Investor Presentation April 2020 Disclaimer THIS DOCUMENT AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation may contain “forward-looking statements”, which are statements related to the future business and financial performance and future events or developments involving the En+ Group. Such forward-looking statements are based on the current expectations and certain assumptions of the En+ Group’s management, and, therefore, should be evaluated with consideration taken into of risks and uncertainties inherent in the En+ Group’s business. A variety of factors, many of which are beyond the En+ Group’s control, can materially affect the actual results, which may differ from the forward-looking statements. This presentation includes information presented in accordance with IFRS, as well as certain information that is not presented in accordance with the relevant accounting principles and/or that has not been the subject of an audit. En+ Group does not make any assurance, expressed or implied, as to the accuracy or completeness of any information set forth herein. Past results may not be indicative of future performance, and accordingly En+ Group undertakes no guarantees that its future operations will be consistent with the information included in the presentation. En+ Group accepts no liability whatsoever for any expenses or loss connected with the use of the presentation. Please note that due to rounding, the numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Information contained in the presentation is valid only as at the stated date on the cover page. En+ Group undertakes no obligation to update or revise the information or any forward-looking statements in the presentation to reflect any changes after such date. This presentation is for information purposes only. This presentation does not constitute an offer or sale of securities in any jurisdiction or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities of the En+ Group. If this presentation is provided to you in electronic form, although reasonable care was used to prepare and maintain the electronic version of the presentation, En+ Group accepts no liability for any loss or damage connected to the electronic storage or transfer of information. 2 Presentation Plan 4 9 19 29 35 51 En+ Group Investment Sustainable Results Power Metals overview highlights business snapshot segment segment development • En+ at a glance • Investment • En+ Group’s ESG • Financial highlights • The power market • Global operational fundamentals metrics overview assets footprint • Business model • Operational • Global leader in • Sustainability • Worldwide presence highlights • The Group’s leading • High degree of hydro power and initiatives & ESG with core assets in position vertical integration Siberia aluminium assessment • Revenue and EBITDA • • breakdown • The entire power • Aluminium market • Current situation in Vertically integrated Sustainability green business model performance sector value chain overview the market • Capex and debt • • • Coronavirus response Industry ieading Focus on sustainable overview • Siberian power • Production and sales sector margins development market volumes • Capital allocation • Baikal Lake • Production and sales • EBITDA analysis • Enhanced corporate • Rusal low CO2 volumes governance aluminium position • Capex and debt • EBITDA analysis overview • Capex and debt overview 3 4 9 19 29 35 51 En+ Group Investment Sustainable Results Power Metals overview highlights business snapshot segment segment development 4 En+ at a Glance En+ is a global leader in aluminium production and renewable energy with a well-established presence across five continents and a strong operational hub in Siberia En+ share in the world’s En+ share in the total generation aluminium output, 2019 of Siberia, 2019 No 1 6.3 % 5.9% aluminium producer of the world’s 36.4% excluding China alumina production Global Total electricity aluminium generation in production: Siberia: 1 64 mt 208.7 TWh 64.2 TWh 19.5 GW low-carbon hydro total installed 63.6% power generation electricity 94.1% capacity2 12 aluminium 9 alumina 5 hydro power 1 solar power 7 bauxite mines 16 combined heat and smelters3 refineries plants power plants plant • Total capacity: • Total capacity: • Total capacity: • Installed power • Installed power • Installed power 3.9 mtpa 10.4 mtpa4 20.6 mtpa capacity: capacity: capacity: 2 • Production level in • Production level in • Production level in 15.1 GW 4.4 GW 5.2 MW 2019: 2019: 2019: • Production level in • Production level in • Production level in 3.8 mt 7.9 mt 16.0 mt 2019 1: 2019: 2019: 64.2 TWh 13.6 TWh 6.2 mn kWh (1) Excluding Onda HPP with installed power capacity 0.08 GW and production level of 0.4 TWh in 2019 (located in ((3) Excluding Boguchany Aluminium Smelter (BoAZ), a joint 50:50 project of RUSAL and RusHydro. European part of Russia, leased to UC RUSAL). (4) Rusal attributable capacity. (2) Including Onda HPP. 5 En+ Group overview Investment highlights Sustainable business Results snapshot Power segment Metals segment development Business Model OUR RESOURCES REFINING/ PROCESSING/ SALES & CREATING & INPUTS RAW MATERIALS POWER GENERATION GENERATION MARKETING GLOBAL VALUE Renewable energy Bauxite ASSETS Total sales in 2019 Income and 1 mt shareholder value 3.9 16.0 mt production kt Al capacity 4,176 in 2019 Alumina VAP sales in 2019 Reducing the 19.5 GW carbon footprint of Electricity capacity mt production 1,547 kt the global 7.9 Primary aluminium industry 15.1 GW Nepheline in 2019 aluminium Environmental Hydro capacity mt production 4.2 and value conservation in 2019 added Community products engagement Hydro power RAW MATERIALS 1 generation 3.8mt production 20.6 mtpa in 2019 Electricity Water 64.2 TWh of electricity Bauxite production Trading and capacity production in 2019 retail Strategic 10.4 mtpa investment Thermal power – Capturing additional Alumina Electricity in Nornickel production generation margin (27.8%) capacity Coal transmission – Direct access to 13.6 TWh 27.3 mn consumers PEOPLE 15.4 mt production and USD 13.6 bn of electricity Gcal of heat 17.8 TWh sales in 2019 distribution c. 90 ths production production in 2019 Investment market value employees in 2019 in 2019 at 31.12.2019 (1) Excluding Boguchany Aluminium Smelter (BoAZ), a joint 50:50 project of RUSAL and RusHydro. Capacity and production volumes of the BEMO project (Boguchany Energy and Metals Complex, involving the construction of the Boguchany Hydro Power Plant and BoAZ )are not included to the Company’s consolidated operating data. 6 En+ Group overview Investment highlights Sustainable business Results snapshot Power segment Metals segment development Worldwide Presence with Core Assets in Siberia Revenue split by region, 20191 Russia Other Sweden 14.2% CIS Ireland 36.0% Krasnoyarsk Asia Moscow Boguchany HPP 9.7% Ust-Ilimsk HPP USD Irkutsk Krasnoyarsk AS America Boguchany Ust-Ilimsk CHP 11,752 mn AS Bratsk HPP CHP-16 5.5% Bratsk AS Novo- Krasnoyarsk HPP Taishet AS Ziminskaya Ukraine CHP-6 Jamaica CHP-12 ArmeniaKazakhstan CHP-11 Italy CHP-10 CHP-9 Khakass utility services IrkutskHPP Sayanogorsk AS Europe Abakan SPP Khakas AS Irkutsk AS Novo-Irkutsk CHP 34.6% Baikalenergo Adj. EBITDA2 by segment Australia Guyana Guinea 3,2873 Nigeria 2,1273 2,163 966 Metals segment Power segment 1,174 1,127 Aluminium Hydropower FY 2018 FY 2019 Alumina Thermal Power Power Metals Bauxite Solar Geographical diversity and high proportion of USD revenue streams (1) From external customers. (2) Adjusted EBITDA means, for any period, the results from operating activities adjusted for amortisation and depreciation, impairment of non-current assets and gain/loss on disposal of property, plant and equipment for the relevant period, in each case attributable to the Group, business segment or any reportable segment, as the case may be. Group figures exclude results from intersegmental operations. (3) After consolidation adjustments. 7 En+ Group overview Investment highlights Sustainable business Results snapshot Power segment Metals segment development Coronavirus Response in En+ Group En+ Group cannot ignore today’s circumstances in the world. We have already implemented a number of measures to prevent the risk of coronavirus infection from developing among our employees. We have established an emergency working group to coordinate pre-emptive actions and reactive measures against the coronavirus infection. The situation is changing rapidly and we closely monitor it daily to react and to introduce additional necessary measures. Some of the measures taken: • Remote working. All employees whose duties can be performed remotely are instructed to work from home. • Isolation of employees who arrive from countries with widespread coronavirus. • Cancellation of the Group’s public events and rescheduling of participation in the external public events. • Regular qualified briefings and trainings for employees providing information on coronavirus, its symptoms, ways to prevent and combat it. • Employees’ health condition is monitored on regular basis, operational communication with health authorities is maintained, Company’s facilities are intensively disinfected and additional