En+ Group Investment Presentation

Driving the Lowest Cost Aluminium Production (2 of 2) LTM EBITDA and margin of Power segment (USD mn) 36% 1,147 2017 FCF evolution by segments¹ (USD mn) 36% 37% 40% 38% 37% 1,202 1,174 1,207 1,127 993 1H'18 LTM 2018 1H'19 LTM 2019 2020 Global aluminium cash costs curve (based on liquid metal) (as of 2020; USD/t) $/t 1,614 2200 1700 1500 1300 1100 900 USD 992 700 En+ 500 OMt First quartile 5Mt 10Mt 15Mt 1,258 2000 968 877 1800 1,364 LME average monthly LME price in 2020 963 413 698 1600 464 1400 295 250 270 1200 FY 2017 FY 2018 Power segment FY 2019 ■Metals segment FY 2020 Rusal On a look through basis, En+ Group is top decile producer on a cash cost basis 1000 10Mt 20Mt OMt 50Mt Source: CRU data used for comparison purposes. Company's calculations for En+ Group 30Mt 40Mt 60Mt 70Mt Power segment delivers stable margins, robust FCF generation and low cost aluminium (1) Calculated as operating cash flow less net interest paid and less capital expenditure adjusted for payments from settlement of derivative instruments, less restructuring fees and other payments related to issuance of shares and plus dividends from associates and joint ventures. Ent GROUP 11

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