#1Ent GROUP Investor Presentation April 2020#2Disclaimer En+ 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 En+ Group overview • En+ at a glance Business model Worldwide presence with core assets in Siberia • Current situation in the market • Coronavirus response 9 19 29 35 51 Investment highlights • Investment fundamentals • Global leader in hydro power and aluminium • Vertically integrated green business model • Industry leading sector margins •Capital allocation •Enhanced corporate governance Sustainable business development • En+ Group's ESG metrics • Sustainability initiatives & ESG assessment ⚫ Sustainability performance • Focus on sustainable development ⚫ Baikal Lake • Rusal low CO2 aluminium position Results snapshot • Financial highlights • Operational highlights • Revenue and EBITDA breakdown • Capex and debt overview Power segment • The power market overview •The Group's leading position •The entire power sector value chain • Siberian power market • Production and sales volumes ⚫ EBITDA analysis ⚫ Capex and debt overview Metals segment Global operational assets footprint • High degree of • vertical integration Aluminium market overview • Production and sales volumes • • EBITDA analysis Capex and debt overview Ent GROUP 3#44 9 19 29 35 51 En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment En+ GROUP 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 Ent GROUP En+ share in the world's aluminium output, 2019 5.9% Ent En+ share in the total generation of Siberia, 2019 No 1 6.3 % aluminium producer 36.4% En+ excluding China of the world's alumina production Total electricity 94.1% Global aluminium production: 64 mt 63.6% generation in Siberia: 208.7 TWh 12 aluminium smelters³ 9 alumina refineries 7 bauxite mines 5 hydro power plants Total capacity: 3.9 mtpa • Production level in 2019: 3.8 mt •Total capacity: 10.4 mtpa4 • Production level in 2019: 7.9 mt Total capacity: 20.6 mtpa • Production level in 2019: 16.0 mt (1) Excluding Onda HPP with installed power capacity 0.08 GW and production level of 0.4 TWh in 2019 (located in European part of Russia, leased to UC RUSAL). (2) Including Onda HPP. Installed power capacity: 15.1 GW² • Production level in 2019 1: 64.2 TWh 64.2¹ TWh low-carbon hydro power generation 16 combined heat and power plants Installed power capacity: 4.4 GW • Production level in 2019: 13.6 TWh 19.5 GW total installed electricity capacity² 1 solar power plant •Installed power capacity: 5.2 MW • Production level in 2019: 6.2 mn kWh ((3) Excluding Boguchany Aluminium Smelter (BOAZ), a joint 50:50 project of RUSAL and RusHydro. (4) Rusal attributable capacity. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment 5 Metals segment#6Business Model OUR RESOURCES & INPUTS ASSETS 3.9 mt¹ Al capacity 19.5 GW Electricity capacity 15.1 GW REFINING/ RAW MATERIALS POWER GENERATION PROCESSING/ GENERATION 00 00 Bauxite 16.0 mt production in 2019 Nepheline Hydro capacity 4.2 mt production in 2019 RAW MATERIALS 20.6 mtpa Bauxite production capacity 10.4 mtpa Alumina production capacity PEOPLE c. 90 ths employees Water Alumina 7.9 mt production in 2019 Hydro power * generation 64.2 TWh of electricity production in 2019 Thermal power generation Coal 13.6 TWh 15.4 mt production of electricity in 2019 production in 2019 27.3mn Gcal of heat production in 2019 Primary aluminium and value added products 3.8mt production in 2019 Electricity transmission and distribution SALES & MARKETING Total sales in 2019 4,176 kt VAP sales in 2019 1,547 kt Electricity Trading and retail - Capturing additional margin - Direct access to consumers 17.8 TWh sales in 2019 CREATING GLOBAL VALUE Renewable energy Income and shareholder value Reducing the carbon footprint of the global aluminium industry Environmental conservation Community engagement NORNICKEL Strategic investment in Nornickel (27.8%) USD 13.6 bn Investment market value at 31.12.2019 (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. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment Ent GROUP 6#7Worldwide Presence with Core Assets in Siberia Revenue split by region, 20191 Other 14.2% Sweden CIS 36.0% Ireland Russia Asia Krasnoyarsk Moscow 9.7% ורו America USD 11,752 mn 5.5% Ukraine Jamaica ArmeniaKazakhstan Italy Europe 34.6% Adj. EBITDA² by segment Guyana Guinea 3,2873 Nigeria 2,1273 2,163 966 1,174 1,127 FY 2018 FY 2019 Power Metals Boguchany HPP Ust-Ilimsk HPP Irkutsk Angara River 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- 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. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment Ent GROUP 7#8Coronavirus Response in En+ Group Ent GROUP En+ Group cannot ignore today's circumstances in the world. We have already implemented a number of measures to prevent the risk of coronavirus infection from developing among our employees. We have established an emergency working group to coordinate pre-emptive actions and reactive measures against the coronavirus infection. En+ Group overview The situation is changing rapidly and we closely monitor it daily to react and to introduce additional necessary measures. Some of the measures taken: Remote working. All employees whose duties can be performed remotely are instructed to work from home. Isolation of employees who arrive from countries with widespread coronavirus. Cancellation of the Group's public events and rescheduling of participation in the external public events. Regular qualified briefings and trainings for employees providing information on coronavirus, its symptoms, ways to prevent and combat it. Employees' health condition is monitored on regular basis, operational communication with health authorities is maintained, Company's facilities are intensively disinfected and additional wards in hospitals are held for the employees. In order to be ready for any future developments, and to make sure that all of our employees stay safe, lung ventilators and ambulance cars have been purchased for the Company. Isolation units have also been prepared at Company premises for patients suspected of having Coronavirus. En + Group supports regions of operation: we provided 800,000 protective masks to the Ministry of Health of the Irkutsk Region in Russia. As a leading employer and supplier in Russia and with important operations on five continents, we are playing our full part in responding to the crisis. We are taking all steps necessary to protect our employees and safeguard the future of the Group. Investment highlights Sustainable business development Results snapshot Power segment Metals segment 8#94 9 19 29 35 51 En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment E Ent GROUP 9#10Strong Investment Fundamentals "Best in class” equity story characteristics 1 Industry position 2 Cost Leadership 1.1. Leadership in geography, sector or 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 4 Cash generation and growth potential 3.2. Limited competition and high barriers to entry 4.1. Strong cash generation and cash flow resiliency 4.2. Proven, organic and resilient value- accretive growth Corporate 5 governance management 5.1. Board independence 5.2. Experienced and passionate management team with track record (1) According to CRU estimates. (2) According to SEEPX. and Fundamental aluminium demand drivers - structural shifts in electric vehicles and power infrastructure Continued impact from Chinese government environmental measures Strong cash flow resiliency 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 Strong management team - proven capability of delivering on complex projects and operations 10 En+ Group overview Investment highlights Sustainable business Results snapshot development Power segment Metals segment#11HPP Installed capacity Three Gorges Itapu (%) Load factor Company 49.2 64.8 (GW) Country ⑪CYPC 22.5 14.0 13.9 11.2 10.2 npon!X Belo Monte Source: En+ Group, companies' public filings, NS Energy. (1) (2) Iberdrola, EDP, Verbund and Engie Brasil figures as of FY 2018. Subsidiary of China Three Gorges Corporation. (3) State owned China Three Gorges Corporation and CNIC own 23.3% and 5.0% stakes, respectively. En+ Group overview Investment highlights Sustainable business development Guri ⑪CYPC China Yangtze Power Eletrobras HydroQuebec Enel RusHydro EDF 22.7 16.8 Country State (2) State State State State State State | Private Private State(3) State State Hydro share I 100 89 99 32 70 17 49 83 I 26 32 95 80 6.1 5.7 (%) 45.5 44.2 36.8 #1 independent hydro power generator by installed capacity 28.3 27.6 En+ Group owns 3 out of 20 largest hydro power plants globally 52.7 40.15 Turcurui Grand Coulee 52.4 Xiangjiaba Longtan Eletrobras Eletronorte CVG EDELCA Sayano- Shushensk Eletrobras Eletronorte US Bureau of Reclamation ⑪CYPC SDIC Power En+ Group (Power segment) Iberdrola Longtan Hydropower Development RusHydro 15.1 12.6 8.6 8.2 6.4 EDP Global Leader in Hydro Power and Aluminium Global leader in hydro power generation... Top power companies by installed hydro capacity globally (2019 GW where available¹) ...and aluminium production (ex-China) Leading aluminium producers globally (2019 Aluminium production mt where available4) Verbund Engie Brasil Ent Chinalco 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 Québec UC RUSAL nalcor Xinfra Group 29.2 35.2 54.7 33.2° 44.35 37.4 46.77 54.05 75.35 71.2 57.67 53.5 27.86 51.66 57.5 Robert- Bourassa Churchill Falls (4) Based on the Company's internal data and peer companies' publicly available results, announcements, reports and other information. Up to 2018, Chinalco was consolidating production of Chalco. Since 2019, Chinalco is consolidating production of Chalco and Yunnan Aluminum Co. Ltd (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. Power segment Results snapshot Metals segment Tarbela Jinping-II Bratskaya 4.5 Laxiwa Water and Power Development Authority 4.2 Xioawan 11 COMPANY. LTD RIVER HYDROPOWER 4.2 3.8 1 Ust Limskaya Ent Rio Tinto 3.8 3.5 3.2 2.6 2.5 2.1 2.0 Emirates Global Alumnium SPIC 黃河上順水电开发有限责任公司 Alcoa CHINA HUANENG Ent Norsk Hydro Ent GROUP#12Aluminium 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 Metals Segment Bauxite 16 mt of Bauxite and 4.2 mt of Nepheline produced in 2019 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 7.9 mt of Alumina produced in 2019 >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 2019 • 93% of Aluminium production in Russian Siberia 2019 energy used by sources 3 1.7% 98.3% Non-carbon energy Thermal Fully integrated and highly self-sufficient green business model En+ Group overview Source: Company data, CRU. (1) (2) Boguchansk HPP operated by RusHydro (a part of BEMO project a 50% / 50% JV of UC RUSAL and RusHydro, which also includes Boguchansk aluminium smelter) is not included to Power Segment. Currently there are no particular plans to further increase production capacity of Dian-Dian (3) May vary from year to year depending on the water level on HPPS. Investment highlights Sustainable business development Results snapshot Power segment 12 Metals segment#13Unique 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 Boguchansk HPP³ Aluminium smelter Aluminium smelter Angara river Ust-Ilimsk HPP Power segment development project Boguchansk Aluminium Smelter3 Bratsk HPP Bratsk Taishet Aluminium Aluminium Smelter Smelter Abakan SPP Khakas Aluminium Irkutsk HPP Sayanogorsk Irkutsk Aluminium Smelter Aluminium Smelter Smelter Power generation of En+ Group HPPs¹ (TWh) 60 61 61 60 58 60 53- 46 72 71 69 71 72 69 63 61 50 49 50 56 56 47 47 49 54 53 49 41 42 41 43 43 33 36 32 19 18 20 2 15 18 18 21 19 18 20 14 20 448 Lake Baikal 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 70 69 67 74 49 49 49 49 53 40 67 61 60 60 49 49 (TWh) Hydro Other 64.2 11.8 76 Production 2019 68 66 99 68 66 80 65 62 61 56 47 442 48 42 45 46 45 40 10 44 47 27 61.2 Consumption Long-term average 68 69 72 65 62 63 63.5 64 60 60 59 -56 -55- 52 46 46 48 46 46 44 44 49 46 46 42 43 33 45 56 37 44 37 35 36 21 21 16 14 15 20 21 18 18 19 15 16 17 21 18 21 17 18 22 21 23 23 16 19 20 20 15 17 19 20 22 20 Krasnoyarsk HPP (1) Excluding Onda HPP. (2) Includes Irkutsk, Bratsk and Ust-Ilimsk HPPs. En+ Group overview Investment highlights Sustainable business development Results snapshot Angara cascade Metals segment Power segment 13#14Driving the Lowest Cost Aluminium Production (1 of 2) Unique asset base of cost-efficient HPPS Operating cost/capacity 20191 (USD mn/GW) Driving significant cost advantage in aluminium Electricity costs 2019 Adjusted EBITDA margin (%)² (US cents/KWh, 2018) Electricity costs En+ Group HPPS 11 China Yangtze 32 Power Eletrobras 50 SDIC Power 89 86 81 63 63 50 50 En+ Group (Power Segment) 96 38 38 RusHydro 103 HydroQuebec Engie Brasil Verbund 125 150 29 29 58 58 3 0.8 2.7 4.6 4.5 4.0 2.8 2.8 2.0 52 En+ Group 276 29 En+ Group (Metals Segment) Chalco China Hongqiao Group Nalco Alcoa Norsk Hydro Rio Tinto Source: Company, Companies' public filings, FactSet. Source: CRU data for all companies including Metals segment, 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. China Yangtze, RusHydro, Eletrobras and Verbund capacity and financial figures as of Sep-2018 LTM. SDIC Power as of 2017. (2) 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 159 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. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment Ent GROUP 14#15Driving the Lowest Cost Aluminium Production (2 of 2) LTM EBITDA and margin of Power segment (USD mn) 36% 36% 36% 37% 39% 40% 38% 38% 1,199 1,202 1,181 1,174 1,175 1,207 1,140 1,127 Q1'18 LTM Q2'18 LTM Q3'18 LTM Q4'18 FCF evolution by segments¹ (USD mn) (1) Q1'19 LTM Q2'19 LTM Q3'19 LTM Q4'19 Global aluminium cash costs curve (based on liquid metal) 1,614 $/t 2000 1,258 (as of 2019; USD/t) 1800 First quartile 1600 1400 USD 1,196 1200 En+ 1000 OMt 5Mt 10Mt 15Mt 1800 877 LME average monthly LME price in 2019 1364 1600 963 413 298 1400 464 187 295 250 1200 FY 2016 FY 2017 FY 2018 FY 2019 UC Rusal On a look through basis, En+ Group is top decile producer on a cash cost basis Power segment Metals segment 1000 20Mt OMt 10Mt 40Mt Source: CRU data used for comparison purposes. Company's calculations for En+ Group 30Mt 50Mt 60Mt Power segment delivers stable margins, robust FCF generation and low cost aluminium 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. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment Ent GROUP 15#16Industry Leading Sector Margins Adj. EBITDA margin for power companies 2019¹ Adj. EBITDA margin for aluminium companies 2019² (%) Ent GROUP (%) En+ Group (Power Segment) 38% 38% HPPS 1 86% En+ Group En+ Group (Metals segment) 10% China Yangtze Power Eletrobras HydroQuebec Engie Brasil SDIC Power Fortum 32% RusHydro 29% Verbund 29% Iberdrola 26% EDF 23% Enel 21% EDP 21% 63% 58% 52% 50% 81% Alcoa Hindalco Novelis Chalco Norsk Hydro Century 5% 7% 9% 11% 12% Lower costs and efficient operations drive industry leading margins in both business segments Source: En+ Group, companies' public filings, Thomson Reuters, Factset. Note: EBITDA calculation and its respective adjustments vary according to each company's own methodology. (1) China Yangtze, SDIC Power, HydroQuebec, RusHydro, Verbund, Eletrobras, Iberdrola, EDP and Enel figures as of FY18. (2) Novelis, Chalco and Century figures as of FY18. En+ Group overview Investment highlights Sustainable business development Results snapshot 16% 18% 16 Power segment Metals segment#17Enhanced Corporate Governance Board of Directors: . Consists of 11 members¹ • 6 independent¹ directors represent the majority of the BoD All Board committees chaired by independent directors Two Board committees established to complement existing Audit and Risk Committee, Corporate Governance and Nominations Committee and Remuneration Committee: - The Health, Safety and Environment Committee - The Regulation and Compliance Committee Board committees: Audit and Risk Committee (ARC): • Carl Hughes (Chair) Christopher Burnham Alexander Chmel •Andrey Sharonov Corporate Governance and Nominations Committee (CGNC): Andrey Sharonov (Chair) ⚫ Carl Hughes • Nicholas Jordan ⚫ Joan MacNaughton Health, Safety, and Environment Committee (HSE Committee): ⚫ Joan MacNaughton (Chair) • Lord Barker Alexander Chmel • Vadim Geraskin Independent directors Non-executive directors Remuneration Committee (RemCom): •Nicholas Jordan (Chair) ⚫ Christopher Burnham • Alexander Chmel Regulation and Compliance Committee (RCC): Christopher Burnham (Chair) Lord Barker • Carl Hughes • Joan MacNaughton Rt. Hon. Lord Barker of Battle PC 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 Nicholas Jordan Chair of RemCom 30 years'+ in senior positions in leading global financial institutions. Former Co-CEO of Goldman Sachs Russia and CEO of Russia & CIS at UBS Alexander Chmel Senior Advisor to Board Practice of Spencer Stuart in Russia & CIS. Extensive board-level experience in Russian public companies Anastasia Gorbatova Head of M&A and International Projects at Basic Element Company LLC Christopher Burnham Senior Independent Director Chair of RCC Ent GROUP Chairman and CEO of Cambridge Global Capital. Globally recognised expert in the implementation of transparency and accountability Andrey Sharonov Chair of CGNC President of the Moscow School of Management SKOLKOVO. Former Chairman of the BoD and Head of IB at Troika Dialog Investment Company Vadim Geraskin Deputy CEO for Government Relations at Basic Element Company LLC Elena Nesvetaeva Head of the Investment Department at Basic Element Company LLC Ekaterina Tomilina Director of Corporate Finance at Basic Element Company LLC (1) Until Igor Lojevsky's unexpected death on 12 April 2020 there were 7 independent non-executive directors. En+ Group overview Investment highlights 17 Sustainable business Results snapshot Power segment Metals segment development#18Simplified Ownership Structure Via Acquisition of VTB's Stake in En+ Simplified ownership structure through USD 1.58 bn acquisition of VTB Group's 21.37% stake in En+ Group USD 11.57 price per share represents a significant discount to En+ Group's fundamental valuation Removal of VTB Group overhang, with no disruption to arrangements under the Barker Plan Acquisition financed by a RUB 100.8 bn loan from Sberbank. > Balance sheet remains robust, underpinned by strong cash generation Provides future optionality to simplify further 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 New Shareholders and Voting structure (As of 31 March 2020) Free float 9.73% Former family members 6.75% Other shareholders 3.42% Volnoe delo 3.22% Glencore 10.55% Free float 9.73% Independent trustee¹ 6.75% Independent trustee¹ 6.64% Glencore 10.55% En+ Group² 21.37% Mr. Deripaska³ 44.95% Independent trustee¹ 14.33% En+ Group's Executive Chairman of the Board2 7.04% Independent trustee¹ 9.95% Mr. Deripaska³ 35.00% SHAREHOLDING VOTING RIGHTS Ent GROUP Note: percentages may not add up to 100% due to rounding. (1) (2) Independent trustees, who exercise voting rights attaching to certain shares of the Company (37,68% in total), as required by OFAC: D.J Baker, David Crane, Arthur Dodge, Ogier Global Nominee (Jersey) Limited. 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. (3) 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%. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment#194 9 19 29 35 51 En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment En+ GROUP 19#20En+ Group's ESG Metrics 2019 Environmental Social Governance 11% reduction of direct GHG emissions of electrolysis operations 2019vs2014 (tCO₂e/tAl) 26% of En+ Group's workforce was female in 2019 2 new committees were created including the HSE Committee 1.95 mn tonnes of CO2e avoided as a result of our New Energy modernisation program Scientific research and monitoring of Lake Baikal water level, wildlife and water condition joint research with the Moscow State University over 1 mn trees committed to plant in Russia 5 Fatal incidents in 2019 0.18 LTIFR in 2019 (per 200,000 hours worked) 0.268 employee occupational illness rate in 2019 (per 100 employees) ~800 children participated in RoboSib festival The majority of the Board are independent directors 33% of the Board of Directors Is represented by women "ALLOW" brand of low-carbon footprint aluminium Over 730 young entrepreneurs have participated in the Environmental Entrepreneurship School Project En+ Group overview Investment highlights Sustainable business development Ent GROUP 20 20 Results snapshot Power segment Metals segment#21Sustainability Initiatives & ESG Assessment SUSTAINABLE DEVELOPMENT GOALS . En+ Group supports • • the United Nations Sustainable Development Goals Focus of business operations on the SDGs highlighted below GOOD HEALTH AND WELL-BEING W DECENT WORK AND ECONOMIC GROWTH LIFE ON LAND CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION QO AFFORDABLE AND CLEAN ENERGY CLIMATE 13 ACTION • ENERGY TRANSITIONS COMMISSION In July 2019, as a part of its strategy to lead a global shift towards low carbon aluminium, En+ Group joined the Energy Transitions Commission ("ETC") By joining the ETC, En+ Group aims to draw on the international expertise of its members to identify new ways it can work towards its greenhouse gas reduction targets THE GLOWA COMPA, UNITED NATIONS GLOBAL COMPACT as Steward In August 2019, En+ Group joined the United Nations Global Compact, demonstrating its commitment to the 10 principles on human rights, labour, environment and anti- corruption En+ Group pledged to publish annual reports updating on the implementation of these 10 Principles and to collaborate with industry peers and stakeholders to drive progress Overall ESG Risk Rating • Aluminium Stewardship Initiative The Metals segment of the Group, represented by RUSAL, joined the Aluminium Stewardship Initiative (ASI) in 2015 to work with producers, customers and other stakeholders in the aluminium value chain to maximise the sector's contribution to building a sustainable society WORLD MISSION ECONOMIC POSSIBLE FORUM PLATFORM In strategic partnership with the World Economic Forum, En+ Group is leading the "Aluminium for Climate" initiative • The initiative's main objective is to accelerate the transition to a low- carbon, Paris- compatible, aluminium sector by addressing the key barriers that are holding back progress • Ent GROUP CLIMATE PARTNERSHIP OF RUSSIA En+ Group was a founding partner of the Climate Partnership of Russia The partnership encourages Russian companies to move towards more environmentally- sensitive production and introduce measures to support cost-effective investment in green technologies SUSTAINALYTICS Bloomberg ESG Disclosure WWF transparency rating (for power companies) WWF En+ Group overview Investment highlights Sustainable business development 38.4 (High Risk) - Improved by 12% (from 42.9 Severe Risk for 2017) 42.98 Improved by 25% (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 Results snapshot Power segment Metals segment 21 21#22Sustainability Performance (1/2) Power Metals En+ Group Target Work-related employee fatalities Lost time injury frequency rate Per 200,000 hours worked Employee occupational 8 4 5 4 4 2018 2019 0.16 0.14 0.12 0.11 illness rate Per one hundred 0.126 employees GHG emissions 0.22 2018 2019 0.250 0.214 0.152 2018 Comment To achieve zero fatalities. work-related fatalities considers Management unacceptable and conducts comprehensive investigations of all fatalities in order to develop and implement corrective measures. 0.18 To reduce year-on-year lost time injury frequency rate. In 2019, to achieve LTIFR not exceeding 0.11 for the Power segment, 0.19 for the Metals segment, 0.16 for the Group. The Group's lost time injury frequency rate (LTIFR) increased. LTIFR increase in the Metals segment is associated with business expansion in 2019 and increase of LTI in certain subsidiaries as well as concurrent decrease of man- hours due to one of the subsidiary's liquidation. Management conducts comprehensive investigations of all incidents and develops corrective measures. LTIFR for the Power segment decreased. 0.326 0.268 2019 of smelters (Scope 1) tCO₂e/tAl 2.11 2.03 2018 2019 En+ Group overview Investment highlights To reduce year-on-year employee The rate increased in the Group due to better medical occupational Illness rate. examination in 2019. Ent GROUP To reduce direct specific greenhouse gas emissions by 15% from 2014 levels (2.28 tCO2e/tAl) at existing aluminium smelters by 2025. GHG emission reduction reflects implementation of our program both to reduce anode consumption (reducing CO2 emissions), and frequency and duration of anode effects (reducing PFCs emissions). Sustainable business Results snapshot development Power segment Metals segment 22 22#23Sustainability Performance (2/2) Power Metals En+ Group Target 50.4 50.0 Gross 25.9 27.9 GHG emissions (Scope 1+ 2) (1) 24.2 22.4 MtCO₂e 2018 2019 Major 0 0 environmental incidents 2018 2019 29% 29% Female 26% 25% 24% 22% personnel % (2) 2018 2019 Comment Ent GROUP To reduce year-on-year GHG emissions. The growth of emissions in the Metals segment in 2019 was due to the restoration of production volumes, as well as the introduction of new capacities. The reduction of GHG emissions in the Power segment was due to reduction of fossil fuels consumption on CHPS caused by the structure and volume of heat and electric loads in 2019. Ensure the absence of significant environmental incidents that led to major contamination of soil, air or water. 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 2019. Given the specifics of the business and the structure, the share should remain stable. En+ Group sees the complete elimination of all forms of discrimination as essential to our success. We have a stable rate of female participation in the labour force, which slightly grew year over year and now stands at 26% in En+ Group. The nature of our business is such that numerous operations in the production process are classified as highly hazardous. Those are heavily regulated, especially in Russia, implying that we are already at about the natural level of female participation for the industry. We continue to work on developing an inclusive and diverse working environment. (1) Figures are preliminary and may be changed due to following verification process. (2) Expansion of scope of assets included in calculation of the indicators in comparison with the indicator disclosed in Sustainability Report 2018. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment 23 23#24Focus on Sustainable Development (1 of 3) одво Low carbon aluminium Environmental stewardship To achieve 95% of carbon-free power in the Metals segment's energy mix by 2025 Ent GROUP Reduction of GHG emissions New technology . • • ↓ direct specific greenhouse gas emissions by 15% from 2014 levels through reduction processes at existing aluminium smelters ↓ direct specific greenhouse gas emissions by 10% from 2014 levels at existing alumina refineries To achieve an average level of specific direct and indirect energy-related greenhouse gas emissions of no more than 2.7 tCO2e/tAl through reduction initiatives at aluminium smelters by 2025 - The Metals segment committed to plant over one million trees in Russia as part of its climate strategy aimed at reducing the Company's carbon footprint. The initiative represents Russia's largest ever forest restoration project Pursuing projects for the development of renewable pilot sources: Solar power plant in Abakan Smart grids Distribution generation Increasing usage of renewable and environmentally friendly hydro power, En+ Group is committed to lowering its CO2 footprint En+ Group overview Investment highlights Sustainable business development Results snapshot Metals segment Power segment 24 24#25Ent GROUP Focus on Sustainable Development (2 of 3) RA-550 cells Advanced engineering / in-house technological development Inert anode technology Scandium oxide from red mud • High power proprietary RA-550 cells which stand out for their environmental performance and efficiency One of the main innovations of the Group, which has a positive effect on operations and reduces environmental impact 1 x Eco-Søderberg New Energy modernisation program · • • Unique technology to produce scandium oxide from red mud (bauxite tailings) New technology allows significantly reduced emissions of fluorides, dust and tars, as well as increased efficiency A program modernising the power plants of the Angara and Yenisei HPP 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 En+ Group overview Investment highlights Sustainable business development Metals segment Results snapshot Power segment 25 25#26Focus on Sustainable Development (3 of 3) Social initiatives Infrastructure projects . Educational projects Supporting sports and healthy lifestyle Volunteering Combating highly infectious diseases Environmental projects • • • Programs for the social and economic development of the regions that the Group operates in Development of educational programs, particularly those aimed at training future engineers and technicians, cooperation with universities Support of sporting events in the communities local to the Group's production facilities, development of sports infrastructure Development of volunteering programs across the regions of operations Engagement in the process of fighting the spread of Ebola in Guinea through construction of medical infrastructure and assistance in development the GamEvac- Combi vaccine Establishment of the unique Baikal cultural and natural heritage protection program Development of partnerships focused on environmental education and sustainable development Track record of successful implementation of social initiatives En+ Group overview Investment highlights Sustainable business Results snapshot development Ent GROUP 26 Power segment Metals segment#27E Lake Baikal The Group's key HPPs are located on the Angara River - the only river flowing from 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 natural power of the Angara River in a sustainable and responsible way • All operations meet or exceed regulatory requirements HPPS on the Angara Angara River Lake Baikal 1,642 m IRKUTSK HPP 662.4MW 3.8 TWh² • • Developing technology to predict inflows to Baikal more accurately Environmental initiatives ⚫ Scientific research and monitoring of the water level, wildlife and water condition with Moscow State University • Voluntary major annual clean-up of the lake's shores • • Development of eco-educational platforms to promote responsible behaviour Cooperation with NGOs to proactively tackle the main issues affecting the lake • Research on GHG emissions from reservoirs measurement (1) BEMO - A 50%/50% JV of UC RUSAL and RusHydro, comprising Boguchansk aluminium smelter and Boguchansk HPP. Boguchansk HPP is (2) operated by RusHydro En+ Group overview Investment highlights Sustainable business development Results snapshot Ent GROUP 1 cm of Baikal running through the HPP turbines produces over 0.2 TWh of green energy BRATSK HPP 4,500 MW 21.2 TWh² 1,500 km UST-ILIMSK HPP 3,840 MW 20.0 TWh² BOGUCHANY HPP 2,997 MW 17.6 TWh³ Baikal is not the only water source feeding the HPPS, as 30-50% of the water feeding the Bratsk and Ust-Ilimsk reservoirs comes from other rivers Yenisey river Boguchansk HPP1 Ust-Ilimsk HPP Krasnoyarsk HPP Bratsk HPP Irkutsk HPP (3) Long-term average annual power generation volumes Long-term average annual power generation volumes; source: www.boges.ru Power segment Metals segment Angara river Lake Baikal 27 27#28E Environmental Focus: ALLOW Brand Aluminium Powering business with a low carbon footprint In 2017, we launched a bespoke brand for low carbon aluminium - ALLOW with a certified carbon footprint. ALLOW's carbon footprint is lower than 4 tCO2 per tonne of primary aluminium produced at smelters, significantly lower than the industry average. ALLOW aluminium was verified by an in international audit firm TUV Austria. In 2018, ALLOW aluminium made up 78% of the company's total output. All calculations were carried out in accordance with the Guidelines for Reporting the Aluminium Carbon Footprint developed by the International Aluminium Institute in Feb, 2018. ALLOW will provide consumer and manufacturers with confidence that the aluminium from the Metals segment of En+ Group represented by RUSAL used in their products has one of the lowest carbon footprints in the industry. Allow LOW CARBON ALUMINIUM RUSAL Energy source by type in the Metals segment, 2018 1.3% 98.7% ■ Non-carbon ■ Thermal Allow Traceable to a single smelter 30000 Guaranteed low CO2 footprint: less than 4t CO2/t of aluminium (smelter scope 1&2) Power segment Available worldwide Certificate with third- party verification Metals segment En+ Group overview Investment highlights Sustainable business Results snapshot development Ent GROUP 28#29Results Snapshot 4 9 19 29 35 51 En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment Ent GROUP 29#30FY 2019 Operational Highlights FY 2019 FY 2018 Change 3,757 3,753 0.1% Total aluminium production, kt Total aluminium sales, kt 4,176 3,671 13.8% Sales and production Total electricity production¹, TWh 77.8 73.2 6.3% HPPS, TWh 64.2 58.3 10.1% CHPS, TWh 13.6 14.9 (8.7%) Heat production, mn Gcal 27.3 27.9 (2.2%) Average LME aluminium price, USD/t 1,792 2,110 (15.1%) Average electricity spot prices² in 2nd price zone, Rb/MWh 890 888 0.2% Macro • Irkutsk region, Rb/MWh 789 842 (6.3%) Krasnoyarsk region, Rb/MWh 784 824 (4.9%) Average Exchange Rate, RUB/USD 64.74 62.71 3.2% Ent GROUP Note: Due to rounding, numbers may not add up precisely to the totals provided, percentages may not precisely reflect the absolute (1) figures, and percent change calculations may differ. Source: Company data, Bloomberg. Excluding Onda HPP (installed capacity 0.08 GW), located in the European part of the Russian Federation, leased to RUSAL since October 2014. (2) 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". En+ Group overview Investment highlights Sustainable business Results snapshot development Power segment Metals segment 30#31FY 2019 Financial Highlights USD mn FY 2019 FY 2018 Change FY 2019 Revenue by region 5 Revenue¹ 11,752 12,378 (5.1%) Other 14.2% CIS 36.0% Asia Power segment 2,989 3,147 (5.0%) 9.7% Metals segment 9,711 10,280 (5.5%) America USD 11,752 mn 5.5% Adj. EBITDA² 2,127 3,287 (35.3%) Power segment 1,127 1,174 (4.0%) Europe 34.6% Metals segment 966 2,163 (55.3%) FY 2019 Revenue by product5 Adj. EBITDA margin 18.1% 26.6% (8.5pp) Heat 4% Other 7% Net profit 1,304 1,862 (30.0%) Net profit margin 11.1% 15.0% (3.9pp) Electricity 11% Capex 1,061 1,004 5.7% Semi-finished products and foil USD 5% 11,752 mn Net debt³ 10,204 11,094 Free cash flow4 1,614 877 (8.0%) 84.0% Alumina and bauxite 6% Primary aluminium and alloys 67% (1) After consolidation adjustments. (2) 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. The Group's adjusted EBITDA is provided after consolidation adjustments (3) 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. (4) 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. (5) From external customers. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment Ent GROUP 31#32-5.5% 3,147 (1,049) (569) -5.0% En+ Group Revenue and EBITDA Breakdown 2018 to 2019 Revenue bridge (USD mn) 12,378 2018 to 2019 Adj. EBITDA² bridge (USD mn) Change FY2019 to FY2018(%) Change FY2019 to FY2018 (%) 101 11,752 -55.3% 3,287 (158) USD -626 mn (-5.1%) 2,989 -4.0% 1,174 (948) (1,197) (47) 2,127 84 (50) 10,280 9,711 2,163 1,127 34 USD -1,160 mn (-35.3%) 966 1 2018 Revenue Metals Power Adjustments 2019 Revenue 2018 EBITDA Metals Power ■Metals Adjustments 2019 working capital movement Power Adjustments 2019 EBITDA En+ Group free cash flow and capex (USD mn) 2,811 (USD mn) 3,7253 (522) (495) 1,141 263 (437) (537) (959) 2,042 1,652 (848) (236) (1,084)³ 1,614 (68) 1,364 932 250 inventories Working capital, Decrease in Increase in trade Increase in trade Working capital, as at 31 Dec. receivables payables 2018 (1) Consolidation adjustments. as at 31 Dec. 2019 OpCF and dividends Net interest Capex 4 Other financial expenses 5 FCF 6 from associates Power ■Metals Dividends from associates and JVs and JVs Ent GROUP (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) Before consolidation adjustments. (4) 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 (5) Restructuring fee, expenses related to issuance of shares and payments from settlement of derivative instruments. 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. (6) En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment 32#33En+ Group Debt Overview as of 31 December 2019 Net debt change in FY 2019 (USD mn) Key debt metrics (USD mn) 11,094 669 1,094 (932) 359 10,204 482 Total debt, IFRS 3,652 (1,652) 310 177 612 3,738 (2,584) (246) Cash and cash equivalents (69) Net debt¹, IFRS 7,442 6,466 Ent GROUP 31 Dec 2019 31 Dec 2018 12,482 12,277 2,278 1,183 10,204 11,094 Debt portfolio breakdown as of 31 Dec 2019 31 Dec 2018 Operating CF Investing CF Financing CF excl debt settlements Net effect from 31 Dec 2019 FX and other By currency Corporate Debt Maturity as of 31 Dec 2019 (USD bn) 3.4 2.7 0.6 0.4 2.3 0.2 1.0 2.8 0.8 2.3 2.0 By interest rate 0.7 0.5 0.4 0.2 0.5 0.6 2020 2021 2022 ■Metals segment 2023 2024 2025 2026 Power segment² 2 Note: Due to rounding, total may not correspond with the sum of the separate figures. (1) (2) 23 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. Nominal corporate debt. (3) Nominal debt - USD4,243mn. Nominal debt includes USD 1.3 bn of ruble nominated revolving facilities used to finance short-term operational activities. En+ Group overview Investment highlights Sustainable business development Results snapshot 77% 1% 22% Metals segment 0.1% 1% RUB EUR Power segment³ USD RMB 99% 8% Floating rate 56% Metals segment 44% Power segment³ Fixed rate 92% Metals segment Power segment 33#34Capital Expenditure Capital expenditure dynamics¹ (USD mn) 1,015² 181 1,084 2 236 • 834 848 2018 2019 Metals Power FY 2019 Capital expenditure structure² (USD mn) Power Segment • Capex increased 30.4 % y-o-y to USD 236 mn reflecting: . - Investments to the technical connections to power supply infrastructure and CHPs efficiency improvement, continuing HPPs' 'New Energy' modernisation program - Deferral of some capex from 2018 to 2019 Maintenance capex c.58% of total In 2019 and beginning 2020, the Group participated in the state program for CHP modernisation providing with a guaranteed return on investment, because of which the Group will be able to improve reliability and safety of 1,295 MW of its CHP capacity (29.5% of total CHP capacity) in total. Total expected capex for CHPS of USD 245 mn (RUB 15.2 bn) 3³. Metals Segment • Capex increased 1.7% y-o-y to USD 848 mn Ent GROUP 41.3% Maintenance 58.7% Development • Maintenance capex c.59% of total • In 2019, the Company's Metals segment 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 anodes) 4 Aluminium capacities expansion: Taishet aluminium smelter (1st stage, 428.5 ktpa) - (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 (3) Calculated based on USD/RUB exchange rate 61.91 as of 31.12.2019 (4) For baking of SAZ green anodes during modernization of anode baking furnaces En+ Group overview Investment highlights Sustainable business development Results snapshot 34 Power segment Metals segment#354 9 19 29 35 51 En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment En+ GROUP 35#36Power Assets Overview Zone 1 (European) Prod. 828 TWh Demand = 808TWh Ondskaya HPP Zone 2 (Siberian) = Prod. 209 TWh Demand = = 211 TWh Russia in total² Prod. 1,081TWh = Demand 1,059 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 zones (regions without wholesale market) Ust-Ilimsk HPP Bratsk HPP Boguchansk 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 EnSer CHP Avtozavodsk CHP Abakan SPP Ust-Labinsk CHP Outside of Russia the Company owns one CHP in Yerevan, Armenia En+ portfolio installed electricity capacity by plant type in 2019 SPP <1% CHP 23% Irkutsk Electric Grid Company En+ total electricity output by plant type in 20193 SPP CHPS <1% 17% 19.5 GW HPP 77% 77.8 TWh HPPS 83% Isolated and non-pricing zones En+ Group HPPS En+ Group CHPS En+ Group Solar Power Plant F Irkutsk Electric Grid Company En+ HPPs power generation in 2019³ 31% 64.2 TWh Angara cascade (incl. Irkutsk, Bratsk and Ust- Ilimsk HPPs) Yenisey cascade (KHPP) Note: The map does not include Novokondorovskaya CHP, which was sold in 2018. Source: En+ Group, SO UPS. Notes: (1) Boguchansk 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. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment 69% Ent GROUP 36 Metals segment#37Overview 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 50%, respectively • In the Siberian IPS zone, electricity spot prices are effectively 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 0.1% Competitive landscape Installed capacity in 2019 (GW) 18.91 CHP 51.1% HPP 48.8% 10.9 15.0 7.2 3.9 3.0 3.9 En+ СИБИРСКАЯ ГЕНЕРИРУЮЩАЯ КОМПАНИЯ RusHydro INTER RAQUES G3MO 2 БОГУЧАКСКАЯ Гэс ■Thermal ■ Hydro En+ Group accounts for a 37% 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 (Boguchansk HPP) is a 50:50 JV between UC RUSAL and RusHydro. It is operated by RusHydro. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment Ent GROUP 37#38The 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 64.2 TWh of electricity Transmission and distribution Power trading and retail End users RUSAL and other industrial users Ent GROUP Coal supply CHP generation 15.4 mt 13.6 TWh of electricity 27.3 mm Gcal of heat Engineering 48.0 TWh of electricity B 17.8 TWh of electricity Consumer and retail users Note: Figures above denote the production/output/throughput in 2019 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 En+ Group overview Investment highlights 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 Sustainable business development 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 Results snapshot Power segment 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 Metals segment 38#39Siberian Power Market Supply and Demand Dynamics Electricity Consumption (TWh) 240 2019-2025 yearly average growth +1.5% 230 220 210 Areas of Additional Demand Growth Krasnoyarsk Region ■ Boguchansk aluminum smelter consumption increase +8.3 TWh increase by 2025 vs. 2019 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 Irkutsk Region 200 ■ Taishet Aluminum Smelter 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ☐ Electric and metallurgical plant in Bratsk +10.3 TWh increase by 2025 vs. 2019 Capacity Supply (GW) 54 2019-2025 yearly average growth +0.2% 52 42 50 48 46 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Existing capacity Net increase in capacity ■ Modernization will continue at Bratsk Ferroalloy Plant production ■ TransSiberian and Baikal-Amur railways development, development of new gold mining fields and development of existing fields in Bodaibo district ■ 3 new oil pump stations construction 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 Power demand growth in 2020 vs. 2019 is expected at the level of +4.9 TWh (+2.3%) 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. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment 39#40Electricity Prices Mainly Increase with Inflation Ent GROUP 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 En+ 2019 sales volume 27.2 TWh Additional online auction held by the System Operator every hour 5.5 TWh 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 2019 revenue contribution² Development of electricity prices (RUB/MWh) 13% 14% 39.3 TWh 3 Retail 1956 1956 1914 1 768 Spot 928 0.2% 888 865 830 3.8 TWh 811 752 773 713 Free bilateral 587 622 659 contracts 636 Balancing market 528 Retail Tariffs for residential customers are regulated and indexed to inflation or just near inflation 17.8 TWh¹ . Sale of power to other non-regulated customers are done at non- regulated prices 149 113 100 115 18% Regulated contracts 2016 2017 2018 20194 2020 4 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 2019 revenue of USD 2,989 mn, of which 15% contributes to other revenues (3) En+ actual retail prices (4) For 2020 is a forecast by NP Market Council En+ Group overview Investment highlights Sustainable business Results snapshot development Power segment Metals segment 40 40#41Capacity (KOM) Prices Provide 6-year Revenue Visibility Capacity sales En+ 2019 sales volume 2019 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 2,989 mn in 2019, of which 15% contributes to other revenues En+ Group overview Investment highlights Sustainable business development 141.7 GW¹ Development of capacity prices (th. RUB/MW/month) 1364 Actual price 24 303 -15% (incl. indexation) 299 285 279 254 267 264 28.7 GW¹ 212/ 211 225 200 189 190 Base price 0.9% 189 182 186190 191 KOM prices in the 2nd price zone 27.3 mGcal (Heat) 32.9 TWh (T&D) 21% 60 59 57 59 Regulated contracts 2016 2018 Results snapshot Power segment 2020 2022 2024 Based on liberalisation of capacity market in Siberia, En+ sold at KOM the following % of their capacity: 68% in 2016 and 87% in 2017 Metals segment Ent GROUP 41#42Power Market Update Power supply and demand in Siberia¹ Average electricity spot prices² TWh 2019 2018 Change Average market price, 2019 2018 Change RUB/MWh Production in Siberia 208.7 205.3 +1.7% 2nd price zone 890 888 +0.2% HPPS production 107.8 101.9 +5.8% Irkutsk region 789 842 -6.3% Consumption 211.4 210.1 +0.6% Krasnoyarsk region 784 824 -4.9% Electricity spot prices², Rb/MWh 1,200 1,000 800 600 400 200 T I Jan'17 Mar'17 May '17 Jul'17 Sep'17 Nov'17 Jan'18 Mar'18 May '18 Jul'18 Sep'18 Nov'18 Jan'19 Mar'19 May 19 Jul' 19 Sep'19 Nov'19 -2nd price zone -Irkutsk -Krasnoyarsk Capacity prices³ th. RUB/MW/month 2nd price zone (1) System Operator of the Unified Power System. 2016 2017 2018 2019 2020 2021 2022 2023 2024 189 182 186 190 191 225 264 267 279 (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-1% till 2017 and CPI-0.1% since 2018. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Ent GROUP 42 22 Metals segment#43Water Level Water level of Lake Baikal, m 458,2 457 456.64 456.56 456.65 456.86 456.79 456.48 456.83 456.32 456.17 455.98 455.75 455.5 31.12.2017 31.03.2018 30.06.2018 30.09.2018 31.12.2018 31.03.2019 30.06.2019 30.09.2019 31.10.2019 30.11.2019 31.12.2019 Water level Normal - Min/Max Angara cascade, TWh 45.0 36.8 44.5 2018 2019 Generation Volumes - Long term average (1) Average since 1970 for Krasnoyarsk HPP and since 1977 for Angara cascade. En+ Group overview Investment highlights Sustainable business Results snapshot development Yenisey cascade/KHPP, TWh 21.5 19.7 18.5 Ent GROUP 2018 2019 Generation Volumes Long term average 1 43 33 Power segment Metals segment#44Water Inflows as a Driver to Increase HPP Generation Overview The Group's Krasnoyarsk HPP's total power generation decreased to 19.7 TWh in 2019 (down 8.4% y-o-y). In 4Q 2019, power generation at the Krasnoyarsk HPP was 5.5 TWh (down 8.3% y-o-y). The decline in the generation levels comes from the decreased water reserves in Krasnoyarsk water reservoir due to reduced inflow volumes in 2Q 2019 compared to the same period last year. As at the end of 2019, the water level in the Krasnoyarsk reservoir was 236.03 meters compared to 236.74 meters at the end of 2018. The Group's Angara cascade HPPs increased power generation to 44.5 TWh in 2019 (up 20.9% y-o-y) and to 12.3 TWh in 4Q 2019 (up 30.9% y-o-y) due to increased water reserves in the reservoirs of HPPS on Angara cascades as well as increased water levels in the Bratsk reservoir, which reached 399.00 meters as at the end of 2019 vs. 396.43 meters at the end of 2018. Water inflows, Angara cascade¹ (m³ per sec.) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 Ent GROUP 1,000 0 Jan Feb March Apr May June Average (1977-2018) 2015 July Aug Sept Oct Nov Dec 2016 2017 -2018 2019 -1,000 Water inflows, Yenisey cascade / KHPP (m³ per sec.) Water level (m) 8,000 7,000 6,000 Normal Minimum 31.12.2019 31.12.2018 5,000 4,000 Irkutsk HPP 457.00 455.54 456.48 456.64 3,000 Bratsk HPP 402.08 392.08 399.00 396.43 2,000 1,000 Ust-Ilimsk HPP 296.00 294.50 295.93 295.71 0 Krasnoyarsk HPP 243.00 225.00 236.03 236.74 Jan Feb March Apr May June July Average (1977-2018) 2015 - 2016 (1) Hydro production and water inflows data for Angara cascade include Irkutsk, Bratsk and Ust-Ilimsk HPPs. En+ Group overview Investment highlights Aug Sept Oct Nov Dec 2017 2018 2019 Sustainable business Results snapshot Power segment Metals segment development 44#45Power Generation Volumes Hydro power generation¹ (TWh) 64.2 63.5 58.3 19.7 18.5 21.5 Ent GROUP 17.7 17.8 16.7 44.5 45.0 14.1 15.4 14.2 14.6 36.8 12.1 5.1 5.5 5.5 5.5 6.0 4.5 4.7 4.5 7.6 8.6 11.1 9.4 9.7 9.9 12.6 12.3 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 FY 2018 FY 2019 FY long-term average CHP electricity generation (TWh) Angara cascade (incl. Irkutsk, Bratsk and Ust-Ilimsk HPPs) Yenisey cascade (KHPP) Heat generation (mn Gcal) 5.5 5.1 4.6 4.1 3.2 3.1 1.6 1.2 14.9 13.6 11.2 10.5 9.5 4.5 2.8 4.6 9.5 2.8 27.9 27.3 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 FY 2018 FY 2019 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 FY 2018 FY 2019 (1) Note: Due to rounding, total may not correspond with the sum of the separate figures. Excluding Onda HPP (2) FY average since 1970 for Krasnoyarsk HPP and since 1977 for Angara cascade. 45 En+ Group overview Investment highlights Sustainable business Results snapshot Power segment Metals segment development#46Power Segment Sales Breakdown Electricity sales (TWh) 91.4 93.6 17.8 18.6 3.8 Retail 3.7 Capacity sales¹ (GW) 170.4 163.5 28.7 23.0 Ent GROUP Regulated contracts 39.3 39.1 Free bilateral contracts Regulated contracts KOM³ 140.5 141.7 26.3 24.4 5.5 ■Balancing market 6.1 5.2 OUT 16 40.2 42.7 5.6 7.2 10.0 10.0 27.2 ■Spot market 2 23.9 34.6 35.5 1.6 7.1 8.9 4Q 2018 4Q 2019 FY 2018 FY 2019 4Q 2018 4Q 2019 FY 2018 FY 2019 . . Electricity sales in FY 2019 increased by 2.4% y-o-y and totaled 93.6 TWh. The increase in sales through spot market was compensated by decrease of retail sales and volumes sold through balancing market. Capacity sales in FY 2019 increased by 4.2% y-o-y to 170.4 GW, KOM sales remained almost flat y-o-y at 141.7 GW and sales through regulatory contracts increased by 24.8% to 28.7 GW. Note: Due to rounding, total may not correspond with the sum of the separate figures. (1) (2) Capacity sales volume equals sellable capacity multiplied by 12 months. 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. En+ Group overview Investment highlights Sustainable business Results snapshot Power segment Metals segment development 46 46#47Power Segment EBITDA Analysis Power segment EBITDA in 2019 (USD mn) EBITDA margin (%) 2019 adj. EBITDA bridge build-up (USD mn) Ent GROUP 86 9 13 na 38 45 1,174 66 38 1,127 64 1,127 978 (37) (51) (23) HPPS CHPS Coal Power segment EBITDA in 2018 (USD mn) 85 88 981 HPPS Other and interco Total Adj. EBITDA 2018 FX Spot prices HPP generation Others Adj. EBITDA 2019 O EBITDA margin (%) 7 17 17 na 37 54 77 59 1,174 57 CHPS Coal Other and interco Total Note: The calculations are for illustrative purposes only and based on management accounts. En+ Group overview Investment highlights The Power segment's Adjusted EBITDA in 2019 decreased to USD 1,127 million (down 4.0% y-o-y), decline was driven by a decrease in average electricity spot prices and rouble depreciation, which was partially offset by the increase in electricity generation volumes: - Foreign exchange rates: in 2019, the average for the period RUB/USD exchange rate increased by 3.2% to 64.74 compared to 62.71 in 2018. HPP generation: the Group's HPPs increased electricity generation volumes to 64.2 TWh (up 10.1% y-o-y) in 2019. Sustainable business Results snapshot development Power segment Metals segment 47#48Power Segment's Modernisation Programs CHP Modernisation Program • . The Group participated in the state programs for CHP modernisation providing with guaranteed return on investment.¹ 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 1,295 MW of its CHP capacity (29.5% of total CHP capacity). • In addition to electricity, the Group's CHPs provide critical heat generation for local population in Siberia. Projects Commence of capacity supply Capacity, MW CAPEX² USD mn Segozerskaya HPP, small-scale 01.12.2022 8.1 23.0 Total CHP projects 1,295 245 Novo-Irkutsk CHP Turbine 3 01.01.2023 175 27.3 Turbine 4 01.12.2025 175 48.9 No new CHP capacity to be constructed. CHP-10 • Total expected CAPEX for CHPs of USD 245 mn (RUB 15.2 bn). Small HPP project Turbine 2 01.01.2023 150 19.0 As a part of the state program backed by CAC mechanism for renewable projects, En+ Group is conducting design engineering works for a small-scale Segozerskaya HPP (8.1 MW) in Karelia (Russia). Turbine 7 01.05.2024 150 19.0 Turbine 5 01.12.2025 150 19.9 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 realized. Turbine 8 01.01.2024 150 19.0 CHP-11 (Turbine 3) 01.01.2024 50 10.2 Schedule of CAPEX for CHPS modernisation and small-scale HPP Total estimated budget - c. USD 268 mn 29% 13% 23% CHP-9 (Turbine 6) CHP-6 (Turbine 1) Ust-Ilimsk CHP (Turbine 3) 01.01.2024 01.08.2022 65 60 16.5 65 21.2 01.05.2025 110 20.7 17% 8% 9% Avtozavodskaya CHP (Turbine 9) 01.04.2025 60 60 23.5 2020 2021 2022 2023 2024 2025 Ent GROUP (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 61.91 as of 31.12.2019 Investment highlights En+ Group overview Sustainable business development Results snapshot Power segment Metals segment 88 48#49Power 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. The new hydropower unit will be commissioned no later than 1 July 2020. Under the modernisation programme, 4 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 339.2 million as of 31 December 2019), 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 delivered an increase in HPP energy production of 1.68 TWh in 2019 compared to the same periods last year, helping to reduce greenhouse gas emissions by approximately 1,951 thousand tonnes of CO2e for 2019 due to partial replacement of prior CHP generation volumes (1) Calculated based on USD/RUB exchange rate 61.91 as of 31.12.2019 En+ Group overview Investment highlights 49 Sustainable business Results snapshot Power segment Metals segment development#50Power Segment Debt Overview Key debt metrics (USD mn) Loans and borrowings - Corporate Debt - Operational Debt Total debt Cash and cash equivalents Net debt Net debt/ adj. LTM EBITDA 31 Dec 2019 IFRS 31 Dec 2018 IFRS Net debt change in FY 2019 (USD mn) Ent GROUP 3,652 2,978 2,818 1,257 1,173 359 3,738 482 177 (932) 4,235 3,991 497 339 31 Dec 2018 Operating CF Investing CF Financing CF 3,738 3.3x 3,652 3.1x excl debt settlements Net effect from 31 Dec 2019 FX and other Nominal corporate debt maturity profile as at 31 Dec 2019 (USD mn) Debt portfolio¹ breakdown as at 31 Dec 2019 By interest rate By currency 475 400 358 2020 2021 2022 649 2023 210 226 670 2024 2025 2026 Note: Due to rounding, total may not correspond with the sum of the separate figures. (1) Nominal debt - USD4,243mn. Nominal debt includes USD 1.3 bn of ruble nominated revolving facilities used to finance short-term operational activities. En+ Group overview Investment highlights Sustainable business development Results snapshot 8% 92% 0.1% 1% 99% Floating rate Fixed rate ■RUB EUR USD 50 Power segment Metals segment#514 9 19 29 35 51 En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment 10 Ent GROUP 51#52Metals segment: Global Operational Assets Footprint 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 2019 aluminium output by region 4%3% Russia Siberia ■Russia 3,757kt European 93% 2019 sales by region Part Sweden Kandalaksha¹: 0.07mt North Urals¹: 2.40mt Kia Shaltyr Nepheline mine output²: 4.24mt KUBAL¹: 0.12mt Timan¹: 3.33mt Europe ■Russia&CIS Auginish¹: 1.89mt Friguia Alumina Refinery¹: 0.37mt 8% 17% 4,176kt 54% Asia 21% America ☑ Volgograd¹: 0.07mt UC RUSAL's core aluminium smelting operations output¹ in Siberia: from left to right - Novokuznetsk: 0.22mt Sayanogorsk: 0.54mt - Khakas: 0.29mt - Krasnoyarsk: 1.02mt - Bratsk: 1.01mt - Irkutsk: 0.42mt Total output (Siberia): 3.50mt Achinsk¹: 0.82mt Bogoslovsk¹: 1.02mt Urals¹: 0.92mt Total Russia alumina output¹: 2.82mt Nikolaev¹: 1.70mt Total output, 2019 data Aluminium: 3.8mt Alumina: 7.9mt Bauxite: 16.0mt +Nepheline: 4.2mt Windalco (Jamaica)¹: 0.46mt Windalco (Jamaica)¹: 1.90mt Aluminium Dian-Dian (Guinea)¹: 2.80mt Friguia (Guinea)¹: 1.30mt Kindia (Guinea)¹: 3.12mt Guyana¹: 1.41mt Alumina Bauxite +Foil Boguchansk HPP JV ☑ Mothballed capacities QAL alumina refinery: 0.70mt³ Bauxite self-sufficiency covering 100+ years of operations5 (1) All production volumes are represented by 2019 data Capacities under construction / prelaunch stage (2) From nepheline ore of Kia Shaltyr mine UC RUSAL produces alumina at Achinsk alumina refinery (3) UC RUSAL's share in QAL production based on pro rata ratio (20% stake in the company) En+ Group overview Investment highlights (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 minefield) Sustainable business development Results snapshot Power segment Metals segment Ent GROUP 52 52#53Self-sufficiency Production High Degree Of Vertical Integration Bauxite and Nepheline Production process 2 Alumina 4 Aluminium Ent GROUP 5 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 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' The mixture is then heated and filtered, 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 production (1) 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 production (1) Bauxites production (¹) Nepheline production (1) mnt mnt mnt 16.1 13.8 11.6 10.5 8.2 6.1 5.5 5.7 5.6 4.33 4.29 4.24 2017 2018 2019 2017 2018 2019 ■Russia (2) Non-CIS 7.8 7.8 7.9 3.3 3.3 3.4 1.7 1.7 1.7 2.8 2.8 2.8 2017 2018 2019 Russia Ukraine Non-CIS mnt Projects to increase self-sufficiency in materials (>100% in alumina, ~80% bauxites and nephelines, ~88% 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) is expected to be launched in 1Q 2020 3.7 3.7 3.8 3.8 3.6 3.6 3.6 3.6 2016 2017 2018 2019 Russia ■Non-CIS 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 4Q2019. En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment 53 Metals segment#54PRIMARY AI DEMAND GROWTH Demand for Aluminium was Set to Improve in 2020, this Now is Delayed Amid Virus Outbreak Services sector WEAK MARKET IN 2019 TRADE DISPUTE CHINA ECONOMIC TRANSFORMATION AUTOMOTIVE 2020 EARLY SIGNS OF RECOVERY EASING OF TRADE DISPUTE AUTOMOTIVE LIGHTWEIGHT TREND Ent GROUP UNANTICIPATED FACTORS COVID-19 AUTOMOTIVE OIL PRICE WAR PRODUCTION DROP PRODUCTION RECOVERY OPEC CHINA SCRAP BAN PETAI CAN REVOLUTION 2.0 2018 ■ 2019 2.5% 2.4% 2.2% 2.0% 0.1% CHINA -2.6% ROW WORLD En+ Group overview Investment highlights Sustainable business development 1.5% 2020E PRIOR CURRENT SHOCK 1.1% CHINA ROW Results snapshot 1.3% WORLD DEMAND RECOVERY DELAYED 54 Power segment Metals segment#55Impact on Global Aluminium Market Yet to be Assessed - - - BEARISH FACTORS SUPPORTIVE FACTORS Ent GROUP Substantial uncertainty regarding the length of the current "lockdown measures" critically impacting the levels of economic activity Aluminium demand globally has declined as travel restrictions and industrial production slow in response to COVID-19 Furthermore suspension of car production at least for two weeks was announced on: European plants by such major car producers as VW Group, Renault- Nissan, FCA, PSA Group, BMW Group, Daimler, Ford, Toyota USA plants by GM, FCA and Ford. This will cause demand reduction for to parts and raw materials over whole supply chain. + Current recovery in Chinese industry likely to be positive for demand. Fewer exports of aluminium from China are seen as a positive for ex. China demand. + Metal prices are at present supported by central bank actions. Overall market expectation of monetary easing globally has pushed the dollar lower, and metal prices higher. + Aluminium smelters in the US and Europe may start considering capacity closures on the back of: + Low profitability. Around 11 mnt of smelting capacity outside china suffering from losses at current aluminium prices. At current SHFE price of RMB11,325/t, all Chinese smelters are loss making. + Exports of raw materials from China have been hurt by transport disruptions, exposing the world's dependency on Chinese caustic soda, carbon, magnesium and silicon for alumina and aluminium production. 55 Sustainable business En+ Group overview Investment highlights Results snapshot Power segment Metals segment development#56Even Prior to Current Shocks We Estimated Primary Aluminium Market to be in Marginal Oversupply Incremental primary aluminium demand vs Primary aluminium market balance 2.5 supply in 2020 1.8 0.8 0.7 0.5 WORLD CHINA INCREMENTAL SUPPLY DEFICIT DYNAMICS IN 2020 Sources: CRU, RUSAL analysis En+ Group overview ROW Mnt 0.3 -1.4 ■INCREMENTAL DEMAND EUROPE ASIA EX-CHINA Mnt 0.3 0.3 0.04 WORLD -1.0 CHINA 2019 2020 -0.4 N.AMERICA ROW Ent GROUP 56 Sustainable business Investment highlights Results snapshot Power segment Metals segment development#57• Aluminium Supply Outside China is at Risk in 2020 • Aluminium Cash official price plummeted to $1,536/t on March 23rd, their lowest since May 2016, as Covid-19 outbreak in the World Exc China has resulted in a sharp fall in base metal prices amid fear of global recession. Around 11 million tonnes of ROW smelting capacity suffering from losses at current aluminium prices. LME aluminum stocks renewed their growth since March 19th and rose by ~ 122 kt to 1.08 Mt mostly due to aluminium's arrival into Malaysia's warehouses. PMI across manufacturers of aluminium sheet/plate and strip, foil, wire and cable, construction and industrial extrusion, primary and secondary alloy in China dropped to 34.7 in February. Chinese aluminum semis export to ROW markets to be hit by virus issues and have dropped by 25.3% year-on-year to c.669 thousand tonnes in January-February 2020, and expected to decline further in March 2020. Aluminium (unwr.+Alloy+semis) exports from China GROUP ROW reported stocks $/t 2000 1900 1800 1700 1600 1500 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Mar-20 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 LME CW stocks (rhs) 100 day MA Jan-20 Feb-20 LME on-warrant stocks (rhs) LME Cash 50 day MA ROW smelting production loss $/t 2500 2000 LME price = $1,536/t 669 1500 11.4 Mt (39%) kt 1500 1250 1000 750 500 kt ~895 600 500 400 300 200 100 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Source: CRU, LME, companies data, RUSAL analysis En+ Group overview Investment highlights Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Sustainable business development Results snapshot 1000 500 OMt 5Mt 10Mt 2020 Business Cost, 4Q2019 assumption Power segment 15Mt 20Mt 25Mt 30Mt Metals segment 57 Ent#58Chinese Aluminium Market to Stay in Surplus in 1H 2020 Ent GROUP Chinese smelters costs • Chinese aluminum sector is affected by virus and seasonality factor shows rapid growth of aluminum inventories as a result of continued production and weak demand. Social inventory stock rose by 1 million tonnes in 2 months and continues to rise. Some metal is also being held by smelters due to logistic constraints. RMB/t 15000 14000 13000 12000 • At current SHFE price of RMB 11,325/t, all Chinese smelters are loss making. 11000 SHFE = RMB 11,325/t (March 23rd) • Chinese aluminum market to be in surplus for 2020 after deficit in 2019. This should cap aluminum price growth in 1H20. Chinese aluminum balance 10000 OMt 5Mt 10Mt 15Mt 20Mt 25Mt 30Mt 35Mt 40Mt -Full Costs exc. depr., Feb 2020 Chinese regional stocks Mnt Stocks, kt 47 400 300 43.4 43.5 2000 Stocks in days of consumption 40.0 42.5 42.5 39.0 39.0 40.2 41.5 41.5 200 40.3 42 0 0 0 0 1600 37.6 36.8 37.3 37 35.7 -50 -150 -200 1200 -400 20.0 32 32 -600 800 -800 27 -1029 400 -1,000 0 0.0 22 22 -1,200 2019 2020 2021 2022 2023 2024 2025 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Production Consumption Balance (kt) Wuxi Gongyi Shanghai Hangzhou Nanhai Tianjin Source: CRU, LME, companies data, RUSAL analysis En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Metals segment 58#59Metals Segment Production Aluminium (kt) 1,000 945 32 932 33 939 940 943 928 939 942 33 30 29 32 31 29 21 21 20 35 35 35 35 948 29 36 800 600 883 878 885 890 878 861 873 878 884 400 200 0 4Q 2017 1Q 2018 2Q 2018 Russia Siberia 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 ■Russia European Part Sweden (kt) 4,000 Alumina Bauxite Nepheline ore 4,242 3,948 4,026 3,831 3,719 Ent GROUP 1,847 1,517 3,000 1,946 1,630 1,895 1,958 1,932 1,918 1,957 2,050 398 358 2,000 80 76 78 126 88 130 186 138 109 109 177 199 120 123 345 253 467 403 168 180 470 480 468 479 470 475 469 491 429 1,144 1,009 1,017 1,074 1,000 817 439 423 410 414 443 1,527 1,606 1,264 1,192 1,248 655 668 686 692 709 817 1,009 1,144 1,017 1,074 0 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 ■Russia Ukraine 4Q 2018 ■Ireland 1Q 2019 2Q 2019 Australia 3Q 2019 4Q 2019 1 Jamaica 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 ■Guyana Guinea (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. En+ Group overview Investment highlights Sustainable business Results snapshot Power segment Metals segment 59 development#60Aluminium Sales and Revenue Ent GROUP Primary aluminium sales, kt Revenue • In 2019, aluminium sales increased by 13.8% y-o-y, to 4,176 kt. This growth was primarily due to partial sell down of surplus inventories of primary aluminum that were accumulated by the end of 2018 as a result of OFAC¹ Sanctions² and launch of the second part of the first potline of Boguchansky aluminium smelter in March 2019. In 4Q 2019, aluminium sales volumes increased 26.2% y-o-y to 1,107 kt • In 2019, VAP³ sales amounted to 1,547 kt (down 7.0% y-o-y), the share of VAP sales in total sales was 37%. In 4Q 2019, the VAP sales accounted for 443 kt (up 33.0% y-o-y), the share of VAP sales improved by 2pp and accounted for 40% (kt) +13.8% y-o-y 4,176 3,671 60 4,176 13 261 3,671 Third Parties 131 Aluminium BOAZ Aluminium Rusal 2,00 7 2,629 Ingots VAP 3,48 3,902 0 1,66 4 1,54 FY 2018 FY 2019 FY 2018 FY 2019 Revenue from sales of primary aluminium and alloys decreased by 3.3%, to from primary USD 8,019 mn in 2019, as compared to 2018, primarily due to 15.0% decrease in the (USD mn) weighted-average realized aluminium price per tonne driven by a decrease in the LME aluminium, which was partially offset by a 13.8% increase in primary aluminium and allows sales volume aluminium and alloys, USD mn Other revenue, USD mn • • • Revenue from sales of alumina decreased by 31.9% to USD 664 mn for 2019 due a decrease in the average sales price by 25.0% together with a decrease in the sales volumes by 9.2% Revenue from sales of foil and other aluminium products increased by 18.5%, to USD 410 mn in 2019, due to an increase in revenue from sales of aluminium wheels by USD 62 mn between the comparable periods Revenue from other sales, including sales of other products, bauxite and energy services decreased by 7.2% to USD 618 mn for 2019, due to a 3.5% decrease in sales of other materials (such as silicon by 23.0%, aluminium powder by 10.6%, potassium sulfate by 15.5%) "OFAC" - The Office of Foreign Assets Control of the Department of Treasury of the United States of America. "Sanctions" - on 6 April 2018, the OFAC added the Company to its Specially Designated Nationals List. OFAC removed the Company from the List with effect from 27 January 2019. VAP includes alloyed ingots, slabs, billets, wire rod, wheels, high and special purity aluminium. (1) (2) (3) En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment 10,280 -5.5% y-o-y 9,711 666 346 618 975 410 664 8,293 8,019 FY 2018 FY 2019 Aluminium Alumina Foil Other and other aluminium products Metals segment 60#61Metals Segment EBITDA Breakdown 2019 EBITDA bridge build-up (USD mn) 15.1 3.1 na 79 O EBITDA margin (%) 9.9 1,167 Aluminium segment (1 (1) 21 (71) (280) 966 2,163 Alumina Unallocated (3) 2019 EBITDA segment (2) 2018 EBITDA bridge build-up (1,224) 262 O EBITDA margin (%) 10 (164) 966 2018 EBITDA O EBITDA margin (%) Premiums Effect of LME Aluminium Change in Aluminuim and sales volumes cash cost and sales quotation other factors structure period 2019 EBITDA (USD mn) 27 2,150 14 na 353 (340) Aluminium segment Alumina segment Unallocated 21 2,163 2018 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 (4) Positive effect of decrease in aluminium cash cost was offset by decline in EBITDA of alumina segment, following decrease in alumina realized price and third party sales volumes • LME aluminium price decreased from USD 2,110 in 2018 to USD 1,792 in 2019 (down 15.1%) • The LME QP component decreased in 2019 to USD 1,785 per tonne (down 15.3% y-o-y), average realised premium component decreased 11.2% y-o-y to USD 135 per tonne In 2019, aluminium sales increased by 13.8% y-o-y totaling 4,176 kt. • Revenue from sales of alumina decreased by 31.9% due to a decrease in the average sales price by 25.0% together with a decrease in the sales volumes by 9.2%. . In terms of the segment impact the aluminium segment remained the largest contributor to the Group EBITDA En+ Group overview Investment highlights Sustainable business development Results snapshot Power segment Ent GROUP 61 Metals segment#62Metals Segment Capital Expenditure Capex dynamics USD mn 2017 842 2018 834 400 295 300 254 226 220 192 197 200 163 129 100 0 Approximate 2019 848 launch schedule 292 Taishet anode plant (1st stage) 217 203 136 Taishet anode plant (2nd stage) Taishet aluminium Smelter³ 1Q17 2017 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 • In 4Q 2019 capex totaled USD 292 mn (+43.8% q-o-q). FY 2019 capex amounted to USD 848 mn (+1.7% y-o-y) Maintenance capex amounted to 59% of the aggregate capex in FY 2019 • In 4Q 2019 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 plant¹ (1st stage, construction of anode baking furnace with a capacity of up to 217.5 ktpa of baked anodes)² -Aluminium capacities expansion: Taishet aluminium smelter¹ (1st stage, 428.5 ktpa) (1) Please see slides in Appendix for further details on Taishet aluminium smelter and Taishet anode plant (2) For baking of SAZ green anodes during modernization of anode baking furnaces (3) In regards to Taishet aluminium smelter table above indicates planned schedule of first metal En+ Group overview Investment highlights Ent GROUP 2H 1H 2020 1H 2021 2023 2020 Taishet anode plant Taishet aluminium smelter Sustainable business Results snapshot Power segment Metals segment development 62 62#63Credit Ratings Metals Segment Debt Overview On 25 October 2019 the Group entered into a 5-year new sustainability- linked pre-export finance facility (PXF2019) for the amount of USD 1,085 mn. The interest rate is subject to the Company's fulfilment of the sustainability KPIs. In Nov 2019 Rusal successfully placed its 4th tranche of local bonds for RUB 15 bn, thus bringing the total volume of issuance on local market throughout 2019 to RUB 60bn (c. USD 930 mn). The rate set for the new tranche was 7.45% p.a., with an investor put- option after 3 years - a record low rate in the history of Company's presence on the local debt capital market. The deal was subsequently hedged into USD, resulting in the USD interest rate of 3.65%. In November 2019 the Group made an early voluntary principal repayment of Sberbank debt in the amount eq. to USD 500 mn and fully repaid USD 1.3 bn of PXF2017. Key debt metrics Net debt change in FY 2019 (USD mn) 7,442 6,466 612 310 (246) (1,652) 31 Dec 2018 Operating CF Investment CF incl divs received Financing CF excl debt settlements Net effect from FX and other 31 Dec 2019 Debt structure as of 31 Dec 2019 By interest rate 44% Floating rate 56% Fixed rate Ent GROUP By currency 1% 22% RUB USD RMB 77% 31 Dec 31 Dec (USD mn) Fitch Ratings BB- Debt maturity as of 31 Dec 2019 (USD bn) 2.8 2019 2018 Cash and equivalents 2.3 Total debt, IFRS 8,247 8,286 (as of 31.12) 2.0 MOODY'S Cash and cash equivalents Ba3 (1.8) 1,781 844 Net debt, IFRS 6,466 7,442 Adjusted Total Net Debt¹ 2,404 3,156 Expert ruAA 0.5 0.6 Adjusted Total Net Debt / 2.3x 1.4x EBITDA (covenant)¹ 中诚信证评 AAA Leverage covenants¹ CCXR 3.5x 3.0x 2020 2021 2022 2023 2024 (1) For the Leverage ratio calculation the financial indebtedness secured by NN shares is excluded from the total net debt and the Group's EBITDA is net of the impact of NN shareholding (i.e. excludes dividends paid on any of the NN Shares). The leverage ratio is, thus, tested on the basis of the Group's core operations. ■PXF → Sberbank eurobond RUB Bonds ■Others 63 En+ Group overview Investment highlights Sustainable business Results snapshot Power segment Metals segment development#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#65Appendix 9 6 6 сл LAPP 5 3 65 Ent GROUP#66Segment Highlights Power segment USD mn FY 2019 FY 2018 Change Revenue 2,989 3,147 Adj. EBITDA¹ 1,127 1,174 Adj. EBITDA margin 37.7% 37.3% Net profit 311 211 Net profit margin Capex 10.4% 6.7% 236 181 (5.0%) (4.0%) 0.4 pp 47.4% 3.7 pp 30.4% Metals segment USD mn FY 2019 FY 2018 Revenue 9,711 10,280 Adj. EBITDA¹ 966 2,163 Adj. EBITDA margin 9.9% 21.0% Net profit 960 Net profit margin 9.9% 1,698 16.5% Change (5.5%) (55.3%) (11.1 pp) (43.5%) (6.6 pp) Capex 848 834 1.7% Ent GROUP • Power segment revenues decreased by 5.0% y-o-y to USD 2,989 mn, mainly reflecting rouble depreciation in 2019 compared to 2018 (the average RUB/USD exchange rate went up 3.2%) • Adj. EBITDA decreased to USD 1,127 mn (down 4.0% y-o-y). The decline was driven by a decrease in average electricity spot prices and rouble depreciation, which was partially offset by the increase in electricity generation volumes Net profit increased to USD 311 mn from USD 211 mn in 2018, mainly as a result of a reduction in reported net finance expense • Capex amounted to USD 236 mn (up 30.4% y-o-y). Maintenance capex accounted for approximately 58% of total capital expenditure. Power segment continued investments to the technical connections to power supply infrastructure (including a new substation for the Taishet aluminium smelter) and CHPS efficiency improvement, continuing HPPs' 'New Energy' modernisation program Metal's segment revenue decreased by 5.5% to USD 9,711 mn as compared to USD 10,280 mn for 2018 following a 15.1% decrease in the average LME aluminium price from USD 2,110 per tonne in 2018 to USD 1,792 per tonne in 2019 and a 11.2% drop in the average realized premiums to the LME price Adj. EBITDA decreased to USD 966 mn, as compared to USD 2,163 mn in 2018. Profit in 2019 decreased to USD 960 mn from USD 1,698 mn in 2018 • Capex amounted to USD 848 mn (up 1.7% y-o-y). Maintenance capex amounted to 59% of the total expenditure in 2019. Metals segment 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 (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. 66#67En+ Group's Aluminium Production Assets (1 of 2) Asset Location Total capacity¹ ktpa Utilisation rate Bratsk Aluminium Smelter Ent GROUP Bratsk Aluminium Smelter Russia 1,009 100% Krasnoyarsk Aluminium Smelter Russia 1,019 100% Aluminium smelters Sayanogorsk Aluminium Smelter Russia 542 99% Novokuznetsk Aluminium Smelter Russia 215 100% Krasnoyarsk Aluminium Smelter Khakas Aluminium Smelter Russia 297 99% Irkutsk Aluminium Smelter Russia 3.9 mtpa 422 96% 100% Kandalaksha Aluminium Smelter Russia 76 95% Urals Aluminium Smelter Russia 75 0% Volgograd Aluminium Smelter Russia 69 100% Kubal Sweden 128 94% Alscon Nigeria 24 0% Achinsk Alumina Refinery Russia 1,069 77% Khakas Aluminium Smelter Bogoslovsk Alumina Refinery Russia 1,030 99% Alumina refineries Urals Alumina Refinery Russia 900 102% Friguia Alumina Refinery Guinea 650 57% QAL² 13.6 mtpa 3,950 78% 87% Australia Attributable to Metals segment (10.4 mtpa)² 790 (75%)² Achinsk Alumina Refinery Eurallumina Italy 1,085 0% Aughinish Alumina Refinery Ireland 1,990 95% Windalko Jamaica 1,210 38% Nikolaev Alumina Refinery Ukraine 1,700 99% Aughinish Alumina Refinery (1) As of 2019 year end. (2) The Metals segment holds a 20% equity stake in QAL, Metals segment attributable capacity is 790 ktpa. 67#68Bauxite mines En+ Group's Aluminium Production Assets (2 of 2) Ent GROUP Location Asset Total capacity¹ ktpa Utilisation rate Timan Bauxite Russia 3,300 98% North Urals Bauxite Mine Russia 3,000 78% Compagnie Des Bauxites De Kindia Compagnie Des Bauxites De Kindia Guinea 3,500 89% Friguia Bauxite and Alumina Complex Guinea 20.6 mtpa 2,100 78% 62% Boguchansk Aluminium Smelter Bauxite Company of Guyana, INC Guyana 1,700 83% Windalco Jamaica 4,000 46% Dian-Dian Project Guinea 3,000 93% Energy assets Boguchansk HPP (BEMO Project) is a 50:50 JV between UC RUSAL and RusHydro and it is operated by RusHydro. Boguchansk 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 2019 year end. Boguchanskaya HPP 68#69En+ Group's Power and Utilities Assets Combined heating and power plants Hydro power plants 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 heat and power plants³ Bratsk Ust-Ilimsk Irkutsk Nadvoitsy Angarsk Irkutsk Installed capacity¹ Location in Russia Krasnoyarsk HPP Electricity (MW) Heating (Gcal/h) Krasnoyarsk 6,000 4,500 15.1GW 3,840 662 Bratsk HPP 80 1,110 563 726 2,076 Angarsk 619 3,232 Usolie-Sibirsk 320 1,057 Sayansk 4.4 GW 260 15,808 Ust-Ilimsk HPP 819 Bratsk 282 Gcal/h 2,071 Ust-Ilimsk 515 1,015 Nizhniy Novgorod 505 2,226 62 2,749 Abakan SPP Abakan solar power plant Abakan WE Transmission Leased to UC RUSAL and distribution 5.2 • • Transmission and distribution infrastructure completely covers Irkutsk region Transmission and distribution network - 42,323km • Annual electricity transmission - 48TWh (1) As of 2019 year end. (2) (3) Including CHP-12, CHP-16, electric boiler house of PJSC Irkutskenergo, EnSer CHP, Baikalenergo (heat generation only), Armroscogenerazia, EuroSibEnergo-Kuban, Khakass utility services (heat generation only), Generazia Tepla LLC. Irkutsk HPP CHP-10 69 Ent GROUP#70En+ Group Statement of Profit or Loss Statement of profit or loss Year ended Ent GROUP 31-December-2019 31-December-2018 USD mn Revenue Cost of sales Gross profit Distribution expenses General and administrative expenses Impairment of non-current assets 11,752 12,378 (8,873) (8,209) 2,879 4,169 (632) (629) (839) (880) (321) (244) Net other operating expenses (111) (136) Results from operating activities 976 2,280 Share of profits of associates and joint ventures 1,669 948 Finance income 83 216 Finance costs (1,148) (1,176) Profit before tax 1,580 2,268 Income tax expense (276) (406) Profit for the period 1,304 1,862 Attributable to: Shareholders of the Parent Company 860 967 Non-controlling interests 444 895 Profit for the year 1,304 1,862 70 10#71En+ Group Business Segments Statement of profit or loss by Business segment Year ended 31-December-2019 Ent GROUP USD mn Revenue Operating expenses (excluding depreciation and loss on disposal of PPE) Adj. EBITDA Depreciation and amortisation Loss on disposal of PPE En+ Group Consolidated Metals segment Power Adjustments segment 11,752 9,711 (948) 2,989 (9,625) (8,745) 982 (1,862) 2,127 966 34 1,127 (806) (566) (240) (24) (22) (2) Impairment of non-current assets (321) (291) (30) Results from operating activities 976 87 34 855 Share of profits of associates and joint ventures 1,669 1,669 Interest expense, net (918) (557) (361) Other finance costs, net (147) (145) (2) Profit before tax Income tax expense Profit for the year 1,580 1,054 (276) (94) == 34 492 (1) (181) 1,304 960 33 311 71 14#72Ent GROUP En+ Group Statement of financial position Statement of financial position USD mn ASSETS Non-current assets Statement of financial position (cont'd) 31-Dec-2019 31-Dec-2018 USD mn 31-Dec-2019 31-Dec-2018 EQUITY AND LIABILITIES Equity Property, plant and equipment 9,883 9,322 Share capital Goodwill and intangible assets 2,376 2,195 Share premium 1,516 973 Interests in associates and joint ventures 4,248 3,701 Additional paid-in capital 9,193 9,193 Deferred tax assets 165 125 Revaluation reserve 2,722 2,718 Derivative financial assets 33 33 Other reserves 198 (62) Other non-current assets 108 77 Foreign currency translation reserve (5,493) (5,024) Accumulated losses Total non-current assets 16,813 15,453 (3,806) (5,143) Total equity attributable to shareholders of Current assets 4,330 2,655 Inventories 2,542 3,037 the Parent Company Non-controlling interests 3,042 2,747 Trade and other receivables 2,082 1,389 Short-term investments 241 211 Total equity 7,372 5,402 Non-current liabilities Derivative financial assets 75 9 Loans and borrowings 11,258 10,007 Cash and cash equivalents 2,278 1,183 Deferred tax liabilities 1,243 1,219 Total current assets Total assets 7,218 5,829 Provisions - non-current portion 536 459 24,031 21,282 Derivative financial liabilities 27 24 Other non-current liabilities 121 208 Total non-current liabilities 13,185 11,917 Current liabilities Loans and borrowings 1,224 2,270 Provisions-current portion 71 71 Trade and other payables 2,152 1,615 Derivative financial liabilities 27 7 Total current liabilities 3,474 3,963 Total equity and liabilities 24,031 21,282 12 72#73En+ Group Statement of Cash Flows Statement of cash flows USD mn OPERATING ACTIVITIES Profit for the year Adjustments for: Depreciation and amortization Year ended 31-Dec-2018 31-Dec-2019 1,304 1,862 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 Year ended 31-Dec-2019 31-Dec-2018 46 23 (1,024) (982) Acquisition of intangible assets (37) (22) 806 752 Other investments (77) (345) Return of prepayment for investment in associate 44 Impairment of non-current assets 321 244 Interest received 62 39 Net foreign exchange loss 114 253 Dividends from associates and joint ventures 1,141 909 Loss on disposal of property, plant and equipment 24 11 Dividends from financial assets 5 4 Share of profits of associates and joint ventures (1,669) (948) Proceeds from disposal of financial assets 15 1 Contribution to joint venture (78) Interest expense 1,000 917 Acquisition of subsidiaries (35) (53) Interest income Income tax expense Dividend income (82) (44) Changes in restricted cash 30 (26) 276 406 Cash flows used in investing activities 92 (452) (1) (1) FINANCING ACTIVITIES Proceeds from borrowings 5,872 4,431 Reversal of impairment of inventories (18) (22) Repayment of borrowings (6,366) (4,445) Impairment of trade and other receivables 2 65 Acquisition of non-controlling interests (5) (103) Provision for legal claims 22 5 Interest paid (1,021) (881) Change in fair value of derivative financial instruments 21 (171) Restructuring fees and other payments related to issuance of shares (42) (19) Operating profit before changes in working capital 2,120 3,329 Settlement of derivative financial instruments (26) 125 Dividends to shareholders (68) Decrease/(increase) in inventories 535 (468) Cash flows used in financing activities (1,588) (960) Increase in trade and other receivables (238) (201) Net change in cash and cash equivalents 1,065 296 Increase/(decrease) in trade and other payables 588 (701) Cash flows generated from operations before income tax 3,005 1,959 Cash and cash equivalents at beginning of period, excl. restricted cash Effect of exchange rate fluctuations on cash and cash equivalents 1,140 957 60 (113) Income taxes paid (444) (251) Cash and cash equivalents at end of the period, excl. restricted cash 2,265 1,140 Cash flows generated from operating activities 2,561 1,708 73#74EBITDA Reconciliation Year ended 31 December 2019 Year ended 31 December 2018 USD mn En+ Group Results from operating activities 976 Metals Power En+ Group Metals Power 87 855 2,280 1,481 849 Add: Amortisation and depreciation 806 566 240 752 513 239 Loss/(gain) on disposal of property, plant and 24 22 2 11 12 (1) equipment Impairment of non-current assets 321 291 30 244 157 87 Adjusted EBITDA 2,127 966 1,127 3,287 2,163 1,174 Ent GROUP 74