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INTER RAO Lietuva

INTER RAO Lietuva. Investor Presentation December 2012. Disclaimer. NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL. IMPORTANT NOTICE

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INTER RAO Lietuva

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  1. INTER RAO Lietuva Investor Presentation December2012

  2. Disclaimer • NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL. • IMPORTANT NOTICE • By receivingthis presentation, you agree to be bound by the following limitations. • In the European Economic Area, with respect to any Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive. • The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons (as such term is defined in Regulation S under the Securities Act) unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States. • This communication is directed solely at (i) persons outside Lithuania, Poland and the United Kingdom, or (ii) persons with professional experience in matters relating to investments and high net worth entities, and other persons to whom it may lawfully be communicated, falling within respective provisions implementing article 3.2.a of the Prospectus Directive in Lithuania and Poland, (iii) persons with professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the "Order"), (iv) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, and (v) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 ("FSMA")) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons in (i)-(v) above being "relevant persons"). Any investment activity to which this communication relates will only be available to and will only be engaged with relevant persons. Any person who is not a relevant person should not act or rely on this communication. • This presentation and its contents are confidential and proprietary to AB INTER RAO Lietuva (the "Company") and no part of it or its subject matter may be reproduced, redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding the relevant person's professional advisers) or published in whole or in part for any purpose without the prior consent of the Company or UAB FMI Orion Securities. If this presentation has been received in error then it must be returned immediately. The recipients of this presentation should not base any behaviour in relation to investments or products which would amount to market abuse on the information in this presentation until after the information has been made generally available. Nor should the recipient use the information in this presentation in any way which would constitute market abuse. • These materials shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. • The information contained in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the correctness, completeness or accuracy of the information or opinions contained therein. Neither the Company nor any of its representatives will be liable for any damages arising from any use of this presentation or otherwise arising in connection with this presentation. • Assumptions, opinions and views reflected in this presentation are solely opinions and forecasts of the Company. Opinions and forecasts are statements using expressions such as "expects", "believes", "assumes", "is the opinion", "to the best of our knowledge" and similar phrases. They reflect the current view of the Company with regard to potential future events, which, however, are uncertain and therefore subject to risk. A multitude of factors can cause actual events to differ significantly from an anticipated development, such as changes in regulatory systems, increased or new competition in the market, risks arising from acquisitions, interest rate and currency risks or risks based on previous liabilities and litigation risks. Neither the Company nor its management can answer for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the developments forecast. • The information contained herein has been prepared using information available to the Company at the time of preparation of the presentation. External or other factors may have impacted on the business of the Company and the content of this presentation, since its preparation. In addition all relevant information about the Company may not be included in this presentation.

  3. Agenda • Today’s presenters Jonas GarbaravičiusMember of the Supervisory Board, Chairman of Scaent Baltic, Selling shareholder Joined the Company in 2008 Introduction Marketbackground Company overview • Appendices Vidas ČebatariūnasMember of the Management Board Commerce Director Joined the Company in 2005 Ph.D.Paulius VazniokasEconomic Director , CFO Joined the Company in 2007

  4. 1. Introduction

  5. Offering structure

  6. Offeringtimeline

  7. Quick glance • The Issuer • IPO Goals • Top 1 largest electricity trading company • Top 3 largest wind park by installed capacity • Top 12 largest tax payer in Lithuania • Top 22 largest company by revenues • Accessing capital markets • Increasing transparency, visibility, and reliability • Aiding growth in the end-user segment • Possibility to use shares to settle future acquisitions Source: VŽ.LT, LITGRID, Regula

  8. Investment highlights • Entering end-users electricity business • Consolidating leading wholesale electricity • market position in the Baltics • Liberalization of the Baltic electricity market from 2013 will allow all consumers to choose an independent electricity supplier thus increasing market size • Entering end-users segment will entitle company to extract the additional margin • Natural increase in electricity consumption in the Baltics • Further Baltic market growth following the completion of LitPol 1&2, EstLink 2 and NordBaltlinks • New generation capacities in the region, including the completion of Kaliningrad nuclear power plant Company offering high dividend payouts stemming from high and stable operating margins • Expansion in electricity markets • Further development of • renewable energy portfolio • Enter Polish electricity market in 2013 – with local purchase and resale of energy • Further expansion in Poland driven by availability of cheap base-load source from Kaliningrad • Increase in market share in existing markets • The company is actively looking for new renewable energy projects to invest in the Baltic Sea region • Renewable energy sector includes wind, and solar power plants • High profitability expected from RES projects

  9. Business highlights • Trading position • Cooperation with Inter RAO UES • Renewables • Reliable supplier of electricity • Strong market position in home country¹ • Increasing market share in Estonia and Latvia • Leading wholesale electricity trader in Lithuania and the Balticstates, with plans to diversify into retail segment and enter new markets, including Poland • Sole authorized representative of INTER RAO UES in the Baltic region • 30MW wind park in Vydmantai with a guaranteed feed-in tariff of 300LTL/MWh until 2020 • Electricity purchased from Inter RAO UES is cheaper than the average price in the Baltics • Inter RAO UES is a leading player in the Russian electricity market • Agreement with Inter RAO UES is valid till 2020 with possibility to renew the agreement • Strategic goal of increasing installed capacity through acquisitions by up to 100 MW by end of 2015 • Acquisition of new projects is expected to be a significant source of revenue growth in the coming years • Acquisitions of new projects are planned to be financed with debt and retained earnings • Bigger acquisition projects may be completed together with INTER RAO UES 1. Market shares in Lithuanianwholesale electricitytrading as of 2011 Source: LithuanianNational Control Commission for Prices and Energy

  10. Keyfigures • Revenues (LTLm)1 • EBITDA (LTLm), EBITDA margin (%) • Net debt (LTLm), Net debt/EBITDA2 • Sales breakdown • 2011 • 1H 2012 • EBITDA breakdown Margin (%) • 1H 2012 • 2011 • Net profit (LTLm), Dividends(LTLm), Payoutratio Net debt/EBITDA (x) 1. The litas is pegged to the euro at the rate of 3.4528 to 1 2. The Company has been operating without any interest bearing liabilities until 2011, when financing was raised for the acqusition of Vydmantai wind farm

  11. 2. Marketbackground

  12. Baltic macroeconomic overview • Baltic countries’ GDP is expected to grow steadily • Baltics growth outpaces that of EU • 2012 GDP growth forecast for selected countries • Government finances – low debt ratios • Public debt to GDP (2012E) • Growth set to remains robust • Baltic States economies are recovering • Increasing exports together with internal devaluation resulted in higher region’s competitiveness • Baltics growth rate outpaces EU • Region’s GDP growth forecasts are positive and above that of Eurozone or EU-27 • Sovereign debt levels are under control • All three Baltic countries have maintained relatively low debt levels throughout the crisis Source: EIU, EuropeanCommission

  13. Balticselectricity demand • Electricity consumption in the region is growing • Electricity consumption per capita (kWh)1 • Electricity consumption in the Baltics excl. exports (TWh) • Electricity consumption in Estonia, Latvia and Lithuania has been gradually increasing since 1999 and peaked in 2008: • In 2009, following the economic slowdown around the globe, demand severely declined • Since 2010 the demand in the region has been increasing • Lithuania, having the largest population among the Baltic States, has been the largest net consumer of electricity in the region: • Lithuania – 9.4TWh • Estonia –7.2TWh • Latvia – 6.2 TWh • The most significant consumers in the region are industry, residential segment, and trade and other commercial users • Electricity consumption per capita in Latvia, Lithuania and Estonia is still lagging behindmore developed countries • Level of electricity consumptiondepends mainly on: • Short-term factors: time of the day/week, weather conditions, holiday, utilisation of appliances, • Long-term factors: population growth and its composition, electricity price, economic growth, commercial and industrial usage, climate change Source: Eurostat Statistical PocketbookApril 2012; Business Monitor International Q3 2012; LithuanianNational Control Commission for Prices and Energy; Central Statistical Bureau of Latvia; Statistics Estonia, EestiEnergia, EestiGaas

  14. Lithuania electricity supply • Lithuania electricity production and imports • Lithuania is heavily dependent on electricity import • Power generation and system interconnection • Ignalina NPP with two 1,500 MW units has historically produced from 69% to 80% of all electricity in Lithuania. • Lithuania agreed to completely shut down Ignalina NPP by the end of 2009 as part of its accession agreement with the European Union • The closure changed Lithuania status from a net electricity exporter to a net importer of electricity • Electricity imports increased by 10 times to 7.1 TWh in 2010 • In 2011 electricity imports increased further by 22.5% to 8.7 TWh • Lithuanian electricity system is dependent on gas and electricity imports • Imported gas is used as a fuel in local thermal power plants, however, these power plants produce electricity at uncompetitive prices • Electricity import price is dependent on electricity price in Russian market, which is dependent on local gas and oil prices • The new planned interconnections with Sweden and Poland would facilitate increase diversity of supply Source: LithuanianNational Control Commission for Prices and Energy

  15. Baltics power market overview • Lithuania, installedcapacitybyfueltype • Latvia, installedcapacitybyfueltype • Estonia, installedcapacitybyfueltype • Uncompetitive generation capacity • Electricity generation capacity in Lithuania is not competitive: • Imported gas price is at such levels that electricity produced in local power plants is two times larger than the market price • Newly launched block in Lithuania is using 30% less gas, but the cost of electricity is still much above the market price • During flood season Latvia is able to produce relatively inexpensive electricity, however, during other seasons Latvia’s generation capacity is also uncompetitive. • In 2015 transition period for Narva PP, the largest electricity generator in Estonia, will expire • This is likely to result in much higher electricity prices in Estonia and increase in imports from neighbouring countries Source: National Control Commission for Prices and Energy, Central Statistical Bureau of Latvia, Statistics Estonia, Eesti Energia, EestiGaas.

  16. International links under construction • EstLink 2 • LitPol • NordBalt • EstLink 2 • LitPol • NordBalt • Further electricity market growth facilitated by the completion of international links • NordBalt is to link Lithuania directly with Sweden • Its capacity will amount to 700MW and is scheduled to be operational fromDecember2015 • Estlink 2 linking Estonia to Finland will have a capacityof650MW • EstLink 2 is co-financed by the EU, and construction should be completed in 2014 • LitPol 1 linking Lithuania to Poland is currently scheduled to become operational by the end of 2015, initially with 500MW throughput, subsequently increased to 1,000 MW by 2020 • According to the Lithuanian National Energy Independence Strategy, LitPol Link 2 shall be commissioned by 2018/20 and have a capacity of 700-800 MW • Both links have the full support of the Polish PM who in a recent expose in the Polish Parliament confirmed the date of 2020 as the completion date for the entire project • Trading opportunities for the Company will substantially increase when wholesale electricity clients from Sweden and Poland enter the Lithuanian market • The Company expects to exploit potential market opportunities by purchasing electricity in Sweden and Poland in order to resell it in Lithuania, as well as in other Baltic States, and vice versa. Source: PSE Operator; Litgrid; Elering; Litgrid

  17. Market liberalisation • Liberalization process created an opportunity for the customers to select their own electricity supplier • From 2013 all electricity consumers will be eligible to choose electricity suppliers in Lithuania and Estonia. Latvia has been fully liberalized since 2007. • Liberalisation is significantly increasing market size and allows the Company to enter into higher margin segment Eligibility threshold by installed capacity • Lithuanian electricity market liberalization timetable • Latvia • In compliance with EU requirements, the state-owned monopoly Latvenergo AS was reorganized in July 2007. As a result, the market became fully liberalized • Despite the liberalized market, consumers are still heavily dependent on state-owned utility company, which owns majority of electricity generation • Estonia • Until 2009, electricity market opening level was only 12% level, with the eligibility threshold set at 40 GWh p.a. • Starting from April 2010, 35% of the market was freed, with the eligibility level at 2 GWh • Current law foresees that Estonian electricity market will be fully liberalized from 2013

  18. 3. Company overview

  19. Electricity sales and purchases • Reliable supplier of electricity at competitive price • Sales by country (GWh) • Purchase by volume and origin (GWh) • The largest amount of electricity is realized in Lithuania, followed by Latvia and Estonia • In 2011, Company realized 4 TWh in Lithuania, 1.6 TWh in Latvia and 0.2 TWh in Estonia • Electricity sales in Latvia almost doubled in 2011 • The Company purchases vast majority of electricity from Inter RAO UES, which has significant electricity generation capacities and thus it is a reliable and credible partner • Majority of the agreements are long-term – their validity expires at the end of 2020 and then shall be automatically renewed • The Company has also signed an agreement with INTER RAO UES on potential export of electricity generated in Baltiiskaya NPP under construction in Kaliningrad • The Company also purchases electricity from producers in Lithuania, Latvia and Belarus, always considering the best timing and market conditions

  20. Market position in Lithuania – wholesale • In 2011, the Company had 44% share in Lithuanian wholesale trading market • Wholesale electricity market comprises trading, based on bilateral agreements or through the power exchange. Wholesale electricity trading is carried out on the basis of the latter • Under the Lithuanian law, all imported electricity (irrespective of origin) has to be sold at the power exchange, and all electricity to be exported (irrespective of the destination) has to be purchased at the power exchange • As of 30 June 2012, there were 65 independent electricity suppliers in Lithuania, however only 26 were actively operating • Electricitysales on the Lithuanianpower exchange • Electricitypurchases on the Lithuanianpower exchange 2010 2011 2010 2011 INTER RAO Lietuva Lietuvosenergija Vilniausenergija Kaunotermofikacineelektrine LatvenergoPrekyba ORLEN Lietuva Enefit Other Source: LithuanianNational Control Commission for Prices and Energy, Company data

  21. Wind farm • High cash flow and profitability project • Electricitygenerationrevenues, mLTL • VydmantaiWind Park • VydmaintaiwindparkisthethirdlargestwindparkinLithuania. • In July 2011 the Company acquiring Vydmantai Wind Parkin western Lithuania for a totalcashconsideration of LTL 71.4m • In the period 2009-2011 the net annual electricity production varied in range of 54 and 70 GWh • Under the current energy law, all wind farmsand projects with granted quotas are able to receive 300 LTL/MW feed-in-tariff for 12 years from the start of operations • 300 LT/MW FIT isvalidtill31 December 2020 • New energy law in Lithuania requires wind projects to participate in tender bidding procedure for quotas. The lowest required feed-in-tariff receives quotas for 12 year period at bid prices. Source: Litgrid

  22. Strategy 1 2 3 4 5

  23. Dividend policy • Double digit dividend yield and high payout ratio • The Company has set a dividend payout rate of no less than 70% of the net profit • The Company retains the right to pay out less than 70% if there are significant investment projects that would ensure Company’s value growth. • Dividendsfor 2011, 2010 and 2009 amounted to LTL 64.0m, LTL 60.8mand LTL 29.0m respectively • On 20 July 2012 the Shareholders adopted a resolution on the increase of the share capital from the Company’sown funds from LTL1m to LTL20m. • The net profit for distribution for the financial year ending 31 December 2012, will be reduced by the amount of the share capital increase (i.e. LTL19m) • 2011 dividend yield assuming maximumofferpriceis 14.1%1 • Historicaldividends(LTLm) Assuming maximum offering price of 6.55 EUR * Dividendsdeclairedfortheyearispaidinthefollowingyear

  24. Robust financials • Highand stable operating margins • Sales revenues have increased by 9 times since 2009 • The increase in sales was facilitated by the closure of Ignalina NPP and thus increased electricity import • In 2011 sales revenue has further increased by 22.5% to LTL 919 m • Despite significantly growing electricity import and being the leading wholesale electricity trading company, gross profit margin was maintained at 10% level • CAPEX is relatively low compared to electricity generation companies • Higher free cash flow results in higher dividends • The Company has previously been operating without debt till the acquisition of Vydmantai wind park • Sound financial results of the Company allows and facilitate its further expansion, including renewable energy sector in Lithuania and abroad

  25. Management board • IlnarMirsiyapov • Member of the Board • Joined the board in July 2012 • Previous experience in various energy companies, including Rosatom, Atomic Energy Power Corporation. • Holds a Bachelor’s degree in management, a Ph.D. of Sociological Sciences, both from; an Engineer’s degree in oil and gas production and development from the Almetyevsk State Oil Institute as well as a Ph.D. of economic sciences • Karina Tsurkan • Chairman of the Board • Joined the board in October 2011 • Currently Head of Trading Unit and management board member in Inter RAO UES • Previouslyhead of numerous Geographic Units in Inter RAO group • Holds a bachelor’s degree in law from International Independent University of Moldova, and an MBA from the University Consortium of Spain • Dmitry Palunin • Member of the Board • Joined the board in March 2010 • Previous positions include Head of the Economics and Finance Department, the Head of the Treasury Department and the Associate CFO. • Holds a degree in management and engineering from Moscow State Aviation Institute, also holds an MBA from Higher School of International Business at the Academy of National Economy • GiedriusBalčiūnas • Member of the Board, CEO • Joined the board in July 2012 • Professional experience – 10 years • Served on the board in 2007-2008 • CEO of the Company since 2003 • Currently board member in various Issuer’s companies • Holds a degree from Kaunas Polytechnic Institute • VidasČebatariūnas • Member of the Board, Commerce Director • Joined the board in April 2007 • Professional experience – 11 years • Commerce director since 2005 • Previous experience include being in managerial positions in many energy companies • Holds a Master‘s degree in economic analysis and planning from the Vilnius University.

  26. Key personnel • Experienced team with extensive track record • Management team has extensive technical and business experience in the area of electricity trading • PauliusVazniokas • Economic Director, CFO • Joined the Company in 2007 • Professional experience – 6 years • Economic Director since 2007 • Currently holds several positions in the Group Companies • Holds a Ph.D. degree in Economics, a Master‘s degree in Finance and Banking, and a Bachelor’s degree in Business Administration from Vytautas Magnus University. • Jonas Garbaravičius • Member of Supervisory Board • Joinedthe Company in 2008 • Professional experience – 12 years • Currently Counsellor of CEO of the Company, Chairman of the Management Board of the Scaent. • Served on the Company‘s Management Board in the years 2008-2012 • Holds a Bachelor’s degree in Business Administration, took part in Energy Experts Programme organized by the Nordic Council of Ministers • AisteVaitaityte • Deputy CEO • Joined the Company in 2003 • Professional experience – 9years • Deputy CEO since June 2005 • Previously, Head of Information Analysis and Transmission Division. • Holds a Master‘s degree in Law and Management from MykolasRomeris University and a Bachelor‘s degree in Social sciences from Lithuanian University of Educational Sciences • NerijusVeikša • Legal Department Director • Joined the Company in 2007 • Professional experience – 12 years • Past professional experience includes post of Director at National Association of Business Administrators, Asistant General Director at Kaunotermofikacineelektrine, • Holds a Master‘s degree in International Commercial Law an a Bachelor‘s degree in Business Administration of Vytautas Magnus University. • EdvardasVažgėla • Electricity Trading Development Director • Joined the Company in 2012 • Professional experience – 35 years • Experience in electricity sector for over 20 years, including working in leading positions in LietuvosEnergija • Holds a degree from Kaunas Polytechnic Institute with specialization in electricity engineering

  27. Key highlights • Investment highlights • Consolidating leading wholesale electricity market position in Lithuania • Entering end-users electricity business • Expansion in other electricity markets • Further development of the wind farm portfolio up to 100 MW by 2015 • Reliable supplier of a significant volume of electricity at competitive prices • One of the leading players in wholesale electricity markets in Baltics • Highly competent, and experienced management with extensive knowledge of the market • Established relationships with largest customers in the region • Sound financial results support further development • Company offering high dividend payouts • stemming from high and stable operating margins • Business highlights

  28. Appendices

  29. Shareholders • Currentshareholding • Shareholdingafter the offering1 1. Assuming complete sale of the offershares

  30. Company history

  31. Groupstructure AB INTER RAO Lietuva IRL Polska 100% • INTER RAO EestiOU • 100% • SIA INTER RAO Latvia • 100% • UAB IRL Wind • 100% • UAB Alroka • 49.99% • UAB Vydmantai wind park • 100%

  32. Organisation chart Shareholdermeeting Management Board CEO CEO Counsellor Deputy CEO Back Office Manager Electricity Sales Department Economics and Investment Projects Department Legal Department Vindicatory Department Corporate Communications Department Director of Legal Department Chief Security Officer Economic Director Corporate Communication Officer Commerce Director Electricity Trading Development Director Sales Managers Payment Settlements Manager Administrator Press Officer PR/IR Communication Coordinator Project Manager Electricity Trading Analyst Driver Project Analyst

  33. CorporateGovernance – Management • The Company has a three-tier management structure consisting of the Management Board, Supervisory Board, and the CEO. • The Supervisory Board supervises the activities of the Management Board and the CEO • Appoints members of the Management Board • Supervisory Board (5 Members) Management Board • The Management Board appoints the CEO • Responsible for significant and strategic decisions regarding the Company’sbusiness • Karina Tsurkan • Chairman of the Board • IlnarMirsiyapov • Dmitry Palunin • Giedrius Balčiūnas • Vidas Čebatariūnas • CEO responsible for organising and directing the day-to-daybusineeactivities • The CEO is the only person entitled to represent the Company in relations with third parties • GiedriusBalčiūnas • CEO

  34. Social Responsibility • The Group constantly supports various organizations and initiatives as a part of its business mission. • For the financial years ended 31 December 2011, 2010 and 2009, the Group spent LTL 4.07 million, LTL 3.91 million and LTL 3.63 million, respectively, on charity and other support • These costs represent Group’s corporate values and culture to support and contribute to the overall social welfare • Support, provided by the Group, is concentrated on three areas: • communities, • education, • culture and sports • While contributing to the social communities the Group donates to orphanages, hospitals, churches and various other charity and support organizations • When sponsoring culture and education spheres, the Group supports universities, schools, theatres, orchestras and various other organizations and events • Sports sponsorship started at the very beginning of the company’s activities, the main attention is paid to basketball, football, car races, tennis and various other sports organizations and events

  35. Trading seasonality Avg. 157 LTL/MWh 1H 2012 Avg. 139 LTL/MWh Avg. 155 LTL/MWh 2011 Avg. 138 LTL/MWh 2010 Avg. 138 LTL/MWh Avg. 121 LTL/MWh 1. Total volume excluding equivalent trades on the power exchange. Source: Company data.

  36. Russia’s generation sector • Commentary • Russia’s electricity net exports (TWh) • Russia’s generation forecast (TWh) CAGR 1,9% 1,090 1,087 1,061 1,047 1,024 1,004 951 • Abundance of gas and coal resources causesRussia to rely heavily on thermal sources, primarily gas-fired • The Energy Strategy 2030 aims to double nuclear generation to 300TWh by 2020 and expand non-hydro renewable energy sources so they contribute at least 4.5% of the total generation by 2020 • Between 2016 and 2010 Russia’s generation isexpected to grow by 1,8% CAGR • Russia will remain net exporter of electricity for the foreseeable future • Kaliningrad Nuclear Power Plant will greatly enhance Russia’sexporting capabilities to the Baltics, Scandinavia and Poland Source: BMI RussiaPower Report, 3Q 2012 Source: BMI RussiaPower Report, 3Q 2012

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