Investor Presentaiton

Stabilizing Market Environment with Positive Outlook for 2019 Dynamics of diesel retail price[1] and diesel export net-back (RUB/litre) 50 45 40 40 30 30 35 35 25 20 GGlobaltruck 15 Jun 16 Oct 16 Feb 17 Jun 17 Average diesel retail price in Russia Oct 17 Feb 18 Jun 18 Oct 18 Feb 19 Diesel export net-back Growing domestic diesel prices created additional impact on economics of entire transportation market in Russia, but for 2019 the tariff growth is expected to be above the diesel price growth. On the back of higher discounts in March 2019 the actual diesel prices paid by the Company went down to the level of November 2018 ■ To stabilize the market, the government introduced additional regulatory measures to keep the fuel prices in check - all major fuel refiners agreed on a temporary price freeze. As the result fuel prices are not expected to grow above inflation rate throughout 2019 ■ Current balance of supply and demand for FTL transportation services does not allow for an immediate transfer of fuel price increases onto the clients through tariff growth, however, we expect margins and returns to gradually recover in mid-term through capacity optimization resulting in further tariff increases and possible reversal of macroeconomic conditions ■ We maintain positive outlook for 2019, as GT will aim to capitalize on its strategic initiatives, such as focus on higher tariff yielding international routes, and China in particular, light asset model and freight forwarding, as well as expanding the highly marginal Cargo Pipeline Source: Petroplus, Bloomberg Notes: [1] Average retail diesel price in Russia, based on Petroplus survey of 13,000 fuel stations in Russia. 6

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