#1Ent GROUP Investor Presentation October 2021#2Disclaimer Ent GROUP THIS DOCUMENT AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation may contain "forward-looking statements", which are statements related to the future business and financial performance and future events or developments involving the En+ Group. Such forward-looking statements are based on the current expectations and certain assumptions of the En+ Group's management, and, therefore, should be evaluated with consideration taken into of risks and uncertainties inherent in the En+ Group's business. A variety of factors, many of which are beyond the En+ Group's control, can materially affect the actual results, which may differ from the forward-looking statements. This presentation includes information presented in accordance with IFRS, as well as certain information that is not presented in accordance with the relevant accounting principles and/or that has not been the subject of an audit. En+ Group does not make any assurance, expressed or implied, as to the accuracy or completeness of any information set forth herein. Past results may not be indicative of future performance, and accordingly En+ Group undertakes no guarantees that its future operations will be consistent with the information included in the presentation. En+ Group accepts no liability whatsoever for any expenses or loss connected with the use of the presentation. Please note that due to rounding, the numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Information contained in the presentation is valid only as at the stated date on the cover page. En+ Group undertakes no obligation to update or revise the information or any forward-looking statements in the presentation to reflect any changes after such date. This presentation is for information purposes only. This presentation does not constitute an offer or sale of securities in any jurisdiction or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities of the En+ Group. If this presentation is provided to you in electronic form, although reasonable care was used to prepare and maintain the electronic version of the presentation, En+ Group accepts no liability for any loss or damage connected to the electronic storage or transfer of information. 2#3Presentation Plan 4 Investment highlights En+ at a glance • Investment fundamentals Global leader in hydro power and aluminium • Vertically integrated green business model •Industry leading sector margins • Corporate governance and compliance 15 20 28 37 Ent GROUP 1 2 27 53 65 • Our business model Business model • Worldwide presence with core assets in Siberia • Climate change agenda Results snapshot Sustainable Key financial and operational highlights Revenue and EBITDA breakdown • Debt and Capex overview • Coronavirus response business development • Sustainability performance • En+ Group's ESG metrics • Sustainability initiatives & ESG assessment • Focus on sustainable development • Baikal Lake • • Power segment The power market overview The Group's leading position The entire power sector value chain Siberian power market • Production and sales volumes • Metals segment Global operational assets footprint High degree of vertical integration Aluminium market update •Production and sales volumes • EBITDA analysis • Power market update • Capex and debt overview • Power generation volumes and sale breakdown ⚫ EBITDA analysis Appendix • Operational highlights • Segment highlights • Production assets • Financials • Capex and debt overview 3#44 Investment highlights 15 Our business model 20 28 37 53 Results snapshot Sustainable business development Power segment Metals segment Ent GROUP 65 Appendix 4#5En+ at a Glance En+ is a global leader in aluminium production and renewable energy with a well-established presence across five continents and a strong operational hub in Siberia En+ share in the total generation Ent GROUP En+ share in the world's aluminium output, 2020 of Siberia, 2020 5.8% En+ No 1 6.5 % aluminium producer En+ 38.8% excluding China of the world's alumina production 94.2% Global aluminium production: 65.3 mt 61.2% Total electricity generation in Siberia: 207 TWh 10 aluminium smelters³ 10 alumina refineries 7 bauxite mines 5 hydro power plants Total capacity: 3.8 mtpa •Total capacity: 10.6 mtpa4 Total capacity: 20.6 mtpa • Production level in 2020: • Production level in 3.8 mt 2020: 8.2 mt • Production level in 2020: 14.8 mt (1) Excluding Onda HPP with installed power capacity 0.08 GW and production level of 0.5 TWh in 2020 (located in European part of Russia, leased to UC RUSAL). (2) Including Onda HPP. Installed power capacity: 15.1 GW² • Production level in 2020 1: 69.3 TWh 69.3¹ TWh low-carbon hydro power generation 16 combined heat and power plants Installed power capacity: 4.4 GW • Production level in 2020: 12.9 TWh 19.5 GW total installed electricity capacity² Abakan power plant •Installed power capacity: 5.2 MW • Production level in 2020: 5.5 mn kWh (3) Excluding Boguchany Aluminium Smelter (BOAZ), a joint 50:50 project of RUSAL and RusHydro. (4) Rusal attributable capacity. 5#6Strong Investment Fundamentals "Best in class” equity story characteristics 1 Industry position 2 Cost leadership 1.1. Leadership in geography, sector and segment 1.2. Size and business model scalability 2.1. Lowest cost position on the global cash curve providing cash flow resilience En+ Group alignment World class asset - global benchmark in aluminium market Ent GROUP #1 aluminium producer by production volumes in the world (ex-China)¹ ✓ #1 independent hydro power producer globally2 Lowest cash curve position on integrated basis Vertically integrated green business model – unique world-class power and aluminium asset base 3.1. Large, growing and diversified 3 fundamentals addressable market Strong of end market 3.2. Limited competition and high barriers to entry Fundamental aluminium demand drivers - structural shifts in electric vehicles and power infrastructure generating new sources of demand Continued impact from Chinese government environmental measures 4 Cash generation and growth potential Corporate 5 governance and management 4.1. Strong cash generation and cash flow resiliency 4.2. Proven, organic and resilient value- accretive growth 5.1. Board of Directors independence 5.2. Experienced and passionate management team with track record Strong cash flow resilience and robust margins on the back of well-invested operationally efficient asset base Potential for shareholder friendly capital allocation Robust corporate governance - highly experienced majority independent Board of Directors - Strong management team – proven capability of delivering on complex projects and operations (1) According to CRU estimates. (2) Based on the Company's internal data and peer companies' publicly available results, announcements, reports and other information. 6#7HPP Installed capacity Three Gorges (%) Itapu Load factor Company (GW) Country 49.2 64.8 ⑪CYPC ⑪CYPC Eletrobras China Yangtze Power HydroQuebec RusHydro Enel Country State State (2) State State State State State Private ! Private State State (3) State Hydro share 90 100 99 81 33 18 49 83 27 95 30 39 (%) 46.2 45.5 36.7 #1 independent hydro power generator by installed capacity 30.8 27.8 21.6 16.8 15.1 13.2 8.2 7.1 3.4 EDF En+ Group owns 3 out of 20 largest hydro power plants globally 22.5 14.0 13.9 11.2 10.2 npon!X Belo Monte Guri 52.7 40.15 Turcurui Grand Coulee 52.4 Xiangjiaba Eletrobras Eletronorte CVG EDELCA Eletrobras Eletronorte US Bureau of Reclamation SDIC Power EN+ Group (Power Segment) Iberdrola ⑪CYPC 29.2 35.2 54.7 33.2° 44.35 Longtan Hydropower Development Global Leader in Hydro Power and Aluminium Global leader in hydro power generation... Top power companies by installed hydro capacity globally (GW¹) ...and aluminium production (ex-China) Leading aluminium producers globally (2020 Aluminium production mt where available4) RusHydro Verbund EDP Engie Brasil Ent Chinalco Source: En+ Group, companies' public filings, NS Energy, Woodmackenzie. (1) Based on latest filings. (2) Subsidiary of China Three Gorges Corporation. (3) State owned China Three Gorges Corporation and CNIC own 23.3% and 5.0% stakes, respectively. (4) WoodMackenzie data. (5) Calculated load factor based on publically available annual generation for unspecified period. (6) Calculated load factor based on publically available multi-year average annual generation. (7) Includes Chalco and Yunnan. Longtan Sayano- Shushensk 41.8 46.7 ⑪CYPC Hongqiao Group 8.4 6.8 6.4 6.4 6.4 6.0 5.9 5.6 5.4 4.9 4.8 Krasnoyarsk Nuozhadu Robert- Bourassa Churchill Falls Tarbela 54.05 Jinping-II Québec UC Rusal nalcor Quebec Xinfa Group 75.35 Bratskaya 71.2 Water and Power Development Authority Rio Tinto 6.6 5.7 I I 3.8 3.3 3.2. 2.5 2.5 2.3 2.2 2.1 YALONG RIVER HYDROPOWER DEVELOPMENT COMPANY. LTD Emirates Global Aluminium 57.6 56.6 4.5 4.2 Laxiwa Xioawan 7 4.2 Ust Limskaya Ent SPIC 黃河上順水电开发有限责任公司 Alcoa CHINA HUANENG 27.86 51.66 61.6 3.81 Ent East Hope Norsk Hydro Ent GROUP#8Aluminium Vertically Integrated Green Business Model Power Segment • A cascade of 31 HPPS on the Angara river and 1 HPP on the Yenisei river harness the potential of one of the world's largest river systems located in Siberia ⚫HPPs are complemented by a network of 16 CHPS Bauxite Metals Segment 14.8 mt of Bauxite and 4.6 mt of Nepheline produced in 2020 c.80% self sufficiency in bauxites and nephelines with 100% achievable through further rump-up of Dian Dian Project in Guinea² Overall Bauxites reserves life is c.100+ years • • Monetising value chain from production to customer including grid and retail Alumina . 8.2 mt of Alumina produced in 2020 >100% self-sufficiency in alumina Ent GROUP • A combination of alumina and power transforms into the production of primary aluminium and premium aluminium alloys En+ Group aims for >95% aluminium production energy needs to be met by hydro and other carbon-free power sources by 2025 • 3.8 mt of Aluminium produced in 2020 • 93% of Aluminium production in Russian Siberia 2019 energy used by sources 3 1.1% 98.9% Non-carbon energy Thermal Fully integrated and highly self-sufficient green business model Source: Company data, CRU. Boguchany HPP operated by RusHydro (a part of BEMO project a 50%/50% JV of UC RUSAL and RusHydro, which also includes Boguchany aluminium smelter) is not included to Power Segment. Currently there are no particular plans to further increase production capacity of Dian-Dian. (1) (2) (3) May vary from year to year depending on the water level on HPPS. 80#9Unique Asset Base with Strong Strategic Location Geographical proximity of HPPs and aluminium smelters, Siberia Complementarity between our two businesses Ent GROUP Krasnoyarsk Aluminium Smelter KraMZ Krasnoyarsk HPP Yenisei river Boguchany HPP³ Aluminium smelter Aluminium smelter Angara river Ust-Ilimsk HPP Power segment development project Boguchany Aluminium Smelter3 Bratsk HPP Bratsk Taishet Aluminium Aluminium Smelter Smelter Abakan SPP Khakas Aluminium Irkutsk HPP Sayanogorsk Aluminium Irkutsk Aluminium Smelter Smelter Smelter Power generation of En+ Group HPPs¹ (TWh) 60 61 61 60 58 -53- 46 41 42 22 43 33 41 69 72 71 69 71 72 61 49 43 443 49 36 32 19 18 20 15 18 14 54 53 49 50 50 18 21 19 1 18 20 56 56 47 47 Lake Baikal 63 70 0 69 69 63 49 48 49 21 21 16 14 15 (1) Excluding Onda HPP. (2) Includes Irkutsk, Bratsk and Ust-Ilimsk HPPS. 49 21 20 1992 52 67 49 49 18 ΑΙ Metals segment Krasnoyarsk Metallurgical Plant (KraMZ) Solar Power Plant Siberian current energy production and consumption by Group entities Hydro Power Plants II Boundary site Transportation and distribution network, 500 and 220 kV 74 67 61 2 (TWh) Hydro Other 69.3 12.9 82.2 Production 68 66 60 62 60 61 56 53 49 42 45 47 46 45 46 45 48 48 40 10 2020 99 68 68 66 65 44 47 47 60 669 46 46 48 44 61.6 649 446 72 49 199 65 60 00 46 46 45 Consumption Long-term average 64 69 62 63 64 59 -56-55- 52 42 42 43 33 47 37 44 37 35 36 2 21 18 19 21 21 22 15 16 17 18 17 18 21 23 23 16 19 20 20 15 17 19 20 Krasnoyarsk HPP Angara cascade' 222 22 20 22 9#10Driving the Lowest Cost Aluminium Production (1 of 2) Unique asset base of cost-efficient HPPS Operating cost/capacity¹ (USD mn/GW) Adjusted EBITDA margin (%) 2 Driving significant cost advantage in aluminium Electricity costs (US cents/kWh, 2020)4 EN+ Group HPPS 11 China Yangtze Power 20 Eletrobras 72 85 88 39 SDIC Power 85 52 2.7 EN+ Group (Power 37 87 Segment) 27 RusHydro 96 HydroQuebec 104 Engie Brasil 119 Verbund Source: Company, Companies' public filings, FactSet. 64 0.83 53 4.7 4.1 3.5 55 3.3 2.8 2.6 2.6 Ent GROUP 2.2 EN+ Group 30 379 EN+ Group (Metals Segment) Chinalco 5 Xinfa Group Hongqiao Group East Hope Emirates Global Aluminium Alcoa Norsk Hydro Rio Tinto Source: WoodMackenzie, company's data for En+ Group. En+'s symbiotic business units result in best in class cost performance (1) Operating costs are calculated as Revenue less Adjusted EBITDA. Based on latest annual filings available. (2) Based on latest annual filings available. Adjusted EBITDA margin = Adjusted EBITDA / Revenue; EBITDA calculation and its respective adjustment vary as per each company's own methodology. (3) Company electricity costs on a look-through basis are calculated as Siberian HPP power generating costs (USD 164 mln) divided by HPP generation (64.2 TWh) plus transmission tariff charged by Irkutsk Electric Grid Company to UC RUSAL (0.59 c/kWh), the average USD/RUB rate of 64.74. (4) WoodMackenzie data. (5) Includes Chalco and Yunnan. 10#11Driving the Lowest Cost Aluminium Production (2 of 2) LTM EBITDA and margin of Power segment (USD mn) 36% 1,147 2017 FCF evolution by segments¹ (USD mn) 36% 37% 40% 38% 37% 1,202 1,174 1,207 1,127 993 1H'18 LTM 2018 1H'19 LTM 2019 2020 Global aluminium cash costs curve (based on liquid metal) (as of 2020; USD/t) $/t 1,614 2200 1700 1500 1300 1100 900 USD 992 700 En+ 500 OMt First quartile 5Mt 10Mt 15Mt 1,258 2000 968 877 1800 1,364 LME average monthly LME price in 2020 963 413 698 1600 464 1400 295 250 270 1200 FY 2017 FY 2018 Power segment FY 2019 ■Metals segment FY 2020 Rusal On a look through basis, En+ Group is top decile producer on a cash cost basis 1000 10Mt 20Mt OMt 50Mt Source: CRU data used for comparison purposes. Company's calculations for En+ Group 30Mt 40Mt 60Mt 70Mt Power segment delivers stable margins, robust FCF generation and low cost aluminium (1) Calculated as operating cash flow less net interest paid and less capital expenditure adjusted for payments from settlement of derivative instruments, less restructuring fees and other payments related to issuance of shares and plus dividends from associates and joint ventures. Ent GROUP 11#12Industry Leading Sector Margins Adj. EBITDA margin for power companies 2020¹ (%) Adj. EBITDA margin for aluminium companies 2020² (%) Ent GROUP EN (Power segment) 37% HPPS 85% En+ Group En+ Group (Metals segment) 10.2% China Yangtze Power HydroQuebec Engie Brasil 88% 64% Hindalco 53% SDIC Power 52% Novelis Eletrobras 39% Fortnum 32% (4) Norsk Hydro Verbund 30% Alcoa Iberdrola 30% RusHydro 27% Chalco 6% EDP (3) 26% EDF 23% Century 0% Enel 22% 13% 13% 13% 12% 18% Lower costs and efficient operations drive industry leading margins in both business segments Source: En+ Group, companies' public filings at Group level, Thomson Reuters, Factset. Note: EBITDA calculation and its respective adjustments vary according to each company's own methodology. (1) China Yangtze, SDIC Power, Electrobras, Fortnum, Verbund, RusHydro and Enel figures as of FY19. (2) Chalco figures as of FY19. (3) Excludes corporate adjustments and activities. (4) Based on Alumina and Aluminium segments only. 12#13Corporate Governance and Compliance Board's and committees developments in 2021: The composition of the Board of Directors and its committees has been amended following the results of the latest AGM Sanctions compliance: • • • EN+ Group strictly adheres to the terms of sanctions removal agreed with OFAC The Board of Directors, composed mostly of independent directors, is responsible for strategic oversight and overall compliance with the terms of sanctions removal Since 2019, the Compliance Committee, led by Christopher Burnham, Senior Independent Director ensures development of and control over the Group's compliance management procedures The Group's Sanctions Policy ensures compliance with the terms of sanctions removal Board committees: Audit and Risk Committee (the "ARC"): . Carl Hughes (Chair) Christopher Burnham Andrey Sharonov Andrey Yanovsky Health, Safety, and Environment Committee (the "HSE"): ⚫ Joan MacNaughton (Chair) Zhanna Fokina • Vadim Geraskin Thurgood Marshall Jr. • Andrey Yanovsky Remuneration Committee (the "RemCom"): • Christopher Burnham (Chair) Thurgood Marshall Jr. . Elena Nesvetaeva • Timur Valiev • Andrey Yanovsky Compliance Committee (the "CC"): Christopher Burnham (Chair) . Anastasia Gorbatova ⚫ Carl Hughes •Thurgood Marshall Jr. . Timur Valiev Corporate Governance Committee (the "CGC"): • Andrey Sharonov (Chair) • • . Zhanna Fokina Anastasia Gorbatova Carl Hughes • Joan MacNaughton Nominations Committee (the "NC"): • Andrey Sharonov (Chair) • Lord Barker • Zhanna Fokina . Carl Hughes • Joan MacNaughton Lord Barker Executive Chairman A life Peer, since October 2015, a member of the House of Lords of the UK Parliament. From 2010 to 2014 - the UK Minister of State for Energy & Climate Change Carl Hughes Chair of ARC Former Vice Chairman and Senior Audit Partner at Deloitte, with 30 years+ experience in mining and utilities sectors Joan MacNaughton Chair of HSE Committee Influential figure in international energy and climate policy. Worked in the UK government in a wide number of leadership roles Zhanna Fokina She has extensive experience in environmental control and supervisory authorities. She heads the Environment unit at RUSAL Krasnoyarsk Andrey Yanovsky CEO and a member of the Board of European Medical Center Anastasia Gorbatova Head of M&A and International Projects at Basic Element Company Ent GROUP Christopher Burnham Senior Independent Director Chair of CC and RemCom Chairman and CEO of Cambridge Global Capital. Globally recognised expert in the implementation of transparency and accountability Andrey Sharonov Chair of CGC and NC President of the Moscow School of Management SKOLKOVO. Former Chairman of the BoD and Head of IB at Troika Dialog Investment Company Thurgood Marshall Jr. He has an extensive experience at the intersection of law, business, politics and policy. Vadim Geraskin Deputy CEO for Government Relations at Basic Element Company Timur Valiev He has extensive professional experience in managing court activities, claims and contracting, legal support of M&A projects and creation of joint ventures Elena Nesvetaeva Head of the Investment Department at Basic Element Company Independent directors Non-executive directors 13#14Ownership Structure Voting and shareholders structure¹ February 2020 - the Company simplified its ownership structure through USD 1.58 bn acquisition of VTB Group's 21.37% stake in En+ Group. USD 11.57 price per share represented a significant discount to En+ Group's fundamental valuation The acquisition of VTB Group's stake provides future optionality to further simplify the Group's ownership structure. All or part of the shares acquired may be used • • in connection with strategic activity; and/or to undertake a secondary offering to increase free float, broaden institutional ownership and improve liquidity, subject to market conditions >June 2021 - En+ Group's free float increased due to Mubadala purchase of 2.6% of the Company's issued share capital. As of 15 October 2021 the Company's free float reached 13.92% Free float 13.92% Free float 13.92% Former family members 2.56% Other shareholders 3.42% Volnoe delo 3.22% Glencore 10.55% Independent trustee 2 2.56% Independent trustee 2 6.64% Glencore En+ Group 3 21.37% Mr. Deripaska 4 44.95% 10.55% Independent trustee 2 14.33% En+ Group's Executive Chairman of the Board 3 7.04% Independent trustee 2 9.95% Mr. Deripaska 4 35.00% Shareholders Voting rights Ent GROUP Note: percentages may not add up to 100% due to rounding. (1) As of 15 October 2021 (2) Independent trustees, who exercise voting rights attaching to certain shares of the Company (33.48% in total), as required by OFAC: D.J Baker, David Crane, Arthur Dodge, Ogier Global Nominee (Jersey) Limited. (3) Shares acquired from VTB by En+ Group's subsidiary as per Company's announcements on 6 and 12 February 2020. Voting rights in respect of 14.33% of shares are held by an independent trustee, while the remaining voting rights in respect of 7.04% of shares are exercised by Executive Chairman of the Board, Lord Barker, at the Board's direction. (4) Directly or indirectly. Under the agreement between the Company and OFAC, the major shareholder's share can not exceed 44.95% and the voting rights can not exceed 35%. 14#154 Investment highlights 15 Our business model En+ GROUP 20 28 37 53 65 Results snapshot Sustainable business development Power segment Metals segment Appendix 15#16Business Model OUR RESOURCES & INPUTS ASSETS 3.8 mt¹ Al capacity 19.5 GW Electricity capacity 15.1 GW REFINING/ RAW MATERIALS POWER GENERATION PROCESSING/ GENERATION Bauxite 14.8 mt production in 2020 Nepheline Hydro capacity 4.6 mt production in 2020 RAW MATERIALS 20.6 mtpa Bauxite production capacity 10.6 mtpa Alumina production capacity PEOPLE Water Alumina 8.2 mt production in 2020 Hydro power * generation 69.3 TWh of electricity production in 2020 Thermal power generation Coal 12.9 TWh 13.5 mt production of electricity c. 90 ths in 2020 production employees in 2020 26.9 mn Gcal of heat production in 2020 Primary aluminium and value added products 3.8mt production in 2020 Electricity transmission and distribution SALES & MARKETING Total sales in 2020 3.9 mt VAP sales in 2020 1.7 mt CREATING GLOBAL VALUE Renewable energy Income and shareholder value Reducing the carbon footprint of the global aluminium industry Environmental conservation Community engagement Electricity Trading and retail - Capturing additional margin - Direct access to consumers 17.2 TWh sales in 2020 NORNICKEL Strategic investment in Nornickel (27.8%) USD 14.1bn Investment market value at 31.12.2020 (1) Excluding Boguchany Aluminium Smelter (BOAZ), a joint 50:50 project of RUSAL and RusHydro. Capacity and production volumes of the BEMO project (Boguchany Energy and Metals Complex, involving the construction of the Boguchany Hydro Power Plant and BOAZ) are not included to the Company's consolidated operating data. Ent GROUP 16#17Worldwide Presence with Core Assets in Siberia Revenue split by region, 2020¹ Other 12.4% CIS 37.4% Sweden Ireland Russia Krasnoyarsk Moscow Asia 15.4% USD 10,356 mn America Ukraine 4.5% Jamaica ArmeniaKazakhstan Italy Europe 30.3% Adj. EBITDA² by segment T Guyana Guinea 2,1273 1,861³ Nigeria 966 871 1,127 993 FY 2019 Power FY 2020 Metals Boguchany HPP A Irkutsk Ust-Ilimsk HPP Angara River A Krasnoyarsk AS Boguchany Ust-Ilimsk CHP AS Bratsk HPP Krasnoyarsk HPP Taishet As Bratsk AS # ACHP-16 Novo- Aziminskaya CHP-6 ACHP-12 CHP-10 ACHP-11 ACHP-S Abakan SPP Khakass utility services Sayanogorsk AS Khakas AS Irkutsk HPP Irkutsk AS Australia Novo-Irkutsk CHP Baikalenergo Metals segment Power segment Aluminium Hydropower ▲ Alumina Bauxite ▲ Thermal Power Solar Geographical diversity and high proportion of USD revenue streams (1) From external customers. (2) Adjusted EBITDA means, for any period, the results from operating activities adjusted for amortisation and depreciation, impairment of non-current assets and gain/loss on disposal of property, plant and equipment for the relevant period, in each case attributable to the Group, business segment or any reportable segment, as the case may be. Group figures exclude results from intersegmental operations. (3) After consolidation adjustments. Ent GROUP 17#18Climate Change Agenda (1/2) Pathway to Net Zero: ➤ Conducting deep analysis to develop decarbonisation strategy in continuous collaboration across multiple business lines In September 2021, En+ to publish a Report on the pathway to Net Zero and conduct a Net Zero Investor Webinar ➤ Testing aluminium produced by our revolutionary technology on inert anode cells. The use of an inert anode in the electrolysis process makes it possible to almost completely eliminate greenhouse gas emissions Entered into agreement with Ball Corporation to produce low-carbon products using the inert anode technology Initiated the modernization programme focused on building new production capacities at the smelters in Krasnoyarsk, Bratsk, Irkutsk and Novokuznetsk, which will help minimize the environmental impact of aluminium production ➤ Continuing investments to "New Energy" programme aimed at improving the efficiency and environmental impact of out HPPS Supporting global initiatives In 2021, En+ Group became a global sponsor of the UN Global Compact's Climate Ambition Accelerator En+ Group and RUSAL are the only two Russian members of the Carbon Pricing Leadership Coalition, a voluntary partnership under the auspices of the World Bank to advance global carbon pricing UN GLOBAL COMPACT ALCOM CLIMATE AMBITION ACCELERATOR CP LC CARBON PRICING LEADERSHIP COALITION Ent GROUP 18#19Climate Change Agenda (2/2) Initial setup January 2021 - Climate targets approved by Board of Directors February 2021 - Taskforce setup and working group created to develop a plan and assess available options Participants Chair of the Steering Committee - V. Solomin, Chief Operating Officer Working in continuous collaboration across multiple business lines Key "Transformation Verticals" formed each with ownership of dedicated senior executive from management team Sustainable Development Partnerships UN Global Compact Business Ambition 1.5°C Aluminium for Climate Race to Zero COP26 Climate Champions International Hydropower Association Key actions Ent GROUP Analysis of the activities within value chain of both segments and access efficient abatement and compensation measures to develop GHG reduction strategy, in line with 1.5°C pathways Research and development, use of new technologies, and innovations are in focus Inert Anode - technological revolution in aluminium production Exploring possibility of new technology application Use of hydrogen Renewable energy: solar and wind energy generation ➤ Exploring carbon dioxide removal (CDR) technologies Implementing natural CDR solutions Examples of projects New Energy HPP Is a programme modernising the power plants of the Angara and Yenisei cascade to ✓ reduce GHG emissions ✓ increase HPPs efficiency ✓ decrease the cost of repair work improve the performance of the units and stations Eco-Soderberg Eco-Soderberg technology uses upgraded cells instead of traditional anode paste ✓ reduce pollutant emissions ✓ increase efficiency of aluminium production ✓ cut electricity consumption Forestry project From the launch in 2019 we planted more than 1.1 million trees in the Krasnoyarsk Territory and the Irkutsk Region 500,000 ha of reserve forest in the Krasnoyarsk Territory are placed under aerial protection Annual removals exceeded 440,000 t CO2e/year 19#204 Investment highlights 15 Our business model Ent GROUP 20 28 37 53 65 Results snapshot Sustainable business development Power segment Metals segment Appendix 20 20#211H 2021 Key Highlights Ent GROUP ✓ Market Economic recovery from the severe impact of the COVID-19 pandemic Improved aluminium prices and demand supported by continued fiscal and monetary stimulus Temporary export tax on ferrous and base metals entered into force from 1st of August, 2021 ✓ Siberian hydropower generation benefited from favorable hydrological conditions ✓ En+ performance Against the continuing impact of the coronavirus pandemic, stable operational and financial performance has been achieved Hydropower output increased by 15%, share of VAPS reached 50% of overall aluminium sales ✓ Growth of adj. EBITDA and EBITDA margin reflecting the improved pricing environment in Metals segment Corporate developments Sector leading GHG reduction targets, decarbonisation pathway report to be published in September 2021 ✓ Free float increased due to Mubadala purchase of the Group's shares Participation in Norilsk Nickel buyback 21#221H 2021 Financial and Operational Highlights Ent GROUP Revenue USD 6,506 mn up 31.5% y-o-y Adj. EBITDA USD 1,890 mn up 150.0% y-o-y Net profit USD 2,231 mn Net debt USD 8,116 mn down 17.4% compared to 31 Dec 2020 30.2% increase in the weighted-average realized aluminium price per tonne 5.8% increase in sales volumes of primary aluminium and alloys 12.0% increase in electricity production volumes 7.1% rouble depreciation affected the Power segment exceptional market environment in Metals segment Positive effect of rouble depreciation on production costs in Metals segment USD 492 mn one-off accounting gain from Norilsk Nickel's buy back Increase in the share of profit obtained by the Group from its associates and joint ventures USD 1,421 million one-off proceeds from Norilsk Nickel's buyback Scheduled repayments of existing debt Aluminium production 1,868 kt up 0.1% y-o-y Sales of VAPS 1,010 kt up 28.6% y-o-y Hydro power output 36.9 TWh up 15.3% y-o-y COVID-19 response Aluminium production was broadly unchanged y-o-y The aluminium market continued its recovery with LME aluminium price growth, to close the period above USD 2,500/tonne In line with its strategy, the Group continued to grow its share of VAPS in total sales to 50% against 42% y-o-y Favorable hydrological conditions - increased water reserves in the HPP reservoirs in the Angara cascade and Krasnoyarsk reservoir c.50% of employees vaccinated 7 new ambulances provided to medical organizations in the cities of operation 22 22#231H 2021 Financial Highlights USD mn Revenue Adj. EBITDA¹ Adj. EBITDA margin Net profit Net profit margin Capex4 Free cash flow² 1H 2021 Revenue by region³ Other Asia 18.6% 1.0% America 7.7% USD 6,506 mn Europe 31.1% CIS 41.6% Change Ent GROUP 1H 2021 1H 2020 6,506 4,948 1,890 756 31.5% 150% 29.1% 15.3% 13.8 pp 2,231 20 34.3% 0.4% 33.9 pp 693 492 40.9% 692 446 55.2% 1H 2021 Revenue by product³ Adj. EBITDA by segment (USD mn) Other 1,8904 Heat 3.8% 6.5% Electricity 11.1% Semi-finished products and foil 5.3% Alumina and bauxite 4.3% Primary aluminium 1,315 USD 6,506 mn and alloys 69.0% 7564 219 542 1H 2020 Power 580 1H 2021 Metals (1) Adjusted EBITDA for any period represents the results from operating activities adjusted for amortisation and depreciation, impairment charges and loss on disposal of property, plant and equipment for the relevant period. Calculated as operating cash flow less net interest paid and less capital expenditure adjusted for payments from settlement of derivative instruments, less restructuring fees and other payments related to issuance of shares and plus dividends from associates and joint ventures. (2) (3) From external customers. (4) After consolidation adjustments. 23#24En+ Group Revenue and EBITDA Breakdown Ent GROUP 1H 2020 to 1H 2021 Revenue bridge (USD mn) О Change 1H 2020 to 1H 2021 (%) 1H 2020 to 1H 2021 Adj. EBITDA² bridge (USD mn) Change 1H 2021 to 1H 2020 (%) 35.7% 6.9% 6,506 98 26 1,513 4,948 (456) 1,415 1,434 +500.5% +7.0% 1,890 0 38 580 (5) (482) USD 1,558 mn (+31.5%) 4,015 1H 2020 Revenue Metals Power 756 5,449 1,096 542 (5) 219 USD +1,134 mn (+150.0%) Adjustments¹ 1H 2021 Revenue Power ■Metals 1H 2020 EBITDA Metals Power Adjustments 1 1H 2021 EBITDA Adjustments 1,315 1H 2021 working capital movement En+ Group free cash flow and capex (USD mn) (USD mn) 233 443 2,062 (228) 1,778 (176) 1,614 (125) 618 (301) (554) 666 (139) 692 (693) (92) 462 494 230 Working capital, as at 31 Dec 2020 Increase in inventories Increase in accounts receivables Increase in accounts payables Working capital, as at 30 June 2021 OpCF and dividends from associates and JVs Net interest Capex Power ■Metals Other financial expenses 4 Dividends from associates and JVs FCF 5 (1) Consolidation adjustments. (2) Results from operating activities adjusted for amortisation and depreciation, impairment charges and loss on disposal of property, plant and equipment for the relevant period. (3) Capital expenditure represents cash flow related to investing activities - acquisition of property, plant and equipment and intangible assets, adjusted for one-off acquisition of assets. The calculation does not include investments in subsidiaries and joint ventures. (4) Restructuring fee, expenses related to issuance of shares and payments from settlement of derivative instruments. (5) Calculated as operating cash flow less net interest paid and less capital expenditure adjusted for payments from settlement of derivative instruments, less restructuring fees and other payments related to issuance of shares and plus dividends from associates and joint ventures. 24#25En+ Group Debt Overview as of 30 June 2021 Net debt change in 1H 2021 (USD mn) Key debt metrics Ent GROUP (USD mn) 9,826 Total debt, IFRS (494) (666) 416 11 243 98 8,116 (1,220) 139 4,263 Cash and cash equivalents (1,160)5 277 145 (1,209) 5 4,017 Net debt¹, IFRS 30 June 2021 31 Dec 2020 12,314 12,388 4,198 2,562 8,116 9,826 5,563 4,099 31 Dec 2020 Operating CF Investing CF Financing CF excl debt settlements Net effect from 30 June 2021 FX and other Debt portfolio breakdown as of 30 June 2021 By currency Corporate Debt Maturity as of 30 June 2021 (USD bn) 3.5 1.7 2.4 0.6 1.6 1.6 0.9 0.9 0.6 0.4 1.8 1.8 0.2 0.2 1.6 By interest rate 1.0 0.2 0.7 0.7 U.Z 2H 2021 2022 2023 2024 2025 2026 2027 Metals segment Power segment² Note: Due to rounding, total may not correspond with the sum of the separate figures. 20% RUB Metals segment 0.4% Power segment³ EUR USD 80% 100% 1% Floating rate 37% Metals segment Power segment³ Fixed rate 63% 99% (1) Net debt- the sum of loans and borrowings and bonds outstanding less total cash and cash equivalents as at the end of the relevant period. (2) Nominal corporate debt. (3) Nominal debt - USD 4,461 mn. Nominal debt includes USD 1.0 bn of rouble nominated revolving facilities used to finance short-term operational activities. (4) Repayment of USD 1.4 bn may be shifted to 2026 with scheduled repayments starting from 2023 (the borrower has an unconditional right to extend the maturity). (5) Before consolidation adjustments. 25 25#26Capital Expenditure Capital expenditure dynamics¹ (USD mn) 693 139 5022 101 401 554 1H 2020 1H 2021 Metals ■Power Ent GROUP Power Segment • . Capex increased to USD 139 mn from USD 101 mn in 1H 2020 with maintenance capex accounting for 47%. The increase was mainly attributable to the partial rescheduling of some works from the previous year and the beginning of CHP modernization programme Continued investment in technical connections to power supply infrastructure and improving the efficiency of the Group's CHPS, further progressing the HPP 'New Energy' modernisation programme • The Group launched the Ozernaya substation to provide the Taishet aluminium smelter with hydropower Metals Segment . Capex increased by 38.2% y-o-y to USD 554 mn by with maintenance capex accounting for 67% • Continued investment in key development projects as per its strategic priority of preserving its competitive advantages of vertical integration into raw materials and product mix enhancements: - Carbon materials self-sufficiency: Taishet anode plant - Aluminium capacities expansion: Taishet aluminium smelter (1st stage, 428.5 ktpa) • Announced intention to rebuild large aluminium smelters (Krasnoyarsk, Bratsk, Irkutsk and Novokuznetsk). This modernization programme assumes the implementation of new modern and environmentally friendly technology . 1H 2021 Capital expenditure structure (%) 47% 53% Maintenance Development • Together with the Taishet Anode plant capacity expansion, the capex is estimated at USD 4,900 mn (including VAT) until 2030 (1) Capital expenditure represents cash flow related to investing activities - acquisition of property, plant and equipment and acquisition of intangible assets. (2) Before intersegmental elimination. 26#27Coronavirus Response in En+ Group People • Regular qualified trainings for employees providing information including the launch of a dedicated hotline • Provision of personnel with protective equipment including gloves, masks and sanitizers • Thermometry control. Personnel flows control Regular disinfection of workplaces and the territory of the production facilities Ent GROUP • • • • Organization of express COVID-19 testing Assignment of medical consultants to the employees in order to promptly receive consultations and medical assistance in case of illness Purchase of medications for targeted delivery to employees undergoing outpatient and inpatient treatment Organization of vaccination against COVID-19 for employees in the territories of Group's presence. More than 47,000 employees were vaccinated as at the beginning of August 2021 Development of memos for employees on the importance and necessity of vaccination, information is regularly communicated through the corporate media Daily personal monitoring of the severity of the condition and the course of the disease; provision of medicines to employees of the Group who are on outpatient treatment from COVID-19 or in medical facilities in cities of Group's presence Community • • Cooperation with territorial ministries of health and chief doctors of medical organizations in order to provide employees with vaccines on a priority basis in the territories of the Group's presence As part of charitable assistance, seven new ambulances were provided to medical organizations in the cities where the Group operates 27 27#284 Investment highlights 15 Our business model 20 28 37 53 Results snapshot Sustainable business development Power segment Metals segment En+ GROUP 65 Appendix 28#29Sustainability Performance 1,2 (1/2) Power Metals En+ Group Target Work-related employee fatalities Lost time injury frequency rate per 200,000 hours worked Employee occupational illness cases recorded during the reporting period 3 To achieve zero fatalities. 0 1 0 1H 2020 1H 2021 0.14 0.22 0.19 0.17 0.16 0.13 3 1H 2020 1H 2021 22 52 62 74 58 1H 2020 19 17 77 1H 2021 Comment Ent GROUP Management considers work-related fatalities unacceptable and conducts comprehensive investigations of all fatalities, with identifying the causes and conditions of their occurrence. To prevent recurrence Management implementing corrective measures for all fatalities. To reduce year-on-year lost time injury frequency rate. The Group's lost time injury frequency rate (LTIFR) decreased. a Decrease of LTIFR in both segments is the result of developing safety culture and safety measures. Management conducts comprehensive investigations of all accidents and implements corrective measures to prevent recurrence. To reduce year-on-year occupational Illness cases. (1) Preliminary data. (2) LLC «KRAMZ» and «Strikeforce Mining and Resources» PLC are included in Health and safety data of the Metals segment. (3) Figures for the Power segment were recalculated because of improvement in methodology. The Group's employee occupational illness cases remained stable. employee Both segments continue implementation of safety measures to prevent occupational illnesses. Employee occupational illness cases in the Power segment decreased, and in the Metals segment - insignificantly increased. 29 29#30Sustainability Performance ¹ (2/2) Power IMetals En+ Group GHG emissions of smelters (Scope 1) tCO₂e/tAl Major environmental incidents 2.04 2.01 1H 2020 1H 2021 0 0 1H 2020 1H 2021 (1) Preliminary data. (2) Majority (significance) is assessed in accordance with Company's risks management system. Target Comment Ent GROUP To reduce direct specific GHG emissions by 15% from 2014 levels (2.28 tCO2e/tAl) at existing aluminium smelters by 2025. GHG emissions reduction in aluminium plants was possible due to implementation of a targeted program to reduce anode paste consumption (reducing CO2 emissions), as well as frequency and duration of anode effects (reducing PFCs emissions). Ensure the absence of significant environmental incidents that led to major contamination of soil, air or water. 2 There were no significant environmental incidents that led to major contamination of soil, air, water and led to court penalties (after all stages of appeal) with an amount of damage in excess of USD 1 million in 1H 2021. 30#31En+ Group's ESG Metrics 2020 Environmental Social Governance Ent GROUP 11% reduction of direct GHG emissions of electrolysis operations 2020 vs 2014 (tCO₂e/tAl) 2,061 kt of CO2e emissions avoided as a result of measures taken by the Power segment Scientific research and monitoring of Lake Baikal water level, wildlife and water condition joint research with Severtsov Institute of Ecology and Evolution Supplier to trade International Renewable Energy Certificates Forestry project More than 1.1 million trees were planted in 2019-2020 "ALLOW" brand of low-carbon footprint aluminium Approx 27% of En+ Group's workforce was female in 2020 4 fatal incidents in 2020 0.21 LTIFR in 2020 (per 200,000 hours worked) 153 cases of employee occupational illness in 2020 The first grant competition aimed at protecting Lake Baikal was held, 83 applications were received, and the total amount of the grant fund was USD 76 thousand ~800 children participated in RoboSib festival in 2020 USD 71 million allocated to support social initiatives The Corporate Governance and Nominations Committee was divided into 2 committees: the Corporate Governance Committee and the Nominations Committee Eight corporate policies were approved Anti-Bribery and Corruption Policy Conflict of Interest Policy . • • Board of Directors Diversity Policy Corporate Code of Ethics Environmental Policy Health, Occupational, Industrial and Fire Safety Policy Policy on Human Rights Stakeholder Engagement Policy The majority of the Board of Directors are independent directors 33% of the Board of Directors is represented by women 31#32• Sustainability Initiatives & ESG Assessment SUSTAINABLE DEVELOPMENT GOALS En+ Group supports the UN Sustainable Development Goals, with particular focus on the SDGs highlighted below • En+ Group published its annual SDG Report 3 GOOD HEALTH AND WELL-BEING W 6 CLEAN WATER 12 RESPONSIBLE CONSUMPTION AND PRODUCTION Q AND SANITATION 13 CLIMATE ACTION AFFORDABLE AND CLEAN ENERGY LIFE 15 ON LAND DECENT WORK AND ECONOMIC GROWTH M PARTNERSHIPS FOR THE GOALS • ENERGY TRANSITIONS COMMISSION • En+ Group continued its work with the Energy Transitions Commission (ETC) to engage with the energy transition in the hard-to- abate sectors In May 2020, En+ Group contributed to the development of the ETC Statement, calling on governments of the world to apply economic stimulus packages wisely and invest in the future economy, in light of the COVID-19 outbreak SUSTAINALYTICS Bloomberg WWF CDP DECLINING AN • WE SUPPORT UN GLOBAL COMPACT In May 2020, En+ Group was among the first to sign a post- COVID-19 Green Recovery Call-to- action initiated by the UN Global Compact, and Business Ambition 1.5°C, calling on governments to match private sector ambitions and align with net-zero by 2050 In November 2020, En+ Group joined the UN Global Compact's SDG Ambition Global Impact Initiative • asi Aluminium Stewardship Initiative In 2015 The Metals segment of the Group joined the Aluminium Stewardship Initiative (ASI) to work with producers, customers and other stakeholders in the aluminium value chain to maximize the sector's contribution to building a sustainable society By 2020, the headquarters and eight of the UC RUSAL's facilities were certified against the ASI Performance Standard Overall ESG Risk Rating ESG Disclosure WWF transparency rating (for power companies) CDP Climate change • MISSION POSSIBLE PLATFORM Mission Possible Platform was launched at 2019 UN Climate Week, and works to build collaboration to accelerate the decarbonisation of hard-to-abate industries Within the Mission Possible Platform, En+ Group plays a leading role in the "Aluminium for Climate" initiative. Its aim is to accelerate the transition to a low- carbon, Paris- compatible, aluminium sector by establishing a consensus that a 2050 net-zero aluminium sector is achievable CLIMATE PARTNERSHIP OF RUSSIA En+ Group was among the initial partners of the Climate Partnership of Russia The partnership encourages Russian companies to move towards more environmenta lly-sensitive production and introduce measures to support cost- effective investment in green technologies • • SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION En+ Group is committed to • set science- based emission reduction targets (or SBT) in line with a 1.5°C trajectory The work on forming and setting SBTs is in close cooperation with the International Aluminium Institute (IAI), World Resource Institute (WRI), the WWF and other largest aluminium producers • Ent GROUP Diha international hydropower association En+ Group actively continued its collaboration with the International Hydropower Association (IHA) The Chairs and members of the Boards of En+ Group and IHA discussed Principles of Sustainable Hydropower and a new mission to position hydropower at the top of the energy transition discussions The Company received an ESG Risk Rating of 38.5 and was assessed by Sustainalytics to be at high risk of experiencing material financial impacts from ESG factors 58.3 improved by 70% (from 34.30 for 2017) En+ Group's subsidiary (PJSC Irkutskenergo) - 1 out of 15 in Russia's first ranking of power companies for transparency on environmental responsibility by WWF The Metals segment received A- score for CDP Climate Change section 32#33Focus on Sustainable Development (1 of 3) дово Low carbon aluminium • Ent GROUP Environmental stewardship Purchase at least 95% of their electricity from hydroelectric power plants and other types of carbon-free power generation for aluminium smelters Reduce direct specific greenhouse gas emissions by 15% in existing aluminium smelters vs. the 2014 level • To reduce GHG emissions by at least 35% by 2030 Reduction • To net zero GHG emissions by 2050 of GHG emissions • To achieve reduction GHG emissions through initiatives across production chain New technology Pursuing projects for the development of renewable pilot sources: ✓ Solar power plant in Abakan ✓ Smart grids ✓ Small-scale HPPS Increasing usage of renewable and environmentally friendly hydro power, En+ Group is committed to reduce its CO2 footprint 33#34Focus on Sustainable Development (2 of 3) x + RA-550 cells Advanced engineering / in-house technological development Ent GROUP High power proprietary RA-550 cells which stand out for their environmental performance and efficiency Inert anode technology Inert anode technology helps dramatically cut the environmental impact of aluminium production Eco-Søderberg New Energy modernisation programme New technology allows significantly reduce emissions of fluorides, dust and tars, as well as increase efficiency Programme modernising the power plants of the Angara and Yenisei cascade to ramp up the energy output using the same water volume passing through the hydro power turbines In-house R&D, engineering and design resources, which enable to develop cutting-edge technologies, state-of-the art equipment and advanced facilities 34#35Focus on Sustainable Development (3 of 3) Infrastructure projects Educational projects Supporting sports and healthy lifestyle Volunteering Combating highly infectious diseases Environmental projects • Social initiatives Social and economic development programmes in regions where the Group operates Ent GROUP Cooperation with universities and development of educational programmes, particularly those aimed at training future engineers and technicians Support of sporting events in local communities, sports infrastructure development Development of volunteering programmes across the regions of operations • Commitment to take care of employees' health and safety in the face of COVID-19 pandemic, introduction of a number of measures Establishment of the unique Baikal cultural and natural heritage protection programme Development of partnerships focused on environmental education and sustainable development Successful implementation of social initiatives 35#36. Lake Baikal • Ent GROUP En+ Group owns and manages operations at the HPP cascade ¹ located on Angara, the only river that flows out of Lake Baikal Lake Baikal is a rift lake in the south of Eastern Siberia Declared a UNESCO World Heritage Site in 1996, Baikal is the largest and deepest freshwater lake in the world En+ Group is committed to harnessing the renewable power of the Angara River in a sustainable and responsible manner 1 cm of Baikal running through the HPP turbines produces over 0.2 TWh of green energy HPPS on the Angara IRKUTSK HPP 662.4 MW 3.8 TWh² BRATSK HPP 4,500 MW 21.2 TWh² UST-ILIMSK HPP 3,840 MW 20.0 TWh² BOGUCHANY HPP 2,997 MW 17.6 TWh³ Angara River Lake Baikal • All operations meet or exceed regulatory requirements 1,642 m 1,500 km Environmental & Social initiatives Monitoring with the Severtsov Institute of Ecology and Evolution of the Russian Academy of Sciences (RAS): The water quality and microplastic content in Baikal The condition of Baikal seal population Adjustment of the HPP's operating schedules to Baikal's natural water level fluctuations with Water Problems Institute of RAS Lake Baikal provides ca. 60% of the water resources used by the abovementioned hydropower plants to generate energy Boguchansk HPP1 Ust-Ilimsk HPP • Research on GHG emissions/absorption from reservoirs Environmental & Social assessment of the Baikal Natural Territory in dialogue with governmental bodies, NGOs and scientific institutes Nature Matters - comprehensive community environmental programme. It includes: Traditional volunteering eco-campaign "Project 360" to clean up the banks ✓Environmental Project Grant Contest to invest in local community environmental projects Partnership with local NGO to support responsible eco-tourism in the region, creating safe tourist trails and reducing the impact of human activity on the fragile Baikal ecosystem Development of the international center of water resources at the industrial site of the former Baikal pulp and paper plant in cooperation with VEB.RF and the Government of the Irkutsk region Yenisey river Krasnoyarsk HPP Bratsk HPP (1) BEMO-A 50%/50% JV of UC RUSAL and RusHydro, comprising Boguchany aluminium smelter and Boguchany HPP. Boguchany HPP is operated by RusHydro. Irkutsk HPP Angara river Lake Baikal (2) Long-term average annual power generation volumes. (3) Long-term average annual power generation volumes; source: www.boges.ru. 36#374 Investment highlights 15 Our business model En+ GROUP 20 28 37 53 65 Results snapshot Sustainable business development Power segment Metals segment Appendix 37#38Power Assets Overview Zone 1 (European) Prod. = 796 TWh Demand = 784TWh Zone 2 (Siberian) = Prod. 207 TWh Demand 209 TWh = Ondskaya HPP EnSer CHP Avtozavodsk CHP Abakan SPP Ust-Labinsk CHP Russia in total² Prod. 1,063TWh = Demand 1,050 TWh = ■ Siberia accounts for 20% of electricity demand in Russia ■ Coal prices and water levels are the main electricity price drivers in Siberia 1st (European) price zone 2nd (Siberian) price zone Isolated and non-pricing zones En+ Group HPPS Isolated zones (regions without wholesale market) Ust-Ilimsk HPP Bratsk HPP Boguchany HPP1 CHP-16 Ust-llyimsk CHP Novo-Ziminskaya CHP Krasnoyarsk HPP CHP-6 CHP-12 CHP-11 CHP-9 CHP-10 Novo-Irkutsk CHP Irkutsk HPP Irkutsk Electric Grid Company Outside of Russia the Company owns one CHP in Yerevan, Armenia En+ portfolio installed electricity capacity by En+ total electricity output by plant type in 2020³ plant type in 2020 SPP <1% CHP 23% 19.5 GW HPP 77% CHPS 16% Abakan SPP <1% 82.2 TWh HPPS 84% En+ Group CHPS En+ Group Solar Power Plant F Irkutsk Electric Grid Company En+ HPPs power generation in 2020³ 32% 69.3 TWh Angara cascade (incl. Irkutsk, Bratsk and Ust- Ilimsk HPPs) Yenisey cascade (KHPP) 68% Source: En+ Group, SO UPS. Notes: (1) Boguchany HPP is a 50:50 JV of UC RUSAL and RusHydro, operated by RusHydro. (2) Excluding isolated power systems and off-grid capacity. (3) Excluding Onda HPP. Ent GROUP 38#39Overview of Siberian Hydro Power Environment • The Siberian federal district is one of the main industrial regions in Russia with a focus on oil and gas, metallurgy and engineering, and contributes approximately 10% of Russia's total GDP • A unique feature of the Siberian Integrated Power System (IPS) is the significant role of HPPs in both the structure of installed electricity capacity and electricity output - 49% and 57%, respectively • In the Siberian IPS zone, electricity spot prices are determined by the production costs of the least efficient coal-fired generation plant, with HPPs acting as price takers One of the major factors that exerts significant influence on price in the medium term is the water inflow to Siberian HPPs, which determines the availability of low-cost hydro power for the wholesale market Capacity structure in the Siberian price zone in Russia SPP 0.6% Competitive landscape Installed capacity in 2020 (GW) 18.9 Ent GROUP CHP 50.9% HPP 48.5% 12.3 15.0 3.9 Ent СИБИРСКАЯ ГЕНЕРИРУЮЩАЯ КОМПАНИЯ 7.2 3.9 3.0 RusHydro Thermal ■ Hydro INTER RAOUES GUMO 2 БОГУЧАНСКАЯ ГЭС En+ Group accounts for a 38.8% power market share in Siberia by total installed capacity, while UC RUSAL aluminum production is an important contributor to power demand Source: En+ Group, Companies' public finilings, System Operator, SEEPX Energy, Rosstat. Note: Due to rounding, total may not correspond with the sum of the separate figures. (1) The Company's assets capacity provided for Siberia only. The Total Company's capacity is 19.5 GW, including 15.1 GW in hydropower. (2) BEMO (Boguchany HPP) is a 50:50 JV between UC RUSAL and RusHydro. It is operated by RusHydro. 39#40The Entire Power Sector Value Chain Substantial degree of vertical integration provides En+ Group with significant advantages and additional sources of growth The presence of both HPPs and CHPs in the asset portfolio allows En + Group to optimally distribute the load of the plants in order to maximize the cumulative result I Value creation centre HPP generation لاببيلا 69.3 TWh of electricity Transmission and distribution Power trading and retail End users RUSAL and other industrial users Ent GROUP Coal supply CHP generation 13.5 mt 12.9 TWh of electricity 26.9 mm Gcal of heat Engineering 48.0 TWh of electricity B 17.2 TWh of electricity Consumer and retail users Note: Figures above denote the production/output/throughput in 2020 Complementary businesses Coal supply Control over major cost item for coal-fired CHPS ⚫ Security and reliability of coal supply • Efficient management of coal quality and coal inventory Strong bargaining power with third-party suppliers Transmission and distribution Full alignment of development programs between electricity generating and grid segments: - Efficient management of investment resources - No difficulties with connection of new capacities to the electricity grid Trading and retail Ability to capture additional margin with no / limited exposure to fluctuations in power price Direct access to consumers, better understanding of consumers' needs and development plans Engineering In-depth knowledge of the Group's power facilities which ensures quality assurance No truly competitive market for repair and maintenance services in the Russian power sector Strong bargaining power with third-party suppliers 40 40#41Siberian Power Market Supply and Demand Dynamics Electricity Consumption (TWh) 235 2020-2026 yearly average growth +1.7% 230 225 220 215 210 205 200 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Capacity Supply (GW) 59 2020-2026 yearly average growth +0.3% 57 55 53 51 49 47 45 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Existing capacity ■Net increase in capacity Areas of Additional Demand Growth Krasnoyarsk Region ■ Boguchany aluminum smelter consumption increase +6.1 TWh increase by 2026 vs. 2020 Ent GROUP ■ Extension and modernization of a number of industrial enterprises: Achinsky oil refinery, RN-Vankor due to development of new oil and gas condensate fields in Turukhansky district, gold mining enterprises ■ Construction of electrochemical complex LLC "Siberian Forest" in the Yenisei region, creation of new production at JSC KrasLesInvest Irkutsk Region ■ Taishet Aluminum Smelter ■ Electric and metallurgical plant in Bratsk ■ Plant for the production of polymers in Ust-Kut +9.1 TWh increase by 2026 vs. 2020 ■ TransSiberian and Baikal-Amur railways development, development of new gold mining fields and development of existing fields in Bodaibo district ■ New oil pump stations construction, production and processing of natural gas on the basis of the Yaraktinsky and Markovsky oil and gas condensate fields Other Regions Increase in electricity consumption in the Kemerovo region by Kuznetsk Ferroalloys JSC, SUEK-Kuzbass JSC, Processing Plant PF Taldinskaya LLC, commissioning of Zhernovsky - 1 GOK, facilities LLC "Regionstroy" ■ Construction of housing estates and infrastructure facilities in the Novosibirsk region ■ Planned implementation of technological connection of power receiving devices of JSC "Gazpromneft - ONPZ" in the Omsk Region Construction of the Ak-Sug GOK (production of copper concentrate) in Tyva and the Kingash GOK (production of nickel-copper concentrate) Power demand growth in 2021 vs. 2020 is expected at the level of +6.8 TWh (+3.2%) mainly due to the increase of aluminum production in the power systems of the Irkutsk region, Krasnoyarsk Territory and the Republic of Tyva. Source: System Operator, Ministry of Energy of Russian Federation. 41#42Electricity Prices Mainly Increase with Inflation Wholesale electricity sales Spot Balancing market Free bilateral contracts Regulated contracts (RC) • Auction of price bids and volumes submitted by the power producers and consumers a day in advance of actual delivery on an hourly basis Day ahead market is managed by ATS with price based on marginal pricing mechanism Additional online auction held by the System Operator every hour Prices and volumes are determined at sole discretion of the supplier and the purchaser of electricity Sales to UC Rusal through free bilateral contracts are based on long- term power supply agreements signed in October 2016 (37.6 TWh of electricity to be supplied annually and electricity price set at a rate 3.5% below electricity spot price) Signed between the power producers and power sales companies who buy on behalf of residential consumers Regulated tariffs are set by FAS and generally indexed to inflation Retail electricity sales Retail prices include capacity charge and grid tariff Supply companies purchase electricity and capacity from the wholesale power market 1H 2021 sales volume 20.0 TWh 3.3 TWh 18.0 TWh 1.7 TWh Retail Tariffs for residential customers are regulated and indexed to inflation or just near inflation 10.4 TWh¹ Sale of power to other non-regulated customers are done at non- regulated prices 1H 2021 revenue contribution² Development of electricity prices (RUB/MWh) 3 Retail 16% 1956 1956 1966 1914 1 768 12% Ent GROUP Spot 5 1,012 4 0.2% 929 888 865 830 815 811 752 773 713 715 Free bilateral contracts 622 659 636 495 587 528 Balancing market 149 146 113 100 115 Regulated contracts 18% 2016 2017 2018 2019 2020 2021 2022 Source: FAS (Federal Antimonopoly Service), System Operator, ATS (Joint-stock company "Administrator of the trading system of the wholesale electricity market"), federal laws, SEEPX Energy. (1) Retail sales volumes are on net basis (including intercompany eliminations). (2) Based on Power segment's revenue of USD 1,513 mn in 1H 2021, of which 16% contributes to other revenues. (3) En+ actual retail prices. (4) For 2021 is a forecast by NP Market Council (27.08.2021). (5) For 2022 is a forecast by NP Market Council (01.07.2021). 22 42#43Capacity (KOM) Prices Provide 6-year Revenue Visibility Capacity sales 1H 2021 sales volume 1H 2021 revenue contribution² Capacity auction (KOM) Annual capacity auctions by the System Operator for the capacity supply in 6 years' time Price is defined by supply-demand balances and set in real terms with CPI-0.1% indexation Regulated contracts (RC) Heat generation and heat & electricity T&D " Signed between the power producers and power sales companies who buy on behalf of residential consumers Regulated tariffs are set by FAS and generally indexed to inflation Tariffs are regulated by local authorities on 'cost+' methodology Source: FAS, System Operator, ATS, Federal laws, Rosstat, SEEPX Energy, En+ Group. (1) Monthly capacity sales over 12 months period (x12). (2) Based on Power segment's revenue of USD 1,513 mn in 1H 2021, of which 16% contributes to other revenues. Development of capacity prices (th. RUB/MW/month) En+ GROUP 353 349 67.9 GW¹ 328 Actual price 302 15% (incl. indexation) 288 303 299 253 279 267 264 17.0 GW¹ 210 211 1% 200 189 190 225 Base price 13.8 mGcal (Heat) 21% 189 190 191 182 186 KOM prices in the 2nd price zone 16.8 TWh (T&D) 57 57 59 60 66 59 Regulated contracts 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 43 33#44Power Market Update Power supply and demand in Siberia¹ Average electricity spot prices² TWh 1H'21 1H'20 Change Average market price, 1H'21 1H'20 Change RUB/MWh Production in Siberia 109.2 103.9 5.1% 2nd price zone 908 904 0.4% HPPS production 61.3 54.6 12.2% Irkutsk region 818 856 (4.4%) Consumption 109.9 105.3 4.3% Krasnoyarsk region 833 834 (0.1%) Electricity spot prices², Rb/MWh 1,200 1,000 800 600 400 200 Jan'18 Mar'18 May '18 Jul '18 Sep'18 Nov'18 Jan'19 Mar'19 May'19 Jul '19 Sep'19 Nov'19 Jan'20 Mar'20 May'20 Jul'20 Sep'20 Nov'20 Jan'21 Mar'21 May'21 Jun'21 Capacity prices³ 2nd price zone -Irkutsk Krasnoyarsk th. RUB/MW/month 2018 2019 2020 2021 2022 2023 2024 2025 2026 2nd price zone 186 190 191 225 264 267 279 303 299 Note: Due to rounding, numbers may not add up precisely to the totals provided, percentages may not precisely reflect the absolute figures, and percent change calculations may differ. (1) System Operator of the Unified Power System, incl. February 29, 2020. (2) Day ahead market prices, data from ATS and Association "NP Market Council". (3) According to Russian regulations in the power industry, capacity price is defined by supply-demand balances, set in real terms and linked to CPI-0.1%. Ent GROUP 44#45Water Inflows as a Driver to Increase HPP Generation Overview The Group's Angara cascade HPPS (Irkutsk, Bratsk and Ust-Ilimsk HPPs) increased power generation to 25.5 TWh in 1H 2021 (up 14.3% y-o-y) and to 11.8 TWh in 2Q 2021 (up 12.4% y-o-y). This was due to increased water reserves in Lake Baikal and in the Bratsk reservoir. Water levels in Lake Baikal reached 456.60 metres as at 1 July 2021 vs. 456.49 metres at 1 July 2020. Water levels in the Bratsk reservoir reached 400.90 metres as at 1 July 2021 vs. 397.67 metres at 1 July 2020 The Group's Krasnoyarsk HPP's total power generation increased to 11.4 TWh in 1H 2021 (up 17.5% y-o-y). In 2Q 2021, power generation at the Krasnoyarsk HPP was 6.6 TWh (up 32.0% y-o-y). This increase was a result of a more intense, state regulated forced drawdown in the Krasnoyarsk reservoir due to high water inflows. The water inflow to Krasnoyarsk reservoir was 4,526 m³ per sec. (154% of normal level) in 2Q 2021, compared to 3,565 m³ per sec. (121% of normal level) in 2Q 2020. The water inflow in 1H 2021 was 2,393 m³ per sec. (150% of normal level), compared to 1,915 m³ per sec. (120% of normal level) in 1H 2020 Water level (m) Water inflows, Angara cascade¹ (m³ per sec.) Ent GROUP Jan Feb March Apr May June July Aug Sept Oct Nov Dec Average (1977-2020) 2017 2018 2019 2020 2021 Water inflows, Yenisey cascade / KHPP (m³ per sec.) Normal Minimum 30.06.2021 30.06.2020 Irkutsk HPP 457.00 455.54 456.58 456.48 Bratsk HPP 402.08 392.08 400.86 397.66 Ust-Ilimsk HPP 296.00 294.50 295.81 295.85 Jan Feb March Apr May June July Aug Sept Oct Nov Dec Krasnoyarsk HPP 243.00 225.00 240.94 240.58 Average (1977-2020) 2017 2018 - 2019 2020 2021 (1) Hydro production and water inflows data for Angara cascade include Irkutsk, Bratsk and Ust-Ilimsk HPPs. 45#46Water Level Water level of Lake Baikal, m 456.48 456.48 456.23 458,2 457.12 457,0 456.64 456.49 456.58 456.41 456.29 456.20 456.28 Dec'19 Mar'20 Jun'20 Sep'20 Dec'20 Jan'21 Water level - Normal Angara cascade, TWh 22.3 22.1 25.5 Feb'21 Mar'21 455.5 Apr'21 May'21 Jun'21 Min/Max Yenisey cascade/KHPP, TWh 9.7 8.9 11.4 Ent GROUP 1H 2020 I Generation Volumes 1H 2021 1H 2020 1H 2021 - Long term average Generation Volumes - Long term average 1 (1) Average since 1970 for Krasnoyarsk HPP and since 1977 for Angara cascade. 46 46#47Power Generation Volumes Hydro power generation¹ (TWh) 36.9 32.0 31.0 11.4 9.7 8.9 19.5 17.9 18.5 18.4 16.4 15.6 6.4 4.8 6.0 6.6 4.7 5.0 25.5 22.3 22.1 11.8 10.5 11.9 13.1 13.7 11.8 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 1H 2020 1H 2021 Angara cascade (incl. Irkutsk, Bratsk and Ust-Ilimsk HPPs) 1H long-term average 2 Yenisey cascade (KHPP) CHP electricity generation (TWh) Heat generation (mn Gcal) 7.3 7.0 4.9 4.7 4.1 10.1 16.1 14.5 11.3 9.6 2.4 1.5 2.3 4.4 4.8 2.8 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 1H 2020 1H 2021 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 1H 2020 1H 2021 Note: Due to rounding, total may not correspond with the sum of the separate figures. (1) Excluding Onda HPP. (2) 1H average since 1970 for Krasnoyarsk HPP and since 1977 for Angara cascade. Ent GROUP 47#48Power Segment Sales Breakdown Electricity sales (TWh) 47.3 53.3 10.4 Capacity sales¹ (GW) 87.7 84.9 18.0 17.0 9.1 1.7 Retail 1.7 Regulated contracts 18.0 19.5 Free bilateral contracts 48.6 3.3 67.9 ■Balancing market 3.2 20.0 ■Spot market 2 13.7 1H 2020 1H 2021 21.1 1H 2020 1H 2021 I Regulated contracts 3 KOM Ent GROUP Free bilateral contracts • • Electricity sales in 1H 2021 increased 12.7% y-o-y and totaled 53.3 TWh. Sales through spot market increased 46.0% to 20.0 TWh driven by improved electricity generation volumes. Sales through balancing market and through regulated contracts remained almost the same y-o-y, retail sales increased 14.3% to 10.4 TWh while sales through free bilateral contracts decreased 7.7% to 18.0 TWh Capacity sales in 1H 2021 decreased 3.2% y-o-y to 84.9 GW. KOM sales increased 39.7% to 67.9 GW while sales through regulated contracts decreased 5.6% to 17.0 GW Note: Due to rounding, total may not correspond with the sum of the separate figures. (1) Capacity sales volume equals sellable capacity multiplied by 12 months. (2) Day ahead market. (3) KOM is a Russian abbreviation for Competitive Capacity Outtake. KOM sales include capacity supply contracts/DPM (Abakan SPP) and must run generation. Siberian hydro capacity prices (excl. regulated contracts) are 100% liberalized from May 2016. 48 88#49Power Segment EBITDA Analysis Power segment EBITDA in 1H 2021 (USD mn) EBITDA margin (%) 86 11 14 na 38 580 43 16 11 510 1H 2021 adj. EBITDA bridge build-up (USD mn) 542 48 48 (36) (24) 50 50 580 HPPS CHPS Coal Other and interco Total Adj. EBITDA 1H 2020 FX Spot prices HPP generation Others Adj. EBITDA 1H 2021 Power segment EBITDA in 1H 2020 (USD mn) EBITDA margin (%) 84 10 11 na 38 37 14 22 542 469 HPPS CHPS Coal Other and interco Total Note: The calculations are for illustrative purposes only and based on management accounts. Ent GROUP The Power segment's Adjusted EBITDA in 1H 2021 increased to USD 580 million (up 7.0% y-o-y), increase in electricity sales volumes and increase in capacity prices y-o-y, which was partially offset by rouble depreciation and slight decrease in electricity sales prices: - - HPP generation: the Group's HPPs increased electricity generation volumes to 36.9 TWh (up 15.3% y-o-y) in 1H 2021 Foreign exchange rates: in 1H 2021, the average for the period RUB/USD exchange rate increased by 7.1% to 74.28 compared to 69.37 in 1H 2020 49#50Power Segment's HPP Modernisation Programs Ent GROUP • 'New Energy' is an ongoing program, focused on modernising the power plants at Angara and Yenisei cascades, to improve efficiency, reliability and safety, as well as reduce potential GHG emissions by augmented HPP generation • As part of the program: . Ust-Ilimsk: 4 runners replaced • Krasnoyarsk: all 12 hydraulic units and 2 runners replaced • . • • • Bratsk: 12 out of 18 runners replaced Irkutsk: upgrade began in July 2019. Under the modernisation programme, 1 generation unit replaced in 2020 and 3 of the 8 hydropower units installed at the plant will be replaced by 2023 Investment is expected to total RUB 21 bln in the period to 2026 (c. USD 290.2 million as of 30 June 2021), including funds already invested in the project¹ Modernised HPP turbines offer increased efficiency and better cavitation. From 2022 the Group's HPPs are expected to increase their clean electricity generation by 2 TWh, from the same volume of water The upgraded equipment at the Group's Bratsk, Ust-Ilimsk, Irkutsk and Krasnoyarsk HPPs supported an increase in hydropower production of 936.3 GWh in 1H 2021, helping to prevent greenhouse gas emissions by approximately 1,085 thousand tonnes of CO2e due to the partial replacement of prior thermal power generation volumes (1) Calculated based on USD/RUB exchange rate 72.37 as of 30.06.2021. 50#51Power Segment's Modernisation Programs CHP modernisation program • • The Group participated in the state programs for CHP modernisation providing guaranteed return on investment¹ Capacity Allocation Contracts to be signed between buyers, market regulator (ATS) and generating companies of the wholesale market, providing with the key criteria for modernisation, parameters of capacity supply after the modernisation and return on investment. Through this program the Group will improve reliability and safety of 1,445 MW of its CHP capacity (33.5% of total CHP capacity) • In addition to electricity, the Group's CHPs provide critical heat generation for local population in Siberia Projects Segozerskaya HPP, small-scale Total CHP projects Commence of capacity supply Capacity, MW CAPEX² USD mn 01.12.2022 8.1 19.7 1,445 229.7 Novo-Irkutsk CHP Turbine 3 01.01.2023 175 23.3 Turbine 4 01.12.2025 175 41.9 No new CHP capacity to be constructed CHP-10 • Total expected CAPEX for CHPs of USD 229.7 mn (RUB 16.6 bn) in 2020-2026 Turbine 2 01.01.2023 150 16.3 Small HPP project Turbine 7 01.05.2024 150 16.3 As a part of the state program backed by CAC mechanism for renewable projects, En+ Group is implementing a small-scale Segozerskaya HPP (8.1 MW) in Karelia (Russia) Turbine 5 01.12.2025 150 17.0 En+ Group formed a portfolio of projects with a total installed capacity of about 200 MW. Depending on the results of the project feasibility study, a decision will be made on when these projects will be implemented Turbine 8 01.01.2024 150 16.3 Turbine 4 01.12.2026 150 19.8 Schedule of CAPEX for CHPS modernisation and small-scale HPP Total estimated budget – c. USD 249 mn CHP-11 (Turbine 3) 01.01.2024 50 8.7 25% 23% CHP-9 (Turbine 6) CHP-6 (Turbine 1) 01.01.2024 01.08.2022 65 65 60 14.1 18.1 21% 14% 12% 3% Ust-Ilimsk CHP (Turbine 3) 01.05.2025 110 17.7 2% Avtozavodskaya CHP (Turbine 9) 01.04.2025 60 60 20.1 2020 2021 2022 2023 2024 2025 2026 Note: Due to rounding, total may not correspond with the sum of the separate figures. (1) The Group participated in the Competitive Capacity Auction (CCA) Modernisation Program providing with return on investment through Capacity Allocation Contracts (CAC). (2) Calculated based on USD/RUB exchange rate 72.37 as of 30.06.2021. Ent GROUP 51#52Power Segment Debt Overview Key debt metrics (USD mn) 30 June 2021 IFRS 31 Dec 2020 IFRS Net debt change in 1H 2021 (USD mn) Ent GROUP 4,263 Loans and borrowings - Corporate Debt 3,426 3,552 139 98 4,017 11 (494) - Operational Debt 1,023 1,044 Total debt 4,449 4,596 Cash and cash equivalents 432 333 31 Dec 2020 Operating CF Investing CF Financing CF Net debt Net debt/adj. LTM EBITDA 4,017 3.9x 4,263 4.3x excl debt settlements Net effect from 30 June 2021 FX and other Nominal corporate debt maturity profile as at 30 June 2021 Debt portfolio¹ breakdown as at 30 June 2021 (USD mn) By interest rate 1,7352 By currency 1% 203 555 573 180 193 O 2H 2021 2022 2023 2024 2025 2026 Note: Due to rounding, total may not correspond with the sum of the separate figures. 99% Floating rate Fixed rate (1) Nominal debt - USD 4,461 mn. Nominal debt includes USD 1.0 bn of rouble nominated revolving facilities used to finance short-term operational activities. (2) Repayment of USD 1.4 bn may be shifted to 2026 with scheduled repayments starting from 2023 (the borrower has an unconditional right to extend the maturity). 100% ■RUB Credit Rating Fitch Ratings B+ 52 52#534 Investment highlights 10 Ent GROUP 15 20 28 37 53 65 Our business model Results snapshot Sustainable business development Power segment Metals segment Appendix 53 53#54Metals Segment: Global Operational Assets Footprint Ent GROUP Global scale: core smelting operations located in Siberia, Russia; supplied by owned domestic and international alumina and bauxite operations and sourcing more than 90% of energy from low cost low-carbon HPPs generation owned by En+ Group 2020 aluminium output by region 4% 3% Russia Siberia European 3,755kt 93% Russia Part Sweden 2020 sales by region Europe Kandalaksha1: 0.07mt North Urals': 2.26mt Kia Shaltyr Nepheline mine output²: 4,60mt KUBAL¹: 0.17mt Timan¹: 3.31mt Aughinish¹:1.88mt Friguia Alumina Refinery¹: 0.44mt ☑ Volgograd: 0.07mt Dian-Dian (Guinea)¹: 3.07mt UC RUSAL's core aluminium smelting operations output¹ in Siberia: from left to right - Novokuznetsk: 0.21mt - Sayanogorsk: 0.53mt Khakas: 0.31mt - Krasnoyarsk: 1.02mt - Bratsk: 1.00mt - Irkutsk: 0.42mt Total output (Siberia): 3.50mt Achinsk: 0.90mt Bogoslovsk¹: 0.99mt Urals¹: 0.92mt Pglz1: 0.07mt Total Russia alumina output¹: 2.87mt Nikolaev: 1.72mt QAL alumina refinery: 0.74mt³ 7% 25% Russia&CIS 45% 3,926kt Asia America Windalco (Jamaica)¹: 0.52mt 23% Friguia (Guinea): 1.42mt Kindia (Guinea): 2.94mt Windalco (Jamaica)': 1.75mt Guyana: 0.08mt Bauxite self-sufficiency covering 100+ years of operations5 Total output, 2020 data Aluminium Alumina Bauxite Foil Boguchany ☑ HPP JV Mothballed capacities Aluminium: 3.7mt Alumina: 8.2mt Bauxite: 14.8mt Capacities under construction / prelaunch stage + Nepheline: 4.6mt (1) All production volumes are represented by 2020 data. (2) From nepheline ore of Kia Shaltyr mine RUSAL produces alumina at Achinsk alumina refinery. (4) May vary from year to year depending on the water level on HPPs. (5) Based on current production levels; incl. 2nd stage of Dian Dian project (development of the bauxite (3) UC RUSAL's share in QAL production based on pro rata ratio (20% stake in the company). 54minefield). 54#55Self-sufficiency Production High Degree of Vertical Integration Bauxite and Nepheline Production process 1 2 0+ 3 Alumina 4 Aluminium Ent GROUP 5 1 2 1 Aluminium production starts with the raw material bauxite, a clay like soil type found in a belt around the equator. The bauxite is mined from a few meters below the ground The bauxite is then transported to plants where the clay is washed off and the bauxite passes through a grinder Aluminium production can also start with the raw material nepheline, a hexagonal mineral that is a usually glassy crystalline silicate of sodium, potassium and aluminium common in igneous rocks Bauxites production¹ mn t 13.8 16.1 Nepheline production¹ mnt 14.8 3 Alumina, or aluminium oxide, is extracted from the bauxite through refining where alumina is separated from the bauxite by using a hot solution of caustic soda and lime 4 3 then and filtered, The mixture is heated and the remaining alumina is dried to a white powder Alumina can be extracted via the Nepheline Process. Nepheline ore is first sintered with limestone. The resulting sinter cake is crushed, ground and leached, and alumina hydrate precipitated by carbonation. The alumina hydrate is washed, dried and calcined to produce alumina Alumina production¹ mn t 5 Alumina is used to produce aluminium. Electricity is run between a negative cathode and a positive anode, both made of carbon. The anode reacts with the oxygen in the alumina and forms CO2 6 The result is liquid aluminium, which can now be tapped from the cells. The liquid aluminium is cast into extrusion ingots, sheet ingots or foundry alloys Aluminium production¹ mn t 10.5 8.2 9.3 4.29 5.7 5.6 5.6 2018 2019 2020 2 Russia 2018 Non-CIS T 4.24 2019 ד 4.60 2020 7.8 7.9 8.2 3.7 3.8 3.8 3.8 3.3 3.4 3.6 1.7 1.7 1.7 2.8 2.8 2.9 3.6 3.6 3.6 3.6 2018 ■Russia 2019 Ukraine 2020 2017 2018 2019 2020 Non-CIS Russia Non-CIS Projects to increase self-sufficiency in materials (>100% in alumina, ~80% bauxites and nephelines, ~90% in pre-baked anodes)³, efficient midstream and diversified product mix • 1st stage of Dian Dian bauxite mine in Guinea was launched in June 2018 • Friguia alumina complex was relaunched in June 2018 and will increase alumina output (600 ktpa) . Volgograd anode plant (104 Ktpa) with own calcined coke production capacities (95 ktpa) was test-launched in August 2018 • New calcined coke production capacities at Irkutsk smelter (89 ktpa) were launched in August 2017 . Taishet anode plant (1st stage - 217 ktpa) was launched in 1H20 Source: Company data. 1) Bauxites and alumina are mainly delivered to Group companies and minor portion goes to third parties. 2) Bauxites production in Russia including nepheline ore volumes. 3) As of 31.12.2020. 55#56Growth in Demand Matched by Record Aluminium Production Primary aluminium demand and production dynamics¹ 33.8Mt 31.9Mt 32.1Mt 33.9Mt 33.0Mt 30.3Mt 15.0 12.3 14.1 18.0 18.0 19.8 1H2019 1H2020 1H2021 Demand, China Demand, Ex-China ■Global Production . New and reopened capacity entered production in 2021 • Demand is returned to pre-COVID level Sources: CRU, Wood Mackenzie, Antaike, SMM, UC RUSAL Research. (1) Based on Rusal own calculations. Incremental global aluminium demand structure by end-use in 2021 Consumer durables 6% Other 4% Machinery & Equipment 10% Electrical 11% Packaging & Foil stocks 13% Construction 17% Transport 39% Ent GROUP Transportation and construction are largely dependent on post- COVID recovery Labor availability and supply chain disruptions present immediate challenge 56#57Aluminium Prices Reflect Current Market Fundamentals and Supply Chain Restrictions LME cash settlement price Regional premiums dynamics Monthly average, Aug 2021 (1-9) $3,000 $800 $753 Europe DU $700 $2,500 US MidWest DP $600 Main Japanese Ports (quarterly) $2,000 $500 $1,500 $400 $297 $300 $1,000 $200 $500 $100 $185 $0 $0 Jun'20 Aug'20 Oct'20 Dec'20 Feb'21 Apr'21 Jun'21 Aug'21 Jun'20 Aug'20 Oct'20 Dec'20 Feb'21 Apr'21 Jun'21 Aug'21 LME price move followed improvement in demand outlook Manufacturing activity remains in an expansion zone, however the pace of growth is slowing in key consuming regions Premiums reflect higher regional replacement costs, scrap shortage and tight logistics Ongoing ports' congestion, caused by COVID-19 containment measures, continue to challenge the supply chain Ent GROUP 57#58Chinese Production is Forecasted to Reach Record Highs Chinese installed aluminum capacity Chinese primary aluminium import Capacity cap 45mn t 41.0 mn t 370 377 42.6 346 42.3 270 243 170 70 296 kt Imports Exports )=. Net Imports 251 230 200 204 172 (147) (134) 103) Ent GROUP 238 2019 2020 2021E -30 Jun'20 Sep'20 Dec'20 Mar'21 Jun'21 Chinese production growth continues toward 45Mt . Restarts of up to 2Mt anticipated, whilst short term capacity disruptions expected to normalize Sources: CRU, Antaike, SMM, UC RUSAL Research. Imports stabilize in line with cooling manufacturing and release of local inventories ထ 58#59Metals Segment Production Aluminium (kt) (kt) 1,867 1,868 57 61 65 71 940 927 939 950 932 936 29 28 29 31 30 31 35 35 34 33 33 1,739 1,742 876 862 875 885 869 873 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 1H 2020 1H 2021 Russia Siberia I Russia European Part Sweden Alumina Bauxite 7,637 7,469 3,684 3,843 Nepheline ore 4,022 4,102 3,893 3,829 3,801 3,835 234 332 3,577 3,835 269 376 357 963 1,066 918 1,858 1,720 2,013 2,009 2,018 2,142 939 1,827 2,025 1,817 2,045 2,057 2,030 101 136 133 194 132 180 191 DOO 100 112 825 865 486 432 507 476 463 456 487 471 447 477 558 357 2,741 2,728 416 409 442 459 428 437 2,264 2,161 1,398 1,501 1,549 1,677 1,192 1,153 1,217 1,511 696 703 703 771 740 762 1,083 1,181 1,214 1,121 1,062 1,099 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 1H 2020 1H 2021 Russia Ukraine 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 1H 2020 1H 2021 Ireland Australia 1 Jamaica 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 1H 2020 1H 2021 ■Guyana Guinea Ent GROUP Note: Due to rounding, numbers may not add up precisely to the totals provided. (1) Australia output (QAL) is presented on the ownership pro rata basis. In the income statement alumina sourced from QAL operations are reflected as bauxite purchases from third parties and tolling fee RUSAL pays to QAL for processing bauxite into alumina. 59#60Aluminium Sales and Revenue Primary aluminium sales, kt • In 1H 2021, aluminium sales increased 5.8% y-o-y to total 2,000 kt. The sales increase was mostly attributable to intensified market demand In line with its strategy, the Group continued to grow the share of VAPs¹ in total sales. In 1H 2021, VAP sales amounted to 1,010 kt (up 28.6% y-o-y), and the share of VAP sales in total sales was 50% (up by 8 pp y-o-y) Ent GROUP +5.8% (Kt) 1,890 2,000 y-o-y 2,000 Ingots 78 1,890 12 145 134 990 VAP 1,105 1,733 1,788 Third party 1,010 785 Aluminium BOAZ Aluminium 1H20 1H21 1H20 1H21 Rusal Revenue from primary aluminium and alloys, USD mn Other revenue, USD mn . • Revenue from sales of primary aluminium and alloys in 1H 2021 increased by 37.9% y-o-y to USD 4,574 mn, primarily due to a 30.2% increase in the weighted-average realized aluminium price per tonne (to an average of USD 2,287 per tonne in 1H 2021 from USD 1,756 per tonne in 1H 2020) driven by an increase in the LME aluminium price (to an average of USD 2,245 per tonne in 1H 2021 from USD 1,592 per tonne in 1H 2020), as well as the 5.8% increase in sales volumes Revenue from sales of alumina increased by 14.0% y-o-y to USD 276 mn in 1H 2021 from USD 242 mn in 1H 2020 primarily due to a 6.7% increase in the average sales price together with a 7.0% increase in sales volumes Revenue from sales of foil and other aluminium products increased by 30.3% y-o-y to USD 232 mn in 1H 2021, primarily due to an increase in sales volumes of foil and aluminium wheels between the comparable periods • Revenue from other sales, including sales of other products, bauxite and energy services increased by 32.5% y-o-y to USD 367 mn in 1H 2021, due to a 31.5% increase in sales of other materials (such as hydrate by 149.9%, silicon by 66.2%, aluminium powder by 30.6%) (1) VAP includes alloyed ingots, slabs, billets, wire rod, wheels, high and special purity aluminium. (USD mn) +35.7% y-o-y 5,449 367 232 276 4,015 277 178 242 4,574 3,318 1H20 1H21 Aluminium Alumina Foil Other and other aluminium products 60#61Metals Segment EBITDA Breakdown 1H 2021 EBITDA bridge build-up (USD mn) 33 5 na 64 1H 2021 adj. EBITDA bridge build-up ○ EBITDA margin (%) (USD mn) 24 815 1,368 Aluminium segment 1 Alumina segment 2 1H 2020 EBITDA bridge build-up (USD mn) 11 342 3 33 Ent GROUP O EBITDA margin (%) 24 10 159 10 (117) 1,315 5 1,315 112 219 3 Unallocated 1H21 EBITDA 1H20 EBITDA Premiums/ Aluminuim Effect of LME Aluminium Change in cash 1H21 and quotation sales volumes sales structure period cost and other factors EBITDA na (156) O EBITDA margin (%) 5 219 Aluminium segment 1 Alumina segment 2 Unallocated 3 1H20 Group EBITDA Average LME aluminium price increase 41.0% from USD 1,592 per tonne in 1H 2020 to USD 2,245 per tonne in 1H 2021 • Sales volume of primary aluminium and alloys increased 5.8% to 2,000 kt The share of VAPs reached 50% of total aluminium sales compared to 42% in 1H 2020 • Aluminium segment remained the largest contributor to the Group EBITDA (1) Aluminium business results, excluding alumina segment margin, the results of aluminium resales and other non-production costs and expenses. (2) Alumina business results, excluding margin on sales to aluminium segment, the results of alumina and bauxite resales and other non-production costs and expenses. (3) Other non-core businesses results are represented by foil, powder, silicon sales and other operations and general and administrative expenses of the headquarter. 61#62Metals Segment Capital Expenditures Capex semi-annual dynamics USD mn 897 848 842 834 Capex 1H 2021 600 500 400 300 554 521 495 496 200 417 417 401 353 321 67% 100 0 19% Taishet Aluminium Smelter Capex guidance 2021 17% Ent GROUP Taishet Anode Plant 7% 12% USD 554 mn USD 1.1-1.3 bn 7% Other development capex 61% Maintenance capex • 1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21 In 1H 2021 capex totaled USD 554 mn (+38.2% y-o-y); • Maintenance capex amounted to 67% of the aggregate capex in 1H 2021; In 1H 2021 the Company continued its investment in key development projects as per its strategic priorities of preserving its competitive advantages of vertical integration into raw materials and product mix enhancements: . Carbon materials self-sufficiency: Taishet anode plant 1st stage - construction of anode baking furnace with a capacity of up to 217.5 ktpa of baked anodes¹ - 2nd stage arrangement of calcined coke and green anodes production with the capacity sufficient for the first and second stages as well as an increase in baked anodes output to approximately 400 ktpa Aluminium capacities expansion: Taishet aluminium smelter (1st stage, 428.5 ktpa). Approximate launch schedule Taishet anode plant (1nd stage) Taishet anode plant (2nd stage) Taishet aluminium smelter² (1) For baking of SAZ green anodes during modernization of anode baking furnaces. (2) In regards to Taishet aluminium smelter table above indicates planned schedule of first metal. 10% 2020 2021 2022 2023 62 62#63Metals Segment Debt Overview Ent GROUP • In 1H 2021 the Group signed a sustainability linked pre-export finance facility with Societe Generale for up to USD 200 mn, 3 years maturity to refinance more expensive debt. The facility is priced at 3mLibor+1.8%, with the possibility to reduce the margin if the sustainability KPIs are fulfilled In July the Group performed the regular annual testing of the sustainability KPIs under both PXFs and its verification by an independent auditor. All target levels for the previous year were achieved or exceeded and subsequently the margin was decreased under PXF2021 to 1.7% and the new interest rate will be 3 m Libor + 1.7% starting from November 2021 Net debt change in 1H 2021 (USD mn) 5,563 277 4,099 31 Dec 2020 (666) Operating CF (1,220) 145 Investment CF incl Financing CF excl Net effect from FX divs received debt settlements and other 30 June 2021 Debt structure as of 30 June 2021 By interest rate 37% By currency Floating rate 63% Fixed rate 80% 20% RUB 0.4% EUR USD Key debt metrics Credit Ratings 30 June 31 Dec (USD mn) 2021 2020 Current debt maturity Cash and equivalents (as of 30.06) (3.8) Total debt, IFRS Fitch Ratings B+ 7,865 7,792 (USD bn) ■PXF Sberbank eurobond RUB Bonds ■Others Cash and cash equivalents 3,766 2,229 Net debt, IFRS 4,099 5,563 MOODY'S Ba3 1.8 1.8 Adjusted Total Net Debt¹ 818 2,010 1.6 1.0 0.7 0.7 Adjusted Total Net Debt / 中诚信证评 AAA 0.4x 2.2x 0.2 EBITDA (covenant)¹ CCXR Leverage covenants¹ 3.0x 5.5x 2021 2022 Company data as of 30.06.2021 2023 2024 2025 2026 2027 (1) For the Leverage ratio calculation the financial indebtedness secured by Nornickel shares is excluded from the total net debt and the Metals segment's EBITDA is net of the impact of Nornickel shareholding (i.e. excludes dividends paid on any of the Nornickel shares). The leverage ratio is, thus, tested on the basis of the Metals sehment's core operations. 63#64Thank you for your attention! For further information, please visit: https://www.enplusgroup.com/en/investors/ For investors: E: [email protected] For media: E: [email protected] T: +7 (495) 642 7937 Ent GROUP 64#65Ent GROUP 4 Investment highlights Our business 15 20 28 37 53 65 model Results snapshot Sustainable business development Power segment Metals segment Appendix 7 6 6 5-5- 3 9 65#661H 2021 Operational Highlights 1H 2021 1H 2020 Change Total aluminium production, kt Total aluminium sales, kt 1,868 1,867 0.1% 2,000 1,890 5.8% VAP share 50% 42% 8 pp Sales and production Total electricity production¹, TWh 44.0 39.3 12.0% • HPPS, TWh 36.9 32.0 15.3% • CHPS, TWh 7.0 7.3 (4.1%) Heat production, mn Gcal 16.1 14.5 11.0% LME QP component², USD/t 2,084 1,615 29.0% VAP upcharge over commodity (VAP products only), USD/t 199 161 23.7% Average electricity spot prices³ in 2nd price zone, Rb/MWh 908 904 0.4% Macro . Irkutsk region, Rb/MWh 818 856 (4.4%) . Krasnoyarsk region, Rb/MWh 833 834 (0.1%) Average Exchange Rate, RUB/USD 74.28 69.37 7.1% Note: Due to rounding, numbers may not add up precisely to the totals provided, percentages may not precisely reflect the absolute figures, and percent change calculations may differ. Source: Company data, Bloomberg. (1) Excluding Onda HPP (installed capacity 0.08 GW), located in the European part of the Russian Federation, leased to RUSAL since October 2014. (2) QP (quotation period) prices differs from the real time LME quotes due to a time lag between LME quotes and sales recognition and due to contract formula speciality. (3) Day ahead market prices, data from ATS and Association "NP Market Council". The prices average electricity spot prices are calculated as an average of the prices reported in the Monthly Day Ahead Prices Overview by Association "NP Market Council". Ent GROUP 66#67Segment Highlights Power segment USD mn Ent GROUP 1H 2021 1H 2020 Change Revenue Adj. EBITDA¹ 1,513 580 1,415 6.9% 542 7.0% Adj. EBITDA margin 38.3% 38.3% Net profit 216 Net profit margin Capex 14.3% 139 148 10.5% 101 45.9% 3.8 pp 37.6% Metals segment USD mn 1H 2021 1H 2020 Change Revenue 5,449 4,015 Adj. EBITDA¹ 1,315 219 35.7% 500.5% Adj. EBITDA margin 24.1% 5.5% 18.6 pp Net profit 2,018 (124) Net profit margin Capex 37.0% 554 401 38.2% Power segment revenues increased by 6.9% y-o-y mainly driven by increase in electricity sales volumes and increase in capacity prices y-o-y. The increase was partially offset by rouble depreciation (the average USD/RUB exchange rate went up 7.1%) and slight decrease in electricity sales prices • The Power segment's Adj. EBITDA increased 7.0% y-o-y. The improvement was mainly driven by increase in sales volumes, while affected by rouble depreciation Capex of the Power segment increased to USD 139 mn from USD 101 mn. The increase is mainly attributable to the partial transfer of some works from previous year and CHP modernisation programme, which entered the active phase this year • The Metals segment's revenue increased by 35.7% y-o-y to USD 5,449 mn in 1H 2021 from USD 4,015 mn in 1H 2020 driven by an increase in the LME aluminium price . Adj. EBITDA increased to USD 1,315 mn in 1H 2021, as compared to USD 219 mn in 1H 2020. The factors that contributed to the increase in Adj. EBITDA were the same that influenced the operating results of the Company Profit accounted for USD 2,018 mn compared to net loss of USD 124 mn in 1H 2020. The increase was driven mainly by the same factors that influenced the increase in EBITDA, as well as an increase in the share of profit obtained by the Group from its associates and joint ventures • The Metals segment continued its investment in key development projects as per its strategic priority of preserving its competitive advantages of vertical integration into raw materials and product mix enhancements. Among the core projects are the Taishet aluminium smelter and the Taishet anode plant (1) Adj. EBITDA for any period represents the results from operating activities adjusted for amortisation and depreciation, impairment charges and loss on disposal of property, plant and equipment for the relevant period. 67#68En+ Group's Aluminium Production Assets (1 of 2) Asset Location Total capacity¹ ktpa Aluminium smelters Utilisation rate Bratsk Aluminium Smelter Bratsk Aluminium Smelter Russia 1,009 100% Krasnoyarsk Aluminium Smelter Russia 1,019 100% Sayanogorsk Aluminium Smelter Russia 542 98% Novokuznetsk Aluminium Smelter Russia 215 100% Krasnoyarsk Aluminium Smelter Khakas Aluminium Smelter Russia 297 104% Irkutsk Aluminium Smelter Russia 3.8 mtpa 422 98% 100% Kandalaksha Aluminium Smelter Russia 76 92% Volgograd Aluminium Smelter Russia 69 101% Kubal Sweden 128 91% Alscon Nigeria 24 0% Achinsk Alumina Refinery Russia 1,069 84% Bogoslovsk Alumina Refinery Russia 1,030 96% Khakas Aluminium Smelter Alumina refineries Urals Alumina Refinery Russia 900 102% PGLZ Alumina Refinery 88 76% Friguia Alumina Refinery QAL² Guinea 650 68% 13.7 mtpa 81% Australia (10.6 mtpa)² 3,950 (77%)² 94% Attributable to Metals segment Eurallumina Achinsk Alumina Refinery 790 Italy 1,085 0% Aughinish Alumina Refinery Ireland 1,990 95% Windalko Nikolaev Alumina Refinery Jamaica Ukraine 1,210 43% 1,759 98% Aughinish Alumina Refinery (1) As of 2020 year end. (2) The Metals segment holds a 20% equity stake in QAL, Metals segment attributable capacity is 790 ktpa. 68 Ent GROUP#69Bauxite mines En+ Group's Aluminium Production Assets (2 of 2) Ent GROUP Asset Location Total capacity¹ ktpa Utilisation rate Timan Bauxite Russia 3,300 100% North Urals Bauxite Mine Russia 3,000 75% Compagnie Des Bauxites De Kindia Compagnie Des Bauxites De Kindia Guinea 3,500 84% Friguia Bauxite and Alumina Complex Guinea 20.6 mtpa 2,100 72% 68% Boguchany Aluminium Smelter Bauxite Company of Guyana, INC Guyana 1,700 5% Windalco Jamaica 4,000 44% Dian-Dian Project Guinea 3,000 102% Energy assets Boguchany HPP (BEMO Project) is a 50:50 JV between UC RUSAL and RusHydro and it is operated by RusHydro. Boguchany is the fourth step of the Angara hydroelectric power chain. The total capacity is 2,997 MW Mining assets Besides the bauxite mines described above the Metals segment's mining assets also comprise two quartzite mines, one fluorite mine, two coal mines, one nepheline syenite mine and two limestone mines (1) As of 2020 year end. Boguchany HPP 69#70En+ Group's Power and Utilities Assets Combined heating and power plants Hydro power plants Transmission and distribution Asset Krasnoyarsk HPP Bratsk HPP Ust-Ilimsk HPP Irkutsk HPP Onda HPP2 CHP-10 Novo-Irkutsk CHP CHP-9 CHP-11 Novo-Ziminskaya CHP CHP-6 Ust-Ilimsk CHP Avtozavodskaya CHP Other small scale heat and power Bratsk Irkutsk Nadvoitsy Angarsk plants Abakan solar power plant Location in Russia Installed capacity¹ Krasnoyarsk HPP Electricity (MW) Heating (Gcal/h) Krasnoyarsk 6,000 4,500 Ust-Ilimsk 15.1GW 3,840 662.4 Bratsk HPP 80 1,110 563 Irkutsk 726 2,075.8 Angarsk 614.8 3,198.9 Usolie-Sibirsk 320.3 1,056.9 15.6 Ust-Ilimsk HPP 4.4 GW Sayansk 260 Gcal/h 818.7 Bratsk 282 2,071.2 Ust-Ilimsk 515 1,015 Nizhniy Novgorod 505 2,226 62.4 2,768.6 Abakan SPP Abakan 5.2 . Transmission and distribution infrastructure completely covers Irkutsk region • Transmission and distribution network - 41,000 km • Annual electricity transmission - 48TWh (1) As of 2020 year end. (2) Leased to UC RUSAL. Irkutsk HPP CHP-10 70 Ent GROUP#71En+ Group Statement of Profit or Loss Statement of profit or loss Six months ended USD mn Revenue Cost of sales Gross profit Distribution expenses General and administrative expenses Impairment of non-current assets 30-June-2021 30-June-2020 6,506 4,948 (4,251) (3,866) 2,255 1,082 (285) (265) (380) (360) (71) (67) Other operating expenses, net (128) (84) Results from operating activities 1,391 306 Share of profits of associates and joint ventures 1,169 26 Gain from partial disposal of investment in associate 492 Finance income 37 120 Finance costs (616) (426) Profit before tax Income tax expense 2,473 26 (242) (6) Profit for the period Attributable to: Shareholders of the Parent Company Non-controlling interests Profit for the year 2,231 20 1,360 871 2,231 60 (40) 20 Ent GROUP 71#72En+ Group Business Segments Statement of profit or loss by Business segment Six months ended 30-June-2021 Ent GROUP USD mn Revenue Operating expenses (excluding depreciation and loss on disposal of PPE) Adj. EBITDA En+ Group Consolidated Metals segment Adjustments Power segment 6,506 5,449 (456) 1,513 (4,616) (4,134) 451 (933) 1,890 1,315 (5) 580 Depreciation and amortisation (429) (317) 1 (113) Gain on disposal of PPE 1 (1) 2 Impairment of non-current assets (71) (55) (16) Results from operating activities 1,391 942 (4) 453 Share of profits and impairment of associates and joint 1,169 1,171 (2) ventures Gain from partial disposal of investment in associate 492 492 Interest expense, net (309) (174) (135) Other finance costs, net (270) (270) Profit before tax Income tax expense Profit for the year 2,473 2,161 (4) 316 (242) (143) 1 (100) 2,231 2,018 (3) 216 22 72#7330-June-2021 31-Dec-2020 9,933 9,577 En+ Group Statement of Financial Position Statement of financial position USD mn ASSETS Non-current assets Property, plant and equipment Statement of financial position (cont'd) 30-June-2021 31-Dec-2020 Ent GROUP USD mn EQUITY AND LIABILITIES Equity Share capital Share premium 1,516 1,516 Goodwill and intangible assets 2,218 2,181 Treasury share reserve (1,579) (1,579) Interests in associates and joint ventures 4,183 3,832 Additional paid-in capital 9,193 9,193 Deferred tax assets 212 244 Revaluation reserve 2,902 2,902 Investments in equity securities measured at fair Other reserves 154 169 value through profit and loss 379 75 Foreign currency translation reserve (5,467) (5,923) Derivative financial assets 20 Accumulated losses (1,762) (3,122) Other non-current assets 166 133 Total equity attributable to shareholders of Total non-current assets 17,091 16,062 4,957 3,156 the Parent Company Current assets Non-controlling interests 4,124 2,909 Inventories 2,782 2,339 Total equity 9,081 6,065 Trade and other receivables 1,664 1,431 Non-current liabilities Short-term investments 85 237 Loans and borrowings 10,021 10,215 Derivative financial assets 22 30 Deferred tax liabilities 1,126 1,139 Cash and cash equivalents 4,198 2,562 Provisions - non-current portion 516 518 Total current assets Total assets 8,751 6,599 Derivative financial liabilities 149 28 25,842 22,661 Other non-current liabilities Total non-current liabilities 93 121 11,905 12,021 Current liabilities Loans and borrowings 2,293 2,173 Provisions-current portion 85 89 Trade and other payables 2,384 Derivative financial liabilities 94 Total current liabilities 4,856 2,156 157 4,575 Total equity and liabilities 25,842 22,661 73#74En+ Group Statement of Cash Flows Statement of cash flows USD mn OPERATING ACTIVITIES Profit for the year Adjustments for: Depreciation and amortization Impairment of non-current assets Foreign exchange loss/(gain) Gain on disposal of property, plant and equipment Six months ended 30-June-2021 30-June-2020 2,231 20 Statement of cash flows (cont'd) USD mn INVESTING ACTIVITIES Proceeds from disposal of property, plant and equipment Acquisition of property, plant and equipment Ent GROUP Six months ended 30-June-2021 30-June-2020 11 12 (682) (483) 429 Acquisition of intangible assets (11) (9) 384 Cash received from/(paid for) other investments 130 (35) 71 67 Cash paid for investment in equity securities measured at fair value through 50 (73) (291) profit and loss (1) (1) Interest received 23 36 Share of profits of associates and joint ventures (1,169) (26) Dividends from associates and joint ventures 618 790 Gain on partial disposal of investment in asscociate (492) Dividends from financial assets 14 5 Interest expense 331 424 Proceeds from partial disposal of associate 1,421 Interest income (22) (35) Acquisition of a subsidiary (21) (1) Change in fair value of derivative financial instruments 235 (12) Contributions/(return of contributions) to associates and joint venture (3) 9 Change in restricted cash 1 Revaluation of investments measured at fair value through profit (13) and loss Cash flows generated from investing activities 1,209 325 Dividend income (2) FINANCING ACTIVITIES Income tax expense 242 6 Proceeds from borrowings 1,211 2,104 Repayment of borrowings (1,541) (577) Write-down of inventories to net realisable value 4 9 Acquisition of own shares (1,579) Impairment of trade and other receivables 69 Restructuring fees (27) (14) Operating profit before changes in working capital and provisions 1,963 763 Interest paid (324) (423) (Increase)/decrease in inventories (Increase)/decrease in trade and other receivables (439) (302) Settlement of derivative financial instruments (65) (84) 85 Cash flows used in financing activities (746) (573) 249 Net change in cash and cash equivalents 1,623 385 Increase/(decrease) in trade and other payables and provisions 137 (325) Cash flows generated from operations before income taxes paid Income taxes paid 1,359 772 Cash and cash equivalents at beginning of the period, excluding restricted cash 2,549 2,265 (199) (139) Effect of exchange rate fluctuations on cash and cash equivalents 13 (124) Cash flows generated from operating activities 1,160 633 Cash and cash equivalents at end of the period, excluding restricted cash 4,185 2,526 74#75EBITDA Reconciliation Six months ended Six months ended 30 June 2020 Ent GROUP Metals Power 306 (106) 416 30 June 2021 USD mn En+ Group Metals Power En+ Group Results from operating activities 1,391 942 453 Add: Amortisation and depreciation 429 317 113 384 274 111 (Gain)/loss on disposal of property, plant and equipment (1) 1 (2) (1) (1) Impairment of non-current assets 71 55 16 67 51 16 Adjusted EBITDA 1,890 1,315 580 756 219 542 15 75