Moscow Exchange listing

The Company’s shares have been traded on the Moscow Exchange (formerly MICEX Stock Exchange). since February 4, 2008 (ticker: HYDR). The securities are listed in Level 1, the Exchange’s top quotation list.

Index inclusion:

• MOEX Russia Index (previous name – MICEX Index) IMOEX;
• Electric Utilities Index MOEXEUP;
• Broad Market Index MOEXBMI;
• State-Owned Companies Index MOEXSCI;
• FTSE Emerging Index AWALLE;
• FTSE All-World Index AWORLDS;
• FTSE4Good Emerging;
• NASDAQ Russia NQRU;
• Nasdaq AlphaDEX Emerging Markets NQDXEM;
• STOXX Russia Total Market TCRUP;
• STOXX Optimized Russia EEORGT.

Item	2016	2017	2018
Trading mode	T+: stocks and DRs	T+: stocks and DRs	T+: stocks and DRs
Currency	RUB	RUB	RUB
Maximum trade price	0.994	1.100	0.810
Minimum trade price	0.575	0.717	0.476
Year-end trade price	0.926	0.729	0.486
Trading volume, bn pcs	134	173	136

Shares traded on the global market

As at December 31, 2018, the number of shares traded outside of the Russian Federation in the form of ADRs and GDRs stood at 11,639,652,200, or 2.73% of the Company’s authorized capital.

Item	2016	2017	2018
Maximum trade price, USD	1.570	1.810	1.370
Minimum trade price, USD	0.750	1.200	0.640
Year-end trade price, USD	1.455	1.200	0.660
Trading volume, bn pcs	188	175	195

Type	Start of trading	Depositary bank	Ratio	Ticker	Quantity as at December 31, 2018, pcs	Trading platforms
Rule 144А GDRs	June 17, 2008	The Bank of New York Mellon	1 GDR = 100 ordinary shares	HYDR	78,273	London Stock Exchange (Main Market – IOB)
Level I ADRs	August 7, 2009	The Bank of New York Mellon	1 ADR = 100 ordinary shares	RSHYY HYDR	116,318,249	OTCQX London Stock Exchange

Share performance over the last three years

2016

In 2016, the MOEX Russia Index added 27%, the MOEX Electric Utilities Index – 110%, and RusHydro shares grew by 36%. The domestic market was buoyed by the expected recovery of the Russian economy and ruble appreciation in the second half of the year. RusHydro shares grew on the back of high dividend payments, full liberalization of the HPP capacity market in Siberia, as well as overall strong hydro performance thanks to higher water levels. An additional boost to shares was provided by measures to optimize operating and investment expenses, decisions on refinancing the debt of RAO ES East Subgroup by signing a forward contract for RUB  55 bn in equity capital with VTB Bank (PJSC), and full consolidation of the RAO ES East shares for 100% ownership. The shares also benefited from the disposal of major assets by the Company for a total amount of over RUB 15 bn.

2017

In 2017, the MOEX Russia Index was down 6%, the MOEX Electric Utilities Index – 110%, and RusHydro shares lost 21%. The Russian market faced headwinds in the form of geopolitical risks, which included talks on new US sanctions as well as lower interest in Russian companies on the part of global investors given the stricter monetary policy in the US and oil price volatility. For most of the year, RusHydro’s shares traded in line with the market. At the end of the year, the share price was driven down by the news of RusHydro’s Board of Directors resolving to suspend the construction of Zagorskaya PSPP-2.

2018

In 2018, the MOEX Russia Index was up 7.8% year-on-year, while the Moscow Stock Exchange Power Index was down 11.4%, with shares in RusHydro losing 33.4%. In 2018, the market value of RusHydro shares decreased against a backdrop of the general lack of investor interest in the electric power industry. In Q1 2018, RusHydro’s shares traded in line with the market. From Q2 2018 onwards, the Russian market and RusHydro shares were under pressure from sanctions on RUSAL Group, the biggest power consumer in Siberia and the Group’s partner on the BEMO project, geopolitical risks, including talks on introducing new sanctions by the US (DASKA, August 2018), as well as lower interest in emerging market companies with no USD-denominated export revenue on the part of global investors while the US was tightening its monetary policy. Starting mid-October, RusHydro’s shares began dropping in price due to investor and analyst expectation of MSCI excluding the Company from its Russia index, which it did in late November 2018.

Capitalization