#1Ent GROUP ESG Investor Presentation November 2019#2Disclaimer Ent GROUP THIS DOCUMENT AND ITS CONTENTS ARE CONFIDENTIAL AND 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, WHETHER TO SECURITIES ANALYSTS OR ANY OTHER PERSONS. 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 Structure 4 En+ at a Glance 8 9M 2019 Results 12 ESG 24 Outlook • En+ at a Glance ⚫ Business Model • Strong Investment Fundamentals • Key Highlights Operational Performance • Financial Performance • Environmental • Social • Governance Outlook Ent GROUP 3#4M 4 En+ at a Glance 9129 18 8 12 24 Outlook 9M 2019 Results ESG NKM NO 12 120109 ( 9130 9131 32 Ent 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. En+ Group employs over 98,000 people Sweden Russia FY 2018 Revenue by product¹ Ent GROUP No. 1 Low-carbon aluminium producer Ireland Krasnoyarsk Moscow וח globally 5.8% Jamaica Ukraine Kazakhstan of the world's Italy Armenia aluminium production 7% 4% 11% Irkutsk 4% Total revenue USD 12.4 bn 8% 66% Australia Guyana Guinea Nigeria Metals segment Power segment Aluminium Alumina Bauxite Hydropower 122 aluminium smelters 93 alumina refineries 7 bauxite mines Total capacity: 3.9 mtpa Production in 2018: Total capacity: 5 hydro power plants (HPP) Total capacity: 3.8 mt 10.44 mtpa Production in 2018: 7.8 mt Total capacity: 20.6 mtpa Production in 2018: 13.8 mt 15.1 GW Production in 2018: 58.35 TWh Primary aluminium and alloys Alumina and bauxite Semi-finished products and foil ■ Electricity Heat ■ Other Thermal power Solar 16 combined heat and 1 solar power plant (SPP) power plants (CHP) Total capacity: 4.5 GW Production in 2018: 14.9 TWh Total capacity: 5.2 MW Production in 2018: 6 GWh (1) From external customers (2) 10 in operation (3) Including QAL (4) RUSAL attributable capacity (5) Excluding Onda HPP with installed power capacity 0.08 GW and production level of 0.4 TWh in 2018 (located in European part of Russia, leased to RUSAL). En+ at a Glance 9M 2019 Results ESG Outlook 5#6Business Model OUR RESOURCES & INPUTS REFINING/ RAW MATERIALS POWER GENERATION PROCESSING/ GENERATION ASSETS 3.9 mt Al capacity 19.6 GW Electricity capacity Bauxite 13.8 mt production Nepheline in 2018 8 Alumina 15.1 GW Hydro capacity 4.3 mt production in 2018 RAW MATERIALS 20.6 mtpa Bauxite production capacity 10.4 mtpa Alumina production capacity Water PEOPLE Coal c. 98,000 employees 16.2 mt production in 2018 7.8 mt production in 2018 Hydro power generation 58.3 TWh of electricity production in 2018 Thermal power generation 14.9TWh Primary aluminium and value added products 3.8mt production in 2018 Electricity transmission 27.9 mn and of electricity Gcal of heat production production in 2018 in 2018 distribution SALES & MARKETING Total sales in 2018 3,671 kt VAP sales in 2018 1,664 kt CREATING GLOBAL VALUE Renewable energy Income and shareholder value Reducing the carbon footprint of the global aluminium industry Environmental conservation Community engagement Electricity Trading and retail - Capturing additional margin - Direct access to consumers 18.6 TWh sales in 2018 NORNICKEL Strategic investment in Nornickel (27.8%) USD 11.4bn Investment market value at 30.09.2019 En+ at a Glance 9M 2019 Results ESG Outlook Ent GROUP 6#7Strong Investment Fundamentals Global Leader in Hydro Power Generation and Aluminium Production . ⚫ #1 Independent hydro power producer globally (1) 2 • 3 #1 Aluminium producer in the world (ex-China) (2) Vertically Integrated Low Carbon Business Model . 64 TWh En+ Siberian HPPs long-term average power production vs. c. 60 TWh RUSAL power consumption in Siberia c.100% self-sufficiency in alumina and c.70% self-sufficiency in bauxites and nephelines with c.100% targeted in the medium-term³ • ALLOW low-carbon aluminium brand emits no more than 4 tCO2e4, which is among the best levels in the world's aluminium industry Unique Asset Base and Operational Excellence Contributing to Cost Leadership . 5 6 Industrial synergy between cost-efficient HPPs and aluminium smelters resulting in top decile cost curve position globally Strong and Resilient Cash Flow Generation Underpinning Sustainable Shareholder Returns over long term . Industry leading EBITDA margins (9M 2019: 18.6%) • 75% of Free Cash Flow (5) of Power segment to be paid out in dividends supplemented by 100% of dividends received from UC RUSAL Experienced Management and Robust Corporate Governance • A new, majority independent board committed to best in class corporate governance • New Board members bring a wealth of experience in environmental, financial and governance fields Upside Potential from Multiple Catalysts Return to 'business as usual' post sanctions, driving incremental aluminium volumes • Spare capacity of existing HPPs to be utilised to meet increased demand upon ramp up of RUSAL's new smelters Working capital reduction targeted compared to 2018 Ent GROUP (1) According to SEEPX. (2) According to CRU estimates. (3) As of 12M2017 (4) Direct and indirect energy-related greenhouse gas at smelters. (5) Calculated, for any period, as cash flows generated from operating activities before capital expenditures and interest less interest paid and less capital expenditures adjusted for restructuring fees, payments from settlement of derivative instruments, one-off acquisitions plus dividends from associates and joint ventures. 7 En+ at a Glance 9M 2019 Results ESG Outlook#84 En+ at a Glance 8 12 24 Outlook 9M 2019 Results ESG 10 Ent GROUP 8#9Key Highlights Market overview Operational Performance Financial Performance • • • Ent GROUP In 9M 2019, the LME aluminium price continued its decline and in 3Q 2019 it reached an average of USD 1,761 per tonne (down 14.3% y-o-y), a record low since the end of 2016 In 9M 2019, the average electricity spot price on the day-ahead market in the second price zone accounted for 866 RUB/MWh (up 5.9% y-o-y). In 3Q 2019, the average electricity spot price accounted for 685 RUB/MWh (down 17.6% y-o-y) VAP sales increased to 40% of sales in 3Q 2019 vs. 38% in 2Q 2019 and 29% in 1Q 2019 on the back of stable aluminium production Aluminium sales volumes increased 9.8% in 9M 2019 vs 9M 2018 Electricity production increased 4.9% y-o-y to 55.8 TWh, driven by growth in output from HPPS In 9M 2019, revenue decreased 8.1% to USD 8.7 bn y-o-y and Adjusted EBITDA decreased 38.2% to USD 1.6 bn y-o-y, mostly reflecting lower aluminium prices In 3Q 2019, revenue decreased 13.0% y-o-y to USD 2.9 bn and Adjusted EBITDA dropped 53.4% y-o-y to USD 432 mn, largely driven by lower aluminium prices on the LME (down 14.3% y-o-y) and lower electricity sales prices in Siberia (down 17.6% y-o-y) Further working capital improvement: USD 530 mn released in 9M 2019, including USD 316 mn in 3Q 2019 In 9M 2019, FCF generated of USD 967 mn vs 571 mn in 9M 2018¹ • First Sustainability Report since listing on the London Stock Exchange was published in September 2019 ESG Developments • In September 2019, the Group participated in Climate Week in New York, during which En+ Group and Citi co- hosted a panel discussion addressing crucial questions about the role of investors in moving the private sector towards a net-zero-carbon economy (1) In July 2019, Norilsk Nickel payed dividends to Rusal in the amount of USD 532 mn. En+ at a Glance 9M 2019 Results ESG Outlook 9#10FY 2018 & 9M 2019 Operational Performance Total aluminium production, kt Ent GROUP 9M 2019 9M 2018 Change FY 2018 FY 2017 Change 2,809 2,810 3,753 3,707 1.2% Total aluminium sales, kt 3,069 2,794 9.8% 3,671 3,955 (7.2%) Sales and production Total electricity production¹, TWh 55.8 53.2 4.9% 73.2 68.4 7.0% . HPPS, TWh 46.4 42.9 8.2% 58.3 54.9 6.2% . CHPS, TWh 9.4 10.3 (8.7%) 14.9 13.6 9.6% Heat production, mn Gcal 17.9 18.4 (2.7%) 27.9 26.7 4.5% Average LME aluminium price, USD/t 1,804 2,158 (16.4%)▼ 2,110 1,968 7.2% Average electricity spot prices² in 2nd price zone, Rb/MWh 917 866 5.9% 888 865 2.7% Macro . Irkutsk region, Rb/MWh 829 820 1.1% 842 833 1.2% 823 808 1.9% 824 804 2.6% • Krasnoyarsk region, Rb/MWh Average Exchange Rate, RUB/USD Note: Due to rounding, numbers may not add up precisely to the totals provided, percentages may not precisely reflect the absolute figures, and percent change calculations may differ. Source: Company data, Bloomberg En+ at a Glance 9M 2019 Results (1) (2) 65.08 61.44 5.9% Excluding Onda HPP leased to Rusal 62.71 58.35 7.5% Day ahead market prices, data from ATS and Association "NP Market Council" ESG Outlook 10 10#11FY 2018 & 9M 2019 Financial Performance Ent GROUP USD mn Revenue Adj. EBITDA¹ Adj. EBITDA margin 9M 2019 9M 2018 Change FY 2018 FY 2017 Change 8,673 9,434 (8.1%) 12,378 12,094 2.3% 1,617 2,618 (38.2%) 3,287 3,223 2.0% 18.6% 27.8% (9.2 pp) 26.6% 26.6% Net profit 1,073 1,623 (33.9%) 1,862 1,403 32.7% Net profit margin 12.4% 17.2% (4.8 pp) 15% 12% 3 pp Capex (before intersegm. elimination) 739 674 9.6% 1,015 990 2.5% Free Cash Flow 2 967 571 69.4% 877 1,258 (30.3%) 9M 2019 Revenue by region 3 Other Asia 13% America CIS 38% 7% Europe 41% USD 8,673 mn 9M 2019 Revenue by product 4 Other Heat 4% 7% Electricity 11% Primary aluminium and alloys 67% Semi-finished products and foil 5% Alumina and bauxite 6% USD 8,673 mn Adj. EBITDA by segment (USD mn) 2,6184 1,800 1,6174 765 863 9M 2018 (1) Adjusted EBITDA for any period represents the results from operating activities adjusted for amortisation and depreciation, impairment charges and loss on disposal of property, plant and equipment for the relevant period. Calculated as operating cash flow less net interest paid and less capital expenditure adjusted for payments from settlement of derivative instruments plus dividends from associates and joint ventures. From external customers. (2) (3) (4) After consolidation adjustments. En+ at a Glance 9M 2019 Results ESG Power Outlook 829 9M 2019 Metals 11#124 En+ at a Glance 8 12 24 Outlook 9M 2019 Results ESG Ent GROUP 12#13ESG Key Aspects • Air Quality • Climate change • Energy • Waste • Water Biodiversity Employees • Health and Safety • Local Communities Supply Chain • Board Composition • Board Compensation Diversity • Business Ethics • Management / Oversight Shareholder Rights • Audit Risk E S Environmental Key driver: Environmental footprint G Social Key driver: Relationship with employees and society Governance Key driver: Board composition and shareholders rights En+ at a Glance 9M 2019 Results ESG Outlook Ent GROUP 13#14Sustainability Initiatives . . SUSTAINABLE DEVELOPMENT GOALS En+ Group supports the United Nations Sustainable Development Goals Focus of business operations on the SDGs highlighted below 3 GOOD HEALTH AND WELL-BEING W DECENT WORK AND ECONOMIC GROWTH 15 LIFE ON LAND 6 CLEAN WATER AND SANITATION 7 12 RESPONSIBLE CONSUMPTION AND PRODUCTION GO AFFORDABLE AND CLEAN ENERGY 13 CLIMATE 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 GLOBAL COMPACT UNITED NATIONS GLOBAL COMPACT 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 asi 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 En+ at a Glance 9M 2019 Results ESG 14 Outlook#15E Environmental Focus: ALLOW Brand Aluminium • Actively promoting our low CO2 aluminium 90% of the Metals segment's aluminium output uses clean renewable power Allow Ent GROUP • In 2017, we launched ALLOW a bespoke brand for low carbon aluminium with a certified carbon footprint • • Allow brand was first verified in 2018 by KPMG. In 2017, 77% of the Company's output was attributed to this brand One of the lowest carbon footprints in the industry 25% of all aluminium produced is consumed by brands with a strong sustainability profile. Low CO2 aluminium is a key element of the value proposition to customers to achieve our VAP growth strategy Allow LOW CARBON ALUMINIUM RUSAL Traceable to a single smelter 00000 00% Available worldwide Guaranteed low CO₂ footprint: less than 4t CO2/t of aluminium (smelter scope 1&2) Certificate with third- party verification En+ at a Glance 9M 2019 Results ESG 15 Outlook#16E Environmental Focus: Power Segment • Renewable power In 2018, 77% of the Group's installed electricity generation capacity was represented by renewables • In 2019, En+ Group decided to build a small-scale HPP in Karelia (Russia) with installed capacity 8.1 MW • En+ Group also participates in different solar energy initiatives • En+ Group is Highest Ranked Russian Renewable Energy Company in 2019 Green Utilities Global Report by Energy Intelligence Energy Intelligence Electric power output by energy source, 2018, % Gas <1% Oil products, Coal 2% 15% Biomass and Solar 0 Hydropower 82% (1) Smelters' direct emissions (scope 1) and indirect energy emissions (scope 2) En+ at a Glance . • Ent GROUP New Energy modernisation program 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 Programme to be completed by 2046. Expected capital outlay: • 2007-2026: USD 326 mn (RUB 21 bn) • 2027-2046: USD 528 mn (RUB 34 bn) . 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 -PACHOMP 16 9M 2019 Results ESG Outlook#17E Environmental Focus: Energy Management and Climate Change Initiatives Direct GHG emissions reduction of electrolysis operations in the Metals segment, tCO2e/tAl 2.28 2014 2.2 2.11 2017 2018 The production of aluminium accounts 1% of global emissions¹. Ent GROUP Customers aiming to reduce carbon footprint from aluminium supplies • En+ supports tighter emissions' disclosure rules on the LME • In the next five years, c. USD 700mn investment programme in our metals segment on environmental projects . • USD 315mn - on aluminum smelter projects • USD 400mn - on alumina R&D investment in inert anode technology, that potentially allowing the production of zero carbon aluminum • At the moment En+ Group is working on a strategy to minimise the impact of its coal assets Forestry Project En+: Total direct emissions of GHGs, 2018, kt CO₂e • The Metals segment's forestry program contributes to the UN's target 46,903 46,657 20,893 22,792 • to restore forests around the world in response to the damaging effects of climate change We committed to plant over one million trees in Russia as part of its climate strategy aimed at reducing the Company's carbon footprint (1) Source: Carbon Trust. 26,010 23,865 2017 Power (Scope 1) (Scope 1) Metals 2018 En+ at a Glance Ent 360 17 9M 2019 Results ESG Outlook#18S Health & Safety Work-related employee fatalities Lost time injury frequency rates per 200,000 hours worked Occupational disease rate (per 100 employees) 11 0.17 0.30 0.16 0.16 0.25 0.253 4 8 0.15 0.15 0.14 0.208 0.14 0.20 0.14 0.13 7 0.12 0.11 0.11 0.10 2017 2018 2017 2018 0.15 0.12 0.10 0.101 0.05 2017 2018 Power Metals En+ Group 0.250 0.214 0.126 Performance Number of work-related employee fatalities decreased in 2018 En+ Group reduced LTIFR to 0.14 in 2018 from 0.16 in 2015 • Increased detection following a series of high-quality medical check-ups at facilities of the Metals segment, as well as the hospitalisation of miners to the occupational disease clinic for in-depth examinations and treatment Key goals • Achieving zero fatalities • Reducing LTIFR: in 2019, to achieve LTIFR not exceeding 0.11 for the Power segment, 0.19 for the Metals segment, 0.16 for the Group • Reducing year-on-year employee occupational illness rate • Providing health and safety trainings for employees on a regular basis En+ at a Glance 9M 2019 Results ESG Ent GROUP 18 Outlook#19S Employees Average number of employees 96,707 34,687 62,020 98,401 34,344 . 64,057 2017 2018 Power Metals Women 26% Gender diversity, 2018 O Men 74% • • • Performance Ent GROUP • Our success depends on building an inclusive and diverse environment where our employees can thrive: 74% of employees are men Gender diversity at present reflects historical industry trends 93% of employees have permanent contracts The Company sees the complete elimination of all forms of discrimination, persecution or bullying on the basis of race, skin colour, religion, sex, age, ethnicity or nationality, sexual orientation or disability as essential to its success Key goals Analysing employee satisfaction levels Expanding existing programs and those launched in 2018 Fully implementing the New Generation program Increasing the Metals segment's social programs budget for 2019 by 4% to fund various kinds of social support that are affected by inflation, such as the cost of medical services, compensation for travel and vacations and the maintenance of social housing facilities En+ at a Glance 9M 2019 Results ESG 19 Outlook#20S Local Communities Ent GROUP 35 Community investment, USD mn 11 24 Performance 2018 The Company's community development programs are based on local communities' needs and focus on the following key areas: 31 • 9 22 social infrastructure and the urban environment . education • • sports and healthy and recreation ⚫ social entrepreneurship . 2017 2018 Power Metals • volunteering, including corporate volunteering assistance to socially vulnerable groups of the population healthcare ІНАЛЫЖ АЧИНО The RUSAL Territory program The 'Helping is Easy' program School of Urban Changes The Metals segment 636 social and infrastructure projects since 2011, contributed to building and renovating 230 social facilities A competition in 16 cities and regions of operation and the New Year Marathon, which involved more than 1,100 volunteers 119 events costing a total of USD 61,872 and involving 3,128 people, 79 experts, 66 partners Irkutsk branch of the National Council for Corporate Volunteering Project 360 The Environmental Entrepreneurship School Project The Power segment Founded by En+ Group, an association that brings together 21 national and regional companies to promote corporate volunteering 16,500 volunteers, including participants from 30 national and regional companies Since 2012, more than 650 young entrepreneurs have participated in the project and pitched over 250 new business ideas En+ at a Glance 9M 2019 Results ESG Outlook 20#21G Governance Transformed through Barker Plan En+ corporate governance standards are best-in-class relative to Russian peers and comparable to London listed peers Voting and Shareholder Structure Ent GROUP Restructuring of En+ Group ownership and governance under the Barker plan led to sanctions lifting in January 2019 En+ Group and UC RUSAL board consist of a majority of independent directors Mr. Deripaska can nominate no more than 4 directors out of 12 to En+ Board Ongoing commitment to transparency and regulatory auditing Post-IPO structure Post Barker Plan structure4 Other (1) 11.4% Other Shareholders 3.42% Volnoe Delo 3.22% Independent trustee 6.64% Former family members 6.75% Independent trustee 6.75% Citi (Nominees) (2) 18.8% Institutional and retail investors 4.88% Citi (Nominees) 4.54% Institutional and retail investors 9.42% VTB 3.8% Citi (Nominees) (3) 10.55% Glencore (3) 10.55% Basic Element Limited 12.2% VTB 21.68% Independent trustee 14.33% VTB 7.35% Independent trustee 9.95% B-Finance 53.9% B-Finance 44.95% B-Finance 35.00% Glencore exchanged interest in RUSAL for 10.55% ownership in En+ SHAREHOLDING & VOTING RIGHTS 22.6% SHAREHOLDING Independent trustees vote with minority shareholders 2/3 - Independent Votes (1) "Other" includes former family members; (2) "Citi Nominees" includes 6.2% stake held by ANAN GROUP (SINGAPORE) PTE, retail institutional investors' and financial investors' holdings; (3) GDRs issued as part of the Glencore swap transaction, increasing total shares in issue (4) Post Barker Plan structure presented as of 01.04.2019 En+ at a Glance 9M 2019 Results ESG VOTING RIGHTS 65.0% Outlook 21 21#22G Corporate Governance Ent GROUP 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 Christopher Burnham Senior Independent Director, Chair of Regulation and Compliance Committee Chairman and CEO of Cambridge Global Capital. Globally recognised expert in the implementation of transparency and accountability Joan MacNaughton Chair of Health, Safety, and Environment Committee Influential figure in international energy and climate policy. Worked in the UK government in a wide number of leadership roles Carl Hughes Chair of Audit and Risk Committee Former Vice Chairman and senior audit partner at Deloitte, with 30 years+ experience in mining and utilities sectors Nicholas Jordan Chair of Remuneration Committee 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 Igor Lojevsky Former Vice Chairman of Eastern Europe for Deutsche Bank. Extensive experience of board- level governance in large, complex organisations Ekaterina Tomilina Director of Corporate Finance at Basic Element Company LLC Andrey Sharonov Chair of Corporate Governance and Nominations Committee President of the Moscow School of Management SKOLKOVO. Former Chairman of the BoD and Head of IB at Troika Dialog Investment Company Elena Nesvetaeva Head of the Investment Department at Basic Element Company LLC Vadim Geraskin Deputy CEO for Government Relations at Basic Element Company LLC Anastasia Gorbatova Head of M&A and International Projects at Basic Element Company LLC • The BoD consists of 12 members • 7 independent directors represent the majority of the BoD . All Board committees chaired by independent directors En+ at a Glance 9M 2019 Results ESG Outlook Independent directors Non-executive directors 22#23G Committees Shareholders • Environmental Advisory Board Adnan Z. Amin ⚫ Joan MacNaughton • External advisors with specific expertise in environmental and wider sustainability issues BOD Ent GROUP Audit and Risk Committee ⚫ Carl Hughes ⚫ Christopher Bancroft Burnham • Alexander Chmel • Andrey Sharonov considers the integrity of the Group's consolidated financial statements, the terms of appointment and remuneration of the independent auditors Corporate Governance and Nominations Committee Andrey Sharonov ⚫ Carl Hughes ⚫ Nicholas Jordan • Joan MacNaughton recommends and annually reviews the corporate governance guidelines to oversee corporate governance matters Remuneration Committee Nicholas Jordan ⚫ Christopher Bancroft Burnham • Alexander Chmel • Igor Lojevsky determines and reviews the Company's remuneration policies, compensation and benefit plans Health, Safety, and Environment Committee • Joan MacNaughton • Lord Barker Alexander Chmel • Vadim Geraskin reviews the effectiveness of the Group's HSE strategies, systems, policies practices, results Regulation and Compliance Committee ⚫ Christopher Bancroft Burnham • Lord Barker • Carl Hughes Igor Lojevsky establishes and maintains transparency, accountability, good corporate governance En+ at a Glance 9M 2019 Results ESG Outlook 23#244 8 12 24 Outlook En+ at a Glance 9M 2019 Results ESG Ent GROUP 24 24#25Key ESG Goals Environmental Social Governance • Increase output from hydro power plants, minimise electricity transmission loss and use more energy generated on-site • Investing further in the New Energy modernisation program Reaching 100% recycled and reused water supply for the main production processes across the entire Company by 2022 • Reducing harmful effects waste disposal sites and mines have on the environment, including land rehabilitation Removing and recycling of all PCB-containing equipment • Continue leading long-term regional biodiversity projects Ent GROUP Achieving zero fatalities • Reducing LTIFR: in 2019, to achieve LTIFR not exceeding 0.11 for the Power segment, 0.19 for the Metals segment, 0.16 for the Group • Continuously improving the OHS management system, guided by international best practices • Analysing employee satisfaction levels by running a comprehensive online survey about their overall contentment and involvement in upcoming training programs • Increasing the Metals segment's social programs budget for 2019 by 4% Focusing on large-scale projects that have long-term impact and benefit for society En+ at a Glance Commitment to upholding the highest international standards of corporate governance, through an enhanced financial and sustainability reporting and commitment to transparency 9M 2019 Results ESG Outlook 25 25#26Contacts For further information, please visit: https://www.enplusgroup.com/en/investors/ For Sustainability Section, please visit: https://www.enplusgroup.com/en/enplus-and-society/ For Sustainability Report 2018, please visit: https://www.enplusgroup.com/en/investors/results-and-disclosure/ or contact: For investors: E: [email protected] For media: E: [email protected] T: +7 (495) 642 7937 Ent GROUP 26#27Additional Information Ent GROUP Ent GROUP 27 27#28Aluminium 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 13.8 mt of Bauxite and 4.3 mt of Nepheline produced in 2018 c.70% self sufficiency in bauxites and nephelines with 100% to be achieved by 2022 via Dian Dian Project in Guinea Overall Bauxites reserves life is c.100+ years • • Monetising value chain from production to customer including grid and retail Alumina 7.8 mt of Alumina produced in 2018 100% self sufficiency in alumina Production of low carbon aluminium and premium aluminium alloys through combining the Group's assets in alumina and power generation >95% of En+ Group aluminium production energy met by hydro and other carbon-free power sources 3.8 mt of Aluminium produced in 2018 93% of Aluminium production in Russian Siberia 2018 energy used by sources² 2.4% 0 97.6% Non-carbon energy Thermal Fully integrated and highly self-sufficient green business model Source: Company data, CRU. (1) 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. (2) May vary from year to year depending on the water level on HPPS. 28 Ent GROUP#29En+ Group Debt Overview as of 30 September 2019 Net debt change in 9M 2019 (USD mn) (1,864) 462 11,094 752 10,588 (634) 144 293 (1,230) 308 169 136 444 3,652 8 3,755 Debt Maturity as of 30 September 2019 (USD mn) Ent GROUP 3,250 2,797 515 2,698 307 772 1,378 2,735 379 2,489 884 1,926 7,442 6,833 605 287 998 284 278 4 31 Dec 2018 Operating CF Investing CF Financing CF excl debt settlements Net effect from 30 Sept 2019 FX and other 4Q 2019 2020 2021 2022 2023 2024 ■Metals segment Power segment¹ Note: Due to rounding, total may not correspond with the sum of the separate figures. (1) Nominal corporate debt. 29 29#30Free Cash Flow and Return on Capital Employed 9M 2019 working capital build-up (USD mn) En+ Group free cash flow and capex (USD mn) Ent GROUP 2,796 Working capital, as at 31 Dec. 2018 (344) 163 2,4081 (669) 544 (400) (269) (739) 1 (556) 1,230 967 (183) 2,266 (33) (349) 794 173 Capex 2 Other financial FCF 4 634 inventories receivables Decrease in Increase in trade Increase in trade Working capital, as at 30 September 2019 payables OpCF and dividends Net interest from associates Power ■Metals and JVs Return on Capital Employed 5 23% 23% 23% 24% 25% 23% 26% 23% 22% 2017 2018 9M 2018 En+ Group Metals segment Power segment expenses 3 ■Dividends from associates and JVs 23% 17% 15% 9M 2019 12345 Note: Due to rounding, numbers may not add up precisely to the totals provided, percentages may not precisely reflect the absolute figures, and percent change calculations may differ. (1) Before consolidation adjustments. (2) 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. (3) Restructuring fee, expenses related to issuance of shares and payments from settlement of derivative instruments. (4) Calculated as operating cash flow less net interest paid and less capital expenditure adjusted for payments from settlement of derivative instruments plus dividends from associates and joint ventures. (5) Calculation of Return on Capital Employed: (a) Return is a sum of Adj. EBITDA, Dividends from the jointly controlled entities and other associates and Interest received; (b) Capital Employed is a sum of Loans and borrowings and Equity; (c) For Power segment: return excludes dividends from Metals segment while equity excludes investment in Metals segment. 30#31Capital Expenditure Capital expenditure dynamics¹ (USD mn) 7392 6742 94 183 580 556 9M 2018 9M 2019 Metals Power 9M 2019 Capital expenditure structure² (USD mn) 44.7% 55.3% Maintenance Development Ent GROUP • . The Group continues to invest in its business, with focus on increasing the efficiency of our HPPS and building up the production of low-carbon aluminium In 9M 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, including Taishet aluminium smelter In 9M 2019, as a part of 'New Energy' modernization program upgraded equipment allowed for increased energy production from the HPPs of 934 GWh In 9M 2019, the Group participated in the state programs for CHP modernisation providing with a guaranteed return on investment. Through this program the Group will improve reliability and safety of 1,115 MW or 25.4% of its CHP capacity with the total expected CAPEX of USD 189 mn (RUB 12.2bn) (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. 31#32Associations and Initiatives (1/2) Association / Initiative En+ Group World Economic Forum (WEF) Engagement activity Ent GROUP Business 20 (B20) Business and Advisory Committee to the Organisation for Economic Cooperation and Development (BIAC at OECD) Carbon Pricing Leadership Coalition (CPLC) BRICS Business Council Canada Eurasia Russia Business Association (CERBA) Conferences of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) UN Global Compact En+ Group became a partner of the World Economic Forum to accelerate net-zero transition in the aluminium sector. En+ Group and RUSAL are among companies preparing policy recommendations on climate change, carbon pricing, sustainable development and green energy transition for the leaders of the Group of 20 (G20), an international forum for 19 states and the European Union. En+ Group and RUSAL are members of the Business and Industry Advisory Committee to the OECD (BIAC). En+ Group and RUSAL are the only two Russian members of CPLC, a voluntary partnership under the auspices of the World Bank initiated to advance carbon pricing on the global scale. En+ Group chairs the Russian part of the Energy and Green Economy Working Group at the BRICS Business Council. En+ Group is a member of the Canada Eurasia Russia Business Association (CERBA). En+ Group regularly submits information to the CERBA Newsletter to share its achievements in sustainable development and climate change with the international business community. En+ Group and RUSAL regularly attend UN Climate Change Conferences. In August 2019, En+ Group joined UNGC to promote its commitment to 10 principles on human rights, labour, environment and anti-corruption. Energy Transitions Commission (ETC) Business Ambition for 1.5°C In July 2019, En+ Group joined ETC to identify new ways towards achieving its greenhouse gas reduction targets. In September 2019, En+ Group joined the UN alongside leading international businesses in committing to climate targets across operations and value chains aligned with limiting global temperature rise to 1.5C above pre-industrial levels. 32#33Associations and Initiatives (2/2) En+ GROUP Association/Initiative The Metals Segment International Aluminium Institute UN Global Compact The China Nonferrous Metals Industry Association (CNIA) Carbon Disclosure Project (CDP) Aluminium Stewardship Initiative (ASI) Intergovernmental Panel on Climate Change (IPCC) Task Force on Climate-related Financial Disclosures (TCFD) International Chamber of Commerce Engagement activity RUSAL has been exchanging best practices and developing methodologies to be applied in the aluminium sector as a member of the International Aluminium Institute since 2002. RUSAL became a member of the United Nations Global Compact, Caring for Climate: The Business Leadership Platform initiative in 2008. In 2012, RUSAL became a member of the China Non-Ferrous Metal Industry Association to work in the field of a long-term strategy for the aluminium industry, environmental protection and other issues. RUSAL has been involved in the Carbon Disclosure Project since 2015 and informs stakeholders about implementation of its climate agenda (carbon footprint, climate risks assessments, climate targets). RUSAL joined the Aluminium Stewardship Initiative (ASI) to work with producers, customers and other stakeholders in the aluminium value chain to maximise the sector's contribution to building a sustainable society by taking part in the development and launch of the ASI standards, which is now applied across the aluminium manufacturing and supply chain all over the world. The Group's expert representatives participate in the IPCC on various issues, e.g. on update of the IPCC guidelines for GHGs evaluation for the period of 2017-2019. Up until 2019, RUSAL was the only company in Russia that supported TCFD Recommendations. Since 2017, RUSAL has been voluntarily working on building up an effective system to disclose decision useful information to stakeholders. As a member of the Commission on Economics of Climate Change and Sustainable Development of ICC-Russia, RUSAL provides recommendations on sustainable development, low carbon growth and green financing to the chamber members and policy makers. (ICC Russia) The Power Segment The International Hydropower Association (IHA) The Global Sustainable Electricity Partnership (GSEP) As an IHA member, JSC EuroSibEnergo helps to shape the sustainable development strategy for the global hydro power industry. JSC EuroSibEnergo has been a member of the Global Sustainable Electricity Partnership (GSEP) since June 2015. 33 33#34E Environmental Focus: Favourable Dynamics for Al in a Low Carbon Economy Why aluminium makes sense • Alunimium is a lightweight metal making it an increasingly important component of production and construction • Due to this quality it is the metal of choice for vehicle production. With the need to reach lower emission targets this is set to incentivize more intensive use of aluminium Beyond this it is also used in the construction of eco-houses, and is widely used in renewable energy and consumer goods Landscape for aluminium • Global production of aluminium is expanding, however inventories are running out 1 • There is a 800kt deficit in 2020 • En+ Group is positioned to capitalise on this Ent GROUP Favourable automotive prospects for Aluminium and Nickel 3 2 1 33% CAR SALES ■ EVS 16% 2% 5% 2016 2020 2025 2030 Trend for lighter and more energy efficient car bodies is expected to accelerate, thus increasing Al content in vehicles 2 NCA batteries (Nickel Cobalt Aluminium) are becoming the product of choice for the rapidly growing EV industry 3 As EV's market share grows the entire power generation and distribution infrastructure will need to adapt 34#35E Water & Waste Management Total water consumption, thousand m³ 720,032 564,915 155,117 2017 Power Metals Non-hazardous waste generated excl. overburden (from mining), mt 789,943 17.7 2.9 642,433 14.8 147,510 2018 2017 |Power Metals 16.6 2.8 13.8 2018 Ent GROUP • • Performance Water consumption growth in the Power segment reflects increased power and heat generation in 2018 Bauxite and nepheline residue represent around 87% of waste created from alumina and aluminium production. Even though considered non- toxic, RUSAL is developing and implementing innovative methods of cutting waste in the smelting and refining processes The Group develops detailed individual rehabilitation plans for each site that identify the risks, scope and resource requirements • • Key goals Implement Best Available Techniques (BATS) reduce the burden on fresh water sources and increase waste utilisation/recycling Strategic goal of a 100% recycled and reused water supply for the main production processes by 2022 Reducing the environmental impact of waste disposal sites and mines including land rehabilitation Removal and recycling of all PCB-containing equipment 55 35#36E 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 3.1 TWh • • 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 Ent GROUP 1cm of Baikal running through the HPP turbines produces over 0.2 TWh of green energy BRATSK HPP 4,500 MW 17.3 TWh 1,500 km UST-ILIMSK HPP 3,840 MW 16.3 TWh BOGUCHANY HPP 2,997 MW 13.6 TWh 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 • • 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 operated by RusHydro. Yenisey river Boguchansk HPP1 Ust-Ilimsk HPP Krasnoyarsk HPP Bratsk HPP Irkutsk HPP Angara river Lake Baikal 36#37E Land Rehabilitation & Biodiversity The Stolby Nature Reserve near Krasnoyarsk Environmental Monitoring • project • • • Ent GROUP Monitoring the pollution content of snow, water bodies and needles at the reserve Surveying the quality and condition of local soils, plants, water, bed sediments and snow cover Analysing the chemical composition of various substances and identifying potential extrinsic pollutants Total land disturbed and not yet rehabilitated, 31.12.2018, ha Metals segment 2,894 Partnership with: The Strana Zapovednaya National Foundation The Shushensky Bor National Park - The Khakassky and Sayano-Shushensky natural reserves Monitoring of specially protected areas located near the Group's industrial facilities Field studies conducted in 18 pine forests located within the emission impact area • Monitoring fish populations in the Vym River around the Timan Monitoring fish bauxite deposit populations in the Vym River • Water quality / the natural environment have not been exposed to significant industrial pollution Conservation of aquatic biological resources • • Artificially reproducing and releasing more than 1.2 mn young peled- fish into the Belaya River - a tributary of the Angara River and Bratsk Reservoir Peled were released from the Belsky Fishery Plant in 2018 as part of the Baikal Interregional Environmental Prosecutor's Office's Filling Reservoirs with Life event Power segment 9,778 Total: 12,671 ha 31 37#38G Compliance Ent GROUP Risk management system Approach to risk management was changed. • • • The Board approved the Company's first Risk Management Policy in 2018 The Risk Management Regulation was updated, new targets and risk assessment methods were established The updated version of the Risk Management Regulation provides a detailed classification of risks and risk assessment tools The Company uses the following risk management metrics to assess risk: Internal control • A total of 127 internal audit procedures were conducted in 2018, resulting in disciplinary actions against 224¹ employees and 1,011 recommendations, the majority of which have already been put into . practice The Chief Compliance Officer was appointed. Together with the Directorate for Control and the Directorate for the Protection of Resources they play a leading role in preventing corruption (1) 0.2% of the average number of employees in 2018 • Risk probability • Financial risk estimation • Probable damage . Risk severity (five groups) En+ Group has identified four key risk groups: Operational risks Market and financial risks Corporate risks Project risks 38#39En+ Group's Aluminium Production Assets (1 of 2) Asset Location Total capacity¹ ktpa Bratsk Aluminium Smelter Utilisation rate Bratsk Aluminium Smelter Russia 1,009 100% Krasnoyarsk Aluminium Smelter Russia 1,019 100% Sayanogorsk Aluminium Smelter Russia 542 99% Aluminium smelters Novokuznetsk Aluminium Smelter Russia 215 100% Krasnoyarsk Aluminium Smelter Khakas Aluminium Smelter Russia 297 98% Irkutsk Aluminium Smelter Russia 419 100% 3.9 mtpa 96% Kandalaksha Aluminium Smelter Russia 76 95% Urals Aluminium Smelter Russia 75 0% Volgograd Aluminium Smelter Russia 68 94% Khakas Aluminium Smelter Kubal Sweden 128 98% Alscon Nigeria 24 0% Achinsk Alumina Refinery Russia 1,069 80% Bogoslovsk Alumina Refinery Russia 1,030 97% Alumina refineries Urals Alumina Refinery Russia 900 100% Achinsk Alumina Refinery Friguia Alumina Refinery Guinea 650 28% QAL² Australia 13.6 mtpa (10.4 mtpa)² 79% 3,950 93% (75%)² Attributable to Metals segment Eurallumina 790 Italy 1,085 0% Aughinish Alumina Refinery Ireland 1,990 94% Aughinish Alumina Refinery Windalco Jamaica 1,210 41% Nikolaev Alumina Refinery Ukraine 1,700 101% (1) As of 2018 year end. (2) The Metals segment holds a 20% equity stake in QAL, Metals segment attributable capacity is 790 ktpa. Ent GROUP 39#40En+ Group's Aluminium Production Assets (2 of 2) Bauxite mines Total capacity¹ Asset Location Utilisation rate ktpa Compagnie Des Bauxites De Kindia Timan Bauxite Russia 3,300 101% North Urals Bauxite Mine Compagnie Des Bauxites De Kindia Russia 3,000 78% Guinea 3,500 99% Friguia Bauxite and Alumina Complex Bauxite Company of Guyana, INC Windalco Guinea 20.6 mtpa 2,100 67% 34% Guyana 1,700 82% Jamaica 4,000 45% Dian-Dian Project Guinea 3,000 28% Boguchansk Aluminium Smelter 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 2018 year end. Boguchanskaya HPP 40 Ent GROUP#41En+ Group's Power and Utilities Assets 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 plants² Bratsk Ust-Ilimsk Irkutsk Nadvoitsy Angarsk Combined heating and power plants Hydro power plants Transmission and distribution Installed capacity¹ Location in Russia Electricity (MW) Heating (Gcal/h) Krasnoyarsk HPP Krasnoyarsk 6,000 4,500 15.1GW 3,840 662 80 Bratsk HPP 1,110 563 Irkutsk 726 2,076 Angarsk 619 3,232 Usolie-Sibirsk 320 1,057 4.5GW Sayansk 260 15,487 Gcal/h 819 Ust-Ilimsk HPP Bratsk 282 1,743 Ust-Ilimsk 515 1,015 Nizhniy Novgorod 580 2,280 142 2,702 Abakan solar power plant Abakan • Transmission and distribution infrastructure completely covers Irkutsk region Transmission and distribution network - 41,000km Annual electricity transmission - 47TWh ம Abakan SPP Irkutsk HPP CHP-10 (1) As of 2018 year end. (2) Leased to UC RUSAL (2) Onda HPP, CHP-12, CHP-16, EnSer CHP, Baikalenergo (heat generation only), Armroscogenerazia, Ust-Labinsk CHP, Khakass utility services (heat generation only), and Generazia tepla LLC (heat generation only). Ent GROUP 41