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Results of the Board of Directors Meeting on April 24, 2018

April 25, 2018. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a regular meeting on April 24, 2018.


The Board of Directors approved the report on execution of PJSC RusHydro’s 2017 business plan, including reports on fulfillment of investment program such as integrated modernization of generating facilities and an annual integrated procurement program.

In 2017 the Group has commissioned the first phase of Yakutskaya GRES-2 with installed capacity of 193.5 MW and small HPP Bolshoy Zelenchuk with installed capacity of 1.26 MW. Sayano-Shushenskaya HPP has been fully restored and construction of Boguchanskaya HPP has been completed.

Installed capacity of RusHydro’s hydropower plants increased by 42.5 MW following an integrated modernization program of the Group’s generating facilities.

In 2017, PJSC RusHydro has carried out 2,387 procurement procedures, 88% through competitive tendering. Single source participant’s share decreased by 19%. Small and medium size businesses participated in over 38% of tenders. Implementation of the integrated procurement program helped save over RUB 14 mn.

Electricity production and output in 2017 beat the plan and represented 104.8% and 105% from the initially budgeted numbers, respectively. The growth came on the back of higher water inflow to the reservoirs of the hydropower plants on the Volga-Kama cascade and to the reservoir of Bureiskaya hydropower plant as well as normal-level water inflow to Novosibirskoe and Sayano-Shushenskoe reservoirs.

The Board of Directors took note of the report on execution of RusHydro Group’s 2017 consolidated business-plan, including a consolidated investment program and expense optimization activities.

In 2017 the Group reported a net profit of RUB 22.5 mn and revenue including government grants of RUB 380.9 mn. Moreover, according to the preliminary results of expense optimization plan for 2017 – 2021 conducted by an independent auditor, the Company has managed to reduce its operating expenses by RUB 6.7 mn, including RUB 1.6 mn of G&A expenses.

The Board also reviewed the report on execution of the Company’s KPIs and KPIs of members of the Management Board for 2017 and approved KPIs for 2018.

The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
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