Investor Presentaiton

En+ GROUP CHAIRMAN'S STATEMENT En+ Group Annual Report 2021 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS APPENDICES Dear shareholders, It has been an extremely challenging past two years. The tragic images we see daily from Ukraine, where En+ Group supports 4,500 employees, contractors, and their families, affect all of us. We've also had our share of tragedy from COVID across our employees and their families. Our deepest sympathy and prayers go out to those families who have lost a loved one. The leadership and management of the Company at all levels have reacted swiftly with efforts that started in 2020 to alleviate these tribulations. Their efforts included successfully constructing seven health clinics to provide relief to existing healthcare facilities overwhelmed with COVID-related caseloads and provide for our greater global En+ community. Against this backdrop, particularly with the ongoing situation in Ukraine, it is challenging to bring focus to the En+ Group's achievements in 2021. But the Group has had significant success in all aspects of our businesses. We have reduced debt by over 12% year over year, benefiting from a more than 45% increase in the price of aluminium during 2021, which also offset the impact of inflation on raw materials. While aluminium production was broadly unchanged year on year, totalling 3,764 kt in the same period, sales of value-added products (VAPs) increased by 18.1%; electricity production increased by 10%; and hydropower output increased by 12.1%. In 2021, the Group produced approximately 5.6% of global aluminium output and around 6.3% of the world's alumina. Recognising our responsibility and commitment to a cleaner and more sustainable world, and in fulfillment of our pursuit to be the lowest carbon aluminium producer GG WE KNOW THAT LOW-CARBON ALUMINIUM IS THE FUTURE." Hon Christopher Bancroft Burnham, Chairman of the Board in the world, in 2021 we announced our commitment to transition to net zero by 2050 with a 35% reduction in emissions by 2030. We know that low-carbon aluminium is the future. In 2021, more than 100 customers of the En+ Group opted for our low carbon brand ALLOW, with final sales of 955 kt out of total sales of 3,904 kt. We also continue to pursue cutting-edge technological innovations, such as Rusal's development of inert anodes for use in the production of aluminium, which massively reduces carbon emissions during the smelting process. With eleven aluminium smelters, ten alumina refineries, seven bauxite mines, and four foil rolling mills across a dozen countries and five continents, we are proud to be the largest producer of aluminium outside of China, accounting for 13% of the global aluminium supply ex-China, and the third-largest in the world. We are equally proud to be the largest independent hydro power company in the world, with a dozen hydropower and combined heat and power plants. We produced 90 TWh of electricity last year. We could not have achieved this leadership position without the almost 100,000 dedicated men and women who are part of our global team across five continents and in more than a dozen countries. On behalf of the leadership and management of our Group, we thank them for their hard work and dedication to our shared future. Stewardship and Corporate Governance We strive not to be just world-class in our corporate governance: we pursue every day to set the example and be the leader within our peer group. Our commitment to net zero carbon emissions by 2050 took a giant step forward in 2021 with the success of our next-generation inert anode electrolysers, allowing us to produce the lowest carbon aluminium ever created. Our proprietary technology eliminates emissions of greenhouse gases (GHG) from the reduction process while reducing the cost of production by saving anodes. Another breakthrough benefit of this technology is the release of oxygen during aluminium production, with one inert anode cell generating the same volume of oxygen as 70 hectares of forest. One of the significant successes of the past year was the completion of the construction of the world's most advanced low-carbon aluminium plant, the Taishet Aluminium Smelter (TaAZ) in Siberia, which is the third low-carbon aluminium smelter to be built by Rusal, creating more than 1,000 local jobs. Once fully operational, the smelter is expected to produce 428.5 kt of low-carbon aluminium per year during its first phase. This development further demonstrates our Metals segment's commitment to the decarbonisation of its operations and consumer supply chains. Key Partnerships Last year saw many other new projects come online. We partnered in a pilot project to produce an aluminium can with the lowest-ever carbon footprint of any beer can in Europe. We also announced another inert anode partnership to produce aerosol containers and other containers to reduce the environmental footprint of these products significantly. We forged partnerships that will see ALLOW, our low carbon aluminium brand, delivered to new partners who will collaborate on research and development to produce innovative alloys. We also secured a partnership to use our low-carbon aluminium in custom-made products to enable end users to evaluate and trace the metal's carbon footprint and energy source. Committed to the Low Carbon Economy We are proud that our colleague, Alexey Spirin, the En+ Group's Director of Climate Risk and Environmental Risk Management Department, joined the Aluminium Stewardship Initiative (ASI) board. Lord Barker, then Group Executive Chairman, was appointed in 2021 as co-chairman of the Carbon Pricing Leadership Coalition, a World Bank Group administered partnership working to implement universal carbon pricing to limit atmospheric carbon emissions. In the second half of 2021, the En+ decarbonisation pathway was submitted to, and is currently undergoing verification by, the Science Based Targets initiative (SBTI). Together with our operations, these appointments help our Company sit at the heart of the action on climate change. Lord Barker stepped down as Executive Chairman of the En+ Group in March after leading us through sanctions removal and instilling a new corporate focus on sustainability, profitability, and stewardship. I cannot thank him enough for his exceptional leadership over the past four years and his unwavering dedication to our shareholders and employees. The challenges ahead of us this year are significant. Chief among them is the ongoing situation in Ukraine, which has affected markets worldwide, and our company directly. We are doing our utmost to support our more than 4,500 employees and contractors in Ukraine and their families and pray for a swift and peaceful resolution. Again, I want to thank Lord Barker and our exceptional leadership and management team and employees who have persevered through the challenges of 2021 and the first quarter of 2022 to produce electricity to heat and run millions of homes and businesses, as well as the finest aluminium products for our global customers. Finally, to you, our shareholders, thank you for sticking with us through thick and thin. Hon Christopher Bancroft Burnham, Chairman of the Board 3.904 kt total sales of aluminium 52% share of VAPS in total sales 18 19