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Company's 2018 Annual Report, P. 90 ANNUAL REPORT 2018 ALROSA · Annual Report 2018 Report of ALROSA Public Joint Stock Company (PJSC ALROSA, ALROSA, the Company) for 2018 includes operating performance of the Company and its affiliates hereinafter referred to as ALROSA Group. PJSC ALROSA, ALROSA Group, Group, ALROSA, Company used herein are deemed equivalents and refer to ALROSA Group as a whole, PJSC ALROSA and / or its affiliates as the context may require. PJSC ALROSA is a parent company of ALROSA Group, and for the purpose of this report it submits consolidated information of the operations and financial activities of key business units and lines. The report is based on the operating data of the consolidated IFRS figures (unless otherwise is stated). In terms of disclosure, the report complies with: — Federal Law dated December 26, 1995 No. 208-FZ “About Joint Stock Companies”, — Federal Law dated April 22, 1996 No. 39-FZ "On Securities Market", — Regulations of the Bank of Russia “On the Disclosure of Information by Issuers of Securities” No. 454-P approved December 30, 2014, registered by the Ministry of Justice of the Russian Federation February 12, 2015, — Information letter of the Bank of Russia No. IN-06-52/8 dated February 17, 2016 “Of Joint Stock Companies Disclosing the Report of Complying with the Principles and Recommendations of the Corporate Governance Code in the Annual Report”, — Resolution of the Government of the Russian Federation No. 1214 dated December 31, 2010 “Of Improving Management of Joint Stock Companies with Federally-Owned Shares, and Federal Unitary Enterprises”, as it reads now. Report of PJSC ALROSA Public Joint Stock Company for 2018 Pre- Approved by ALROSA Supervisory Committee, Minutes № 01/294- ПР-НС dated 24 april 2019. Reliability of the data presented in the report has been confirmed by the Audit Commission. FORWARD-LOOKING STATEMENTS This report, in addition to the actual historical data presents some forward-looking statements. Such statements include, but are not limited to, statements of future operational performance, plans and / or forward-looking statements about future economic and financial metrics, development plans’ goals and tasks of the Company, including those on products and services. Statements on future performance include, but are not limited to, information of the forecasted or expected income, profit (loss), net profit (loss), of the shares, dividends, capital structure and other financial issues. Contents of such statements is forward-looking and is expressed through the words “expected”, “supposed”, “planned”, “intended” etc. By nature, forward-looking statements are related with general and particular risks and uncertainties. There is the risk that future actual performance may differ significantly from the plans, goals, expectations, estimates and intentions expressed in such forward-looking statements, or may fail to be implemented because of a variety of factors. TABLE OF CONTENTS 01. STRATEGIC REPORT 10 03. CORPORATE GOVERNANCE 144 ALROSA Group Business Summary and Key Performance Indicators for 2018, 12 Corporate Governance Structure and Principles, 146 Address by the Chairman of the Supervisory Board, 14 General Meeting of Shareholders, 151 Address by the Chief Executive Officer — Chairman of the Board, 16 Supervisory Board and committees, 153 Key Events in 2018 года, 22 Chief Executive Officer – Chairman of the Management Board and the Asset Geography, 26 Management Board, 180 Business Model, 28 Corporate Secretary, 189 Industry Position, 32 Internal Control and Audit, 192 Development Strategy, 38 Information Disclosure System, 197 Enhancing Business Efficiency and Innovations, 45 Sales and marketing, 54 Performance for 2018, 64 · Reserves and geological exploration, 64 04. INVESTORS AND SHAREHOLDERS 200 · Operational performance, 66 · Financial performance, 82 Share Capital, 204 · Investment Program, 90 Stock Market and Market Capitalization, 205 Risk Management System, 102 Dividend Policy, 207 Investors and Shareholder Relations, 209 02. SUSTAINABLE DEVELOPMENT 108 05. FINANCIAL STATEMENTS 212 Sustainable Development Policy, 110 Economic Efficiency, 121 Independent Auditor’s Report, 214 Health and Safety, 123 Consolidated Statement of Financial Position, 222 Environmental responsibility , 124 Consolidated Income Statement, 223 Social Responsibility, 132 Consolidated Statement of Cash Flows, 224 Consolidated Statement of Changes in Equity, 225 GLOSSARY 226 CONTACT INFORMATION 228 APPENDICES 230 MAIN RESULTS 2018 1,148 31,3 RUB bln RUB bln INVESTMENTS 726,3 mln carats 46% 3,6% MARKET CAP CARATS RESERVES ACCORDING TOTAL SHAREHOLDER TO THE STATE RESERVES COMMITTEE, MN 31% RETURN FOR 2018 92,3 RUB bln 5,2 RUB bln COSTS OF ECOLOGY FREE CASH FLOW 9,3 RUB bln 26% SOCIAL EXPENSES NRKU rating* 8 13,4% «ADVANCED PRACTICE 156,0 RUB bln 35 thd CORPORATE MANAGEMENT» WORKERS * National Corporate Governance Rating EBITDA 22,9% RUB bln 100% 100%100%100% 299,6 100%100%100%100% 40,5 mln tons 4 507,182,24 507,14 507,14 507,1 RUB bln more than 200 REVENUE TAKING INTO ACCOUNT 4 514,4 4 514,44 514,44 514,4 39,6 39,6 39,6 39,6 48,6% 48,6%48,6%48,6% IT IS PROCESSED ORE AND SANDS DIVIDENDS PAID initiatives42,2%42,2% 42,2%42,2% INCOME FROM SUBSIDIES 4 266,8 4 266,84 266,84 266,8 40,9% 40,9%40,9%40,9% 99,5% 99,5%99,5%99,5% 3,5% 25% 37,4 37,4 37,4 37,436,7 36,736,736,7 AIMED TO ENHANCE EFFICIENCY ARE 8,8% IMPLEMENTED IN THE COMPANY 2016 2016 20172016 2016201720182017 20172018 2018 20182016 201620172016 2016201720182017 20172018 2018 20182016 201620172016 2016201720182017 20172018 2018 2018 2016 201620172016 2016201720182017 20172018 2018 2018 Core Product Sales Revenue, Rough diamond production, Сost of sale to sale Integral KPI of innovative Market return Adjusted EBITDA ROE Net profit, mln. USD mln. carats revenue ratio, % activities, % per share, % margin, % RUB bln 6% to 2017 year 7% to 2017 year 13% to 2017 year 17% to 2017 year 15% to 2017 year 100% 100%100%100% 100%100%100%100% 4 514,4 4 514,44 514,444 514,4 507,14 507,14 507,14 507,1 48,6% 48,6%48,6%48,6% 39,6 39,6 39,6 39,6 65,3% 65,3%65,3%65,3% 133,5 133,5133,5133,5 42,2%42,2%42,2%42,2% 55,6% 55,6%55,6%55,6% 40,9% 40,9%40,9%40,9% 49,9% 49,9%49,9%49,9% 52,1%52,1%52,1%52,1% 90,4 90,490,490,4 4 266,8 4 266,84 266,84 266,8 37,4 37,4 37,4 37,4 99,5% 99,5%99,5%99,5% 46,1% 46,1%46,1%46,1% 35,1%35,1%35,1%35,1% 78,6 78,6 78,6 78,6 36,7 36,736,736,7 20,0%20,0%20,0%20,0% 30,0% 30,0%30,0%30,0% -17,1% -17,1%-17,1%-17,1% 2016 2016 20172016 2016201720182017 20172018 2018 20182016 201620172016 2016201720182017 20172018 2018 20182016 201620172016 2016201720182017 20182017 2018 20182016 201620172016 2016201720182017 20182017 2018 2018 2016 2016 2016 20162018 2018 2018 2018 2016 201620172016 2016201720182017 20172018 2018 20182016 201620172016 2016201720182017 20172018 2018 2018 2016 201620172016 2016201720182017 20172018 2018 2018 2017 2017 2017 2017 65,3% 65,3%65,3%65,3% 133,5 133,5133,5133,5 49,9% 49,9%49,9%49,9% 55,6% 55,6%55,6%55,6%52,1%52,1%52,1%52,1% 46,1% 46,1%46,1%46,1% 35,1%35,1%35,1%35,1% 78,6 78,690,478,690,478,690,490,4 20,0%20,0%20,0%20,0% 30,0% 30,0%30,0%30,0% -17,1% -17,1%-17,1%-17,1% 2016 2016 2016 20162018 2018 2018 2018 2016 201620172016 2016201720182017 20182017 2018 20182016 201620172016 2016201720182017 20182017 2018 2018 2016 201620172016 2016201720182017 20182017 2018 2018 2017 2017 2017 2017 01 STRATEGIC DEVELOPMENT 2018 31,3 2017 30,2 REVENUE 2016 33,5 INVESTMENTS, RUB BLN >1,1 CARATS RESERVES ACCORDING TO THE STATE RESOURCES, BLN CT ALROSA · Annual Report 2018 AT A GLANCE ALROSA mission is to maintain GROUP OF ALROSA the global leadership in the diamond mining industry that ALROSA is the world largest diamond mining company. The Company’s main assets are based in Russia — Sakha Republic (Yakutia) and the Arkhangelsk Region, as well as in Africa continent. consistently delivers long-term ALROSA has the world largest rough diamond reserves (over 1 bln carats). 1 interests of the shareholders ALROSA is a public company, with its shares traded in the Moscow Stock Exchange. The company has 34% of shares in public float due to efficient utilization of the and 66% owned by the Russian Federation, the Republic of Sakha (Yakutia), and municipal regions of the Republic of Sakha (Yakutia). The market capitalization of the company was RUB 726 bn at the production and raw base. end of 2018. (10.5 bn). US dollars). ALROSA headcount is 34.6 thd employees. ALROSA is committed to sustainable development and the international standards of corporate social responsibility. The Company’s achievements are recognized with high positions and presence held in FTSE4Good, MSCI ESG, Sustainalytics and WWF Russia ratings. ALROSA share in the global diamond mining in 2018 26% 1 according to the State Reserves Committee of the Russian Federation 01. Strategic Report . Message from the Chairman of the Supervisory Board ALROSA · Annual Report 2018 MESSAGE FROM THE CHAIRMAN OF THE SUPERVISORY BOARD Dear shareholders, ALROSA is consistently implementing the ALROSA is on track with its programme to improve operational strategy approved by the shareholders in efficiency and reduce costs. In 2018, labour productivity went up by 2013.
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