Disclaimer

1
(No Transcript)
2
Disclaimer
???-5

• This presentation has been prepared by OJSC
  "OGK-5" (the "Company") solely for use at
  presentations to potential investors. By
  attending the meeting where the presentation is
  made, or by reading the presentation slides, you
  agree to the following limitations and
  notifications.
• This presentation is strictly confidential to the
  recipient, may not be distributed to the press or
  any other person, and may not be reproduced in
  any form, in whole or in part. Failure to comply
  with this restriction may constitute a violation
  of applicable securities laws.
• This presentation does not constitute or form
  part of, and should not be construed as, an offer
  to sell or issue or the solicitation of an offer
  to buy or acquire securities of the Company or
  any of its subsidiaries in any jurisdiction or an
  inducement to enter into investment activity in
  any jurisdiction. Neither this presentation nor
  any part thereof, nor the fact of its
  distribution, shall form the basis of, or be
  relied on in connection with, any contract or
  commitment or investment decision whatsoever.
• This presentation does not constitute a public
  offering or an advertisement of securities in the
  Russian Federation and does not constitute an
  offer or a proposal to make offers or to acquire
  any securities in the Russian Federation.
• This presentation contains "forward-looking
  statements" which include all statements other
  than statements of historical fact. Such
  forward-looking statements can often be
  identified by words such as "plans," "expects,"
  "intends," "estimates," "will," "may,"
  "continue," "should" and similar expressions.
  Such forward-looking statements involve known and
  unknown risks, uncertainties and other important
  factors beyond the Company's control that could
  cause the actual results, performance or
  achievements of the Company to be materially
  different from future results, performance or
  achievements expressed or implied by such
  forward-looking statements. Such forward-looking
  statements are based on numerous assumptions
  regarding the Company's present and future
  business strategies and the environment in which
  the Company will operate in the future. By their
  nature, forward-looking statements involve risks
  and uncertainties because they relate to events
  and depend on circumstances that may or may not
  occur in the future. These forward-looking
  statements speak only as at the date as of which
  they are made, and none of the Company or any of
  their respective agents, employees or advisors
  intends or has any duty or obligation to
  supplement, amend, update or revise any of the
  forward-looking statements contained herein to
  reflect any change in the Company's expectations
  with regard thereto or any change in events,
  conditions or circumstances on which any such
  statements are based. Some of the information in
  the presentation is still in draft form and will
  only be finalized at the time of the Offering.
  The information and opinions contained in this
  presentation are provided as at the date of this
  presentation and are subject to change without
  notice.

2
3
????? ????????
????????
??????????????? ???? 1 182 ???
??????????? ???? 2 400 ???

• 8.7 ??? (5,8 ?? ????????? ????????????? ????????
  ???????? ???????????? ????????)

• ???????? ??????? ???
• ???? ? ????? ???????? ?/? ???-5 21

• ???????? ??????? ???
• ???? ? ????? ???????? ?/? ???-5 16

?????

• 38.3 ????. ???? ??????? ? 2006 ?. ??? 9 ?
  ?????? 2005 ?.
• ??????? ????? ?????????????? ? ????????
  ??????????? ????? ?????? ? ?????
• ???????????? ????? ????? (????? 50 ????? ?????
  ?. ????????????)

???????????

• ???? ?????? ? 86 ????????????? ?? 153
  ?????????????????? ? ??????? ? ?????? ???????
  ???? (??????????? ????? ?????? ? ????)
• ???????? ??????????? ??????? ???????? ????????
  ? ???????????? ??????????? (?????????????,
  ????????, ??????????????????, ????????????????????
  , ????????????)

?????????? ???? 3 800 ???
?????????? ???? 3 800 ???
?????????? ???? 3 800 ???

• ???????? ??????? ?????
• ???? ? ????? ???????? ?/? ???-5 47
• ???? ?? ?????????? ???????? ??????? ? ??????

?????????????? ???? 1 290 ???

• ???????? ???????
  ???
• ???? ? ????? ???????? ?/? ???-5 16

??????????????? ?????? ? ????????????? ????????
3
4
???????? ???????

• 27 ??????? 2004 ?. ??????????????? ???????????
  ??? ???-5
• 1 ?????? 2006 ?. ???????????? ??????
  ???????????? ???????? ??? ???5
• 5 ??????? 2006 ?????????? ??????? ?????????
  ?????????????? ?????
• ????? - 5 ????. ???.
• ???????? ?????? 7,5
• ???? ????????? - 5 ???
• ??????? 2006 ?. ????????? ????????? ?????????
• ??3 (Moodys)
• AA3.ru (Moodys Interfax national rating)
• ??????? ??????????
• ?????? 2006 ?. ?????????? ??????? IPO ?
  ?????????? ?????????????????
• ???? ?????????? - USD 0.09 ?? ?????
• ????? ???????????? ??????? USD 459 ???.
• ???????????? - 9,3 ? ?? ???? ??????????

4
5
????????? ???????????? ????????
??????? ?????????????? ?????????? SP ??
????????????? ????? 5 ?? ?????????? ????? - 5.4
????????? ? ??????? MSCI, RTS, MICEX
????????? ???????? ??3 (Moodys) AA3.ru
(Moodys Interfax national rating) ???????
??????????
5
6
??????? ?????????????? ?????????????????
??????????? ??? ????????????? ?????
??????????? ??????? ?????? ?????????????
???????????? ? ???????? ????????
???? ? ?????????????? ??? ?????? ?? ????????????
?????
??????? ???????????????? ?????????????
?????????????? ?????? - ???? ????????? ?????
????????? ??????
6
7
??????????? ??? ????????????? ????? ??????????????
?????? ?????(1)
01-09-06
????????????? ??????? ???????? ?????
??????? ?????? ???
???????????????? ????? ?? ????? ?????? (???)
?????? ????????? ????????

• ???????????? ???????????????
• ?????????????? ????????? ?? ???????? ????? ??
  ????? ??????, ????????? ???????? ?? ?????????????
  ?????
• ??????????? ???????????? ???????? ??
  ?????????????? ?????

???????????? ??????
???????????? ???????????? ????????

• ???????????? ?????? ? ??????????????
• ?????? ????????, ??????????? ????????, ??
  ???????????? ????? (???) ?? ?????, ????????????
  ??????????? (???)
• ????? ????????????? ??????? ????? ??????????
  ????????? ? ?????????? ????????? ?????? (??? ?
  ????????????? ?????)

??(2)
(1) ????? ????? ??????? ????? ?????????????? ?
???????? (2) ?? ????? ???????? ?????????
???????? ??????? ?? ???????? ????????????????
????? 2007 ?
8
???????? ???-5
????????????? ???????? ? ?????? ??????????
?????????(????)
????????????? ???????? ()
?? 100 ???????? ????? 70 ?? ?????????????
???????? ???????? ? ???????????? ?? ??????????
????????? ? ????????? ??????? ??????? ????????
????? ????????????? ????? ??????????????
??????????? ?/?
5
?? ?????? ???-5, ????? 20 ?????,
???????????????? ???????, ????????????
??????????, ????????? ??????????? ?? ????????????
??????? ? ?? ???? ?????????????? ????? 2011 ????
10
????????? ????? (???????????? ???????????????)
15
25
80
???????????? ????? (???????? ???????????????)
30
50
60
80
??????????????
100
20()
?????????
9
???????????? ? ???????? ????????
????? ? ??????????? ?????????, ???
???? ??????????? ?/? (2006 ? 1998?.)
??? ???

• ???????????? ??????? ???????? ? ????????
  ???????????
• ???? ??????????? ?? ?????? ? 2006 ?. ????????
  4.2, ?? ????? 6, ? ?????? 4.2, ?? ???
  4.1

???????? ? ?????? ???????
??????????? ? ????????
??? ??????
??? ?????
???????? ?????????????, ???????, ??? ???
57 ????????? ???-5 ????????? ? ????? ??????????
??????? ?????? (?????????)
9
9
10
???????????????? ????????? ??????
???????????????? ???? ???? ? ????????? ???????
(2006),
????????????? ???????????? ?????????????? ?? ????
? ????
???./????

• ??????????????????? ????????? ??????
• ?????????? ??????????? ?? ???????? ????

• Spark Spread ???????? ????????? ???????????
  ????????? ???????(1)

???-5 ???????? ???????? ????????? ?? ????????? ?
????????? ??????? ???????
(1) ? ???????????? ? ???????????? ??????????????
?? 30 ?????? 2006 ?. ??????? ?????????????
??????????? ????? ????
10
11
???? ?? ???????
???? ??? ?? ??? ? ?????
2008 2009 2010 2011 2012
???????? ??? 25,3 27,7 27,7 6,9 5,4
???????????? ??? 36,3 14,9 8,8 6,9 5,4
????? 6 5,5 5,3 5 4,8
????????? ??????? ????????? ??? ?? ?/??????? ?
???????? ? ?????????? ????????

• ????????? ?????????? ?????? ? ???????????? ?
  ????????????? ?????????? ?? ????????? ????
• ???????? ??????? ?? ???????? ??? ?????????
  ????????? ????????? ??????? ? ???? ???????????
• ????? ?? ???????? ???????? ??????? ??????????
  ???????? ??????????
• ????????????? ??????? ??????????? ? ??????
  ?????????? ????? 4,5.

???????? ?????? ???? ??, ??? ??, ?????????????
????????????? ?333
12
??????? ???????????????? ?????????????
???????? ????????? ??????????? ????? ??? ?????? -
???????????? ?? ?????? ?? ?/???????
???????? ???????? ???????

• ???????????? ?? ??????? ?????????????? ????????
  ????????????? ??????? ???????? ?
  ????????????????????? ??????????????
• ?????? ?? ?????????????? ???????? ? ????????
  ????????? ???????????? ?????? ? ????????? ??
  ????????????????????? ??? ??????? ??????????????
• ?????? ?? ???????? ???????? ??????? ??????????
  ???????? ? ????????? ?? ????????????????????? ???
  ??????? ???????? (? ?????????? ??????????? ?????
  ?????????? ????????? ???????)
• ??? ?????????????? ???-5 ????????? ? ????????
  ?????????, ??? ??????????????? ? ??????? ??????
  ???????? ???????????? ???????????

?????/???? ?? ?/? ???????
???????????????????
??????????????????
??????????????
???????????????
???????? ????????? ??????????? ????? ??? ?????? -
???????????? ?? ????? ?? ????????
??????????????????

• ?? ????????? ????? ??????????????
• ????????? ???????????? ???????????????

???????????????
?????/???? ?? ???????? ?????????? ????????
??????????????
???????????????????
??????????? ?????? ????????? ?????? ?
???????????????? ?????????????
???????? ???
?????????? ??????/???? ??????????? ? ????. ???
???????? ???????????? ????? ?? ?? ?? 10 ??????
2007 ?. - 25.921
13
?????????????? ????????? ???-5 - ???????
????????????? ????? ?????????
??????????? ???????
?????-????

• ??????? ???
• ??????. ???????? 1 200 ???
• ?????? 2010-2013 ?

?????
?????-????
??????
????????????
??????????
?????????????? ???? 2 030 ??? ????????
????????????? ???????? ?? 23,4
(1) ?????????????? ??????? ? ?????? ??????????
- ?????????? ??????? ???????? ? ?????? ??????
? ???????? ???????? ?????????????? ????????
- ?????????? ??????
?????? ???, ??? ???? ?????. ?????? ???????
14
?????????????? ????????? ?????? ??????????????
(??? ???)
No ???????????? ??????? ??? ???????? ????????, ??? ??? ????? ??????????? ??????? ?? ????? (???. ????.???) ??????????? ??????? ?? ????? (???. ????.???) ??????????? ??????? ?? ????? (???. ????.???) ??????????? ??????? ?? ????? (???. ????.???) ??????????? ??????? ?? ????? (???. ????.???) ??????????? ??????? ?? ????? (???. ????.???) ??????????? ??????? ?? ????? (???. ????.???)
No ???????????? ??????? ??? ???????? ????????, ??? ??? ????? 2007 2008 2009 2010 2011 2012 ????? 2007-2012
?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ???????? ?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ???????? ?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ???????? ?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ???????? ?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ???????? ?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ???????? ?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ???????? ?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ???????? ?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ???????? ?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ???????? ?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ???????? ?????????????? ???????? ?? ?????? ??????????, ?????????? ?? ????????
1 ??? ??????????????? ???? ???? 420 2010 136 229 126 21 0 0 512
2 ??? ?????????????? ???? ?? 410 2010 82 58 179 93 0 0 412
3 ?????-???? ????? 1200 2010-2013 4 76 85 135 104 47 451
4 ????????? ???????????? ??? ????? ??????, ? ?.?. ???? ????????? ???????????? ??? ????? ??????, ? ?.?. ???? ????????? ???????????? ??? ????? ??????, ? ?.?. ???? ????????? ???????????? ??? ????? ??????, ? ?.?. ???? 191 247 260 306 289 315 1608
  ????? ???-5 (???.????.???) ????? ???-5 (???.????.???) ????? ???-5 (???.????.???) ????? ???-5 (???.????.???) 413 610 650 555 393 362 2983
?????????? ??????? ??????????? ? ????. ??? ??
????? 25.0 - ??????? ? ???????????? ?
??????????????? ? ?????????? ?????????? ??? ????
15
???????? ?????????????? ?????????? ??
????????????? ??????????
???-5

• ????????????? ?????????? ? ???-5 ???????? ??
  ??????? ?????????? ?????????? ???????????
  ????????????????, ???????????? ???????
  ?????????????? ????????? ????, ??????????
  ?????????? ????, ? ????? ?? ?????????????
  ?????????? ????? ?????????? ? ?????????????
  ???????? ? ???????? ???????? ???????????
  ?????????????? ??????????
• ????????? ?????????? ???????? ?????? ????????? ??
  ???? ??????????, ?????? ?????? ?? ???? ?
  ????????? ? ????????????? ????????? ?????????? ?
  ???????????? ????????
• ??? ?????? ?????????? ???????? ?????????????
  ????????? ???????? ?? ?????? ?? ?????? ?
  ??????????????? ?? ?????????, ????????,
  ??????-???????????? ? ?????????????? ??????????
  ?? ??????????. ? ??????? ????????? ????????????
  ???????????????? ?????????. ? ??????? ?????????
  ?? ?????? ? ?? ?????? ? ???????????????
  ???????????? ??????????? ????????
• ??????????? ???????? ? ???-?????????? ????????
  ???????? ????????????? ?????????????? ? ??????
  ???????? ?????????, ??????????? ?? ????? ??? ??
  ??? ????. ????? ????????????? ??????????????
  ?????????????? ? ?????????????? ?? ?????? ???? ?
  ?????? ?????????? ??????? ???????? ???????????
  ?????????????
• 10 ??????? 2006 ?. ??????? ?????????? ??????????
  ????????? ????????? ??? ???-??????????? ????????
  ? ??????? 2 ????????? ???????? ????????. 1 ??
  ??? ???????? ?? ????? ? ?????? 2006 ?.

?????? ???-5
15
16
5 ?? ???-5
????????????? ???????????? ? ???????? ????????
?????? ????????????? ??????? ? ????????????????
?????????????
????????????? ????? ? ???? ?????? ?? ?????
????????????? ??????? ?????? ?????????????
?????? ??????? ???????????? ????????, ???????
????? ???????? ?? ????????? ??? ???
?? ??????? ????????????? ?? ? ??? ???
?????????????? ?????? ???-5 - ???? ?????????
????? ????????? ??????