En+ Group Investment Presentation

Industry Leading Sector Margins Adj. EBITDA margin for power companies 2020¹ (%) Adj. EBITDA margin for aluminium companies 2020² (%) Ent GROUP EN (Power segment) 37% HPPS 85% En+ Group En+ Group (Metals segment) 10.2% China Yangtze Power HydroQuebec Engie Brasil 88% 64% Hindalco 53% SDIC Power 52% Novelis Eletrobras 39% Fortnum 32% (4) Norsk Hydro Verbund 30% Alcoa Iberdrola 30% RusHydro 27% Chalco 6% EDP (3) 26% EDF 23% Century 0% Enel 22% 13% 13% 13% 12% 18% Lower costs and efficient operations drive industry leading margins in both business segments Source: En+ Group, companies' public filings at Group level, Thomson Reuters, Factset. Note: EBITDA calculation and its respective adjustments vary according to each company's own methodology. (1) China Yangtze, SDIC Power, Electrobras, Fortnum, Verbund, RusHydro and Enel figures as of FY19. (2) Chalco figures as of FY19. (3) Excludes corporate adjustments and activities. (4) Based on Alumina and Aluminium segments only. 12

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