Investor Presentaiton

Key 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

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