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53 Russian thermal power sector corporate structure OGK’s TGC’s Russian power market liberalization Power price Capacity price Heat price Russian Electricity Market Power (primarily) Power & Heat Common use To cover variable costs To cover fixed costs and CAPEX Regulatory assets base (RAB) regulation expected Source: company data, Minenergo 1. Industrial enterprises’ power plants, including thermal and hydro Organization Relatively large thermal power plants located in distinct regions Relatively small local combined heat and power plants located in particular region Free pricing Gazprom presence Russian power plants installed electric capacity Nuclear 11% Source: System operator of the UES data as of 01.12. 2011 Comment Power market is a liberalized wholesale market (excluding individuals - about 20% of the total consumption). Regulation is through price caps and special tariffs for noncompetitive producers. About 50% of market is under regulation. Higher margin for the most effective producers Heat market so far remains fully regulated. Base principles of expected RAB: return on investment, longterm tariffs and unchanged regulation base. Gas (fuel) Gas market is expected to be liberalized after 2014 Hydro 20% Other (1) 6% Thermal 63% Gazprom Energoholding - Investor Day 2012
54 Coal 11% GEH fuel mix Moscow Oil-fuel 1% Gas 88% Key Assets Overview St. Petersburg Surgut 1. Since OGK-2 and OGK-6 merged at November 1st, 2011 2. As of 01.02.2012 3. As of 01.02.2012 (Includes the additional issue (1-02-65105-D-004D), traded since 22.12.2011) Krasnoyarsk Installed electric capacity 37.0 GW Installed heat capacity 54.015 GCal/h 53.5% Installed electric capacity 12.3 GW Installed heat capacity 35.083 GCal/h Market capitalization USD 2.5 bln (2) 51.8% Installed electric capacity 6.8 GW Installed heat capacity 14.616 GCal/h Market capitalization USD 1.2 bln (2) 57.6% Installed electric capacity 17.9 GW Installed heat capacity 4.316 GCal/h Market capitalization USD 1.6 bln (3) Gazprom Energoholding is a leading power and heat generator in Russia operating through the wholesale market (1) Gazprom Energoholding - Investor Day 2012
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Scale Does Matter Gazprom Investor
Page 3 and 4: 2 Strategy Export Finance Gazprom N
Page 5 and 6: 4 Strategy Part 1. Vlada Rusakova M
Page 7 and 8: 6 6 6:1 5 5:1 4 4:1 3 3:1 2 2:1 1 1
Page 9 and 10: 8 Exploration & Production Develop
Page 11 and 12: 10 Gazprom’s priority projects in
Page 13 and 14: 12 GAS RESERVES (А+В+С1+С2), bc
Page 15 and 16: 14 Gas CAPEX 2012-2030F Structure o
Page 17 and 18: 16 Consumption (monthly), bcm Europ
Page 19 and 20: 18 bcm 900 800 700 600 500 400 300
Page 21 and 22: 20 Export volumes in 2011E 278 m t
Page 23 and 24: 22 USD/mm btu 22 20 18 16 14 12 10
Page 25 and 26: 25 Finance Part 3. Andrey Kruglov D
Page 27 and 28: 15% 10% 5% 0% 11% Total sales reven
Page 29 and 30: 28 1,000 800 600 400 200 0 21.4% 45
Page 31 and 32: USD bln 60 50 40 30 20 10 0 1.6 1.2
Page 33 and 34: 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 0.8%
Page 35 and 36: Conclusion Natural gas - the future
Page 37 and 38: 36 Gazprom Neft Part 4. Vadim Yakov
Page 39 and 40: 38 8% organic production growth in
Page 41 and 42: 40 Focus on high margin retail sale
Page 43 and 44: 42 50,000 40,000 30,000 20,000 10,0
Page 45 and 46: 44 6 5 4 3 2 1 0 Source: Gazprom Ne
Page 47 and 48: 46 1 2 3 Rotterdam Yamal peninsula
Page 49 and 50: 48 1. Based on average Broker estim
Page 51 and 52: 50 Operational performance, financi
Page 53: Part 5. Denis Fedorov 52 Gazprom En
Page 57 and 58: 56 Cooperation of Gas and Electrici
Page 59 and 60: 58 Sales, RR bln EBITDA, RR bln Net
Page 61 and 62: 60 Completion of the OGK2 and OGK6
Page 63 and 64: 62 Multiples EV/Sales EV/IC 0.9x 0.
Page 65 and 66: 64 491 Value Drivers [3/5]: Capacit
Page 67 and 68: 66 Value Drivers [5/5]: Efficiency
Page 69: Gazprom Energoholding Investor Rela
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