Share capital

PJSC Inter RAO has charter capital of RUB 293,339,674,800.00, which is split into 104.4 bln ordinary shares with par value of RUB 2.809767 each. The state registration number of the issue is 1-04-33498-Е, and the date of state registration is December 23, 2014. The shares are included in the First Tier of the List of Securities that are permitted to trade on PJSC Moscow Exchange, the exchange’s highest tier. As of December 31, 2019, PJSC Inter RAO had no preferred shares.

The Russian Federation, as represented by the Federal Agency for State Property Management, owns 493.69 ordinary shares (0.0000005% of charter capital). The Russian Federation has no special right to manage the Company (‘golden share’).

PJSC Inter RAO had a total of 355,266 shareholders as of December 31, 2019, including 352,478 individuals.

Structure of share capital

As of December 31, 2018, % — **As of December 31, 2018,** %

As of December 31, 2019, % — **As of December 31, 2019,** %

The proportion of quasi-treasury sharesIn accordance with the Group’s Development Strategy until 2020, shares in PJSC Inter RAO owned by JSC Inter RAO Capital may be used by a major international strategic investor or group of financial investors with a potential increase in free float and other transactions that aim to enhance investment appeal. owned by JSC Inter RAO Capital is 29.56%.

The change in the proportion of share ownership of JSC Inter RAO Capital from 29.39% to 29.56% (including indirect ownership) resulted from transactions involving the purchase and sale of PJSC Inter RAO shares. The increase in the proportion of free-float from 33.74% to 34.24% resulted, among other things, from PJSC FGC UES selling a block of shares in PJSC Inter RAO to independent financial investors.

The Company does not have any information about other shareholdings exceeding five percent.

Starting from April 2, 2018, the register of securities owners of PJSC Inter RAO is maintained by Joint-Stock Company VTB Registrar about which information is provided in the ‘Contact Information’ section.

34.24% the proportion of PJSC Inter RAO shares in free float as of December 31, 2019The number of shares in free-float is determined based on an analysis of the share capital ownership structure by subtracting the number of shares not in free-float from the total number of the Issuer’s shares. The calculation is made in accordance with the Listing Rules of PJSC Moscow Exchange and the approved Methodologies for calculating the free-float ratio.

Geographical breakdown of shares in free float among foreign investors as of December 31, 2019, % — **Geographical breakdown of shares in free float among foreign investors as of December 31, 2019**The analysis of changes in share purchases and sales by equity funds was prepared based on an independent analytical study of the shareholder base on February 5, 2020 (Shareholder Identification, 2019). A total of 77% of free float holders are disclosed., %

Shares in free float with a breakdown by type of investor as of December 31, 2019, % — **Shares in free float with a breakdown by type of investor as of December 31, 2019**The analysis of changes in share purchases and sales by equity funds was prepared based on an independent analytical study of the shareholder base on February 5, 2020 (Shareholder Identification, 2019). A total of 77% of free float holders are disclosed., %

Information about ultimate beneficiaries as of December 31, 2019 [GRI 201-4]

Organization	Ultimate beneficiary	Number of shares
Organization	Ultimate beneficiary	Total shares	Percentage of charter capital
Russian Federation as represented by the Federal Agency for State Property Management	Russian Federation	493.69	0.0000005
ROSNEFTEGAZ Group		28,844,020,032.02	27.63
PJSC FGC UES		8,946,053,950.04	8.57
Company’s shareholders that are part of the Inter RAO Group		30,859,369,958.24	29.56
Other shareholders (shares in free float)		35,750,555,566.01	34.24
Total		104,400,000,000.00	100.00

Entities listed in the PJSC Inter RAO register of shareholders with more than 2% of the Company’s voting shares as of December 31, 2019

Shareholder	Number of shares as of December 31, 2019
Shareholder	Total shares	Percentage of charter capital
JSC ROSNEFTEGAS	27,526,226,998.90	26.4%
JSC Inter RAO Capital	30,160,012,746.24	28.9%
Non-Bank Credit Institution Closed Joint-Stock Company National Settlement Depository (nominee holder)	34,519,244,580.15	33.1%
Limited Liability Company Depositary and Corporate Technologies (nominee holder)	8,946,053,950.04	8.6%
Total	101,151,538,275.33	96.9%

Depositary receipts

In 2008, PJSC Inter RAO, together with the Bank of New York Mellon, acting as a depositary bank, opened a program for global depositary receipts issued for the Company’s shares according to Regulation S and Rule 144А (1 GDR = 100 ordinary shares). As of December 31, 2019, the GDR program accounted for 0.014% of the Company’s charter capital.

Considering the considerable share of foreign investors in PJSC Inter RAO (including through direct share ownership), the Company provides simultaneous disclosure in English via the information disclosure service authorized by the UK regulator in addition to the statutory information disclosure in Russian information disclosure service.

Detailed information about the GDR program is available at the website.