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OGK-2: Company Information

Moscow, November 2009

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Second Generation Company of the wholesale electricity market

Fuel: gas

Pskovskaya GRES430 MW/121 Gcal/h

Fuel: coal, gas

Serovskaya GRES526 MW/220 Gcal/h

Fuel: gas

Surgutskaya GRES-13,280 MW/958 Gcal/h

Fuel: gas, black oil

Stavropolskaya GRES2,400 MW/220 Gcal/h

Fuel: coal

Troitskaya GRES2,059 MW/315 Gcal/h

North-Western GRID

Central GRID

Southern GRID

Middle Volga GRID

Urals GRID

Siberian GRID

Far Eastern GRID

Russian company OGK-2 was

founded on March, 2005.

OGK-2 generates and trades energy on the wholesale

electricity market.

Overall capacity is 8,695 MW.

OGK-2 is one of the largest sellers on the free market

The shares of OGK-2 are traded on RTS, MICEX,

LSE and are included in the main Russian

stock exchange indexes.

Since July, 2008 the controlling shareholder is “Gazprom”.

In December 2008 OGK-2 was included to the list of the main

Russian strategic enterprises

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OGK-2 in russian energy sector

46

49

57

62

65

75

OGK-3

OGK-6

OGK-5

OGK-1

OGK-2

OGK-4

average сapacity utilization rate, %8 487

8 630

8 672

8 695

9 052

9 531

OGK-3

OGK-4

OGK-5

OGK-2

OGK-6

OGK-1

MW

5667651500 49827

4302038381

33912

0

10 000

20 000

30 000

40 000

50 000

60 000

OGK-4 OGK-1 OGK-2 OGK-5 OGK-6 OGK-3

MW

h

Installed capacity

The country’s second most modern OGK

High capacity load factor

Electricity output

Source: OGK-2 evaluation

3133

39 3943 45

0

5

10

15

20

25

30

35

40

45

50

OGK-4 OGK-2 OGK-3 OGK-6 OGK-1 OGK-5

ye

ars

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Shareholder Structure

Listing

Stock Exchange List

•MICEX А2

•RTS А2

•LSE Main market

free-float: 30-35%

GDR: ~5%

Ordinary shares: 32,734,568,382

Charter capital: 11,872.8 mln. rub.

Indices

RTS MICEX

•RTS •MICEX PWR

•RTS-2 •MICEX SC

•RTSeu

57%

38%

5%

Gazprom GroupMinority shareholders, from them:GDR

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Operating results

9m 2008 2008 9m 2009

Electricity output, mln. KWh 36,773.47 49,826.60 34,955.36

Electricity useful output, mln. KWh 34,876.2 47,327.20 33,179.02

Heat output, mln. GCal. 1.1 2.336 1.559

Fuel efficiency (electricity), gce/kWh 348.3 347.5 347.7

Fuel efficiency (heat), kgce/GCal 153.8 152.7 152.8

Capacity load factor 64.31% 65% 61.36%

Actual and estimated operating results for 9M 2009

34 955

33 179

33 634

34 478

31 000

31 500

32 000

32 500

33 000

33 500

34 000

34 500

35 000

Electricity output Electricity useful output

mln. kW h

Actual Estimated

Operating results

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Fuel

The average price for consumed fuel Fuel

*Based on volume of standard fuel equivalent

Coal23%

Gas 77%

Black oil 0%

CoalOGK-2 uses coal, extracted on a deposit “Bogatyr" (Ekibastuz, Kazakhstan).

GRES Fuel Unit of meas. 3Q 2008 2008 3Q 2009

Stavropolskaya gas rub/thous.cub.m 2,379.27 2,254.7 2,583.99

Surgutskaya gas rub/thous.cub.m 1,353.8 1,374.1 1,524.78

Serovskaya coal rub/ton 834.70 812.7 916.01

Serovskaya coal without trans.

rub/ton 303.17 301.9 330.96

Serovskaya black oil rub/ton 5,237.4 5,200.2 4,891.8

Serovskaya gas rub/thous.cub.m. 1,887.2 2,014.3 2,092.5

Troitskaya black oil rub/ton 8,149.61 7,190.65 8,425.42

Troitskaya coal rub/ton 667.15 651.9 742.79

Troitskaya coal without trans.

rub/ton 277.98 276.2 320.39

Pskovskaya gas rub/thous.cub.m. 2,253.50 2,116.1 2,344.76

Gas

Suppliers:

“Surgutneftegaz” (40%),

“Gazprom” (60%)

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Electricity Market

Regulated contracts: electricity sales in 3Q 2009

Serovskaya6%

Troitskaya16%

Surgutskaya53%

Stavropolskaya21%

Pskovskaya4%

Regulated contracts: capacity sales in 3Q 2009

Pskovskaya5%

Stavropolskaya27%

Serovskaya6%

Troitskaya24%

Surgutskaya38%

In addition to producing its own electricty, the Company actively trades in electric power bought in the market

OGK-2 electricity sales in 3Q 2009Volumes and prices of sales and purchase on the free market in 3Q 2009

31112 275 264

1 202520412

925280

6 032

3 275

1 140

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

Pskovskaya Stavropolskaya Serovskaya Troitskaya Surgutskaya OGK-2

0

200

400

600

800

1 000

Purchase volume, mln. kW h Sales volume, mln. kW hSales price, rub./MW h Purchase price, rub./MW h

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Financial Results

9m 2008 2008 9m 2009

Revenue from sales of electricity 23,815 31,796 21,790

Revenue from sales of capacity 5,832 8,014 6,814

Revenue from sales of heat 435 656 490

Others 48 67 51

Total revenue 30,130 40,533 29,145

Income from sales 989 794 3,095

Net income - (1,364) 1,360

Actual and estimated financial results for 9M 2009

26 050

29 145 29 135 28 363

0

5000

10000

15000

20000

25000

30000

Rev enue Costs

mln

. rub

les

Actual Estimated

Financial results, mln rub (RAS)

Actual and estimated financial results for 9M 2009

3 095

1 896

1 360

142

792

440

500

1000

1500

2000

2500

3000

3500

Income from sales Income before taxes Net income

mln

. ru

ble

s

Actual Estimated

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Financial Results

Capacity23%

Heat2%

Electricity75%

Others0%

9M 2009 (e) 9М 2009

ROE 0.13 % 4 %

EBITDA,

bln. rubles1.3 3.0

EBITDA margin

0.05 0.1

Revenue structure

Cost of sales and Revenue

29 145

30 130

29 141

26 050

24 000

25 000

26 000

27 000

28 000

29 000

30 000

31 000

9m 2008 9m 2009

mln

. rub

les

Revenue Cost of sales

Financial indicators

Cost saving

28 363

666

266

446

291118

526

26 05025 500

26 000

26 500

27 000

27 500

28 000

28 500

Esti

mat

ed

cost

s Fuel

Purc

hase

d

elec

tric

ity

Mai

nten

ance

Rem

uner

atio

n

of lab

our

Out

sour

ced

serv

ices

Oth

ers

Act

ual co

sts

mln

.rub

les

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Financial Results

Financial debt profile (thous. rubles)

  Currency Interest rate September 30, 2009 Interest rate December 31, 2008

OJSC “Sberbank" Rubles 13.3 % 3,006,110 14.8 % 1,503,553

CJSC “International Industrial Bank”

Rubles - - 17.0 % 1,000,000

JSCB “Evrofinance Mosnarbank" Rubles 15.0% 500,000 - -

Bond loan Rubles 7.7% 5,095,975 7.7 % 5,191,950

Total     8,602,085   7,695,503

5 9066 789

7 6968 602

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

2006 2007 2008 9M 2009

mln

. ru

b

Financial debt

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Investment Program

GRES Project Commis-sioning date*

Commissioning date

(corrected)**

New capacity

Fuel Type

Cost (with VAT)

Cost (with VAT)

Serovskaya 2x

CCGT-400

4 Q 2011

4 Q 2012

November 2012

November 2013

800 MW gas 36.2 bln. Rub.

140.8 bln. Rub.Troitskaya 2x

PSU-660

4 Q 2011

4 Q 2012

November 2013

November 2014

1 320 MW coal 68.4 bln. Rub.

Stavropolskaya 2x

CCGT-400

4 Q 2010

4 Q 2011

after 2015 800 MW gas 36.2 bln. Rub.

* RAO UES Dec.12.2007 (№1794pr/2)

** The Decision of Board of Directors’ Nov.28.2008 (№7)

GRES Project Commissioning date New capacity

Fuel Type

Cost (with VAT)

Serovskaya 1x

CCGT-400

4 Q 2013 400 MW gas

76.8 bln. Rub.Troitskaya 1x

PSU-660

4 Q 2013 660 MW coal

Stavropolskaya 1x

CCGT-400

4 Q 2015 400 MW gas

Our new plan (on agreement with the Government)

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Summarizing the Strategy

Maximization of profitability on existing capacities

Building of new generating capacities in power-scarce

regions

Increase of operational stability

• Growth of operations on the free market as a result of market liberalization

• Gaining a position in the market as the wholesale supplier and trader• Optimization of volumes output based on free-market prices• Optimization of costs and increase of operational efficiency of existing capacities

•Use of modern technology

•Achievement of high level of fuel efficiency

•Increase in reliability and flexibility of operations

Focus on opportunities on the markets of capacity and

system services

•The conclusion of long-term agreements with consumers and suppliers

•Diversification of fuel balance and gas deliveries

•Capacity sale at free market prices

•Taking a leading position in the planned market of system services

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OGK-2 Stations

Stavropolskaya GRES(2400 MW)

Kirishskaya GRES( 2,100 MW)

Pskov(9,5 MW)

Novgorod(190 MW)

Saint-Petersburg(2,084 MW)

Pskovskaya GRES( 430 MW)

Severo-Zapadnaya TETs( 450 MW)

Sredneuralskaya GRES(1,182 MW)

Troitsk Magnitogorsk

Chelyabinsk(731 MW)

Ekaterinburg(626 MW)

Perm(862 MW)

Ufa

Orenburg(450 MW)

Verkhnetagilskaya GRES(1,497 MW)

Permskaya GRES(2,400 MW)

Serovskaya GRES( 526 MW)

Bogoslovskaya CHPP(141 MW)

Nevinnomyskaya GRES(1290 MW)

Novocherkasskaya GRES(2112 MW)

Stavropol(471 MW)

Nevinnomysk

Novocherkassk Rostov(620 MW)

Makhachkala(44MW)

Krasnodar(648 MW)

Astrakhan(380 MW)

Volgograd(1429 MW)

Nizhnevartovskaya GRES(1600 MW)

Surgutskaya GRES-1(3280 MW)

Surgutskaya GRES-2(4800 MW)

Urengoiskaya GRES(24 MW)

Tyumen(1227 MW)

Tobolsk(452 MW)

Surgut

Iriklinskaya GRES( 2,430 MW)

Troitsk

Chelyabinsk(731 MW)

Ufa

Yuzhnouralskaya GRES

(882 MW)

Magnitogorsk

Orenburg(450 MW)

Ekaterinburg(626 MW)

Troitskaya GRES(2,059 MW)

Reftinskaya GRES(3,800 MW)

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Contacts:

Investor relations department

Alina Rassmagina

RassmaginaAZ@ogk2.ru