This document provides an overview of the Russian power industry structure and IDGC of Centre's position within the industry. It discusses the key strategic priorities of IDGC of Centre and provides benchmarking data comparing IDGC of Centre to other major Russian regional grid companies by market capitalization, revenue, net profit, and regulated asset base. The document also includes standard disclaimer language about the accuracy of the information presented.

1. IR PRESENTATION
Preliminary Results Y2011
The Russia Forum 2012 (Troika Dialog)
January 31 – February 03, 2012

2. Disclaimer
The information in this presentation was received from the sources, which in opinion of IDGC of Centre (“the Company”)
are reliable. Nevertheless, we do not guarantee the accuracy of the given information, which may be short or incomplete.
All opinions and estimations contained in the present material reflect our opinion at the date of publication, and are
subject to the change without any notice.
This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer
to purchase or subscribe for, any shares or other securities representing shares in the Company, nor shall it or any part
of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with any contract or
investment decision.
The information in this presentation includes forward-looking statements. These forward-looking statements include all
matters that are not historical facts, statements regarding the Company’s intentions, beliefs or current expectations
concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth,
strategies, and the industry in which the Company operates. By their nature, forward-looking statements involve risks
and uncertainties, including, without limitation, the risks and uncertainties to be set forth in the prospectus, because they
relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that
forward looking statements are not guarantees of future performance and that its actual results of operations, financial
condition and liquidity and the development of the industry in which the Company operates may differ materially from
those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the
Company’s results of operations, financial condition and liquidity and the development of the industry in which the
Company operates are consistent with the forward-looking statements contained in this presentation, those results or
developments may not be indicative of results or developments in future periods
The Company does not bear the responsibility for consequences of use of opinions containing in the present report or
applications, or for incompleteness of the information. No person is under any obligation to update or keep current the
information contained herein.
By attending the presentation you agree to be bound by the foregoing limitations.
2

3. I.
Key strategic priorities of the Company
3

4. Industry Structure
Industry restructuring 2003-2007 Current Tariff Structure
Market Board 100%
Hydro UGC 63% 3%
System Operator 34%
Heat UGC Power Generation Sales
Federal Grid Company Transmission & Distribution
Transmission network
220 kV and above)
TGC
RАО UES
HOLDING Other power generating
of Russia
IDGC companies
Power Generation
17%
34%
7%
Holding IDGC Losses TGCs
(11 IDGCs –distribution Sales 4% 6%
network 110 kV and
below, 7 sales, 5 DGCs,
others)
Others the structure is provided according to the results of
Infrastructure
2011 tariff campaign
Benchmark among IDGCs (9m2011)
MCap (12.2011), RUR billion Revenue, RUR billion Net profit, RUR billion RAB, RUR billion
МОЭСК
MOESK 79 MOESK
МОЭСК 91 MOESK
МОЭСК 13,1 МОЭСК
MOESK 205
МРСК Центра
IDGC of Centre 25 МРСК Центра
IDGC of Centre 50 IDGC of Centre
МРСК Центра 5,6 МРСК Центра
IDGC of Centre 121
МРСК Центра МРСК Центра МРСК Центра МРСК Центра
IDGC ofУрала
МРСК Urals 17 IDGC of Centre МРСК ЦП
and Volga 47 МРСК ЦП
IDGC of Centre and Volga 3,2 IDGC of CentreМРСК ЦП
and Volga 85
МРСК ЦП МРСК ЦП МРСК ЦП
ЛенЭнерго
IDGC of Centre МРСК ЦП
and Volga 17 МРСК Урала
IDGC of Urals 40 IDGC of Урала
МРСК Urals 2,3 Lenergo 79
МРСК Волги 16 МРСК Сибири
IDGC of Siberia 39 МРСК Волги
IDGC of Volga
МРСК ЦП 2,1 IDGC of Волги
МРСК Volga 77
IDGC of Volga
Ленэнерго
Lenergo 11 # 2 МРСК Волги
IDGC of Volga 35 #2 МРСК СK
МРСК СK
IDGC of NC 1,7 # 2 IDGC of Урала
МРСК Urals* 57 # 2
МРСК Сибири
IDGC of Siberia 11 ЛенЭнерго
Lenergo 27 МРСК СЗ
IDGC of North-West 1,3 МРСК Сибири*
IDGC of Siberia* 52
МРСК СЗ 7 МРСК СЗ 23 Lenergo
ЛенЭнерго 1,2 МРСК Юга* 38
IDGC of North-West
МРСК СЗ IDGC of North-West
МРСК СЗ МРСК СЗ IDGC of South*
МРСК СK
МРСК Юга 3 МРСК Юга 17 IDGC of Сибири 1,0
МРСК Siberia МРСК СЗ*
IDGC of North-West* 23
IDGC of South IDGC of South
4 МРСК СK
IDGC of СK
МРСК NC 2 МРСК СK
МРСК СK
IDGC of NC 8 IDGC of South 0,0
МРСК Юга МРСК СK*
IDGC of NC*
МРСК СЗ 18
* indicative

5. Introduction
Service area–
10 2011
458 000 8
km2 11
IDGC of Center 2 4 MCap, RUR billion 27,4
15% of the as at January 27, 2012
1 Belgorodenergo Russian
2 Bryanskenergo population Revenue (IFRS) 68,1
RUR billion
3 Voronezhenergo
Length of lines, 374,7
4 Kostromaenergo Yaroslavl km thousand*
Smolensk Tver
5 Kurskenergo Substation capacity,
MWA
6 Lipetskenergo Bryansk IDGC of Centre Kostroma 31 506
35-110 kV
Kursk Orel
7 Orelenergo Lipetsk
6-10/0.4 kV 15 353
Belgorod
8 Smolenskenergo
Tambov
Voronezh
9 Tambovenergo Staff number 31 036
10 Tverenergo
11 Yarenergo 5 7 Number of 16 775
9 shareholders**
6
The Company controls 83,6% of
power transmission market – tariffs
1
3
are regulated by the State *- overhead power lines 0.4-110 kV
** - as at 12.05.2011 – the date of registry closed
5

6. Story line 2010-2011
09.2010 11.2010 12.2010 01.2011 06-08.2011 12.2011
12.2004 –
2009
Board of directors approved 5 years RAB tariff system Successful The Company fulfilled its
the Regulations had been adopted in implementation of the obligations for dividend
on the dividend policy Orelenergo and business plan and the payments of USD 20.1 million
based on a system Bryanskenergo investment program for (RUR 611 million) (the pay-out
executing a set of criteria iRAB amounts USD 3.9 billion 2010, the actual volume ratio – 12.6%); Company stocks
(RUR 118 bln) of CAPEX amounted to moved across to MICEX
December‟04 103% of the plan –USD quotation list A2; 1H2011 IFRS
As part of RAO UES reforming 401 million (RUR 12 financials have been reported ,
IDGC of Centre and North billion) demonstrating growth of the key
Caucasus had been registered for financial indicators
RGC integration
April „07 The first stage of The company acquired 5 years RAB tariff Company developed and
The final structure of the Company Smart Grid 100% of Yargorelectroset , system adopted in approved the Program of
had been accepted, including program is the share of IDGC of Kostromaenergo, innovative development
11 regional grid companies completed in Centre in regional grid Tambovenergo, for 2011-2016
of central Russia (the decision of
The board of directors of RAO Belgorod assets increased to Voronezhenergo,
90% Smolenskenergo Board of directors
UES)
and Yargorelectroset approved Business Plan
March „08 Affiliation of RGCs and Investment Program
May „08 Listing on MICEX and RTS for 2012
6

7. Strategic goals of the Company (1)
Improvement of quality and reliability of customer services
• implementation of production program;
1 • implementation of repair program. The planned amount of repair program for 2012 is RUR 1,5 bn,
6% up than expected fact of 2011;
• implementation of Investment program. The investment program for 2012 includes capital
expenditures of RUR 14,3 bn, expecting reduction of CapEx by (-5,5%) in compare with expected fact for
2011
Improving the efficiency of operating and investment activities
2 • implementation of selected economically attractive investment projects, approved within
the investment program for 2012;
• reduction of management costs
Improving the investment attractiveness
• extension of long-term regulation period in order to save the parameters and to reduce
3 the tariff pressure on consumers;
• implementation of measures for share liquidity improvement;
• possible privatization 2013-2014
7

8. Strategic goals of the Company (2)
Improving the energy efficiency and providing the
innovative development
4
• full implementation of asset management methodology, integration of asset management
system with geo-informational system, that will allow to manage the technical risks (risks of failure
of process equipment)
Improving the availability of power grid infrastructure
5 • integration of power grid assets of TGC and consolidation of power grids
Development of human capital
• implementation of knowledge and competence of key functional specialists and staff
reserve assessment system;
6
• development of personnel motivation system
8

9. Company structure and key shareholders
Russian Federation Share capital
structure, %
53.69%
IDGC Holding Minor shareholdres 50,23 15,90%
50.23% 49.77%*
Group of companies
Free float
IDGC of Center, JSC 30%
8,40%
Subsidiaries – 100% 3,20%
2,73%
1,45%
18,09%
Energyservice Yargorelectroset,
Energetik, JSC
company, JSC JSC
IDGC Holding, JSC
The main activities are Yargoreletroset, JSC is the 51%
providing saving energy largest Territory Grid GENHOLD LIMITED
services , energy Organization in the Central
efficiency Federal Region. The result of YarESK, JSC THE BANK OF NEW YORK MELLON
11 operating acquisition of the 100% stake is
that IDGC of Center now
business controls more than 90% of 100% IMMENSO ENTERPRISES LIMITED
units power grid assets in the
Yaroslavl region CIEET, Closed Energosoyuz Holdings Limited
JSC
RUSENERGO FUND LIMITED
Centre of innovations Others
and energy efficient
technologies
* - including the State share 0.46%
9

10. Share capital structure and
corporate governance
Supreme governing body:
General Meeting of
Auditor Shareholders
Developed corporate Strategic
Audit
governance practice, Commission
governing body:
leading position among Board of Directors 5 Committees:
External control for financial
IDGCs activities of the Company
Committee
Management board on Strategy
Chairman of the Committee
Management Board–
History of IDGC of Center corporate on Audit
General Director
rating on the national scale
Committee
on personnel
NRCG
Confirmed August’ 11
Internal Control and Committee
Upgraded (7+) March ‟ 11
Audit Department on reliability
Confirmed July’ 09
Confirmed February’ 09
Committee
Assigned September’ 08 Internal control for financial
on TC*
activities of the Company
* - technological connection
10

11. Development of energy saving technologies -
Energyservice Company, JSC
Russian Government Program
“Energy saving and improving the
energy efficiency till 2020” *
The structure of forecast
The key activities
revenue**
СМР вwithin the concession agreements
CIW рамках концессионных соглашений
 Participation in investment and repair
programs of IDGC of Centre (development, СМР по прямымstraight contracts with IDGC of Centre
CIW within the договорам с МРСК Центра
1 reconstruction, repair of energy equipment, Услуги прочим заказчикам
Services for the other customers
строительство, clearing and expansion of firebreaks)
Ремонтная деятельность
Repair activities
Расширение просек
Expansion of firebreaks
 Organizing and conducting energy audits, Conducting the energy research
Проведение энергетического обследования
2 developing action plans on losses reduction
Services of contact center
Услуги контактного центра
of energy sources for customers;
 Financial engineering and implementation 3% Revenue forecast for
of turnkey energy saving projects 2012 is RUR 1,8 bn*
7%
3
8% 29%
 Implementation of concession
13%
agreements in the area of power grid
4 construction and development of street
light lines;
15% 25%
 Providing services on sales companies
5 market (energy saving contracts, energy meters
market)
* - 100% subsidiary of IDGC of Centre
** - BP for 2012
11

12. II.
Financial and operating indicators: preliminary results 2011
(RAS)
12

13. Key RAS figures 2009-2011FF
68,1 Revenue
60,4 RUR bn
49,1
от технологического
from technological
присоединения
connection
65,7
57,6 прочие services
other услуги
46,9
from power Indicators 2009 2010 2011FF*
от передачи э/э
distribution
Revenue growth, inc.: 12,6% 23,1% 12,8%
2009 2010 2011ПФ
Growth of revenue from 16,7% 22,8% 14,1%
19,9% EBITDA power distribution
18,1% margin %
15,6% Growth of revenue from
13,6 EBITDA technological (40,8%) 32,7% (23,3%)
11,0 RUR bn connection
7,6
EBITDA growth 13,0% 43,6% 23,7%
2009 2010 2011ПФ
7,8% Net profit growth 44,4% 255,2% 9,7%
7,6% Net Profit
margin %
ROE 3,14 11,12 11,25
2,7%
Net Profit,
4,7 5,2 RUR bn
1,3
2009 2010 2011ПФ
Productive
54,1 supply
53,4
51,5 (inc. TGCs)
kWh bn
2009 2010 2011ПФ * - Forecast Fact
13

14. Dynamics of costs structure
Dynamics of costs structure
RUR bn
2009-2011FF*:
70,0
60,0
11,8%
24,5%
50,0
Type of cost, RUR bn 2009 2010 2011FF* %2011/2010
Purchased energy for
40,0 6,8 9,2 8,7 -5,6%
losses compensation
42,3
37,8 FGC UES, JSC services 7,8 11,0 12,8 16,5%
30,0 30,4
DGCs services 8,0 9,4 11,2 18,7%
20,0
4,8% 1,3% Services of contractors
for maintenance and 0,6 0,5 0,5 -7,6%
repair of equipment
10,0
14,1 14,7 14,9 Labor costs 6,0 7,5 8,0 6,8%
Insurance fee 1,4 1,9 2,6 40,5%
0,0 Raw and materials 1,4 1,7 2,0 20,7%
2009 факт
fact 2010 факт
fact 2011 ПФ
FF
Amortization of fixed
Неподконтрольные затраты
Uncontrollable costs 4,0 4,3 5,2 20,5%
assets and NMA
Controllable costs
Подконтрорльные затраты Leasing 1,8 1,3 0,9 -31,5%
Rent fee 0,3 0,4 0,5 32,4%
Others 6,3 5,3 4,8 -11,1%
Total 44,4 52,6 57,2 8,9%
* - Forecast Fact
14

15. Loan portfolio dynamics & credit rating
Net debt/EBITDA, RUR billion Credit rating history
40 2,0
35
30 1,4 1,4 1,3 1,4 1,5
25
18,7
20 14,7 1,0
13,6
15 9,3 10,8 11,0
10 6,8 7,6 0,5
5
0 0,0
2008 2009 2010 2011ПФ
History of IDGC of Centre credit rating
EBITDA Net debt
Чистый долг Net Debt/EBITDA
Standard&Poor‟s
Confirmed February‟11
Recommended Confirmed July ’10
ratio Net Debt/EBITDA = 3 Assigned November‘09
Structure of loan portfolio %, 2011 NRА*
3% Confirmed (outlook
December „11
“Positive”)
Sberbank
Сбербанк
12% Upgraded (level AA-) December ‘10
ВТБ
VTB Confirmed October ’10
Upgraded (level A+) September ’08
Avg. rate Росбанк
Rosbank
Upgraded (level А) August ‘07
18% 8,35%
49% Альфа-Банк
Alfa-Bank
Gazprombank
Газпромбанк
18%
* National Rating Agency
15

16. Expected CAPEX for 2011-2015
amounts to RUR 102 billion*
Main uses of CAPEX in 2012
Commissioning power 9,2% 100%
Commissioning, on fixed assets
Year 1,32
RUR billion
km MVA 3,0 % 0,4%
6,1% 0,43 0,05
0,43
2009 7,7 2414 877
10,0 4155 1050 0,88
2010 6,3%
2011* 13,9 4374 1385 0,91
35,9%
2012F 14,4 4010 811 14,35 14.35
* Forecast Fact
5,16
Sources of finance in 2012
39,0%
2%
2%
Тарифные источники
Tariff sources 5,6
RUR billion
Заемные средства
Borrowed sources - Replacement of the main power equipment
36%
Прочие собственные - New construction(substations, overhead и cable lines)
Other own sources
средства - ASMD systems, connection, IT
60%
Payments for
Плата за ТП - Developing/Modernization of accounting systems
technological connection - Modernization and reconstruction
- Purchase of fixed assets
- Others
16

17. Tariffs 2012 – main schedule points
Government approved the Decree 1178 of 29 December, 2011 "On the pricing of regulated tariffs in the
Electric Power Industry
before 1 January
In the case of absence
2012
The approval of regional regulators of common rates of tariffs for  IPR to 2018
the period from 01 January 2012 till 30 June 2012, at the level ≤
2011 (subject to execution of the Decree 1172) - is satisfied.
 Approval of FTS of
Russia of long-term
Before 1 April 2012 RAB regulation
strandards
Adoption of regional regulators solutions as follows:
- Establishing (or revising) of a long-term options for RAB-
regulation from 01 July 2012 and aligning them with the
FTS of Russia;
- Establishing of tariffs for electricity transmission for 2H2012,
provided not exceeding the 11% average growth rate
compared with approved tariff level from 01 January 2012 Method of long-term
indexing
1 July 2012
Approval of the new tariff decisions
17

18. Key points of 1178 Decree
from 1% to 3% (3% - in the
long-term Must be approved by the
case of growth
period of FTS of Russia (RECs’ can
Efficiency (OPEX/CU* i-1 :
OPEX/CUi >
regulation not make changes) index 2*CPI forecast 1-st year of RAB
(LPR) regulation ( i – period of transition)
* conventional unit
«Leverage»:
Value of debt at the end of Territorial grids: for new
each year of the period IC** - approved by FTS
must be >=25% of the in agreement with MED;
invested capital; for old IC – approved by
Correspondence of growth regional regulatory
Criteria for
of the average tariff rate
Rates of
LPR regulation agencies
with Ministry of return (1=< return on old
Economical Development
capital<=return on new
(MED) forecast (no
increase in 2013 above
capital)
** invested capital
10%)
For 1st period of LPR – in
Based on the actual
accordance with MED
commissioning of the
Invested actual inputs on CAPEX Amount of standard, further taking
into account temps of
capital basis since 01.07.2014 – losses decrease in accordance
taking into account with an energy saving
actual load program***)
*** 10% penalty is applied in the case
of absence of the program
Require changes in the guidelines for tariff regulation on RAB basis № 231 of 26 June, 2008 and approval
of the FTS in agreement with MED on rates of return on new capital
18

19. III.
M&A projects - grid assets integration and key steps for
investment attractiveness improvement
19

20. Integration key steps
• Providing monopoly on power grid services market in the regions of
presence with more than 97% share;
Target/ • Long-term target program for the consolidation of power grid assets have
Program
been developed and approved (power grid assets consolidation plan for
2011 - 2015)
• Company consolidates the assets primarily in 3 ways: acquisition of
power grid, long term property rent, purchase of shares of power grid
Methods and companies;
advantages • The basic advantages of consolidation are as follows: implementation
of consolidation of a unified technical policy, the development of a unified scheme
of long-term development of power grids, improving the reliability
of electricity supply to consumers of all categories, increasing of
power grid capacity
• It is planned in 2011 to consolidate municipal power grid assets in some
Plans for regions were Company operates;
2011-2015 • Program provides working with more than 5 thousand owners
20

21. M&A projects - grid assets integration
TGCs in IDGC of Centre service area
Amount of other TGCs = 441
120
• The other TGCs‟ average share in revenue 102
in IDGC of Centre service areas – 20%; 100
80 70
• Required Gross Revenue (RGR) of the 62
60 53
Company due to the assets consolidation
39
in regions may increase to RUR 10 billion 40
by 2015, RGR share may grow by 97%; 23 25 26
20 14 18
9
• One of the key goals of the Company is the 0
Tambov
Kursk
Kostroma
Orel
Tver
Lipetsk
Belgorod
Bryansk
Smolensk
Yaroslavl
Voronezh
integration of power grid assets that will
allow:
• increasing the reliability level of power supply
• enlarging the power distribution sales market Share of the Company in the power
• improving the quality of customer service transmission market, 2007-2015F
• balancing the tariff on power distribution
2007 2008 2009 2010 2015F
Market
share in
83% 83.6% 83.8% 84% 97%
terms of
money
21

22. Stock performance and liquidity increase
05.2008 04.09 09.10 2Q11 3Q11 4Q11 1Q12
08.2010
Company ‘s Company’s Company’s Confirmation Dividends Quotation list Quotation list
shares were shares were shares were of presence in payment USD update update (MICEX-RTS A1 )
listed on included in the included in RTS EU and 20.05 million (MICEX A2 )
MICEX index: RTS EU* RTS-2 (RUR 610
(quotation list MICEX PWR million),
B), RTS pay-out-ratio
13%
Dividends for 2010: Company‟s priorities for 2012:
• Stable dividend policy
Total (RUR million) 610,9 • Quotation list update (MICEX A1)
• Depositary receipts launching
Net profit share 13%
• Inclusion in international indexes
• Launching of option program
Dividend yield 1,33%
- forecast * - RTS energy utilities
22

23. Company‟s shares and sector indexes dynamics
Stock market indicators*
Beginning of trading:
2011 MRKC Russian Int. peers Company reports the good May 21, 2008
70%
peers financials for 2009 and plans Quotation list:
60% on all the branches to adopt «А2» MICEX
P/E 4,9 5,3 6,9 RAB after Jul 01, 2010 Shares of IDGC of Centre are part of the
50%
calculation base in indices:
40% EV/ 3,3 2,9 4,7 - MICEX PWR
30%
EBITDA
20% EV/S 0,7 0,5 1,0 Feb 17. Head of
Russian Government
10% EV/RAB 0,37 0,37 1,28 announced the need to
0% curb the growth rate of
tariffs on power
-10%
-20%
Shares of the
-30% Remaining branches to adopt
Company have been
RAB (Nov’10, Jan’ 11)
-40% included into MICEX
A2 quotation list
-50% Company reports
Информация о намерениях good IFRS financials
-60%
Правительства о переходе на on 1H2011
-70% RAB -регулирование
-80%
-90%
Декабрь 2011
Июнь 2009
Декабрь 2008
Август 2010
Октябрь 2011
Октябрь 2008
Апрель 2010
Декабрь 2009
Февраль 2011
Август 2008
Февраль 2009
Октябрь 2009
Июнь 2010
Декабрь 2010
Апрель 2011
Апрель 2009
Февраль 2010
Август 2011
Август 2009
Октябрь 2010
Июнь 2011
IDGC of Centre
November 2011
December 20111
November 2008
September 2008
September 2011
October 2011
June 2010
February 2010
October 2009
April 2009
June 2009
August 2009
May 2010
December 2010
March 2009
August 2008
February 2009
January 2010
July 2010
March 2011
November 2010
February 2011
October 2008
December 2008
December 2009
August 2010
March 2010
August 2011
October 2010
April 2011
January 2009
May 2009
July 2009
November 2009
April 2010
January 2011
May 2011
June 2011
July 2011
MICEX
MICEX Power
МРСК Центра Индекс ММВБ Индекс ММВБ-Энергетика * Data calculation – forecast 2011
23

24. Attractive object for investment
External favorable factors
1 • Presence in 11 regions of Central Russia, with strong growth prospects;
• Second largest company of 11 interregional distribution grid companies in terms
of capitalization, revenue, net income, the value of RAB;
• Significant underestimation as compared with foreign peers (in multiples P / E,
EV / EBITDA, EV / S, EV / RAB);
• Growth of electricity consumption in the whole of Russia for the period 2009-
2020, CAGR - 2,8% *
Internal favorable factors
2 • Leading position in innovation in the distribution sector (smart grid, smart
metering);
• Highest level among the analogs of corporate governance (National grade 7 +);
• The leader of the transition to RAB-regulation;
• Growing financial and economic indicators for the period 2009-2011 (sales CAGR
- 20%, EBITDA CAGR - 33% net profit CAGR - 97%);
• Low debt level, credit rating S &P;
• Strong management team
*Source: Agency for Energy Forecasting
24

25. Thank you for your attention!
IR specialists will provide you with any additional information upon your request:
Head of IR -
Miroshnichenko Tatiana
ir@mrsk-1.ru
IDGC of Center
4, 2nd Yamskaya str., Moscow, Russia 127018
T: +7 495 747 9292 F: +7 495 747 9292
www.mrsk-1.ru
Tickers:
MICEX: MRKC
Bloomberg: MRKC RX
Reuters: MRKC.MM
www.mrsk-1.ru/ru/investors/
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