Resolutions of the December 27, 2019 and December 30, 2019 Board of Directors meeting

31 December 2019

On Dec. 27, 2019 and Dec.30, 2019, the Board of Directors has conducted two Board meetings. In the course of the meetings directors have scrutinized and decided on the range of corporate issues.

During the Dec.27, 2019 meeting the Board of Directors has examined and approved the Company’s business plan for FY2020. The key parameters of the FY2020 business plan is as follows*:

RUB million 2019 E 2020 F
Sales, incl. 94,112 80,585
Electricity transmission 78,387 79,362
Connection 730 844
Energy sales 14,639 0
Expenses (incl. adm. & comm. expenses) 88,821 76,419
Net profit 2,055 1,974
Debt by the end of the period 16,706 18,687
EBITDA 9,337 9,734
Debt/ EBITDA 1.79 1.92

During the Dec.30, 2019 meeting the Board of Directors decided to expand the Executive Board to the 7-member composition by inclusion of Dmitry Vladimirovich Vyalkov, Deputy General Director for Development and Sales.

In the course of the meeting, the Board of Directors has also adopted the action plan on improvements in the Company’s risk management system, Company’s Insurance Coverage Blueprint for 2020, Company’s underwriter, as well as decided on other agenda items.



Certain statements in this document are forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks include the risk of changes in the Company’s operations and business prospects, the general financial and economic circumstances, relating to regulation of the Russian electricity industry and the Russian legislation, the competition and other risks. Many of these factors are beyond the Company’s ability to control or predict. Given these and other uncertainties, the Company cautions not to place undue reliance on any of the forward-looking statements contained herein or otherwise.

The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable Russian federal securities laws.

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