ACRA ASSIGNS AAA(RU) TO THE SERIES BO-002P-12 (RU000A10EPX0) BOND ISSUE OF PJSC RUSHYDRO

Credit rating rationale. The issue represents senior unsecured debt of PJSC RusHydro (hereinafter, RusHydro, the Company, or the Group). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as equal to other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. As per ACRA’s methodology, the simplified approach was used to determine the credit rating, according to which the level of recovery for the issue corresponds to category II, and therefore the credit rating of the issue is on par with that of the Group, i.e. AAA(RU).

The Company’s credit rating stems from both the high level of support from the Russian Federation and the moderate dependence of RusHydro and the state on homogeneous risk factors.

RusHydro is Russia’s largest hydroelectric power company and manages 15.5% of the installed capacity of the entire Russian power system, as well the power infrastructure in the country’s Far East. Amid its strong market position, the Company demonstrates high business profitability and high liquidity.

RusHydro is one of the world’s largest public hydroelectric power groups. Its activities are focused on electricity and heat energy generation and sales in the wholesale and retail markets of Russia.

KEY ISSUE PROPERTIES

Sources: ACRA, issuer’s data

regulatory disclosure

The credit rating has been assigned to the bond issue of PJSC RusHydro based on the following methodologies: the Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation to determine the credit rating of the bond issue under the national scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, rating scales, models, and key rating assumptions.

A credit rating of the issue (RU000A10EPX0) of PJSC RusHydro under the national scale for the Russian Federation has been published for the first time.

The credit rating is expected to be revised within one year.

The credit rating was assigned based on data provided by PJSC RusHydro, information from publicly available sources, and ACRA’s own databases.

The credit rating is solicited and PJSC RusHydro participated in its assignment.

In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.

ACRA provided the following additional services to PJSC RusHydro: assignment of an ESG rating to a company (sovereign/sub-sovereign) from September 27, 2023 to October 18, 2025; assignment of an ESG rating to a company (sovereign/sub-sovereign) from October 18, 2025 to the present.

No conflicts of interest were discovered in the course of credit rating assignment.