Looking for new growth models? Look East

1. Looking for new growth models? Look East VTB Capital investment forum “Russia Calling” 6October 2011 Moscow

2. Shift of economic activity from the West to the East will continue … Share of Asian economies in globalGDP Industrialization Urbanization Rising household consumption Trade balance surplus Vast financial reserves 2000 2010 Asian countries to deliver higher growth Source: IMF 2000 European sovereign debt concernsEuro zone break-up US recessionTrade balance deficitWeak labor market 2014 Source: EIU

3. … driven by industrialization and urbanization China India Source: EIU, United Nations Russia’s abundant natural resource base and its relative proximity to the APAC region offer unique opportunity for a “breakthrough” in Russia’s economic development

4. Consumption driven growth is not sustainable GDP growth forecasts decline … … and only FAI can be another catalyst for growth Source: CIA, IMF Source: MinFin, GosKomStat In order to find new locomotive of growth and diversify the economy, Russia needs massive increase in fixed asset investments (FAI)

5. Enormous Resource Potential of Russia’s Siberia and Far East Prospective centers of mineral resource development in Russian Siberia and Far East (reserves and resources) • Over 70% of Russian reserves of most natural resources are located in Siberia and Far East in close proximity of largest consumers – APAC and China in particular • Siberian and Far East rivers can generate over 500 TWh per annum. Currently less than 20% of Siberian hydro potential are utilized Pyrkakaysko-Maysky • Sn 613 kt • Au 496 t • W 21 kt Kupolny • Coal 1,208 mt • Au 1,784 t • Ag 11,965 t Baimsky • Cu 16.9 mt • Mo 300 kt • Au 1,073 t • Ag 5,203 t Au C Hf North Kamchatka • Coal 606 mt • Au 590 t West Verkhoyansky • Ag 60,755 t Cr Al Pb Pd Zn Mn Yano-Kolymsky • Au 5,040 t Kodaro-Udokansky • Cu 20 mt • Fe 11,500 mt • V 4,745 kt • Ti 59,894 kt • Ag 14,400 t • TR 785 kt • Zr 3,054 kt Ag Cu Mo CnHm Si Pt Mg Ni Co Ti South Kamchatka • Coal 11,259 mt • Au 927 t • Ag 415 t • Ni 3,495 kt South Yakutia • Coal 45,386 mt • Fe 2,526 mt • Au 187 t • U 300 kt East Sayany • Ni 18 mt • Cu 5,456 kt • PGM 1,870 t Bodaibinsky • Au 3,437 t Sn TR W Fe Stanovoy • Fe 454 mt • Ti 4,353 kt • Au 694 t North Baikal • Au 860 t • Pb 3,574 kt • Zn 21,195 kt • Ag 23,537 t • S 106,996 kt Altai • Coal 91 mt • Fe 1,170 mt • Cu 3,165 kt • Zn 9,209 kt • Au 740 t • Pb 3,602 kt • Ag 5,151 t • W 51,163 t Amur-Bureinsky • Au 2,500 t • Fe 4,776 mt • Russia: • No. 2 world oil producer • No. 2 global aluminium producer • 5thin coal mining • 3rdlargest coal exporter Vitim • U 16,867 kt Central-Zabaikalye • Au 1,022 t Baikal lake Eravinsky • Pb 1,564 kt • Zn 8,270 kt • Au 186 t South-Zabaikalye • Cu 24,260 kt • Fe 204 mt • Au 820 t • Ag 2,890 t • Mo 401 kt Tuva • Coal 19,065 mt • Pb 203 kt • Cu 166 kt • Zn 1,294 kt • Au 230 t Khingansky • Fe 1,485 mt • Mn 134 mt • Au 218 t • China: • No. 2 world oil consumer • No.1 world aluminium consumer • No. 1 world coal consumer East Zabaikalye • Sb 788 kt Source: VSEGEI

6. Siberia and Far East – new national growth drivers Double contribution to national GDP in 20 years • GDP of Siberia and Far East can grow 6 times by 2030 on the back of demand for natural resources generated in APAC region delivering CAGR above 9% per year … • In order to unlock this growth, regions require approximately $590 bn of cumulative fixed asset investments primarily into infrastructure by 2030 • According to the estimates, government investments can account for 25% Source: Russian Academy of Science, MSU, ICSS, BIBS FAI estimates to unlock potential of Siberia and Far East Construction of new and modernization of existing production facilities, technological development, infrastructure Building new and upgrade of existingtransport and energy infrastructure, development ofeducation and science Source: Russian Academy of Science, MSU, ICSS, BIBS

7. New Development Regime is Needed Measures and Priority Steps Far East Russian economy Stimulus tomigrate forlabor force International Investors TaxBenefits FAI Availability of FinancialResources Siberia LargeInfrastructure Projects Regional Development Institutions It is impossible to unlock growth potential without building new development regime which will facilitate modernization and construction of infrastructure as well as attract investments

8. En+ Group overview • En+ Group initiates, creates, develops and managesleadingcompanies and businessinmining, metals and energysectorsbasedontheassetslocatedinSiberiawithfocusonemergingAsianmarkets • En+ Group employs over 100,000 people • En+ Group revenues in 2010 exceeded US$13,7bln

9. En+ Group Asset Portfolio Leading industrial group in mining, metals and energy sectors with main assets based in Siberia and focused on key markets of China and other Asian countries METALS ENERGY MINING LOGISTICS Ports, railroads, logisticsterminals and comprehensivelogisticalservices Aluminium Ferromolybdenum Electric energy 47% 100% 100% Oneoftheworld'slargestproducersofferromolybdenum Largest independent energy company in the world Global leader in aluminium production Ferromolybdenum Construction of new power plants jointly with CYPC Nickel 100% Agaskyrsky Project 25% 310 mln t of molybdenum ore Nuclear energy Global leader in nickel production Iron ore/ Copper Aluminium processing 59% Chineisky Project 12 bn. tons of iron ore 12 mln. tons of copper BEMO Coal Taishet Aluminium Smelter 4 producers Total reserves over 4 bln. tons of coal - Existing enterprises - Development projects Ramping up of KraMZ capacity Gold Rear-earth metals

10. Exposure to critical commodities Pacific basin demand 825mt 502mt 208% 66% China seaborne imports India imports Aluminium Coal China Net Al imports (mt) • China is becoming increasingly dependant on import • Aluminium supply gap of 4mt by 2015 Importing regions Exporting regions Size of seaborne market in 2020 Power Iron Ore China seaborne imports (3) Russian exports to China (TWh) China electricity consumption (TWh) (2) 9 Note: (1) Not applicable to sales to residential consumers which are expected to be liberalized by 2014; (2) China Import Iron ore fines 62% spot; (3) Broker research estimates.

11. Pipeline of high-growth projects En+ Group is prepared to invest into development projects located in Siberia andthe Far East up to US$25 bln within the next 20 years Nizhne-Angarskaya HPP Lenskaya TPP • Capacity: 660 MW • Commissioningby 2019-2020 • Fuel: associatedgas • Capacity: 1260 MW • Commissioningby 2014-2018 Krasnoyarsk Metallurgical Plant (KRAMZ) Chineadeposit • Increase of aluminiumrollingfacilitiesupto 500 kt/year • Investments: US$500m • Reserves of 1 bln tonnes ironore / 12m tonnes copper • Investments: over US$1.0bn Agaskyr deposit Transsibirskaya HPP • Molybdenumreserves of 310mt • Investments: US$415m • Capacity: 516 MW • Commissioningby 2018-2020 BoguchanskEnergy and MetalsComplex (BEMO) Nerungri TaishetAluminiumSmelter • HPP (3000 MW) and aluminiumsmelter (588 kt) • Investments: HPP (US$1.8bn), smelter (US$826m) • Commissioningby 2013 Ust-Kut Tuva mining company • Capacity: 750,000 tonnes (phase 1: 50%) • Investments US$1.55bn • Commissioningby 2013 Logistics Krasnoyarsk Irkutsk • Coking and thermalcoal reserves of 235mn tonnes • Investments: US$938m Chita • Ust-Luga and Vanino assets development Ulan-Ude 10