Company Presentation. January 2017

Transcription

1 Company Presentation January 2017

2 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 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 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 presentation and corresponding data previously published by or on behalf of the Company. 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 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.

3 SIBUR AT A GLANCE Net debt/ EBITDA (USD) 20% % Financial Performance (1) Revenue, USD bln EBITDA, USD bln EBITDA margin, % (2) 35% 30% 29% 32% % % H x Ba2 0.7x Ba2 0.7x Ba2 1.0x Ba1 1.1x Ba1 1.2x Ba1 (2) 1.8x Ba1 2.3x Ba1 SIBUR is a unique integrated gas processing & petrochemicals company with: SIBUR Advantage Vertically integrated business model supporting resilient business performance Advantageous access to feedstock and high barriers to entry Highly diversified product portfolio Leading market position in the attractive Russian petrochemicals market Unique growth opportunities BB BB BB BB+ BB+ BB+ BB+ BB+ 3 (1) SIBUR s reporting currency is Russian rouble. Figures have been translated from RR to USD at average and end-of-period FX rates for the respective periods. (2) Adjusted for the estimated value of naphtha trading operations via Ust-Luga, ceased in 2015.

4 1. Vertically integrated business model supporting resilient business performance SIBUR OPERATES A UNIQUE VALUE CHAIN SUPPLIERS LOGISTICS CLIENTS EXTERNAL SOURCING OF HYDROCARBON FEEDSTOCK APG (1) Feedstock & energy segment Energy products Feedstock NGLs (2) Petrochemicals segment Petrochemicals Deep discount between natural gas selling price and APG purchasing price hedges economics of APG processing SUSTAINABILITY DRIVERS Economics of raw NGL fractionation limits exposure to oil & oil derivative price volatility Prices for petrochemical products are only partially correlated with oil & oil derivative prices SALES GEOGRAPHY (H1 2016) Europe Asia CIS Other % 58 Russia 4 (1) Associated petroleum gas is oil-based feedstock. (2) Natural gas liquids include raw NGL, LPG (liquefied petroleum gas), naphtha are gas-based feedstock.

5 1. Vertically integrated business model supporting resilient business performance REBALANCING OF EBITDA COMPOSITION: PROVED RESISTANCE TO OIL SHOCKS Brent (USD/bbl) (50%) SIBUR EBITDA (USD mln) 2,682 (17%) (17%) F&E EBITDA 2,226 (9%) 2,025 PetChem EBITDA Unallocated 2,363 1,299 1, ,023 (1) AVG H LTM(2) SIBUR EBITDA margin 30.7% 35.7% 34.6% F&E 44.1% 37.1% 32.9% Petchem 12.7% 31.4% 34.8% Volumes, 000 tonnes Raw NGL fractionation 5,256 6,573 6,687 % growth 25% 2% Petchem production 5,421 6,941 7,073 % growth 28% 2% 5 (1) Average for the years 2011, 2012, 2013, (2) Twelve months ending 30 June 2016.

6 2. Advantageous access to feedstock and high barriers to entry UNIQUE LARGE-SCALE TRANSPORTATION AND FEEDSTOCK PROCESSING INFRASTRUCTURE IN WESTERN SIBERIA KHANTY-MANSI AUTONOMOUS AREA YAMAL-NENETS AUTONOMOUS AREA Nyagan GPP Yuzhno-Priobskiy GPP Muravlenkovskiy GPP Gubkinskiy GPP NOYABRSK Yuzhno-Balykskiy GPP PYT-YAKH Belozerniy GPP Purovsky GCP (NOVATEK) PUROVSK Vyngapurovskiy GPP Nizhnevartovskiy GPP SIBUR owns and operates the largest and most extensive infrastructure for processing and transportation of feedstock in Western Siberia: 8 (1) out of 10 gas processing plants (GPP) APG processing capacity of 25.4 (1) bcm p.a. Raw NGL processing capacity of 8.0 mmtpa at flagship gas fractionation unit (GFU) in Tobolsk (out of 9.4 mmtpa of the Company s total capacity) Pipeline network of 2,697 km 4 railway loading racks (out of 6 operated by Feedstock & Energy segment) ECONOMIES OF SCALE INTEGRATED INFRASTRUCTURE HIGH BARRIERS TO ENTRY TOBOLSK SIBUR / third-party compressor station SIBUR / third-party power plant Tobolsk production site TYUMEN REGION third-party gas condensate plant SIBUR / third-party gas processing plant (GPP) SIBUR gas fractionation unit (GFU) SIBUR propane dehydrogenation facility (PDH) SIBUR polymers production SIBUR / third-party APG pipeline Gazprom condensate pipeline SIBUR / Gazprom natural gas pipeline SIBUR raw NGL pipeline truck transportation SIBUR / third-party loading rack 6 (1) Including Yuzhno-Priobskiy GPP operated under JV.

7 SECURED ACCESS TO FEEDSTOCK Hydrocarbon Feedstock Purchasing Expenses RR bln SIBUR s Feedstock Purchases APG NGLs bcm (1) Key Supply Contracts as of 30 September 2016 APG Rosneft RussNeft Gazprom Neft 89% of APG supplies for 2016 guaranteed under multi-year contracts WA maturity of supply contracts 15.1 years 2. Advantageous access to feedstock and high barriers to entry NGLs NOVATEK Gazprom 93% of NGLs supplies for 2016 guaranteed under multi-year contracts WA maturity of supply contracts 16.8 years 7 APG NGLs mln tonnes SIBUR s purchases Rosneft s share in APG purchases (2) SIBUR s purchases Purchases from Rosneft in JV (3) Outlook for Feedstock-Rich Gas Production in Russia (4) Associated Petroleum Gas 2015 APG flaring c.13% (5) of produced volumes Notes: (1) Billion cubic metres. (2) 49% of APG supplied by Rosneft to the GPPs of its JV with SIBUR. In March 2014, SIBUR gained full control over the JV via acquisition of a 49% stake from Rosneft. (3) 49% of raw NGL produced at the GPPs of the JV between SIBUR and Rosneft. These volumes were obtained by Rosneft and sold to SIBUR. In March 2014, SIBUR gained full control over the JV via acquisition of a 49% stake from Rosneft. (4) IHS CERA. (5) CDU TEK. bcm (1) Unstable Gas Condensate mln tonnes

8 DIVERSE DRIVERS AND END-MARKETS 3. Highly diversified product portfolio Liquids (2) Natural gas MTBE & other fuel additives Plastics & organic synthesis Basic polymers Synthetic rubbers Intermediates & other chemicals 2015 revenue (1), RR bln 31% 11% 7% 17% 13% 9% 7% x% Share in total revenue 2015 revenue (1) structure 79% 21% 100% 80% 20% 27% 73% 33% 67% 32% 68% 21% 79% Domestic Export Correlation with oil prices S Currency nature US dollar Russian rouble Key drivers Commodity cycle, global oil prices Transportation costs and export duties Changes of regulated gas tariffs by Russia s Federal Tariff Service Domestic fuel additives market (refineries upgrade, introduction of Euro standards, car fleet) Demand/ supply in multiple end-customer industries Import substitution Demand/supply in multiple end-customer industries Development of tyre & vehicle manufacturing Natural rubber prices Commodity cycle, demand/supply balance in respective petrochemical products Key endmarkets Petrochemicals, fractionation Power, utilities Residential applications Fuels FMCG, chemicals, construction FMCG, construction Automotive, construction Chemicals, petrochemicals 8 (1) External sales. (2) Primarily LPG and naphtha.

9 LEADING PLAYER IN THE HIGH-GROWTH DOMESTIC MARKET 4. Leading market position in the attractive Russian petrochemicals market SIBUR s Share in Russia s Production Capacity Growth Fundamentals Polypropylene LDPE 2015 Kg per Capita Consumption of Basic Polymers Basic polymers 56 % % 65 Polypropylene Western Europe Central Europe 13 Polyethylene (LDPE) 18 Western Europe 8 Eastern Europe 6 Synthetic rubbers 28 BR SBR SBS % 53 % 47 % % China 14 China 4 Russia 7 Russia 4 Russia Consumption Growth Outlook CAGR, LLDPE 5.0% Plastics and organic synthesis 45 PET % 55 Expandable polystyrene 83 % MEG % PP MEG PVC HDPE PET EPS 3.3% 3.3% 2.5% 2.4% 2.0% 2.0% SIBUR s share Others LDPE 1.9% 9 Source: IHS, Market Report, IISPR.

10 EFFICIENT MONETISATION OF STRANDED FEEDSTOCK 5. Unique growth opportunities Western Europe >4,000 km FEEDSTOCK Significant export duties for naphtha and LPG in Russia Ample feedstock base Western Europe Tobolsk Naphtha price (1) Naphtha feedstock cost (2) HDPE production cost (3) Total cost for producers (3) LPG price in Europe (4) Transport & export duties (4) LPG price in Tobolsk (4) LPG feedstock cost in Tobolsk (5) HDPE production cost net of by-product credits (3) Illustrative HDPE price build-up PE price in Western Europe Transportation to W.Europe (3) PETROCHEMICALS SIBUR s petrochemical hub in Tobolsk FEEDSTOCK Total cost for producers (3) Long distances with infrastructural constraints >6,000 km SIBUR s production assets PETROCHEMICALS AND END-PRODUCTS Notes: (1) USD per tonne. (2) USD per tonne of polyethylene, assuming naphtha consumption ratio of 2.2x, and net of by-product credits. (3) USD per tonne of polyethylene. (4) USD per tonne of LPG-mix (propane and butane). (5) USD per tonne of olefins, assuming LPG-mix consumption ratio of 1.35x. China and Northeast Asia 10

11 ZAPSIBNEFTEKHIM (ZAPSIB-2): EXPANSION OF POLYOLEFINS PRODUCTION IN TOBOLSK 5. Unique growth opportunities Project Overview 000 tonnes CONFIGURATION LICENSOR EP C Ethane Propane N-Butane Ethylene cracking unit (ECU) Ethylene 1,500 Propylene 525 HDPE HDPE LLDPE / HDPE LLDPE / HDPE PP ECU PE Units PP Unit 1.5 mtpa of ethylene 525 ktpa of propylene 100 ktpa of crude C mtpa of PE 0.5 mtpa HDPE and LLDPE Spreads to Feedstock USD per tonne 2,500 PE CFR China - LPG spread LPG, West Europe, CIF NWE 2,000 PE HDPE Blow Moulding CFR China PE LLDPE Film CFR China 1,500 1, ,500 2,000 1,500 Strong Position on the Global Cost Curve (2019) (1) USD per tonne Ethylene ME Middle East, NA North America, NEA Northeast Asia, WE Western Europe Propylene NEA Avg WE Avg NA Avg WE Avg ME Avg 1, NEA Avg 4 1. Zapsibneftekhim Tobolsk-Polymer 1 1 NA Avg 3. Sibur-Kstovo ME Avg 4. Tomskneftekhim Cumulative capacity ( tonnes) 11 (1) Source: IHS 2015, SIBUR estimates.

12 ZAPSIBNEFTEKHIM (ZAPSIB-2) PROGRESS UPDATE Project Residual Budget for (1) Russian roubles 35% US dollars 35% USD 7.2 billion * SIBUR own funds 50% NWF and RDIF (2) US dollars 25% Recent Milestones 58 units of large-size equipment delivered during the 2016 navigation season to the industrial port of Tobolsk: 23 units of large-size equipment installed for the steam cracker 2 heaviest propane extraction columns installed Site preparation fully completed Key construction contractors engaged construction workers at the site as of 1 November Financing for the project in 9M 2016 totaled RR 96.7 bln (excl. VAT) Euro 30% ECA (3) Euro 25% Progress Update as of 1 November 2016, % FEED 100 Project Budget Funding Sources Detail Engineering 75 Potential to be signed in RR * - estimate as of 31 December 2015 Procurement 47 Construction 16 Overall progress: 34% Please follow the link to see the video of the construction site: 12

13 1. Business Description: Additional Details 2. Key Recent Financials 3. Exposure to Oil Prices & FX, Market Prices 13

14 EXTENSIVE ASSET BASE THROUGHOUT RUSSIA Tver Moscow Tula Kursk Voronezh Saint-Petersburg Nizhniy Novgorod Samara Salekhard Perm Khanty-Mansiysk Tobolsk Ufa Tyumen WESTERN SIBERIA Omsk Purovsk Tomsk Krasnoyarsk Kemerovo WESTERN SIBERIA Largest oil & gas reserves region in Russia Proven oil reserves 48 bln bbl Proven gas reserves 22 tcm Svobodny Energy Products Petrochemicals Joint Ventures Logistics gas processing & fractionation, MTBE & other fuel additives basic polymers synthetic rubbers plastics & organic synthesis intermediates other chemicals facilities operated under JVs raw NGL pipeline transshipment facility in Ust-Luga operated by SIBUR 14

15 VERTICALLY INTEGRATED MODEL WITH MULTIPLE EMBEDDED EARNINGS SUSTAINABILITY DRIVERS (1) External sales represent c. 89% of Feedstock & Energy segment gross revenue 100% 68% Natural gas NGLs Earnings Sustainability Drivers Oil producers Oil-based feedstock (APG) Gas-based feedstock (NGLs) Feedstock & Energy segment 9 production sites Gross sales: RR EBITDA margin: 37.1% 100% NGLs 32% MTBE Petrochemicals segment 17 production sites Gross sales: RR bln EBITDA margin: 31.4% Basic polymers (PP, PE) Synthetic rubbers Plastics and organic synthesis Intermediates and other chemicals Deep discount between natural gas selling price and APG purchasing price hedges economics of APG processing Economics of raw NGL fractionation limits exposure to oil & oil derivative price volatility Prices for petrochemical products are only partially correlated with oil & oil derivative prices Oil & Gas producers X% - Share of available for sale volumes Methanol Dominant share of feedstock for petrochemicals segment is sourced internally Other third-party feedstock 15 (1) All figures based on FY 2015 financials.

16 ENERGY PRODUCTS Associated Petroleum Gas (APG) Oil Natural Gas Raw Natural Gas Liquids (Raw NGL) Liquefied Petroleum Gas (LPG) Naphtha C 1 C 2 C 3-4 C 5-6 C 7+ Methane (gas) Ethane (gas) Propane (gas / liquid) Butane (gas / liquid) Isobutane (gas / liquid) Pentane (liquid) Isopentane (liquid) Hexane (liquid) Heavy fractions fractions can be used as petrochemical feedstock 16

17 MULTIPLE PRODUCTS, GEOGRAPHIES AND CUSTOMER GROUPS Intermediates and other chemicals Synthetic rubbers 9 Basic polymers 14 By product Processing services and other sales 7 5 % 22 Total Group Sales Breakdown 11 LPG Natural gas Europe Asia 30 By region CIS Other % 56 Russia 2015 Over 1,400 large customers from more than 80 countries Plastics and organic synthesis products Naphtha MTBE, raw NGL and other fuels representing diverse range of end-customer industries Customer Concentration Energy products Intermediates and other chemicals Synthetic rubbers Plastics and organic synthesis products Basic polymers Top-10 5% 3% 8% 15% 15% 20% 28% 40% Largest customer % 51% Contract / Spot Structure of Sales 44% 41% 56% 59% Energy Basic polymers Spot 53% 47% Synthetic rubbers Contract % 57% Plastics and organic synthesis with low customer concentration and balanced contract / spot sales structure 17

18 GAZPROM AND SIBUR JOINT INVESTMENT PROJECT ON CONSTRUCTION OF GAS PROCESSING AND CHEMICAL HUB IN AMUR REGION Products: methane, ethane, propane, butane, pentanehexane fraction EASTERN SIBERIA Gas processing capacity 42 bcm (1) Helium production capacity 60 mcm (2) WESTERN SIBERIA Chayandinskoye Kovyktinskoye 2 4 Irkutsk Power of Siberia Gas Pipeline Amur GPP (Gazprom) Skovorodino Svobodny Blagoveshchensk Amur Chemical Plant (SIBUR) 18 (1) Billion cubic metres. (2) Million cubic metres.

19 1. Business Description: Additional Details 2. Key Recent Financials 3. Exposure to Oil Prices & FX, Market Prices 19

20 SIBUR FINANCIAL SUMMARY (1) RR bln Revenue Net Operating Expenses (2) EBITDA Operating Cash Flow Investing Cash Flow (3) RR bln RR bln RR bln RR bln Russian Roubles % % % % (13.1%) 88.9 H H H H H H H H H H Revenue Net Operating Expenses (2) EBITDA Operating Cash Flow Investing Cash Flow (3) USD Equivalents (illustrative) USD bln 3.2 (11.7%) 2.8 USD bln USD bln USD bln USD bln 2.3 (8.1%) (17.3%) (15.8%) (29.0%) 1.3 H H H H H H H H H H Payments for Yugragazpererabotka acquisition 20 (1) Values in USD estimated based on average RR/USD rate of and in H and H1 2015, respectively. (2) Operating expenses before equity-settled share-based payment plans. (3) Includes CapEx and M&A.

21 CASH FLOW STATEMENT HIGHLIGHTS Key Developments Net cash from operating activities increased by 3.1% y-o-y on largely flat EBITDA adjusted for the movements in certain provisions marginally positive impact from WC changes partially offset by higher income tax paid Net cash used in investing activities decreased by 13.1% y-o-y on final tranche payment for the acquisition of Rosneft s 49% stake in Yugragazpererabotka in H compared to only RR 2,013 mln paid for acquisition of subsidiaries in H substantially offset by 3x increase in CapEx Net cash used in financing activities attributable to substantial net debt repayment interests paid Key Highlights Six months ended 30 June Change RR mln, except as stated % Net cash from operating activities 59,865 58, % Operating cash flows before WC changes 65,012 63, % Changes in working capital 329 (3,100) n/m Income tax paid (5,476) (2,060) 165.8% Net cash used in investing activities, including (88,867) (102,288) (13.1%) Purchase of PPE (83,558) (30,537) 173.6% Acquisition of interest in subsidiaries, net of cash acquired (2,013) (61,727) (96.7%) Placement of deposits (3,343) (8,520) (60.8%) Net cash (used in) / from financing activities, including (76,680) 28,750 n/m Net (repayment of) / proceeds from debt (53,775) 52,458 n/m Dividends paid (7,058) (9,629) (26.7%) Interest paid (12,310) (7,092) 73.6% Bank fees paid (2,562) (7,964) (67.8%) Effect of exchange rate changes on cash and cash equivalents (237) (2,291) (89.7%) Net decrease in cash and cash equivalents (105,919) (17,770) 496.1% 21

22 DEBT PROFILE Key Figures Change, % RR bln, except as stated 31 Oct 2016 (1) 30 Sep 2016 (1) 31 Dec Oct 16 vs. 31 Dec 15 Total debt (22.2%) Cash & cash equivalents (62.9%) Bank deposits n/m Net debt % WA loan tenor (years) WA Conventional debt WA ZSN related debt Available credit lines, incl (25.2%) Committed (25.9%) Total debt as of 31 Oct 16 vs. 31 Dec 15 decreased by 22.2% mainly due to: repayment and refinancing of debt denominated primarily in foreign currencies RR appreciation 31 Oct 16 vs. 31 Dec 15 Net debt moderately increased mainly on financing of ZapSibNeftekhim CapEx from the funds provided by the NWF, despite substantial debt repayments Net leverage marginally increased to 2.2x from 2.1x (2.3x from 1.7x in USD terms) conventional net leverage decreased to 1.4x from 1.8x on recent debt repayments ZapSibNeftekhim net leverage increased to 0.8x from 0.3x on on-going project financing As of 31 Oct 16, all of the debt was unsecured Leverage Ratios 30 Sep 2016 (1) 31 Dec 2015 Debt / EBITDA 2.7x 3.4x Net debt / EBITDA 2.2x 2.1x Conventional net debt 1.4x 1.8x ZSN related net debt 0.8x 0.3x Net debt / EBITDA (in $) 2.3x 1.7x Loan portfolio structure by currency as of 31 Oct 16 RUB EUR % 59 USD 22 (1) Unaudited data.

23 LIQUIDITY AND DEBT MATURITY PROFILE (1) 282 As of 31 October 2016, RR bln uncommitted credit lines 180 committed credit lines cash & cash equiv. 5 (2) Liquidity After 2025 loans eurobond RR bonds ECA NWF undrawn EUR ECA 23 (1) Items denominated in USD and EUR are converted into RR at RR/USD and RR/EUR FX rates as of 31 October (2) Debt maturing during 31 October - 31 December 2016.

24 INVESTMENT PROGRAMME A(1) RR bln (excl. VAT) in 7yrs 163 Transportation infrastructure Feedstock processing capacity, Transportation infrastructure Feedstock processing capacity Petrochemicals Petrochemicals ZapSibNeftekhim CapEx Maintenance, R&D, IT, and other Other TOTAL TOTAL RR bln (2) (excl. VAT) investment programme approved by SIBUR BoD for (1) CapEx includes purchase of property, plant and equipment, as well as purchase of intangible assets and other non-current assets. (2) The Board of Directors will review the budget later in the year and the number may be revised subject to macroeconomic and market environment.

25 1. Business Description: Additional Details 2. Key Recent Financials 3. Exposure to Oil Prices & FX, Market Prices 25

26 EXPOSURE TO OIL PRICES AND FX ILLUSTRATIVE Revenue Categories Correlation Currency Currency Correlation Revenue Net OpEx with Oil Nature Nature with Oil Net OpEx Categories Other Intermediates & other chemicals 380 6% 7% 2015 RR bln Synthetic rubbers 9% Basic polymers Plastics & organic synthesis MTBE and other fuels Naphtha Natural gas 13% 17% 7% 8% 11% 276 4% 3% 4% 10% 11% 11% 24% Other Repairs & maintenance Goods for resale Energy & utilities Staff costs D&A Transportation, logistics & rent LPG negative impact of lower oil prices somewhat compensated by lower export duty and RR depreciation 22% 32% Feedstock & materials APG: indexed in line with FTS, some contracts account for changes in NGLs netbacks NGLs priced at netbacks US dollar Russian rouble 26 (1) Operating expenses before equity-settled share-based payment plans.

27 MARKET UPDATE Energy Products Basic Polymers Rebased to % 160% 140% 120% 100% 80% 60% 40% 20% 0% Brent LPG CIF ARA (large) MTBE /$ Naphtha LPG DAF Brest Natural gas Change Y-o-Y (31%) (24%) (23%) (21%) (9%) Brent (25%) /$ +15% Rebased to % 120% 100% 80% 60% 40% 20% 0% LDPE PP MRC CPT Moscow /$ PP raffia China Main Port Brent Change Y-o-Y (18%) (11%) (5%) Brent (25%) /$ +15% Synthetic Rubbers Plastics & Organic Synthesis Products Rebased to % 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% Natural Rubber Butadiene Styrene Brent /$ Change Y-o-Y (18%) (10%) (9%) Brent (25%) /$ +15% Rebased to % 120% 100% 80% 60% 40% 20% 0% Polystyrene MEG 2-ethylhexanol PET Brent /$ Change Y-o-Y (26%) (20%) (12%) (10%) Brent (25%) /$ +15% 27 Source: Argus, Platts, Bloomberg, ICIS, Malaysian Rubber Board, Chemease, Federal Antimonopoly Service of Russian Federation

28 INVESTOR RELATIONS CONTACTS Phone: +7 (495) (*39-47) 28