NCSP Group Financial Results For The Six Months

NCSP Group Financial Results For The Six Months 2018 03.09.2018

Disclaimer All statements in this presentation, other than historical facts, that address company s business are forward looking statements. Although NCSP believes that expectations expressed in such forward looking statements are based on reasonable assumptions, such statements should not in any way be construed as guarantees of future performance. Factors that could cause developments to differ materially from those expressed include overall market conditions. The company is subject to specific risks inherent in the stevedoring business and general economic and business conditions. Any statement or number in this presentation may be changed, depending on market conditions and other relevant developments. 2

NCSP Group Market Position Europe s Largest Ports, mln tones 150 120 Russia s Largest Ports, mln tones 90 60 30 0 Algeciras 101 103 144 147 NCSP Group Hamburg 137 138 103 93 Ust-Luga NCSP Group 144 147 224 214 2017 2016 69 69 54 49 Vostochniy Saint Petersburg Rotterdam 467 461 51 33 CPC 0 100 200 300 400 500 NCSP Group ranks 1 in the Russian port sector and 3 among European ports by volume, holding strategic market share in transshipment of all key export commodities at Russian seaports NCSP Group Market Share as Part of Total Volumes of the Russian Seaports in 2017 18% 42% 40% 30% 23% 21% 12% Total Russian Seaports Ferrous metals Iron ore Crude oil Grain NCSP Group Oil products Other ports Containers 3

NCSP Group Clients NCSP Group clients are major commodity producers, exporters, and traders from Russia and the neighboring countries 4

NCSP Group Geographic Positioning Unique positioning of NCSP Group terminals on the Baltic and the Back Sea allows it to benefit from growing demand for transshipment of all types of cargo in the European and Asian markets. Baltic Sea Basin Azov-Black Sea Basin 24% NCSP Group market share in 2017 31,5% NCSP Group market share in 2017 247.5 mln t 58.6 mln t Antwerp Hamburg Rotterdam Marseille Constanta S. Petersburg/ Primorsk Port Kaliningrad/ Baltyisk Port Novorossiysk 269,5 mln t 84.9 mln t Valencia Pusan At the crossroads of many European transport routes Developed infrastructure Direct access central Russia Dakar Alger Douala Mombasa Lobito Haifa Port Said Dubai Mumbai Colombo Kolkata Shanghai Hong- Kong Singapore Jakarta Tokyo Major hub for intercontinental trade All-year navigation Core grain exporting region Second largest port for crude oil and oil products Cape Town Perth Brisbane Adelaide Access to markets North-West Europe North America Sydney Access to markets Mediterranean India South-East Asia Middle East Africa Central and South America 5

1 Half 2018 FINANCIAL AND OPERATING PERFORMANCE * Management accounts 6

Highlights of the 1H 2018 Volumes 70,5 mln tons Revenue $ 480,5 mln EBITDA $ 342,7 mln EBITDA Margin 71,3 % Debt $ 1 107 mln Net debt $ 879,8 mln Cash $ 227 mln * Management accounts 7

$ mln Revenue Factor Analysis 1H 2018 / 1H 2017, $ mln 520,0 510,0 33,0-30,3 500,0 490,0 480,0 470,0 20,8 2,4-1,6 2,8 4,5 480,5 460,0 450,0 448,9 440,0 430,0 420,0 6М 2017 Volume* Tariff Conversion to $ Bunkering Port services Fleet services Other 6М 2018 8

Revenue Factor Analysis by Cargo 1H 2018 / 1H 2017, $ mln $ mln 520,0 33,0-30,3 500,0-0,7 480,0 13,8-0,8 2,8 2,0 480,5 0,7 0,8 460,0 11,2 448,9-3,6 2,7 440,0 420,0 400,0 9

EBITDA Factor Analysis 1H 2018 / 1H 2017, $ mln $ mln 370,0 33,2-27,4 360,0 350,0 340,0 2,4 1,5 2,5 342,7 330,0 330,5 320,0 310,0 6М 2017 Revenue* Costs SG&A Conversion to $ Other 6М 2018 10

Volumes Breakdown by Cargo 1H 2018 / 1H 2017 4,5% 3,5% Crude oil 4,2% 3,0% 1,1% 1,8% 8,6% 9,5% 6M 2018 70,5 mln tn 45,9% Oil products Grain Iron ore Coal Ferrous metals 1,4% 8,4% 1,8% 5,9% 6M 2017 74,1 mln tn 53,2% Containers 25,1% Other 22,1% 11

Revenue Breakdown by Cargo 1H 2018 / 1H 2017 1,1% 1,4% 0,9% Crude oil 8,2% 18,7% 20,8% Oil products Grain 12,7% 23,0% 5,7% 2,6% 7,0% 6M 2018 $ 480 mln 14,9% Iron ore Coal Ferrous metals Containers Bunkering Other cargo 5,6% 2,2% 7,7% 6M 2017 $ 449 mln 15,3% 14,7% 9,8% Port services Fleet services Other 12,6% 8,1% 1,8% 1,7% 1,8% 1,7% 12

Costs Breakdown 1H 2018 / 1H 2017 16,1% 19,0% Depreciation 20,6% 20,3% 4,5% 12,9% Costs 6M 2018 COS $154,8 mln SG&A $29,7 mln 10,4% Fuel Payroll& tax Repairs Subcontractors Rent 5,5% Costs 6M 2017 COS $127,5 mln SG&A $33,1 mln 7,2% Other 11,8% 3,9% 21,5% SG&A 15,3% 3,8% 4,2% 23,2% 13

NCSP Group Key Financial Metrics 1H 2018 (in thousand US dollars) 6М 2018 6М 2017 Change Change % Revenue 480 478 448 859 31 619 7,0% Stevedoring services 379 218 349 697 29 521 8,4% Additional port services 90 024 57 007 33 017 57,9% Fleet services 6 715 36 973-30 258-81,8% Other 4 521 5 182-661 -12,8% COS 154 819 127 458 27 361 21,5% SG&A 29 706 33 066-3 360-10,2% EBITDA* 342 660 330 468 12 192 3,7% EBITDA margin (%)* 71,3% 73,6% Profit for the period 140 286 246 001-105 715-43,0% 30.06.2018 31.12.2017 Change Change % Debt (including financial lease obligations) 1 106 978 1 196 425-89 447-7,5% Cash and cash equivalents 227 191 121 528 105 663 86,9% Net debt* 879 787 1 074 897-195 110-18,2% Net debt / LTM EBITDA* 1,32 1,64 * Management accounts 14

NCSP Group Operating Performance* (thousands tons) 6М 2018 6М 2017 Change Change % Cargo turnover, total 70 515,0 74 079,4-3 564,4-4,8% Liquid cargo, total 50 672,8 56 382,2-5 709,4-10,1% Crude oil 32 340,4 39 417,4-7 077,0-18,0% Oil products 17 707,3 16 353,5 1 353,8 8,3% UAN 403,6 355,7 47,9 13,5% Seed oils 221,5 255,6-34,1-13,3% Bulk cargo, total 8 531,9 7 307,6 1 224,3 16,8% Grain 6 080,4 4 396,7 1 683,7 38,3% Mineral fertilizers 230,9 439,2-208,3-47,4% Sugar 122,2 151,4-29,2-19,3% Iron ore and ore concentrate 1 289,2 1 301,9-12,7-1,0% Coal 809,2 1 018,4-209,2-20,5% General cargo, total 7 567,1 7 075,6 491,5 6,9% Ferrous metals 6 713,7 6 191,0 522,7 8,4% Timber 151,8 168,9-17,1-10,1% Non-ferrous metals 538,4 566,4-28,0-4,9% Perishable cargo 163,2 149,3 13,9 9,3% Containers 3 191,5 3 123,6 67,9 2,2% Containers (thousand TEU) 324,0 310,5 13,5 4,3% Other 551,7 190,4 361,3 189,8% * Management accounts 15

Significant events after the reporting date PJSC NCSP received a decision of the tax authority on the results of consideration of the materials of the tax audit of PJSC NCSP activities during 2014-2015. The amount of additional charges, including fines and penalties, according to the decision amounted to 791.9 thousands USD, where 650.1 thousands USD were added taxes, 76.5 thousands USD - penalties and 65.3 thousands USD - fines. The receivables generated as a result of additional charges were repaid by sending an application to the tax authority on 6 August 2018 for the offset of the amount of the tax to be reimbursed for the payment of additional amounts. The tax authority adopted the decision on the offset of this amount on the 10 August 2018. The results of the audit are reflected in the interim condensed consolidated financial statements for the six months ended 30 June 2018. On 21 March 2018 FAS initiated a case against PJSC NCSP on the grounds of violation of the Federal Law 135 FZ On Protection of Competition, upon the fact of imposing the tariffs for transshipment of goods for 2016-2017 in USD. The commission meeting of FAS that was scheduled for 28 August 2018 did not take place due to lack of quorum, the new meeting will be held on 21 September 2018. PJSC NCSP will appeal against the Arbitration Court s of Krasnodar region decision (case A32-22095/2018) and prescription for recognition in the actions of the company of the violation of p.9 p.1 en. 10 FZ On protection of Competition expressed in the adoption (approval) of the Guidelines for the processing of ships in the terminals of PJSC NCSP and the establishment in it of conditions aimed at preventing, limiting and eliminating competition. The prescription is suspended until the court decision on this dispute comes into force. The risk of occurrence of obligations for the Group in this case is remote. On 29 August 2018, the Chairman of the Board of Directors of PJSC NCSP decided to hold the Board of Directors of PJSC NCSP on 03 September 2018. 16

Disclaimer All statements in this presentation, other than historical facts, that address company s business are forward looking statements. Although NCSP believes that expectations expressed in such forward looking statements are based on reasonable assumptions, such statements should not in any way be construed as guarantees of future performance. Factors that could cause developments to differ materially from those expressed include overall market conditions. The company is subject to specific risks inherent in the stevedoring business and general economic and business conditions. Any statement or number in this presentation may be changed, depending on market conditions and other relevant developments. NCSP Group is the largest port operator in Russia and the third largest in Europe, in terms of cargo turnover in 2017. NCSP shares are traded on Russia's Moscow Exchange (ticker: NMTP) and on the London Stock Exchange in the form of GDRs (ticker: NCSP). NCSP Group consolidates the following companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, LLC Novorossiysk Grain Terminal, JSC Novorossiysk Shiprepair yard, JSC FNCSP, JSC NLE, LLC IPP, LLC Baltic Stevedore Company, and JSC SFP. * Management accounts Contacts Public Relations: Investor Relations: PR@ncsp.com ABurykin@ncsp.com 17