foreign Generation

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53%

28%

17%

2%

___________________

(1) For Russian generation assets

.

Gas78%

Coal21%

Fuel oil1%

Fuel Consumption

5

Fuel Mix Gas Suppliers⁽¹⁾

Total gas consumption for Inter RAO Group reached 33.2 bcm

Total coal consumption for Inter RAO Group reached 18.0 m tones

340,8319,7344,0

312,7

100

200

300

400

IRAO - Electricity

Generation

TGK-11 Group BGC Group Foreign Generation

318.1

g/KWh

Electricity Production Fuel Efficiency Heat Production Fuel Efficiency

190,0

141,6146,0161,7

0

60

120

180

240

IRAO - Electricity

Generation

TGK-11 Group BGC Group Foreign Generation

145.6

kg/Gcal

Other

# - Electricity production fuel efficiency

for Inter RAO Group # - Heat production fuel efficiency

for Inter RAO Group

TGK-11 Group IRAO – Electricity Generation BGC Group Foreign Generation

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-3%

0%

1%

20%

28%

29%

29%

Tomsk SC

IRAO-Orel SC

MES

Altayenergosbyt

PSK

Saratovenergo

Tambov SC

____________________

(1) Includes electricity sales in retail and wholesale markets

6

Supply Margins of Guaranteed Suppliers

6.6%

RUB/MWh

Number of Customers

Electricity Sales to Customers⁽¹⁾

Electricity Supply

131.6 140.1

24.6 26.1

2013 2014

166.2 156.2

6.4%

Retail Electricity Sales Breakdown

21%

12%

67%

164.9 ТWh

Legal entities,

thousand accounts Households,

thousands accounts

12 09410 876

2013 2014

409370

2013 2014

TWh

Average growth of supply margin YoY

Non-guaranteed suppliers Guaranteed suppliers Loss compensation Households and equated groups of customers Other customers

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0.7 0.4 0.5

1.3

0.6 0.6 0.91.1

1310

13

1820

26

32 33

0

5

10

15

20

25

30

35

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

I quarter II quarter III quarter IV quarter10

30

50

70

90

110

130

7

Electricity Trading

€/MWH

+2.5%

-11.1%

-12.5%

Electricity export dynamics and price spread

- 3.5

14.017.5

4.6

3.5- 1.1

0

5

10

15

20

25

2013 2014

Export/Import Volumes

Import Export

TWh

Export

Import

-20.8%

17.5 22.1

Export/Import Breakdown

China24%

Lithuania23%

Finland21%

Kazakhstan12%

Belarus10%

Other10%

Kazakhstan89%

Other11%

Electricity Spot Prices

TWH

Electricity export to Lithuania volume Electricity export to Finland volume

14.0 TWh 3.5 TWh

I quarter II quarter III quarter IV quarter

€/MWh

Electricity price spread in Russia (Europe and Ural) and Finland (right axis)

Electricity price spread in Russia (Europe and Ural) and Lithuania (right axis)

Export Import

#%

Finland (Nord Pool) Russia (Europe & Ural) Lithuania (Nord Pool)

Price change YoY, nominated in EUR

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II. Operational Efficiency Improvement

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9

New Generation Assets Commissioning Under CDA in 2014

Khanty-Mansi

Autonomous area

Chelyabinsk

region

Inter RAO Group commissioned 3 784 MW of new power capacity under

CDA from 2009 to 2014

Tula

region

Omsk

region

Нижневартовская ГРЭС (блок #3.1)

Commissioning date – Mar 2014

Free flow zone - Tumen

Installed capacity – 413 МW

Fuel type – gas

Yuzhnouralskaya GRES-2 (Unit #1)

Yuzhnouralskaya GRES-2 (Unit #2) Omskaya CHPP-5 (TG-1) Omskaya CHPP-3 (TG-13)

Commissioning date – Dec 2014

Free flow zone - Omsk

Installed capacity – 60 MW

Fuel type – gas

New construction

Modernization

Cherepetskaya GRES (Unit #8)

Commissioning date – Dec 2014

Free flow zone - Omsk

Installed capacity – 100 MW

Fuel type – gas

Commissioning date – Dec 2014

Free flow zone - Centre

Installed capacity – 225 МW

Fuel type – coal

Commissioning date – Feb 2014

Free flow zone - Ural

Installed capacity – 408 МW

Fuel type – gas

Commissioning date – Nov 2014

Free flow zone - Ural

Installed capacity – 417 МW

Fuel type – gas

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49% 36% 26%

Commissioning schedule change

Transfer of The Objects and Construction Schedule Change

Under CDA

10

Sverdlovsk region

Republic of Bashkortostan Perm

region

Transfer of the CDA object

ZATONSKAYA CCGT (unit #1,2)

Expected commissioning date – 31.12.2016

Free flow zone - Ural

Installed capacity – 2x228 МW

Fuel type – gas

Capacity utilization rate – 86%

Fuel efficiency rate – 249 g/kWh

Equipment: Power machines

Project financing status¹:

VERHNETAGILSKAYA GRES (unit #12)

Expected commissioning date– 31.12.2017

Free flow zone - Ural

Installed capacity– 420 МВт

Fuel type – gas

Capacity utilization rate – 72%

Fuel efficiency rate – 219 g/kWh

Equipment: Power machines, Siemens

Project financing status¹:

PERMSKAYA GRES (unit #4)

Expected commissioning date– 30.06.2017

Free flow zone - Ural

Installed capacity– 800 МВт

Fuel type – gas

Capacity utilization rate – 85%

Fuel efficiency rate – 221 g/kWh

Equipment: Power machines, Siemens

Project financing status¹:

1 2

Construction of this object will be finished outside

the CDA format, as the CDA status was

transferred to CCGT CHPP-5

Capacity payments after the commissioning will be

determined by the KOM price

Commissioning date of the unit #4 (CCGT-800)

moves 1.5 years forward (from 31.12.2015 tо

30.06.2017) due to the change of contractor

Commissioning schedule change does not bring

any additional fines for the untimely capacity

delivery

Construction of the Zatonskaya CCGT will be

implemented under the terms of capacity delivery

agreement

Capacity payments after the commissioning will be

made according to the CDA price, which

guarantees return on the investment made

Transfer of the CDA object from Verhnetagilskaya GRES to CCGT CHPP-5 provides efficiency increase in implementation of Inter

RAO’s investment projects ___________________

(1) In % from planned cost of the project as of 01.01.2015

.

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Average capacity utilization rate of

Inter RAO Group’s Russian assets

11

Efficiency Increase While Working on The Wholesale Market

Load profile

optimization of

generation assets

1

Revenue increase

from CDA objects

2

Removal of gas

technical limitations

3

4055

44 34 30 35 4253

66 68 64 62

January

Febru

ary

Marc

h

April

May

June

July

August

Septe

mber

Octo

ber

Novem

ber

Decem

ber

Kostromskaya GRES load dynamics in 2014, %

After the modernization had been made to the gas pipeline «Pochinki-Yaroslavl» in 3Q 2014,

technical limitations on gas supply to Kostromskaya GRES were removed, which allowed the

plant to work on its full capacity (З 600 МW)

Load of Kostromskaya GRES increased to over 60% in the second half of 2014 allowing to

boost marginal revenue from electricity sales by RUB 103 m

Commissioning of 1.6 GW of new capacity in 2014 under CDA allowed to increase the

revenue from electricity, capacity and heat sales by RUB 8.0 bn

CDA payments increase (annualized economic effect of RUB 330 m):

unit #2 of Ivanovskie CCGT - 5.7% due to accounting expenses for technical connection to

electric grids in CDA payments

unit #1 of Uzhnouralskaya GRES-2 - 4.5% due to confirmation of technical ability to

produce electricity using reserve fuel type

unit #3.1 of Nizhnevartovskaya GRES - 6.4% due to remarking of unit №3 and consequent

installed capacity increase from 388 МW to 413 МW

6,4

12,5+ 6.5

20,013,5

+ 6.1

0

5

10

15

20

25

30

35

40

2013 2014

32.5

19.9

63.9%

Capacity

Electricity

Revenue dynamics from CDA objects, RUB bn

Electricity production increase on efficient plants under conditions of capacity oversupply and

general decrease of electricity consumption (Sochinskaya HPP +5.0%, Urengoyskaya GRES

+3.3%)

Load decrease of inefficient generation equipment of Kashirskaya GRES by 27.4% and

Cherepetskaya GRES by 3.8% YoY, which allowed to decrease marginal loss on the plants

by RUB 217 m.

Combined marginal revenue from electricity sales of Russian generation assets of Inter RAO

Group in 2014 reached RUB 14.2 bn (+28% YoY)

Efficient generation load in 2014

63

67

71

76

79

Kharanorskaya GRES

Sochinskaya HPP

Nizhnevartovskaya GRES

Permskaya GRES

Urengoyskaya GRES

53%

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1 2011 153

2013 2014

67%

32%

1%

12

Fuel Expenses Optimization of The Russian Assets

Control of

gas prices

growth rate

Fuel efficiency rate

decrease

Coal expenses

decrease

Fuel efficiency rate decrease for electricity at Inter RAO Group’s Russian assets

occurred due to commissioning of new capacity under CDA and optimization of plants’

load profile :

Yuzhnouralskaya GRES (including Yuzhnouralskaya GRES-2): -18.6%

Dzhubginskaya HPP: -4.8%

Nizhnevartovskaya GRES: -4.4%

Cherepetskaya GRES: -1.8%

Fuel efficiency rate dynamics, g/kWh

-1.3%

Inter RAO Group purchased 141 mcm of gas on St. Petersburg International Mercantile

Exchange in November-December 2014

Cumulative economic effect from lower gas purchase price due to recalculation of calorific

value and supply services accounts for RUB 8 m

64%

36%

Price of the burnt coal of Inter RAO Group’s Russian assets on average decreased by

4% YoY in 2014 due to lower negotiated prices for supply and transportation of coal

The most significant decrease in price of burnt coal was achieved at Cherepetskaya

GRES (-10% YoY), Kashirskaya GRES (-6% YoY) and Yuzhnouralskaya GRES

(-4% YoY)

Exchange gas consumers breakdown

1

2

3

Rosneft supplied power plants of BGC Group with 2.3 bcm of gas in terms of 2014 annual

contract

Cumulative economic effect from Rosneft gas supplies to BGC Group’s power plants

accounts for RUB 475 m in 2014

Economic effect from gas supply contracts with Bashneft accounts for RUB 64 m in

comparison with prices of Federal Tariffs Service

315.7319.8

2013 2014

Other consumers

Inter RAO

Coal prices dynamics, RUB/t.

Gas suppliers breakdown of BGC Group

Gazprom

Bashneft

Rosneft

-4.0%

Diversification of gas suppliers:

Purchase of gas on commodities exchange :

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13

Heat Segment Efficiency Increase

Tomsk branch Omsk branch

9.0

9.5

2013 2014

+4.6%

3.6

3.9

2013 2014

+9.5%

BashRTS BGC Group

9.4

10.1

2013 2014

+8.0%

5.510.6

2013 2014

+93.2%

RUB bn RUB bn

Tariff influence on heat revenue Heat sales influence on electricity sales

10%

90%

18%

82%

54%

46%

100%

Heat revenue dynamics, TGK-11 Group Heat revenue dynamics, BGC Group

Revenue factor analysis, TGK-11 Group Revenue factor analysis, BGC Group

Exceeding the maximum level of tariff growth allowed to improve the financial position of the segment

of heat production and transmission

Tomsk branch Omsk branch BashRTS BGC Group

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-8.8%

2.0%4.1%

-9.2%

-2.2% -2.4%

14

Employee expenses optimization in 2014

Employees number dynamics breakdown

Economic effect from employee benefit expenses optimization accounted for RUB 2.8 b

% YoY

Optimization of the number of employees of Inter RAO Group

Optimization of motivation system and employee benefit system

Increase of the management norm in the parent company and in production

subsidiaries

Implementation of typical organization structure for subsidiaries

Management optimization through subsidiaries mergers

Outsourcing of non-core activities

Main steps on the way to employee expenses optimization

Electricity

Generation

Heat

Generation

Supply

Trading Foreign

Assets Other

Employees number breakdown

Electricity generation

20%

Heat generation21%

Supply20%

Trading1%

Foreign Assets25%

Other13%

62.5 thousand

employees -1.7%

#% - Employee number dynamics at Inter RAO Group

TGK-11

Group BGC

Group PSK(3) MES(4)

Saratov-

energo Tomsk

SC

___________________

(1) Organic growth

(2) BashRTS excluding lease of Ufa Heat distribution network

(3) Excluding Omsk Supply Company

(4) Excluding Moscow regional united billing centre

Employee number dynamics for

Heat generation segment

Employee number dynamics

for Supply segment (1)

% YoY % YoY

(BBashRTS(2)

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15

Operating Efficiency Improvement Plan for 2015

Implementation of «Lean production» system at the branches of Inter RAO – Electricity Generation Group;

Management expenses optimization as a result of management offices merger of production branches due to regional segmentation

(Djubginskaya HPP – Sochinskaya HPP, Kostromskaya GRES – Ivanovskie CCGT);

Removal of limitations of technical conditions on the technical connection of CDA projects on Yuzhnouralskaya GRES-2 (+286 MW);

Profitability increase from electricity sales placed in the 2nd price zone after the removal of limitations of the free flow between price zones;

Load increase of Kaliningradskaya CHPP-2 in heat regime and heat sales increase;

Exploring the possibility of capacity re-attestation on CDA objects;

Working on Saint-Petersburg Mercantile Exchange in order to purchase gas on better conditions

Coal consumption system optimization

Implementation of the program of maintenance and repairs staff number optimization on the power plants

Expected financial effect from implementation of the efficiency increase plan will be RUB 4.5 b in 2015

Electricity Generation

segment

Supply

segment

Employees number optimization of Inter RAO Group’s guaranteed suppliers

Introduction of «united billing» system

Centralization of trading, purchase and treasury functions of supply companies

Optimization of supply companies’ client offices

Diversification of supply business – development of extra paid services

Heat Generation

segment

Completion of TGK-11 Group reorganization in form of separation of generation assets and heat distribution network into independent legal entities in

order to increase operational efficiency and provide transparent tariff formation

Load optimization of BGC Group’s and TGK-11 Group’s power plants in heat mode

Diversification of gas suppliers and increase in the number of independent fuel suppliers

Increase of received payments for the heat energy

Optimization of the number of employees at BGC Group and TGK-11 Group and outsourcing of non-core employees

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III. IFRS Financial Results

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RUB bn 2014 2013 Change

Revenue 741.1 662.3 11.9%

Operating expenses 728.0 687.9 5.8%

Operating profit/loss 19.9 -18.5 -

Adjusted EBITDA 57.8 39.2 47.4%

EBITDA margin 7.8% 5.9% 32.2%

Adjusted EBIT 36.5 15.5 136.4%

Net income/(Loss) 9.8 -24.0 -

Adjusted net income⁽¹⁾ 25.4 17.5 45.1%

Free Cash Flow (FCF) 22.7 -20.2 -

CAPEX 36.0 41.0 -12.2%

RUB b 31.12.2014 31.12.2013 Change

Total assets 585.5 512.6 14.2%

Total equity 348.2 334.6 4.1%

Adjusted total debt⁽²⁾ 117.2 59.6 96.7%

17

Key Financials

____________________

(1) Adjusted net income excludes provisions and impairments (RUB 13.0 bn in 2014 and RUB 31.1 bn in 2013) and revaluation of put and call options (RUB 2.6 bn in 2014 and RUB 10.4 bn in

2013)

(2) Includes share in debt of joint ventures RUB 10.1 bn as of 31.12.2014 (RUB 6.8 bn as of 31.12.2013).

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176,2 190,1

404,0

450,0

34,7

43,2+ 13.9

46,255,2

+ 9.0

+ 46.0 + 8.5

1,2

2,6+ 1.4

Revenue

2013

Revenue

2014

7.1

10.1

5.0

6.3

-3.8

+ 9.6

30.7

40.3

+ 1.5

4.4

2.9

+ 3.0+ 1.3 + 0.2

0.5

0.3

+ 3.0

-6.8

EBITDA

2013

EBITDA

2014

741.1

11.9%

39.2

47.4%

18

Revenue Bridge EBITDA Bridge

Evolution of Key Financials

RUB bn RUB bn

EBITDA increased mainly in Generation and Supply segments

662.3 57.8

Generation Trading Supply

Foreign

assets

Other

Generation

Trading Supply

Foreign

assets

Other Unallocated

items and

eliminations

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19

Key Segments: Generation

176.2190.1

30.7 40.3

2013 2014

Revenue and EBITDA dynamics

RUB bn 17.4% 21.2%

EBITDA Contribution by Company

23.830.3

2.9

3.2

6.8+ 6.5 + 0.3

4.0

+ 2.8

2013 2014

40.3

30.7

RUB bn

Revenue breakdown

RUB bn

25.0% 13.2% 15.4%

EBITDA margin⁽⁴⁾

EBITDA breakdown

23.8

6.9

30.3

10.0

RUB bn

23%

77%

Electricity generation⁽²⁾ Heat Generation⁽³⁾

75%

25%

2013 2014

45.242.1

34.328.7

102.2 108.1

Electricity Capacity Heat

Other

2013 2014

3.2 2.5 + 5.9 + 3.1

+ 5.6

- 0.7

176.2 190.1

IRAO – Electricity

Generation

TGK-11

Group

BGC Group

Revenue EBITDA EBITDA margin ⁽¹⁾

____________________

(1) EBITDA margin calculation excludes inter-segment revenue (RUB 30.2 bn in 2013 and RUB 34.1 bn in 2014)

(2) Electricity generation includes financial results of Inter RAO – Electricity Generation

(3) Heat Generation includes financial results of BGC Group and TGK-11 Group

(4) EBITDA margin calculation excludes inter-segment revenue in 2014 (INTER RAO – Electricity Generation – RUB 26.5 bn; TGK-11 Group – RUB 2.8 bn; BGC Group - RUB 4.8 bn)

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5.5

1.6

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Key Segments: Supply

Revenue and EBITDA dynamics Revenue Contribution by Company

EBITDA breakdown EBITDA Contribution by Company

10.17.1

404.0

450.0

2014 2013

RUB bn 1.7% 2.2%

8.1

2.0

RUB bn

22%

78%

Guaranteed suppliers Independent supply companies

80%

20%

2013 2014

_________________

(1) EBITDA margin calculation excludes inter-segment revenue (RUB 0.2 bn in 2013 and RUB 0.8 bn in 2014)

1.21.8

1.4

2.0+ 0.5

4.33.8

+ 0.6+ 0.6

0.7

2.0

+ 1.3

2013 2014

10.1

7.1

RUB bn

71.386.4

46.353.540.253.9+ 10.0

256.2246.2

+ 15.1 + 7.2 + 13.7

2013 2014

450.0

404.0

RUB bn

MES PSK

Other RN-Energo

MES PSK Other RN-Energo

Revenue EBITDA EBITDA margin ⁽¹⁾

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Key Segments: Trading and Foreign Assets

Trading: Revenue and EBITDA Foreign Assets: Revenue and EBITDA

46.2

2.9 4.4

55.2

2013 2014

RUB bn

6.3% 8.0%

34.7

5.0 6.3

43.2

2013 2014

RUB bn

14.6% 14.3%

Trading: Revenue Contribution by Geography Foreign Assets: EBITDA Contribution by Geography

6.6

9.37.0

2.95.7

6.72.6

3.24.8

5.7

11.621.1

+ 9.5

6.3

7.9

- 1.6

+ 2.7

- 4.1

+ 1.0 + 0.6 + 0.9

2013 2014

RUB bn

55.2

46.2

0.5

1.71.9

1.10.8

0.9

0.90.3

+ 0.6

1.7

1.5

+ 0.2

+ 1.2

- 0.8

+ 0.1

2013 2014

6.3

5.0

RUB bn

Revenue EBITDA EBITDA margin ⁽¹⁾ Revenue EBITDA EBITDA margin ⁽¹⁾

(1) EBITDA margin calculation excludes inter-segment revenue (RUB 1.3 bn in 2013 and RUB 1.5 bn in 2014).

(2) Georgia, South Ossetia, Azerbaijan, Mongolia, Ukraine, Norway, Latvia and Estonia;

Russian

Federation

Finland

Lithuania

Belarus

China Кazakhstan Other⁽2⁾

Кazakhstan

Georgia Moldavia

Armenia

Turkey

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22

Consolidated Operating Expenses

OPEX breakdown

Consolidated operating expenses of Inter RAO Group

for 2014 amounted to RUB 728.0 bn

⁽¹⁾

Expenses 2014 728.0

Other

Employee benefit expenses

Fuel expenses

Electricity transmission fees

Purchased electricity and capacity

Expenses 2013 687.9

OPEX dynamics

RUB bn

+ 33.6

+ 14.1

+ 7.9

+ 3.8

- 19.3

Consolidated revenue growth of Inter RAO Group for the year 2014 (+11.9% YoY)

is two times higher than consolidated operating expenses growth (+5.8% YoY)

⁽¹⁾

____________________

(1) Other expenses include depreciation and amortization, provision for impairment of accounts receivables, impairment of property, plant and equipment and other operating expenses

5.8%

Purchased electricity

and capacity

Electricity transmission

fees

Fuel

expenses

Employee

benefit

expenses

Other

38%

25%

20%

6%

11%

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59.6

18.2

117.2

35.5

Скорректированный долг2 Скорректированный чистый долг3

23

Debt and Liquidity Analysis(1)

Debt Composition Debt Maturity Profile

Debt Evolution

By maturity By currency

Short-term

40.1%

Long-term

59.9%

Total Debt Statistics⁽²⁾

RUB

65.8%

USD

26.3%

RUB bn

EUR

5.3%

Other

2.6%

RUB bn

RUB bn

1.52

2.03

107.1

Adjusted debt2 Adjusted net debt3

Fixed

37.0%

Floating

63.0%

By percentage rate

____________________

(1) Includes financial lease

(2) Includes share in debt of joint ventures in the amount of RUB 10.1 as of 31.12.2014 .(RUB 6.8 bn as of 31.12.2013)

(3) Includes cash deposits (3-12 months) in amount of RUB 6.1 bn as of 31.12.2014. (as of 31.12.2013 – RUB 1.5 bn) and share in debt of joint ventures in amount of RUB 10.1b n

as of 31.12.2014. (as of 31.12.2013.- RUB 6.8 bn)

Includes share in debt of joint ventures

Excludes share in debt of joint ventures Total Debt-to-EBITDA ratio as of 31.12.2013 as of 31.12.2014

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Thank you for your attention!