Investor presentation October 2013 1 1 Disclaimer This document - PowerPoint PPT Presentation

Investor presentation October 2013 1 1

Disclaimer This document has been prepared by JSC “INTER RAO UES” (the “Company”). By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following. This document 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 securities of the Company in any jurisdiction, 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. No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents. This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the market in which the Company operates. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations, financial condition and liquidity and the development of the market in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this document. The Company does not undertake any obligation to review or confirm expectations or estimates or to update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. 2

INTER RAO At Glance Company Overview EBITDA Breakdown ⁽ ³ ⁾ FY2012 Financial Perfomance  One of the largest national power generators with total installed RUB bn. 2011 2012 electricity capacity of 33.4 GW (1) and electricity output of 148.7 TWh Trading 14%  Ranks among the largest European integrated utilities by overall Revenue 536.2 556.2 Supply 21% installed capacity EBITDA 41.7 26.5  Operates and manages 46 thermal, 13 hydro power plants and 2 Foreign wind farms assets 15% Total Assets 531.9 528.6  Leading Russian export-import operator, 2012 export amounting to (4) 18.4 TWh and import 2.6 TWh Adjusted Debt 48.6 64.8  Largest Russian electricity supplier with 15% market share (4) Adjusted Net Debt -33.5 10.6 Generation 50%  Majority owned by the Russian Federation  Rated BB+ by Fitch, Ba1 by Moody’s Debt/EBITDA 1.2x 2.4x Ranking Among Major Integrated Utilities INTER RAO Ownership Structure (2) Market Installed Share Capacity (GW) (%) State 13,76% 18,06% Minorities 40 38 35 25% (1) 33,4 20% 30 23.4 Rosatom 12,49% Treasure 19.5 15% shares 13,93% 16 20 VEB 5,07% 10% 10.3 9.2 10 Norilsk Federal Grid 5% Nickel 13,21% Company 18,57% 0 0% RusHydro GEN Rus Hydro Rosatom ESE IES Holding E.ON Russia Enel OGK-5 4,92% INTER RAO’s installed capacity includes Russian generation assets, Bashkir GenCo and foreign generation assets (updated on 2 nd of September, 2013). (1) (2) Market shares are based on the output 3 (3) Excluding Unallocated & Elimination and Other (4) Includes share in debt of jointly controlled entities

Asset Management Structure INTER RAO GROUP GENERATION (27,453 MW) ENGINEERING TRADING SUPPLY FOREIGN ASSETS (5,965 MW) 100% Guaranteed Suppliers: Moldova, Transdniestria – RAO NORDIC OY (Finland) – INTER RAO Engineering (100%) LLC “MC INTER RAO – ElectroGeneration” – JSC Mosenergosbyt (50.92%) Republic: (100%) – Quartz New technology (100%) INTER RAO Electro- 100% - CJSC Moldavskaya GRES – JSC St.Peterburg Supply – AB INTER RAO Lietuva – Quartz Group (100%) Generation (21,161 MW) (100%) – 2,520 MW Company (100%) (Lithuania ) 51% – INTER RAO Worley Parsons (51%) – Kostromskaya TPS -3,600 MW Georgia: – JSC Saratovenergo (56.97%) – SIA INTER RAO Latvia (Latvia) – INTER RAO Interenergoeffect – Iriklinskaya TPS - 2,430 MW – Permskaya TPS – 2,400 MW - Mtkvari Energy LLC – JSC Altayenergosbyt (100%) (51%) (50%) – Kashirskaya TPS - 1,910 MW (100%) – 600 MW – Nizhnevartovskaya TPS – 1,600 MW – JSC Tambov Energy Retail – INTER RAO Eesti OU (Estonia) – INTER RAO Power Efficiency - JSC Khramesi GES I – Verkhnetagilskaya TPS – 1,497 MW Company (59.38%) (51%) Center – Cherepetskaya TPS – 1,285 MW (100%) – 112.8 MW – Gusinoozerskaya TPS – 1,100 MW – JSC IRAO – Orelenergosbyt – INTER RAO Green Renewables – JW with Rostec (25%), GE (50%) - JSC Khramesi GES II – Pechorskaya TPS – 1,060 MW (100%) and Trading AB (75%) & INTER RAO (25%) (RUS Gas – Severo-Zapadnaya CHPP - 900 MW (100%) – 114.4 MW – Yuzhnouralskaya TPS - 882 MW – Tomsk Energy Retail Company – LLP Kazenergoresurs Turbines Holding) – JSC Telasi (75%) – Kaliningradskaya CHPP-2 - 875 MW (43.18%) (Kazakhstan) (100%) – INTER RAO Export (100%) Armenia: – Kharanorskaya TPS - 655 MW – JSC «Eastern Energy Company» – Fund Energy without Borders – Urengoyskaya TPS - 484 MW - JSC RazTES (100%) – – Ivanovskie CCGT - 325 MW (100%) (100%) 1,110 MW – Sochinskaya TPS - 158 MW Non Guaranteed Suppliers: – CJSC Elektricheskiye seti 100% TGK-11 (2,078 MW) Armenii (100%) – LLC Rn-Energo (100%) – Omskaya CHPP-5 (695 MW) Kazakhstan: – JSC Industrial Energetics – Omskaya CHPP-3 (462 MW) MINORITY STAKES - Ekibastuzskaya GRES-2 (51%) – Omskaya CHPP-4 (435 MW) (50%) – 1,000 MW – Tomskaya TPS-2 (331 MW) – LLC RT-Energotrading (50%) – Irkutskenergo – 40.28% – TGK-1 – 1.97% – Tomskaya CHPP-3 (140 MW) Lithuania: – TGK-14 - 0,60% – RusHydro – 1.83% – Tomskaya CHPP-1 (15 MW) - Vydmantai (51%) – – Mosenergo – 5.05% – Quadra – 2.25% 100% – OGK-2 – 5.7% – TGK-2 – 1.19% Bashkir GenCo (4,214 MW) 30 MW – Federal Grid Company – 0.37% – TGK-14 – 0.6% Turkey: – TGK-9 – 2.48% – Karmanovskaya TPS – 1,810 MW – 10 CHPPs (including Zauralskaya - Trakiya (100%) – 478 gas-piston plant) – 2,167 MW MW – 5 gas-turbine units - 25 MW – 9 HPPs (including 7 small-size Total minority stakes market value - 781 m. $ ⁽ ¹ ⁾ plants) - 212 MW 4 (1) As of September, 2013

CAPEX 2013 - 2016 1,167 MW New Capacity commissioned (CDAs)* in 2012-2013, incl.: 4,036 MW New Capacity to be commissioned in 2013-2016, incl.: Urengoyskaya TPS – 460 MW Total Capacity Total Capacity to be Project Type Expected Commissioned, MW MW – Fuel type: gas – Fuel efficiency: 256 g/kWh / CUR**: 70% Yuzhnouralskaya TPS-2 New 400 – Supplier: Power Machines , EMAlliance etc. Cherepetskaya TPS New 225 – Average CDA* payment : $232 ths per MW/year / $19 ths per 2013 1, 425 MW/month since December 2012 Gusinoozerskaya TPS Modernisation 210 Djubginskaya TPP New 90*2 Ivanovskiye CCGT – 325 MW Nizhnevartovskaya TPS New 410 – Fuel type: gas Cherepetskaya TPS New 225 – Fuel efficiency: 258 g/kWh / CUR**: 40% – Supplier: "NPO" Saturn “, Power Machines etc. Yuzhnouralskaya TPS-2 New 400 2014 653 – Average CDA* payment : $210 ths per MW/year / $18 ths per Omskaya CHPP-3 Modernisation 60(10) MW/month since March (166 MW), since June (325 MW) 2012 Omskaya CHPP-5 Modernisation 98(18) Kharanorskaya TPS – 225 MW Permskaya TPS New 800 2015 Verkhnetagilskaya TPS New 420 1, 238 – Fuel type: coal – Fuel efficiency: 310 g/kWh / CUR**: 59% Omskaya CHPP-5 Modernisation 98 (18) – Supplier: Power Machines , EMAlliance Ekibastuzskaya TPS New 600 – Average CDA* payment : $696 ths per MW/year / $57 ths per 2016 720 MW/month since November 2012 Omskaya CHPP-3 New 120 Tomskaya CHPP-1 – 15 MW During 2013-2016 total CAPEX will amount to $6 bn – Fuel type: gas – Fuel efficiency for TPP: 375 g/kWh / CUR** for TPP: 67% – Supplier for TPP: Turbomach $ bln – Average CDA payment for TPP: $447 ths per MW/year / $37 ths per 3,2 MW/month since January 2013 3 500 3 000 0,4 Omskaya CHPP-3 – 82 MW 2 500 1,5 1,3 – Fuel type: gas 2 000 1,1 – Fuel efficiency: 207 g/kWh / CUR**: 87% 1 500 0,3 0,4 – Supplier: EMAlliance 0,1 0,4 1 000 – Average CDA* payment : $437 ths per MW/year / $36 ths per 0,4 1,5 MW/month since July 2013 500 0,1 0,8 0,6 0,3 0 2013E 2014E 2015E 2016E New Generation Capacity and CAPEX in Russia Generation CDA Generation Repairs*** International – Payments calculated based on 13-14% allowed rate of return, 15-year payback period, benchmark OPEX and CAPEX, various adjustment coefficients 5 *** Generation Repairs includes maintenance, modernization and construction of buildings * CDA (Capacity Delivery Agreement) is the same as CSA (Capacity Supply Agreement) and facilities, supply companies, other capital expenditures and financial investment ** CUR – Capacity Utilization Rate