PRESENTATION November 2018 2.81 / 7.14cm 3.16 / 8.02cm 1 5.30 / - PowerPoint PPT Presentation

5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm 2.36” / 5.99cm 1.98” / 5.04cm Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) COMPANY 0.28” / 0.70cm 0.64” / 1.63cm PRESENTATION November 2018 2.81” / 7.14cm 3.16” / 8.02cm 1

5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm DISCLAIMER The information contained herein pertaining to SIBUR (the "Company") has been provided by the Company solely for use at this presentation. By attending this presentation, or by reading these presentation slides, you agree to be bound by the limitations set out below. This presentation does 2.36” / 5.99cm not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall any part of it nor the fact of its distribution form part of, or be relied on in 1.98” / 5.04cm connection with, any contract or investment decision relating thereto. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. The Company accepts no responsibility for any losses howsoever arising, directly or indirectly, from this presentation or its contents. The material contained in this presentation is presented solely for information purposes and is not to be construed as providing investment advice. As such, it has no regard to the specific investment objectives, financial situation or particular needs of any recipient. There may be material variances between estimated data set forth in this presentation and actual results, and between the data set forth in this Width: 29.7cm (11.69”) presentation and corresponding data previously published by or on behalf of the Company. Height: 21.0cm (8.27”) 0.28” / 0.70cm This presentation contains forward-looking statements, including (without limitation) statements containing the words "anticipates," "expects," "intends," "may," "plans," “forecasts,” "projects," "will," "would", "targets,“ “believes” and similar words. These statements are based on the current 0.64” / 1.63cm expectations and projections of the Company about future events and are subject to change without notice. All statements, other than statements of historical fact, contained herein are forward-looking statements. Forward-looking statements are subject to inherent risks and uncertainties, such that future events and actual results may differ materially from those set forth in, contemplated by or underlying such forward-looking statements. The Company may not actually achieve or realize its plans, intentions or expectations. There can be no assurance that the Company's actual results will not differ materially from the expectations set forth in such forward-looking statements. Factors that could cause actual results to differ from such expectations include, but are not limited to, the state of the global economy, the ability of the petrochemical sector to maintain levels of growth and development, risks related to petrochemical prices and regional political and security concerns. The above is not an exhaustive list of the factors that could cause actual results to differ materially from the expectations set forth in such forward-looking statements. The Company and its Affiliates are under no obligation to update the information, opinions or forward-looking statements in this presentation. 2.81” / 7.14cm 3.16” / 8.02cm 2

5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm A INTRODUCTION TO SIBUR SIBUR AT A GLANCE Key Facts Key Financials  Leading EM petrochemical company 2.36” / 5.99cm Revenue, RR bln EBITDA, RR bln — Would be a top-10 petrochemicals-focused public company by 1.98” / 5.04cm 36% 34% 35% 36% 2017 EBITDA (c.$3 bln, with strong further growth potential on the back $9.0 bln of ZapSib - major expansion project) 544 $3.2 bln — Average EBITDA margin of 35% over last 3 years (30%+ in average 455 195 412 since 2010) 380 161 140 136  Production base in West Siberia – a region attractive for petrochemical operations thanks to abundant low-cost feedstock (LPG and naphtha) — export-bound transportation costs and duty results in attractive prices Width: 29.7cm (11.69”) for the stranded feedstock in West Siberia Height: 21.0cm (8.27”) 2015 2016 2017 LTM Sep 2015 2016 2017 LTM Sep — barriers to entry due to SIBUR’s extensive infrastructure in the region 18 18 0.28” / 0.70cm x% EBITDA margin  Close-to-completion (89%) 2mtpa polyolefin ZapSib project is expected to triple SIBUR’s Olefins & Polyolefins (O&P) capacity 0.64” / 1.63cm — Total investment budget: $9.0 bln 1 , c.70% already financed as of Revenue Split by Segment and Geography, 2017 30-Sep-18 — Our recently launched O&P project in the same geography delivered Olefins & Other 8% CIS 5% Other 1% EBITDA margin of 55% in 2017 Polyolefins Asia 6% 19% Midstream  Net Debt/EBITDA of 1.6x as of Sep-18; Baa3/BB+ rated by 41% Moody’s/Fitch Petrochemicals — Net debt at c.$5 bln corresponds with ZapSib accumulated capex (c.$6 Europe 30% bln as of 30-Sep-18) Russia 58% 2.81” / 7.14cm Plastics, Elastomers and Intermediates 3.16” / 8.02cm 32% c.90% dollar-linked revenue 2 Source: The Company data (1) Estimated capex budget. Translated into USD using historical annual average exchange rates. Residual capex Calculated based on exchange rates as of 30 Sep-18: RUB/$ at 65.6, RUB/EUR at 76.2. 3 (2) Except natural gas

5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm A INTRODUCTION TO SIBUR BALANCED INTEGRATED BUSINESS MODEL Complementary Petrochemical and Midstream Businesses Operating on Market Terms Enables Smoothing Cash Flow and Earnings Volatility SUPPLIERS LOGISTICS CLIENTS 2.36” / 5.99cm FY 2017 data 1.98” / 5.04cm Oil & Gas companies No cannibalization of Midstream as all External revenue intersegment flows will be PETROCHEMICALS RR bln priced at market level and arm’s length basis gas producers oil producers 1.2 mt Olefins & APG NGLs 88 Polyolefins (22.3 bcm) (3.6 mt) 0.7 mt 2 Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) LPG and naphtha (2.9 mt) 0.28” / 0.70cm Plastics, + 2.7 mtpa of Elastomers & 2.4 mt 147 0.64” / 1.63cm LPG and 0.3 Intermediates 6.0 mt gas mtpa of ethane gas NGLs fractionation post ZapSib 1 processing 7.5 mt (from external sales to O&P) Midstream LPG and naphtha (5.8 mt) 135 Natural gas (18.5 bcm) 47 Definitions: 2.81” / 7.14cm  Associated petroleum gas (APG) is a by-product of oil production 3.16” / 8.02cm  Natural gas liquids (NGLs) include raw NGL, LPG (liquefied petroleum gas) and naphtha. Raw NGL is a by-product of gas production  Feedstock includes LPG, naphtha and raw NGL. Composition may vary from year to year depending on market conditions and other limitations Source: The Company data Note: Represented scheme includes LPG and naphtha purchased from third parties for resale, as well as certain LPG and naphtha volumes produced directly from APG processing 4 (1) Capacity additions estimates of the Company of 500 kt for PP, 1,500 kt for PE. (2) JV sales include share of PVC, caustic soda (RusVinyl) and PP (Poliom) sales. (3) Other revenue for the FY 2017 (not indicated on the graph) – RR 38 bln

5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm A INTRODUCTION TO SIBUR THREE INTEGRATED BUSINESS SEGMENTS Petrochemicals Business Olefins & Polyolefins Plastics, Elastomers & Intermediates Midstream 2.36” / 5.99cm Share in 19% 28% 32% 19% 41% 56% Group 1.98” / 5.04cm EBITDA EBITDA EBITDA Total 229 Margin margin margin 40% 20% 39% 149 45 Financial 113 Results 2 (55% 25 89 (2017), 184 45 Tobolsk PP) 147 RR bln 30 88 ZapSib is expected to triple Revenue EBITDA Revenue EBITDA Revenue EBITDA polyolefin Width: 29.7cm (11.69”) capacity Internal External Internal External Internal External Height: 21.0cm (8.27”)  PET, Glycols, EPS, alcohols  Liquefied petroleum gas (LPG)  Polypropylene (PP) and derivatives  Elastomers  Natural gas 0.28” / 0.70cm  Polyethylene (PE)  MTBE and fuel additives  Naphtha  Olefins (ethylene, propylene)  Intermediates and other chemicals 1  Raw natural gas liquids (raw NGL) 0.64” / 1.63cm Key Products Chemicals Packaging 9 8 Petrochemicals 18 Automotive FMCG 25 8 34 22 Construction Construction Key End 2.81” / 7.14cm % % % Utilities and fuels 15 19 Fuels 55 Chemicals Markets 16 FMCG Hygiene products 13 10 3.16” / 8.02cm Traders & Other 33 13 Traders & Other Traders & Other Source: The Company data; (1) Incl. PTA Note: External revenues for the FY 2017 totaled RR 455 bln, including O&P (RR 88 bln), PE&I (RR 147 bln), Midstream (RR 184 bln) segments and other revenue (RR 35.4 bln); 5 EBITDA was at RR 161 bln, including O&P (RR 45 bln), PE&I (RR 30 bln), Midstream (RR 89 bln) segments and other (RR (3.5) bln).