PROPOSALS FOR ELECTION OF THE BOARD OF DIRECTORS,THE AUDITOR,THE INTERNAL AUDIT COMMITTEE,PAYMENT (DECLARATION) OF DIVIDENDSBASED ON THE RESULTS OF 2023ANDNOTICE OF THE ANNUAL GENERAL MEETING

If you are in any doubt as to any aspect of this circular or as to the action to be taken you should consult your licensed securities dealer or other registered institution in securities bank manager solicitor professional accountant or other professional adviser.If you have sold or transferred all your shares in United Company RUSAL international public joint-stock company you should at once hand this circular with the accompanying form of proxy to the purchaser or transferee or to the bank stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or the transferee.Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular.UNITED COMPANY RUSAL INTERNATIONAL PUBLIC JOINT-STOCK COMPANY (Incorporated under the laws of Jersey with limited liability and continued in the Russian Federation as an international company) (Hong Kong Stock Code: 486; Moscow Exchange: RUAL) PROPOSALS FOR ELECTION OF THE BOARD OF DIRECTORS THE AUDITOR THE INTERNAL AUDIT COMMITTEE PAYMENT (DECLARATION) OF DIVIDENDS BASED ON THE RESULTS OF 2023 AND NOTICE OF THE ANNUAL GENERAL MEETING 5 June 2024DEFINITIONS In this circular unless otherwise indicated or the context otherwise requires the following expressions shall have the following meanings: “AGM” Annual General Meeting of Shareholders to be held on 27 June 2024 at 10:00 a.m. Kaliningrad time (4:00 p.m. Hong Kong time) at Hotel “Kaiserhof” Oktyabrskaya street 6a Kaliningrad Russian Federation and by a live broadcast to the Shareholders online.“Annual Report” annual report of the Company for the financial year ended 31 December 2023 approved by the Board on 15 April 2024 and publicly disclosed on 26 April 2024.“Audit Committee” the Audit Committee of the Board.“Board” or “Board of Directors” the board of directors of the Company.“Charter” the corporate charter of the Company which became effective on 25 September 2020.“Company” or “UC RUSAL United Company RUSAL international public joint-stockIPJSC” company incorporated under the laws of Jersey with limited liability and continued in the Russian Federation as an international company the Shares of which are listed on the Moscow Exchange and the Main Board of the HKSE.“Compliance Committee” the Compliance Committee of the Board.“Controlling Shareholder” has the meaning ascribed to it under the HKSE Listing Rules.“Corporate Governance and the Corporate Governance and Nominations Committee of theNominations Committee” Board.“Director(s)” the director(s) (member(s) of the Board) of the Company.“En+” EN+ GROUP International public joint-stock company a company registered in accordance with the procedure established by the laws of the Russian Federation in accordance with the Federal Law of the Russian Federation “On International Companies and International Funds” and which is a Controlling Shareholder of the Company.“EUR” Euro the lawful and official currency of the relevant member states of the European Union that have adopted the Euro as their currency.“Group” the Company and its subsidiaries.? 1 ?DEFINITIONS“Health Safety and the Health Safety and Environmental Committee of theEnvironmental Committee” Board.“HKSE” The Stock Exchange of Hong Kong Limited.“HKSE Listing Rules” the Rules Governing the Listing of Securities on HKSE (as amended from time to time).“Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic of China.“Interfax” the center of disclosure of corporate information resource used by the Company for disclosure of information according to the applicable requirements of the Russian law (https://www.e-disclosure.ru/portal/company.aspx?id=38288).“Internal Audit Committee” an internal audit committee of the Company controlling business and financial performance of the Company which is elected by the general meeting of the Company and consisting of three members.“Latest Practicable Date” 16 May 2024; being the date for ascertaining certain information in this circular.“Main Board” the stock exchange (excluding the option market) operated by the HKSE which is independent from and operated in parallel with GEM of the HKSE.“MoEx Listing Rules” means the Rules Governing the Listing of Securities on the Moscow Exchange (as amended from time to time).“Moscow Exchange” Public Joint-Stock Company “Moscow ExchangeMICEX-RTS” (short name “Moscow Exchange”).“Ordinary Shares” or “Shares” ordinary share(s) with nominal value of RUB 0.656517 each in the share capital of the Company (or of such nominal value as shall result from a sub-division consolidation reclassification or reconstruction of the share capital of the Company from time to time).“Remuneration Committee” the Remuneration Committee of the Board.“RUB” Russian ruble the monetary unit and lawful currency of the Russian Federation.“Securities” Ordinary Shares or securities convertible into Ordinary Shares or options warrants or similar rights to subscribe for any Shares or such convertible securities.? 2 ?DEFINITIONS “SFO” Securities and Futures Ordinance Chapter 571 of the Laws of Hong Kong.“Shareholder(s)” holder(s) of Share(s).“Substantial Shareholder(s)” has the same meaning ascribed to it under the HKSE Listing Rules.“%” per cent.? 3 ?UNITED COMPANY RUSAL INTERNATIONAL PUBLIC JOINT-STOCK COMPANY (Incorporated under the laws of Jersey with limited liability and continued in the Russian Federation as an international company) (Hong Kong Stock Code: 486; Moscow Exchange: RUAL) Executive Directors: Registered office in Russia: Mr. Evgeny Kuryanov Office 410 8 Oktyabrskaya street Mr. Evgenii Nikitin Kaliningrad region Mr. Evgenii Vavilov Kaliningrad 236006 Russian Federation Non-executive Directors: Principal place of business: Mr. Mikhail Khardikov Russian Federation Kaliningrad region Mr. Vladimir Kolmogorov the city of Kaliningrad Oktyabrskij island Mr. Semen Mironov Place of business in Hong Kong: Independent Non-executive Directors: 17/F. Leighton Centre Mr. Christopher Burnham 77 Leighton Road Causeway Bay Hong Kong Ms. Liudmila Galenskaia Mr. Kevin Parker Dr. Evgeny Shvarts Ms. Anna Vasilenko Mr. Bernard Zonneveld (Chairman) 5 June 2024 Dear Shareholders! INTRODUCTION The purpose of this circular is to provide you with information necessary to enable you to make an informed decision on whether to vote on items of the AGM agenda described below.AGM AGENDA AND PROPOSED RESOLUTIONS AGENDA ITEM 1: Approval of the annual report of UC RUSAL IPJSC for 2023.PROPOSED RESOLUTION ON ITEM 1: To approve the annual report of UC RUSAL IPJSC for 2023 (included in the materials (information) provided to persons entitled to participate in the general meeting in preparation for the general meeting).? 4 ?AGENDA ITEM 2: Approval of the consolidated financial statements of UC RUSAL IPJSC for the year ended 31 December 2023.PROPOSED RESOLUTION ON ITEM 2: To approve the consolidated financial statements of UC RUSAL IPJSC for the year ended 31 December 2023 (included in the materials (information) provided to persons entitled to participate in the general meeting in preparation for the general meeting).AGENDA ITEM 3: Approval of the annual accounting (financial) statements of UC RUSAL IPJSC for the year ended 31 December 2023 prepared in accordance with Russian Accounting Standards.PROPOSED RESOLUTION ON ITEM 3: To approve the annual accounting (financial) statements of UC RUSAL IPJSC for the year ended 31 December 2023 prepared in accordance with Russian Accounting Standards (included in the materials (information) provided to persons entitled to participate in the general meeting in preparation for the general meeting).AGENDA ITEM 4: Payment (declaration) of dividends by the Company based on the results of 2023. PROPOSED RESOLUTION ON ITEM 4: Not to distribute profit of UC RUSAL IPJSC based on the results of 2023 not to declare and not to pay dividends based on the results of 2023.AGENDA ITEM 5: Approval of the auditor of UC RUSAL IPJSC the terms and conditions of the agreement with the auditor including determination of the remuneration of the auditor.PROPOSED RESOLUTION ON ITEM 5: To approve TSATR - AUDIT SERVICES LIMITED LIABILITY COMPANY as the auditor of UC RUSAL IPJSC for 2024. To approve total remuneration for services in 2024: RUB 245662000 net of VAT but including out-of-pocket expenses. To approve the following terms and conditions of the agreement with the auditor: Customer: UC RUSAL IPJSC; Auditor: TSATR - AUDIT SERVICES LLC; Subject: audit of the financial statements (both prepared in accordance with the Russian Accounting Standards and International Financial Reporting Standards) for the year ending 31 December 2024 conducting a review of interim financial statements (prepared in accordance with the International Financial Reporting Standards) for the six months ending 30 June 2024 and other audit services; Indemnification: unlimited indemnity to compensate or reimburse any expense or loss of TSATR - AUDIT SERVICES LLC in connection with the audit of the financial statements (both prepared in accordance with the Russian Accounting Standards and International Financial Reporting Standards) for the year ending 31 December 2024 conducting a review of interim financial statements (prepared in accordance with the International Financial Reporting Standards) for the six months ending 30 June 2024 and other audit services.? 5 ?AGENDA ITEM 6: Election of the Board of Directors of the Company.PROPOSED RESOLUTION ON ITEM 6: To elect the following persons to the Board of Directors of UC RUSAL IPJSC: 1. Albrekht Natalia Aleksandrovna 2. Galenskaia Liudmila Petrovna 3. Danilov Aleksander Vladimirovich 4. Zonneveld Bernard 5. Ivanova Elena Anatolievna 6. Kolmogorov Vladimir Vasilievich 7. Nikitin Evgenii Viktorovich 8. Shvarts Evgeny Arkadievich 9. Mironov Semen Viktorovich 10. Buto Oksana 11. Burnham Christopher 12. Vasilenko Anna Gennadievna 13. Parker Kevin AGENDA ITEM 7: Election of members of the Internal Audit Committee of UC RUSAL IPJSC.PROPOSED RESOLUTION ON ITEM 7: To elect the following persons to the Internal Audit Committee of UC RUSAL IPJSC: 1. Petrova Oksana Fedorovna 2. Rudominsky Aleksey Valerievich 3. Cherepanova Nataliya Dmitrievna APPROVAL OF THE ANNUAL REPORT OF UC RUSAL IPJSC FOR 2023 Pursuant to articles 11.1 and 12.1.7 of the Charter the annual general meeting of Shareholders shall approve the annual report of the Company. Articles 23.1.16 and 31.4 of the Charter provide that the Board shall preliminarily consider and approve the annual report within 4 months after the end of the financial year for which the annual report was prepared.? 6 ?On 15 April 2024 based on the results of preliminary review the Board approved the Annual Report in accordance with the procedure set out in article 23.1.16 of the Charter (Minutes No. 240402 dated 15 April 2024).On 26 April 2024 the Annual Report was disclosed in compliance with the applicable requirements on the Company’s website the website of the HKSE and Interfax.The Internal Audit Committee has confirmed the reliability of data contained in the Annual Report.APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 In reliance on the auditor’s report as well as the recommendation of the Audit Committee based on the preliminary review of the results on 14 March 2024 the Board noted and recommended for the Shareholders’ approval (Minutes No. 240301 dated 15 March 2024) the consolidated and standalone financial statements of the Company for the year ended 31 December 2023 which was prepared in accordance with International Financial Reporting Standards (IFRS) and approved the relevant annual results announcement in accordance with Rule 13.49 of the HKSE Listing Rules.On 15 March 2024 the Company published the annual results announcement and the consolidated and separate financial statements of the Company for the year ended 31 December 2023 which was prepared in accordance with International Financial Reporting Standards (IFRS) on the Company’s website the website of the HKSE and Interfax.APPROVAL OF THE ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS In reliance on the auditor’s report as well as the recommendation of the Audit Committee based on the results of preliminary review in accordance with the procedure set out in article 23.1.16 of the Charter the Board approved (Minutes No. 240301 dated 15 March 2024) the annual accounting (financial) statements for the year ended 31 December 2023 which was prepared in accordance with the Russian Accounting Standards. The Internal Audit Committee has confirmed the reliability of data contained in the annual accounting (financial) statements for the year ended 31 December 2023 which was prepared in accordance with the Russian Accounting Standards.The annual accounting (financial) statements for the year ended 31 December 2023 which was prepared in accordance with the Russian Accounting Standards are set out in Appendix I to this circular.PAYMENT (DECLARATION) OF DIVIDENDS BY THE COMPANY BASED ON THE RESULTS OF 2023 Reference is made to the announcement of the Company dated 16 May 2024.Pursuant to articles 11.1 and 12.1.20 of the Charter the annual general meeting of Shareholders shall resolve on (a) distribution of profits (including payment (declaration) of dividends except for payment of profits as dividends based on the results of the first quarter six months nine months of the reporting year) based on the results of the reporting year and (b) establishment of the date on which the persons entitled to receive dividends are determined.? 7 ?According to article 23.1.18 of the Charter the Board shall make recommendations related to the amount of dividends on shares and the procedure for their payment date as of which the persons entitled to receive dividends shall be determined.The Board resolved to recommend to the AGM not to distribute profit of the Company based on the results of 2023 not to declare and not to pay dividends based on the results of 2023.APPROVAL OF THE AUDITOR OF UC RUSAL IPJSC THE TERMS AND CONDITIONS OF THE AGREEMENT WITH THE AUDITOR INCLUDING DETERMINATION OF THE REMUNERATION OF THE AUDITOR TSATR - AUDIT SERVICES LIMITED LIABILITY COMPANY (formerly Ernst & Young LLC) will retire and being eligible will offer themselves for reappointment as the Company’s sole auditor.Pursuant to articles 11.1 12.1.17 12.1.18 and 30.8 of the Charter the annual general meeting of Shareholders shall approve the appointment of the auditor candidacy of which is proposed by the Board as well as the terms of the agreement entered into with the auditor including determination of amount of its remuneration.As provided in article 13.7 of the Charter the decision on the matter concerning the terms of the agreement entered into with the auditor and its remuneration shall be adopted only on the basis of recommendation of the Audit Committee.The Board resolved with the recommendation of the Audit Committee to determine the candidacy of TSATR - AUDIT SERVICES LIMITED LIABILITY COMPANY (formerly Ernst & Young LLC) (main state registration number: 1027739707203 taxpayer identification number: 7709383532 member of the self-regulatory organization of auditors Association “Sodruzhestvo” the main registration number of the entry in the register of auditors and audit organizations is 12006020327) (“TSATR - AUDIT SERVICES LLC”) as the auditor of the Company for 2024 and to recommend to the AGM to approve: 1. TSATR - AUDIT SERVICES LLC as the auditor of the Company for 2024; 2. total remuneration for services in 2024: RUB245662000 net of VAT but including out-of-pocket expenses; 3. the following terms and conditions of the agreement with the auditor: Customer: the Company; Auditor: TSATR - AUDIT SERVICES LLC; Subject: audit of the financial statements (both prepared in accordance with the Russian Accounting Standards and International Financial Reporting Standards) for the year ending 31 December 2024 conducting a review of interim financial statements (prepared in accordance with the International Financial Reporting Standards) for the six months ending 30 June 2024 and other audit services; ? 8 ?Indemnification: unlimited indemnity to compensate or reimburse any expense or loss of TSATR - audit services LLC in connection with the audit of the financial statements (both prepared in accordance with the Russian Accounting Standards and International Financial Reporting Standards) for the year ending 31 December 2024 conducting a review of interim financial statements (prepared in accordance with the International Financial Reporting Standards) for the six months ending 30 June 2024 and other audit services.The Audit Committee has assessed the independence and objectivity of TSATR - AUDIT SERVICES LLC. Based on the results of the assessment the Audit Committee confirmed the independence and objectivity of TSATR - AUDIT SERVICES LLC as well as absence of conflict of interests of TSATR - AUDIT SERVICES LLC including but not limited to the absence of family work-related investment financial and/or business relations between employees (officials) of TSATR - AUDIT SERVICES LLC and the Company (except for relations regarding proposed TSATR - AUDIT SERVICES LLC’s audit of the Company).The appointment of TSATR - AUDIT SERVICES LLC will be submitted as an ordinary resolution for approval by the Shareholders in the AGM with effect from the conclusion of the AGM and to hold office until the conclusion of the next annual general meeting of the Company.ELECTION OF THE BOARD OF DIRECTORS OF THE COMPANY In accordance with article 24.1 of the Charter members of the Board shall be elected by the general meeting of Shareholders by the majority of votes of the Shareholders holding voting Shares and taking part in the general meeting of Shareholders for the term until the next annual general meeting of Shareholders.The candidates for election to the Board were approved by the Board on 5 February 2024 (Minutes No. 240201 dated 6 February 2024) and on 16 May 2024 (Minutes No. 240501 dated 17 May 2024). The list of candidates for election to the Board includes the following persons: 1. Albrekht Natalia Aleksandrovna 2. Galenskaia Liudmila Petrovna 3. Danilov Aleksander Vladimirovich 4. Zonneveld Bernard 5. Ivanova Elena Anatolievna 6. Kolmogorov Vladimir Vasilievich 7. Nikitin Evgenii Viktorovich 8. Shvarts Evgeny Arkadievich 9. Mironov Semen Viktorovich 10. Buto Oksana 11. Burnham Christopher 12. Vasilenko Anna Gennadievna 13. Parker Kevin ? 9 ?The Corporate Governance and Nominations Committee has evaluated the candidates proposed for election to the Board based on their experience knowledge and business reputation and is of the view that the candidates proposed for election to the Board save for the candidacy of Ms. Oksana Buto satisfy the Company’s needs and meet the Company’s goals objectives and interests. The mix of skills experience and other diversity criteria including but not limited to age qualification and educational background provides for a balanced composition of the Board.The Board considers that the proposed candidates save for the candidacy of Ms. Buto are in the best interests of the Company and the Shareholders as a whole and accordingly recommends all Shareholders to vote in favour of the proposed candidates to the Board save for the candidacy of Ms.Buto and does not recommend to vote in favour of Ms. Buto.Biographical details and information about the proposed candidacies included into the list of candidates for election to the Board at the AGM are set out in Appendix II to this circular.ELECTION OF MEMBERS OF THE INTERNAL AUDIT COMMITTEE OF UC RUSAL IPJSC Articles 11.1 12.1.16 and 30.1 of the Charter provide that the annual general meeting of the Shareholders shall elect the Internal Audit Committee composed of three persons to exercise control over the financial and economic activities of the Company. Members of the Internal Audit Committee may not simultaneously be members of the Board or holders of other executive offices in the Company. The following persons were proposed by the Shareholder holding more than 2% of voting Shares and on 5 February 2024 were included by the Board (Minutes No. 240201 dated 6 February 2024) in the list of candidates for consideration at the AGM as members to the Internal Audit Committee: Petrova Oksana Fedorovna Rudominsky Aleksey Valerievich and Cherepanova Nataliya Dmitrievna.Biographical details and information about the proposed candidacies included into the list of candidates for election to the Internal Audit Committee at the AGM are set out in Appendix III to this circular.AGM Form of the general meeting Meeting (compresence) Date and time of the meeting 27 June 2024 at 10:00 a.m Kaliningrad time / 4:00 p.m. Hong Kong time Place of holding the meeting (address) Hotel “Kaiserhof” Oktyabrskaya street 6a Kaliningrad Russian Federation Time when the registration of AGM 27 June 2024 at 09:30 a.m. Kaliningrad time / participants commence 3:30 p.m. Hong Kong time Date on which the persons entitled to 4 June 2024 participate in the AGM are determined (recorded) ? 10 ?The Shareholders will be able to familiarize themselves with the AGM information (materials) within 20 days up to and including the date of the AGM. The information provided to the Shareholders shall be available for review at: 236006 Kaliningrad region city of Kaliningrad ul.Oktyabrskaya 8 office 410 on business days in the Russian Federation from 9:00 a.m. to 6:00 p.m.local time and at 17/F. Leighton Centre 77 Leighton Road Causeway Bay Hong Kong on business days in Hong Kong from 10:00 a.m. to 1:00 p.m. and from 2:00 p.m. to 5:00 p.m. local time.IRC Registered ShareholdersIn case your rights to Shares are registered by the joint-stock company “InterregionalRegistration Center” (hereinafter referred to as — JSC “IRC” or the “Registrar”) you are requested to (1) submit to the Company or the Registrar a completed and signed voting ballot in accordance with the Company’s instructions or (2) access the online portal at https://online.e-vote.ru which will allow you to virtually attend the AGM and vote by completing the electronic form of the ballot (for Shareholders whose rights to Shares are registered through a nominee holder completion of the electronic form of the ballot will be available after the nominee holder discloses information about such a Shareholder as a person entitled to participate in the AGM (provides the information to JSC “IRC”) or (3) if the registered person in the register of shareholders is a nominee holder and not the Shareholder himself to vote by giving instructions to the nominee holder.HKMS Registered Shareholders In case of registration of rights to Shares in Hongkong Managers and Secretaries Limited (hereinafter referred to as “HKMS”) you are requested to complete and submit a proxy form in the manner described in this circular below.Any Shareholder whose rights to Shares are registered with HKMS and who wishes to view and listen to the AGM online is required to send his/her full name (as appears on his/her identification document) and phone number to the following email address: registrar@hkmanagers.com not later than 48 hours before the appointed time and date of the AGM. Shareholders whose rights to Shares are registered with HKMS may be required to present identification documents (sufficient for the Company and/or HKMS in their sole discretion to verify their identity against Shareholders’ records) prior to being provided with the link to view the AGM online. Shareholders whose rights to Shares are registered with HKMS should be able to access the live webcast of the AGM using such link from the start of the AGM until its conclusion. However the online link will not enable Shareholders whose rights to Shares are registered with HKMS to vote on any resolution at the AGM online and therefore they may only vote on any resolution of the AGM in advance by proxy in accordance with the procedure as set out in this circular.Shareholders whose rights to Shares are registered with HKMS who would like to raise questions in relation to the business of the AGM can do so by sending questions via email to the following email address: registrar@hkmanagers.com. Shareholders whose rights to Shares are registered with HKMS are required to send his/her full name (as appears on his/her identification document) when submitting the questions and only questions submitted by Shareholders the identification of which have been verified by the Company and/or HKMS against Shareholders’ records (the sufficiency of which is at their sole discretion) will be accepted. Shareholders whose rights to Shares are registered with HKMS are encouraged to submit questions in advance of the AGM in order for the Company to facilitate their moderation.? 11 ?Each AGM participant must bring his or her passport or other identity document to the AGM for the purpose of identification and for the authorized representative of the Shareholder a power of attorney for the right to participate in the general meeting of Shareholders on behalf of the Shareholder and (or) documents confirming the right to act on behalf of the Shareholder in the absence of a power of attorney or other necessary powers. If the registration of rights to Shares is carried out in HKMS through a nominee holder and you want to personally participate in the AGM you should contact your broker bank custodian or other nominee holder through whom you own shares for instructions on the necessary actions for personal participation. When attending the AGM in person depending on the rules and regulations in force at the time a QR-code issued to the visitor may be required.All holders of the Ordinary Shares who were Shareholders as at the record date of the AGM have the right to vote on all items on the agenda of the AGM. The AGM resolutions on all items put to vote will be passed if a majority of the votes of the Shareholders who own the voting Shares and participate in the AGM cast for the resolutions (“Ordinary Resolutions”). Voting at the AGM shall be on the principle of “one Ordinary Share - one vote”. Voting at the AGM will be taken by way of poll.Currently it is possible that nominee holders or other infrastructure participants may decline to exercise corporate shareholder rights (e.g. referring to their internal rules regulations or restrictions or otherwise). The Shareholders who own Shares through third parties are encouraged to carefully discuss with their counterparties (trustees brokers custodians etc.) the procedure for voting including in the event of a transfer of Shares by a Shareholder between the Russian and Hong Kong registers after the date on which the persons entitled to participate in the AGM are determined (recorded).Procedure for sending of voting ballots (in case your rights are registered by JSC “IRC”) The voting ballot will be available on the Company’s website on the Internet at https://www.rusal.ru. They will also be circulated in accordance with applicable requirements.The postal address to send your completed voting ballots: JSC “IRC” Podsosensky pereulok 26 str.2 Moscow 105062 Russian Federation.Persons who have duly registered to participate in the AGM and Shareholders whose original voting ballots were sent to JSC “IRC” or the Company at the above-mentioned postal address and were received by JSC “IRC” or the Company no later than 48 hours before the time set for the AGM are considered to have participated in the AGM. Shareholders who in accordance with the Russian securities legislation have given voting instructions to the persons which keep records of their rights to Shares are also considered to have participated in the AGM if the information about their expression of will is received by the Registrar no later than 48 hours before the time set for the AGM.For questions related to the implementation of the right to participate in the AGM you can contact the Registrar by e-mail to info@mrz.ru or by phone: +7 (495) 234-44-70.Procedure for sending of proxy forms for voting (in case your rights are registered by HKMS)Whether or not a Shareholder intends to attend the AGM as stated in the section headed “HKMSRegistered Shareholders” of this circular he or she is requested to complete the form of proxy in accordance with the instructions printed thereon and deposit it together with the power of attorney or other authority (if any) under which it is signed or a notarized copy of such power of attorney or authority at the office of HKMS: Hongkong Managers and Secretaries Limited Units 1607-8 16/F ? 12 ?Citicorp Centre 18 Whitfield Road Causeway Bay Hong Kong or at proxy@hkmanagers.com as soon as possible and in any event not less than 48 hours before the time appointed for the holding of the AGM. A form of proxy for use in connection with the AGM is enclosed with this circular. In the event that a Shareholder having lodged a proxy form attends the AGM his proxy form will be deemed to have been revoked.For instructions on the online webcast please refer to the user guide which will be made available on the Company’s website (https://rusal.ru/en/) as soon as practicable after the issue of this circular and in any event no later than 12 June 2024.The notice convening the AGM is set out on pages 104 to 109 of this circular.RECOMMENDATIONS The Directors consider that the proposed ordinary resolutions in relation to items of AGM agenda are each except the resolution on election of Ms. Oksana Buto to the Board of Directors in the best interests of the Company and the Shareholders as a whole and accordingly recommend all Shareholders to vote in favour of the resolutions relating to these matters to be proposed at the AGM save for the resolution on election of Ms. Oksana Buto to the Board of Directors as mentioned above.No Shareholder is required to abstain from voting in respect of any of the resolutions to be proposed at the AGM.Your attention is drawn to the appendices to this circular.? 13 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Independent Auditor’s Report on Accounting/Financial Statements of UC RUSAL IPJSC for 2023 March 2024 ? 14 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Contents Page Independent Auditor’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Appendices Accounting/financial statements of UC RUSAL IPJSC for 2023 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Profit and Loss Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Appendices to the Balance Sheet and Profit and Loss Statement: ? Statement of Changes in Equity for 2023; ? Statement of Cash Flows for 2023; Notes to the Balance Sheet and Profit and Loss Statement including key accounting policies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 ? 15 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Independent Auditor’s Report To the shareholders of UC RUSAL IPJSC To the Board of Directors of UC RUSAL IPJSC Opinion We have audited the accounting/financial statements of UC RUSAL IPJSC which comprise: ? the Balance Sheet as of December 31 2023; ? the Profit and Loss Statement for 2023; ? appendices to the Balance Sheet and Profit and Loss Statement: ? the Statement of Changes in Equity for 2023; ? the Cash Flow Statement for 2023; Notes to the Balance Sheet and Profit and Loss Statement including key accounting policies.In our opinion the accompanying accounting/financial statements present fairly in all material respects the financial position of the Company as at December 31 2023 as well as its financial results and cash flows for 2023 in accordance with the rules for the preparation of accounting (financial) statements established in the Russian Federation.Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in ’Auditor’s Responsibilities for the Audit of the Accounting (Financial) Statements’ section of our report. We are independent of the Company in accordance with the ethical requirements of the Code of Professional Ethics for Auditors and the Auditors and Audit Firms Independence Rules applicable to our audit of the accounting/financial statements in the Russian Federation and the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (the ’IESBA Code’). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for our opinion.? 16 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Material Uncertainty about the Company’s Ability to Continue as a Going Concern We draw your attention to paragraph 2.1 (Basis of Data Reporting) of the Notes to the Balance Sheet and Profit and Loss Statement which states that geopolitical tensions and sanctions imposed by several countries along with volatility in commodity stock currency and interest rate markets may significantly impact the Company’s operating investing and financing activities. These events or conditions along with other circumstances outlined in paragraph 2.1 (Basis of Data Reporting) of the Notes to the Balance Sheet and Profit and Loss Statement indicate a significant uncertainty which may cast substantial doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.Key Audit Matters Key audit matters are those matters that in our professional judgement were of most significance in our audit of the accounting/financial statements for the current period. In addition to the circumstances set out in the ’Significant Uncertainty Regarding Continuity of Operations’ section we identified the matter below as a key audit matter to be reported in our opinion. This matter was addressed in the context of our audit of the accounting/financial statements as a whole and in forming our opinion thereon but we do not provide a basis for a separate opinion on this matter. In relation to the matter below our description of how this matter was addressed during our audit is provided in this context.We have fulfilled the responsibilities described in the ’Auditor’s Responsibility for the Audit of the Accounting (Financial) Statements’ section of our opinion including in relation to this matter.Accordingly our audit included the implementation of procedures developed in response to our assessment of the risks of material misstatement of the accounting (financial) statements. The results of our audit procedures including those performed in the course of addressing the matter below serve as the basis for expressing our audit opinion on the accompanying accounting (financial) statements.? 17 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS How the relevant key matter was addressed Key Audit Matter during our audit Impairment assessment of investments in subsidiaries The accounting/financial statements for the year We compared the main assumptions such as the ended December 31 2023 reflect a significant volume of production forecast prices for the sale amount of financial investments in subsidiaries. of aluminum and coal forecast purchase prices for alumina and bauxite forecast inflation rates Current global market conditions including forecast exchange rates discount rates used in the fluctuations in aluminium prices on the London models of discounted cash flows of the Company Metal Exchange market premiums and purchase with the published macroeconomic indicators and prices for aluminium their long-term forecasts forecast data.and increases in logistics costs may indicate that certain cash-generating units (CGUs) may incur We analysed the historical accuracy of the impairment losses or that previously recognised forecasts made by the management by comparing impairment losses may need to be fully or forecasts for the previous period with the actual partially reversed. results.As at the reporting date the management We tested the mathematical accuracy of the evaluates the recoverable amount of the models and analysed the sensitivity of the value Company’s financial investments in subsidiaries in use to changes in the main assumptions as based on the calculation of their value in use. well as the correctness of the disclosure of the Impairment analysis of investments in sensitivity of the evaluation results to changes in subsidiaries is a key audit matter due to the key assumptions.materiality of the amount of investments in subsidiaries the high level of subjectivity of With the help of our internal valuation assumptions and estimates adopted by specialists we analysed the calculations of the management and underlying impairment analysis. recoverable amount of investments in subsidiaries prepared by the Company’s management.Other Information Included in the Annual Report Other information includes the information contained in the Annual Report but does not include the accounting (financial) statements and our auditor’s report thereon. The management is responsible for other information. The Annual Report is expected to be made available to us after the date of this audit opinion.Our opinion on the accounting/financial statements does not apply to other information and we will not provide any form of assurance conclusion with respect to such information.? 18 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS In connection with our audit of the accounting (financial) statements our responsibility is to read the above other information when it becomes available and in doing so consider whether such other information is materially inconsistent with the accounting (financial) statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Responsibility of Management and the Board of Directors for the Accounting/Financial Statements The management of the auditee is responsible for the preparation and fair presentation of these accounting (financial) statements in accordance with the Russian Accounting Standards and for the internal audit system which the management deems necessary to enable the preparation of the accounting (financial) statements that are free from material misstatement whether due to fraud or error.In preparing the accounting (financial) statements the management is responsible for assessing the Company’s ability to continue as a going concern for disclosing as the case may be information related to such business continuity and for preparing statements based on the business continuity assumption except when the management intends to liquidate the Company cease its operations or has no realistic alternative but to do so.The Board of Directors is responsible for overseeing the Company’s accounting/financial reporting process.Auditor’s Responsibilities for Audit of the Accounting (Financial) Statements Our objectives are to obtain reasonable assurance about whether the accounting statements are free from material misstatement whether due to fraud or error and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounting (financial) statements.As part of an audit in accordance with ISAs we exercise professional judgment and maintain professional skepticism throughout the audit. We also: ? Identify and assess the risks of material misstatement of the accounting (financial) statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.? Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.? 19 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS ? Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.? Conclude on the appropriateness of management’s use of the going concern basis of accounting. We also conclude based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor’s report to the related disclosures in the accounting (financial) statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors’ Report. However future events or conditions may cause the Company to cease to continue as a going concern.? Evaluate the overall presentation structure and content of the (accounting) financial statements including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.We are required to communicate with the Board of Directors regarding among other matters the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.We are also required to provide the Board of Directors with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards.From the matters communicated with the Board of Directors we are required to determine those matters that were of most significance in the audit of the accounting (financial) statements of the current period and are therefore the key audit matters. We are required to describe these matters in our auditor’s report unless law or regulation preclude public disclosure about the matter or when in extremely rare circumstances we determine that a matter that has not otherwise been publicly disclosed should not be communicated in our report in view of the significance of the adverse consequences that can reasonably be expected to arise as a result of such communication.The engagement partner on the audit resulting in this independent auditor’s report is Mikhail S.Khachaturyan.Mikhail S. Khachaturyan CEO of Centre for Audit Technology and Solutions — Audit Services Limited Liability Company engagement partner on the audit resulting in the auditor’s report (Principal Number of Registration Entry (ORNZ): 21906108270) March 12 2024 ? 20 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Information on the Auditor Name: Centre for Audit Technology and Solutions — Audit Services Limited Liability Company The entry was made in the Unified State Register of Legal Entities on December 5 2002 and assigned state registration number 1027739707203. Location: 115035 Russia Moscow Sadovnicheskaya nab. 77 bldg. 1.Centre for Audit Technology and Solutions — Audit Services Limited Liability Company is a member of Self-Regulatory Organisation of Auditors Sodruzhestvo Association (SRO ASA). Centre for Audit Technology and Solutions — Audit Services Limited Liability Company is included in the check print of the Register of Auditors and Audit Firms under the principal registration number 12006020327.Information on the auditee Name: UC RUSAL IPJSC The entry was made in the Unified State Register of Legal Entities on September 25 2020 and assigned the state registration number 1203900011974.Location: 236006 Russia Kaliningrad ul. Oktyabrskaya 8 office 410.? 21 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Balance Sheet as of December 31 2023 Codes Form as per the Russian National Classifier of Management Documentation (OKUD) 0710001 Date (month day year) 31 12 2023 as per the National Classifier of Enterprises Organisation UC RUSAL IPJSC and Organisations (OKPO) 45767561 Taxpayer Identification Number (INN) 3906394938 Business Activity Activities of holding companies Russian National Classifier of Types of Economic Activities (OKVED) 2 64.20 Legal form / ownership form Public joint-stock companies / private property as per the Russian National Classifier of Legal Forms / Russian National Classifier of Ownership Forms (OKOPF/OKFS) 12247 16 as per the All-Russian National Classifier of UoM: RUB ’000 Measurement Units (OKEI) 384 Office 410 8 Oktyabrskaya street Location (address) Kaliningrad Kaliningrad Region 236006 Accounting Statements are subject to statutory audit √ Yes No Name of the audit firm/surname name patronymic (if any) of the individual auditor TSATR - Audit Services Limited Liability Company Audit organization / individual auditor INN 7709383532 taxpayer identification number Audit organization / individual auditor OGRN/ GRNIP 1027739707203 primary state registration number ? 22 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS As of As of As of December 31 December 31 December 31 Notes Indicator Code 2023 2022 2021 ASSETS I. NONCURRENT ASSETS Intangible assets 1110 — — — R&D results 1120 — — — Intangible exploration assets 1130 — — — Tangible exploration assets 1140 — — — f5.1.1; cl.2.2 Fixed assets 1150 199325 217049 68676 f5.1.1; cl.2.2 including: rights to use an asset 1151 193756 211679 67810 Income-bearing investments in tangible assets 1160 — — — f5.2; cl.2.33 Financial investments 1170 1122144534 1145791214 1273173324 cl.2.7 Deferred tax assets 1180 — — — cl.2.2 2.11 3 Other noncurrent assets 1190 5400873 446502 689746 Total for Section I 1100 1127744732 1146454765 1273931746 II. CURRENT ASSETS f5.3; cl.2.4 Inventories 1210 688 280 — Value added tax on assets purchased 1220 3990 3723 3481 f5.4.1; cl.2.12; 3 Accounts receivable 1230 74987256 18671340 11529771 f5.2; cl.2.3 Financial investments (excluding cash equivalents) 1240 432239808 386189073 126035606 f4; cl.2.5 Cash and cash equivalents 1250 15390822 102451817 1121712 Other current assets 1260 3065 4124 4973 Total for Section II 1200 522625629 507320357 138695543 BALANCE 1600 1650370361 1653775122 1412627289 LIABILITIES III. EQUITY AND RESERVES f3 Authorized capital (share capital authorized fund partners’ contributions) 1310 9974473 9974473 9974473 Treasury shares 1320 (—) (—) (—) Revaluation of noncurrent assets 1340 — — — Add-on capital (without revaluation) 1350 803246716 803094786 803094786 Reserve capital 1360 — — — f3 Retained profit (uncovered loss) 1370 344740148 254512326 266625351 Total for Section III 1300 1157961337 1067581585 1079694610 IV. LONG-TERM LIABILITIES cl.2.6 3 Borrowings 1410 355287465 474498455 266676155 cl.2.1 2.6 including lease obligations 1411 104178 125732 67810 cl.2.7 Deferred tax liabilities 1420 7038 6601 3 f5.6; cl.4 Provisions 1430 — — — Other liabilities 1450 97159 — — f5.4.3; cl.2.12 3 including: accounts payable 1451 97159 — — Total for Section IV 1400 355391662 474505056 266676158 V. CURRENT LIABILITIES cl.2.6 3 Borrowings 1510 123422195 64249187 65870557 cl.2.1 2.6 including lease obligations 1511 56413 52947 — f5.4.3; cl.2.12 3 Accounts payable 1520 13467033 47247518 128892 Prepaid income 1530 — — — Provisions 1540 124144 189171 253874 f5.6; cl.4 Other Liabilities 1550 3990 2605 3198 Total for Section V 1500 137017362 111688481 66256521 BALANCE 1700 1650370361 1653775122 1412627289 CEO E. Nikitin (signature) (signature transcript) March 12 2024.? 23 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Statement of Financial Results for 12 months of 2023 Codes Form as per the Russian National Classifier of Management Documentation (OKUD) 0710002 Date (day month year) 31 12 2023 as per Russian National Classifier of Businesses Organisation UC RUSAL IPJSC and Organisations (OKPO) 45767561 Taxpayer Identification Number INN 3906394938 the Russian National Classifier of Types of Business activity Activities of holding companies Economic Activities (OKVED) 2 64.20 Legal form/ownership form Public joint-stock companies / private property as per the Russian National Classifier of Legal Forms / Russian National Classifier of Ownership Forms (OKOPF/OKFS) 12247 16 as per the All-Russian National Classifier of Unit of measurement: RUB ’000 Measurement Units (OKEI) 384 For 12 For 12 months of months of Notes Indicator Code 2023 2022 cl. 2.8; 3 Revenue 2110 30898154 93661457 Cost of sales 2120 — — Gross profit (loss) 2100 30898154 93661457 Selling expenses 2210 — — f5.5; cl. 2.9 Administrative expenses 2220 (2594852) (2293227) Profit (loss) from sales 2200 28303302 91368230 Income from shareholdings 2310 — — n.3 Interest receivable 2320 21908528 23661768 n.3 Interest payable 2330 (19603329) (17461857) cl. 2.10 Other income 2340 62883909 14588037 cl. 2.10 Other expenses 2350 (3264151) (106817074) Profit (loss) before taxes 2300 90228259 5339104 cl.2.7 Profit tax 2410 (437) (6598) cl.2.7 including current profit tax 2411 — — cl.2.7 deferred profit tax 2412 (437) (6598) Other 2460 — — Net profit (loss) 2400 90227822 5332506 Result of revaluation of non-current assets not included in the net profit (loss) for the period 2510 — — Result of other operations not included in the net profit (loss) as of the period 2520 — — Profit tax on operations not included in the net profit (loss) as of the period 2530 — — Aggregate financial result as of the period 2500 90227822 5332506 FOR REFERENCE cl. 2.13 Basic earnings (loss) per share 2900 — — cl. 2.13 Diluted earnings (loss) per share 2910 — — CEO E. Nikitin (signature) (signature transcript) March 12 2024 ? 24 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Statement of Changes in Equity for 2023 Codes Form as per the Russian National Classifier of Management Documentation (OKUD) 0710001 Date (month day year) 31 12 2023 as per Russian National Classifier of Businesses Organisation UC RUSAL IPJSC and Organisations (OKPO) 45767561 Taxpayer Identification Number INN 3906394938 Russian National Classifier of Types of Business Activity Activities of holding companies Economic Activities (OKVED) 2 64.20 Legal form / ownership form Public joint-stock companies / private property as per the Russian National Classifier of Legal Forms / Russian National Classifier of Ownership Forms (OKOPF/OKFS) 12247 16 as per the All-Russian National Classifier of Unit of measurement: RUB ’000 Measurement Units (OKEI) 384 ? 25 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS 1. Changes in equity Retained earnings Authorised Treasury Capital Reserve (unrecovered Indicator Code capital shares surplus capital loss) Total Equity as of December 31 2021 3100 9974473 (—) 803094786 — 266625351 1079694610 for the period from January to December of 2022 Total increase in equity: 3210 — — — — 5332506 5332506 including: net profit 3211 х х х х 5332506 5332506 revaluation of assets 3212 х х — х — — income directly attributable to an increase in equity 3213 х х — х — — additional issue of shares 3214 — — — х х — increase in the face value of shares 3215 — — — х х — legal entity restructuring 3216 — — — — — — Total decrease in equity: 3220 (—) — (—) (—) (17445531) (17445531) including: loss 3221 х х х х (—) (—) revaluation of assets 3222 х х (—) х (—) (—) expenditures directly attributable to the decrease in equity 3223 х х (—) х (—) (—) decrease in the face value of shares 3224 (—) — — х — (—) decrease in the number of shares 3225 (—) — — х — (—) legal entity restructuring 3226 — — — — — (—) dividends 3227 х х х х (17445531) (17445531) Change in capital surplus 3230 х х — — — х Change in reserve capital 3240 х х х — — х Equity as of December 31 2022 3200 9974473 (—) 803094786 — 254512326 1067581585 for the period from January to December of 2023 Total increase in equity: 3310 — — — — 90227822 90227822 including: net profit 3311 х х х х 90227822 90227822 revaluation of assets 3312 х х — х — — income directly attributable to an increase in equity 3313 х х — х — — additional issue of shares 3314 — — — х х — increase in the face value of shares 3315 — — — х х — legal entity restructuring 3316 — — — — — — Total decrease in equity: 3320 (—) — (—) (—) (—) (—) including: loss 3321 х х х х (—) (—) revaluation of assets 3322 х х (—) х (—) (—) expenditures directly attributable to the decrease in equity 3323 х х (—) х (—) (—) decrease in the face value of shares 3324 (—) — — х — (—) decrease in the number of shares 3325 (—) — — х — (—) legal entity restructuring 3326 — — — — — (—) dividends 3327 х х х х (—) (—) Change in capital surplus 3330 х х 151930 — — х Change in reserve capital 3340 х х х — — х Equity as of December 31 2023 3300 9974473 (—) 803246716 — 344740148 1157961337 ? 26 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS 2. Adjustments related to changes in accounting policy and error correction Changes in equity for the period from January to As of December 2022 As of December 31 due to net due to other December 31 Indicator Code 2021 profit (loss) factors 2022 Total equity before the adjustments 3400 — — — — adjustments due to: changes in the Accounting Policy 3410 — — — — error correction 3420 — — — — after the adjustments 3500 — — — — including: retained profit (uncovered loss): before the adjustments 3401 — — — — adjustments due to: changes in the Accounting Policy 3411 — — — — error correction 3421 — — — — after the adjustments 3501 — — — — other items of equity adjusted: (by items) before the adjustments 3402 — — — — adjustments due to: changes in the Accounting Policy 3412 — — — — error correction 3422 — — — — after the adjustments 3502 — — — — 3. Net assets As of As of As of December 31 December 31 December 31 Indicator Code 2023 2022 2021 Net assets 3600 1157961337 1067581585 1079694610 CEO E. Nikitin (signature) (signature transcript) March 12 2024 ? 27 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Cash Flow Statement for 12 months of 2023 Codes Form as per the Russian National Classifier of Management Documentation (OKUD) 0710005 Date (day month year) 31 12 2023 Organisation UC RUSAL IPJSC as per Russian National Classifier of Businesses and Organisations (OKPO) 45767561 Taxpayer Identification Number INN 3906394938 Business activity Activities of holding companies under the Russian National Classifier of Types of Economic Activities (OKVED) 2 64.20 Legal form / ownership form Public joint-stock companies / private property as per the Russian National Classifier of Legal Forms / Russian National Classifier of Ownership Forms (OKOPF/OKFS) 12247 16 as per the All-Russian National Classifier of Unit of measurement: RUB ’000 Measurement Units (OKEI) 384 For 12 months For 12 months Indicator Code of 2023 of 2022 Cash flows from current operations Total receipts 4110 4205186 89289378 including: from sales of goods products works and services 4111 — — lease payments licence payments royalty commission and other similar payments 4112 — — from resale of financial investments 4113 — — on dividends due 4114 2460998 86991859 other proceeds 4119 1744188 2297519 Total paid 4120 (65073743) (20157125) including: to suppliers (contractors) for raw and other materials works services 4121 (822970) (823873) related to payment of salaries 4122 (1978705) (1756732) interest on debt obligations 4123 (19802876) (15303860) profit tax 4124 — — other payments 4129 (42519192) (2272660) Net cash flow from operating activities 4100 (60868557) 69132253 ? 28 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS For 12 months For 12 months Indicator Code of 2023 of 2022 Cash flows from investment operations Total receipts 4210 303104095 178661880 including: from sale of non-current assets (other than financial investments) 4211 — — sales of shares in other organisations (participatory interests) 4212 — 47043557 repayment of issued loans sales of debt securities (rights to monetary claims against third parties) 4213 271149884 108672379 dividends interest on debt financial investments and similar proceeds from shareholdings 4214 31954211 22945944 other proceeds 4219 — — Total paid 4220 (182238761) (316619997) including: related to purchase creation modernisation reconstruction and preparation for use of non-current assets 4221 (522) (4557) related to purchase of shares in other organisations (participatory interests) 4222 (29573955) (187) related to the acquisition of debt securities (rights to monetary claims against third parties) granting loans to third parties 4223 (152664284) (316615253) interest on debt liabilities included in the cost of an investment asset 4224 — — other payments 4229 — — Net cash flows from investment activities 4200 120865334 (137958117) Cash flows from financing operations Total receipts 4310 54961848 276234915 including: Receipt of loans and credits 4311 30118385 75000000 monetary contributions of the owners (participants) 4312 — — from issue of shares increase in participatory interests 4313 — — issue of bonds notes other debt securities etc. 4314 17449205 201234915 other proceeds 4319 7394258 — ? 29 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS For 12 months For 12 months Indicator Code of 2023 of 2022 Total paid 4320 (205850710) (112383860) including: to owners (members) with regard to redemption of shares (participatory interests) of the company or their withdrawal from the ownership structure 4321 — — for payment of dividends and other charges for distribution of profit in favour of the owners (members) 4322 — (18644366) related to settlement (redemption) of notes and other debt securities repayment of credits and loans 4323 (205850710) (93739494) other payments 4329 Net cash flows from financing activities 4300 (150888862) 163851055 Net cash flow as of the reporting period 4400 (90892085) 95025191 Balance of cash and cash equivalents as of the beginning of the reporting period 4450 102451817 1121712 Balance of cash and cash equivalents as of the end of the reporting period 4500 15390822 102451817 Effect of changes in the exchange rate of foreign currencies against RUB 4490 3831090 6304914 CEO E. Nikitin (signature) (signature transcript) March 12 2024 ? 30 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS UC RUSAL IPJSC Notes TO THE BALANCE SHEET AND THE STATEMENT OF FINANCIAL RESULTS for 2023 ? 31 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS UC RUSAL IPJSC Notes to the Balance Sheet and Profit and Loss Statement for 2023 1 General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 2 Applicable Methods of Accounting and Essential Items of the Accounting (Financial) Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 2.1. Basis of Accounting Data Preparation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 2.2. Non-Current Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 2.3. Financial Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 2.4. Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 2.5. Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 2.6. Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 2.7. Current and Deferred Profit Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 2.8. Revenue and Disclosure by Segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 2.9. Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 2.10. Other Income and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 2.11. Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 2.12. Notes to Other Material Items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 2.13. Earnings Per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 3 Related Party Transactions and Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 4 Provisions Contingent Liabilities and Contingent Assets . . . . . . . . . . . . . . . . . . . . . . . . . 69 5 Material Events After the Reporting Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 6 Company Business Risks Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 Appendix 1 to Notes to the Balance Sheet as of December 31 2023 and the Statement of Financial Results for 2023 UC RUSAL IPJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 Numbers are presented in RUB ’000 save as specified to the contrary.? 32 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS 1 General Information Registered address of United Company RUSAL International Public Joint-Stock Company (UC RUSAL IPJSC) (the ‘Company’): Oktyabrskaya St. 8 office 410 Kaliningrad Kaliningrad Region 236006 Russian Federation.Correspondence address of the Company: Oktyabrskaya St. 8 office 410 Kaliningrad Kaliningrad Region 236006 Russian Federation.The Company has the following separate business units: Moscow Branch of United Company RUSAL International Public Joint-Stock Company: Vasilisy Kozhinoy St. 1 Floor 2 Room 24 Moscow 121096 Russian Federation.Hong Kong Branch of United Company RUSAL International Public Joint-Stock Company: 17/F Leighton Centre 77 Leighton Rd Causeway Bay Hong Kong.Yekaterinburg separate business unit of United Company RUSAL International Public Joint-Stock Company: Proletarskaya St. 11 Yekaterinburg Sverdlovsk Region 620075.Saint Petersburg separate business unit of United Company RUSAL International Public Joint-Stock Company: Sredniy Prospect of Vasilyevsky Island 86 lit. A Saint-Petersburg 199106.Krasnoyarsk separate business unit of United Company RUSAL International Public Joint-Stock Company: Maerchaka St. 10 Krasnoyarsk Krasnoyarsk Territory 660075.Registration of the Company: The Company was registered as an international public joint-stock company through redomiciliation. Entry in the Unified Register of Legal Entities No 1203900011974 dated September 252020. Registered capital of the Company type and number of shares: The Company’s authorised capital as of December 31 2023 is RUB 9974472538.155654 divided into 15193014862 ordinary registered uncertificated shares with a face value of RUB 0.656517 each. Shareholders of the Company Share size (%) as of as of as of December 31 December 31 December 31 202320222021 EN+ GROUP IPJSC 56.88% 56.88% 56.88% SUAL Partners Limited 25.52% 25.52% 21.52% Oleg Deripaska 0.01% 0.01% 0.01% Free-floating shares 17.59% 17.59% 17.59% Zonoville Investments Limited 0.00% 0.00% 4.00% TOTAL: 100% 100% 100% ? 33 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS As of December 31 2023 the Company’s authorised capital was fully paid up.The Company is a listed issuer of securities and discloses information in accordance with the legislation of the Russian Federation on securities. Subject to Clause 2 of Article 6.1 of Federal Law No 115-FZ dated August 7 2001 ‘On Countering the Legalisation (Laundering) of Proceeds from Crime and Financing of Terrorism’ listed issuers of securities that disclose information in accordance with the legislation of the Russian Federation on securities are relieved from the obligation to have information about beneficial owners as provided for in Clause 1 of Article 6.1 of the said Federal Law.Based on public and other information available to the Company as of December 31 2023 and the date of approval of these accounting (financial) statements Oleg Deripaska is an individual who indirectly has a dominant participation of more than 25 percent in the capital of the UC RUSAL IPJSC. There is no individual who may control the activities of UC RUSAL IPJSC.The headcount average of the Company was: * in 2023: 140 employees; * in 2022: 129 employees.The primary activities of the Company are: * OKVED2 code — 64.20 Activities of holding companies; Chief Executive Officer of the Company — Evgeny Nikitin acting under the Articles of Association; Chief Accountant of the Company — accounting records are maintained by a specialised organisation LLC RUSAL Accounting Centre; The Board of Directors (Supervisory Board) of the Company elected at the last General Meeting of Shareholders includes: Full Name Position and Company Bernard Zonneveld Independent non-executive director Chairman of the Board of UC RUSAL IPJSC Christopher Burnham Independent non-executive director of UC RUSAL IPJSC Kevin Parker Independent non-executive director of UC RUSAL IPJSC Randolph Reynolds Independent non-executive director of UC RUSAL IPJSC Anna Vasilenko Independent non-executive director of UC RUSAL IPJSC ? 34 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Full Name Position and Company Lyudmila Galenskaya Independent non-executive director of UC RUSAL IPJSC Evgeny Shvarts Independent non-executive director of UC RUSAL IPJSC Mikhail Khardikov Non-executive director of UC RUSAL IPJSC Vladimir Kolmogorov Non-executive director of UC RUSAL IPJSC Semyon Mironov Non-executive director of UC RUSAL IPJSC Evgenii Nikitin Executive director of UC RUSAL IPJSC Evgeny Kuryanov Executive director of UC RUSAL IPJSC Evgeny Vavilov Executive director of UC RUSAL IPJSC In 2023 the Board of Directors changed as follows: * Marco Musetti (non-executive director of UC RUSAL IPJSC) stepped down from the Board of Directors on June 28 2023; * Semyon Mironov (non-executive director of UC RUSAL IPJSC) joined the Board of Directors on June 28 2023.The Audit Commission was established with the following members: Full Name Position and Company Evgeny Burdygin Head of the Special Projects of Internal Audit and Control Department Directorate for Control Internal Audit and Business Coordination JSC RUSAL Management (Separate business unit in Krasnoyarsk) Ekaterina Vlas Head of the Cost Estimate Unit of the Internal Audit Department Directorate for Control Internal Audit and Business Coordination JSC RUSAL Management (Separate business unit in Krasnoyarsk) Aleksey Rudominsky Head of the Special Projects Unit of Internal Audit and Control Department Directorate for Control Internal Audit and Business Coordination JSC RUSAL Management (Separate business unit in Krasnoyarsk) ? 35 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Subsidiaries: Share in the registered capital % as of as of as of December 31 December 31 December 31 Company name Field of activity 2023 2022 2021 AL PLUS Holding company 100% 100% — HOLDING LLC ALUMINUM Holding company 100% — — GROUP LIMITED ALLOW ROLLED Holding company 100% 100% 100% PRODUCTS LLC Beijing RUSAL Trading company 100% 100% 100% Trading Co Limited MIRADORE Holding company 100% 100% 100% ENTERPRISES LIMITED RUSAL CAPITAL Financial company 100% 100% 100% DESIGNATED ACTIVITY COMPANY RUSAL SHANGHAI Wholesale of metal and 100% 100% — ECONOMIC AND metal ore TRADE COMPANY LIMITED RUSAL JSC Investments in securities 99.99999% 99.99999% 99.99999% IC GERSHWIN Holding company 100% 100% 100% ALSIB IPJSC Holding company 100% — — RUSAL RESAL Processing of waste and 99% — — LLC non-ferrous scrap ? 36 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Affiliates: Share in the registered capital % as of as of as of December 31 December 31 December 31 Company name Field of activity 2023 2022 2021 PJSC MMC Norilsk Exploration mining 0.00065% 0.00065% 0.00063% Nickel processing of ore and non-metallic mineral resources Other companies: Share in the registered capital % as of as of as of December 31 December 31 December 31 Company name Field of activity 2023 2022 2021 PJSC RUSHYDRO Electricity production by 4.29967% 4.35354% — hydropower plants including activities to ensure the operability of power plants 2 Applicable Methods of Accounting and Essential Items of the Accounting (Financial) Statements 2.1. Basis of Accounting Data Preparation The accounting (financial) statements of the Company for 2023 (the ‘Statements’) include the following forms and narrative notes: * balance sheet as of December 31 2023 (hereinafter referred to as ‘Form 1’); * statement of financial results for 2023 (hereinafter referred to as ‘Form 2’); * statement of changes in equity for 2023 (hereinafter referred to as ‘Form 3’); * cash flow statement for 2023 (hereinafter referred to as ‘Form 4’); * notes to the balance sheet as of December 31 2023 and the statement of financial results for 2023 (hereafter referred to as ‘Notes’) and Appendix No 1 thereto (hereafter referred to as ‘Form 5’).? 37 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Forms 1 and 2 contain references to the notes. Reference ‘f5.4’ means ‘the form its number and number of section (if applicable)’. Reference ‘cl.2.1’ means ‘notes number of section and subsection’. Several references are separated by ‘;’ sign.The financial statements are presented in the format approved by Order No 66n of the Ministry of Finance of the Russian Federation dated July 2 2010. However based on the rationality requirement data in Form 5 are given with turnover for the current year.The Statements have been prepared in accordance with the Accounting Policy of the Company for 2023 as approved by Order No OKR-22-P082 dated December 30 2023 prepared subject to the requirements of Federal Law No 402-FZ ‘On Accounting’ dated December 6 2011 and Regulations for Maintenance of Accounting Records and the Preparation of Accounting Statements in the Russian Federation other regulatory accounting documents.Values of certain assets liabilities income expenses and business operations are presented in the Accounting Statements and are disclosed separately if they are material and if without knowing the same by interested users assessment of the current financial standing of the Company and financial results of its operations is impossible. Material indicators include those representing over 5% of the total relevant indicators of assets liabilities income and expenses. Going concern These accounting (financial) statements have been prepared on the assumption that the Company will continue in the foreseeable future as a going concern. The Company has a significant number of transactions with related parties under common control and the business of the Company largely depends on the business of RUSAL Group which includes the Company.The bans and sanctions imposed by a number of countries in March 2022 had an impact on the availability or purchase prices of raw materials and supplies for RUSAL Group. Logistics pressures led to a revision of supply and sales chains and an increase in transportation costs. If geopolitical tensions persist or worsen significantly which implies the loss by RUSAL Group of significant parts of foreign markets that cannot be reallocated to new markets it may affect the business financial position perspectives and performance of RUSAL Group and consequently have a negative impact on the Company.The above-mentioned facts as well as the volatility of commodity markets stock currency markets and interest rates create significant uncertainty in the ability of RUSAL Group and the Company to fulfil their financial obligations in a timely manner and continue as a going concern. The management constantly assesses current conditions and prepares forecasts taking into account different scenarios. The management of RUSAL Group expect that prices in the global commodity markets will pick up which will improve the operating results. RUSAL Group also revises its supply and sales chains ensures the best leverage ratios seeks solutions to logistics pressures and ways to service its obligations in order to quickly adapt to economic changes to ensure the activities of the whole RUSAL Group and the Company individually.? 38 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS As of the date of approval of these accounting (financial) statements the management has no intention to liquidate the Company.Uncertainty of estimates Below are the basic assumptions regarding future events as well as other sources of estimation uncertainties at the reporting date which carry a significant risk of significant adjustments necessary to be made to the book value of assets and liabilities during the next reporting year: * Provision for impairment of rights to use assets; * Provision for bad debts; * Provision for future payment of vacations unused as of the reporting date; * Provision for the performance-based bonus payment; * Provision for impairment of financial investments; * Other similar provisions created in connection with the contingency consequences.Foreign currency transactions Assets and liabilities denominated in a foreign currency and the procedure for conversion of such assets and liabilities to the currency of the Russian Federation i.e. roubles are accounted for in accordance with the Russian Accounting Standard (RAS) 3/2006 ‘Accounting for Assets and Liabilities Denominated in a Foreign Currency’. Transactions denominated in a foreign currency are accounted for in Russian roubles. Assets and liabilities denominated in a foreign currency are converted into Russian roubles at the exchange rate set by the Central Bank of the Russian Federation for the relevant foreign currency to the Russian rouble as of the date of performance of the transaction in a foreign currency and as of the date of preparation of the accounting statements. In the profit and loss statement and the cash flow statement such transactions are recorded according to the exchange rate as of the transaction date.Exchange rate differences are recognised as profits and losses in other income and expenses for the period when they occur.As of December 31 2023 the exchange rate of the Central Bank of the Russian Federation was RUB 89.6883 per USD 1 RUB 99.1919 per EUR 1 RUB 12.5762 per CNY 1 RUB 24.4216 per AED 1. As of December 31 2022 the exchange rate of the Central Bank of the Russian Federation was RUB 70.3375 per USD 1 RUB 75.6553 per EUR 1 RUB 9.89492 per CNY 1.? 39 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS As of December 31 2021 the exchange rate of the Central Bank of the Russian Federation was RUB 74.2926 per 1 USD RUB 84.0695 per EUR 1.Inventory audit of assets and liabilities The procedures for inventory audit of assets and liabilities as well as for formation of results thereof in the accounting statements are conducted in accordance with the requirements of the Methodological Instructions No 49 for Inventory of Assets and Financial Liabilities approved by the Ministry of Finance of the Russian Federation dated June 13 1995.Changes in accounting policy No resolutions on changes in the accounting policy that materially affected the financial statements for 2023 were adopted.Planned changes in the accounting policy for 2024 Starting from January 1 2024 federal accounting standard FAS 14/2022 ‘Intangible Assets’ will be in effect.The Company anticipates that changes in accounting policies due to the implementation of this standard will not significantly affect the Company’s financial standing financial results and cash flows. As of the date of approval of these Statements for issue the Company has not yet completed the calculation and evaluation of the impact of this standard on the Company’s Statements. 2.2. Non-Current Assets 2.2.1. Fixed assets Fixed assets are accounted for by the Company in accordance with Federal Accounting Standard 6/2020 ‘Fixed Assets’ approved by Order of the Ministry of Finance of the Russian Federation No 204n dated September 17 2020. The Company transferred to Federal Accounting Standard 6/2020 using the alternative method (clause 49 of Federal Accounting Standard 6/2020).The Company accounts for construction in progress in accordance with Federal Accounting Standard 26/2020 ‘Capital Investments’ approved by Order of the Ministry of Finance of the Russian Federation No 204n dated September 17 2020 and in accordance with the Regulations for Long-Term Investment Accounting (Letter of the Ministry of Finance of Russia No 160 dated December 30 1993) to the extent they do not conflict with recent accounting pronouncements. The Company applies Federal Accounting Standard 26/2020 prospectively (clause 26 of Federal Accounting Standard 26/2020).? 40 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS 2.2.2. Procedure for accounting of items as fixed assets Fixed assets include land plots buildings machines equipment vehicles and other similar assets used as tools during production performance of works or provision of services or to manage the Company during a period exceeding 12 months.Actually operated real estate assets with completed capital investments and executed respective primary accounting records for acceptance and transfer are recognised as fixed assets irrespective of state registration or filing documents for state registration and are depreciated in accordance with the standard procedure.Fixed assets are not revaluated. 2.2.3. Fixed assets depreciation Depreciation is accrued from the 1st day of the month following the month of commissioning of specific fixed assets. Depreciation is accrued using the straight-line method.The annual amount of depreciation charges is determined on the basis of the historical or replacement value of a fixed assets item and the depreciation rate determined on the basis of the established useful life.The useful life of purchased fixed assets is determined on the basis of classification of depreciation groups established by Decree of the Government of the Russian Federation No 1 ‘On Classification of Fixed Assets Included in Depreciation Groups’ dated January 1 2002.Information on the established useful life of fixed assets (by main groups): Group of fixed assets Useful life (years) Machinery and equipment 1 to 7 years Other 1 to 7 years 2.2.4. Advances paid for capital investments in tangible assets Advances paid to suppliers/contractors for in-progress capital investments in fixed assets and supplies purchased for the construction of fixed assets are recognised in the balance sheet: — as of December 31 2023 and December 31 2022 as part of tangible assets. Since 2022 advances paid for capital investments in fixed assets and supplies purchased for investments in fixed assets are recognised in the balance sheet in accordance with Federal Accounting Standard 26/2020 (subclause d of clause 23 subclause a of clause 5); — as of December 31 2021 as part of Other non-current assets.? 41 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Type of asset recognised as part of line 1151 ‘including: capital Amount investments in tangible assets’ and Line December December December line 1190 ‘Other non-current assets’ code 31 2023 31 2022 31 2021 Advances paid for capital investments in fixed assets (see ‘Other Assets’ section of these Notes) 1190 — — 850 2.2.5. Impairment of non-current assets Until 2022 the Company established a provision for impairment of certain tangible assets and capital investments that were not in use (including those under conservation) equivalent to their book value.Information about the balance of such provision is reflected in section 2 of Form 5.Starting from the statements for 2022 the Company determines whether there are any evidence of possible impairment of the asset. If there are such evidences or if annual impairment testing of an asset is required the Company estimates the asset’s recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less the cost of disposal and its value in use. The recoverable amount is determined for an individual asset unless the asset does not generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. If the balance sheet value of an asset or a cash-generating unit exceeds its recoverable amount the asset is deemed to be impaired and is written off to the recoverable amount.When assessing value in use estimated future cash flows are discounted to the present value at a discount rate that reflects the current market assessment of the time value of money and the risks inherent in the asset. In determining fair value less costs of disposal recent market transactions are taken into account. If no such transactions can be identified the appropriate valuation model is used.These calculations are corroborated by valuation multiples quoted prices or other available fair value indicators.The Company bases its impairment calculation on current plans and forecast calculations which are prepared separately for each cash-generating unit to which individual assets are allocated. These plans and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.The calculation of the fair value less costs of disposal is based on available data from binding sale transactions in an arm’s length transaction of similar assets or observable market prices less incremental costs for disposing of the asset.? 42 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS The value in use calculation is based on a discounted cash flow model. Cash flows are extracted from the budget for the next five years and do not include restructuring activities for which the Company has no obligations yet or significant investments in the future that will improve the results of the assets of the cash-generating unit being tested for impairment. The recoverable amount is mostly sensitive to the discount rate used in the discounted cash flow model as well as to the expected cash inflows and growth rates used for extrapolation purposes.Impairment losses from ongoing operations are recognised in the statement of financial results as part of other expenses.At each reporting date the Company determines whether there are any indications that previously recognised impairment losses of the asset no longer exist or have decreased. If any such indication exists the Company calculates the recoverable amount of the asset or cash-generating unit.Previously recognised impairment losses are reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised. This reversal is limited so that balance sheet value does not exceed its recoverable amount and may not exceed its balance sheet value net of depreciation at which the asset would have been recognised if no impairment loss had been recognised in previous years. Such a reversal of value is recognised in the statement of financial results.In 2022 and 2023 the Company found no indications of impairment of its assets.The Company identifies any fixed asset right-to-use asset intangible asset and capital investment recorded on the Company’s balance sheet as a cash-generating unit (hereinafter referred to as the CGU). 2.2.6. Other use of fixed assets Data in Section 1.4 of Form 5 are presented at initial (replacement) cost. As of December 31 2023 December 31 2022 and December 31 2021 there are no pledged fixed assets. 2.2.7. Right-of-use assets Starting from January 1 2022 the Company accounts for lease contracts in accordance with FAS 25/2018 ‘Accounting for Leases’. At the start of 2022 for each lease contract the lessee recognised the right to use the asset and lease obligations in lump sum. For these purposes it is assumed that the value of the right-of-use asset is equal to its fair value and the value of the lease obligation is equal to the present value of outstanding lease payments discounted using the rate at which the lessee raised or could raise borrowed funds on terms comparable to the lease agreement (clause 50 of Federal Accounting Standard 25/2018).? 43 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS If loans and borrowings comparable to the terms of the lease agreement are not available at the lease commencement date or are received earlier than 6 months before the lease commencement date the rate as per the data of the Russian Central Bank available at the time of acceptance and transfer of the leased asset is used.At the time of entering into a lease contract the Company assesses whether the contract is a lease or contains the lease elements listed in clause 5 of Federal Accounting Standard 25/2018 ‘Accounting for Leases’.The Company applies a unified approach to the recognition and measurement of all leases except for short-term leases and leases of low-value assets. The Company recognises the leased asset as of the date when the leased asset is provided as the right-of-use asset with simultaneous recognition of the lease obligation.The Company applies a unified accounting policy to the right-of-use asset and to similar use assets. The right-of-use assets are subsequently measured at initial cost less accumulated depreciation and accumulated impairment losses adjusted for revaluation of lease obligations. The rights-of-use assets are depreciated on a straight-line basis. The useful life of the right-of-use asset should not exceed the lease term unless it is expected that the lessee will acquire ownership of the leased item.The right-of-use assets under lease contracts signed after January 1 2022 is recognised at the actual cost which includes: a) the amount of the initial measurement of the lease obligation; b) lease payments made on or before the date the lease item was provided; c) the lessee’s expenses related to receiving the leased item and preparing it for its intended use; d) the amount of the provision to be covered by the lessee particularly for dismantling moving the leased item restoring the environment and restoring the leased item to the condition required by the lease contract if the lessee incurs such an obligation upon receipt of the leased item.The lease obligation is initially measured as the present value of future lease payments as of the date of such measurement.The Company presents its lease obligations as part of Borrowings under lines 1411 1511 in Form 1. Accrued interest on lease obligations is included in line 2330 ‘Interest payable’ in Form 2.As of December 31 2023 the lease obligation of RUB 158525000 (December 31 2022: RUB 120028000 January 1 2022: RUB 4764000) represents lease obligations to related parties. ? 44 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS 2.3. Financial Investments Financial investments are accounted for (except for the investments in the subsidiaries and associates) in accordance with Russian Accounting Standard 19/2002 ’Accounting of Financial Investments’ approved by Order of the Ministry of Finance of Russia No 126n dated December 10 2002. Investments in subsidiaries and associated companies are reflected in the accounting statements at the report date at the acquisition cost (initial cost) less impairment losses (if the provision for financial investment impairment is created) according to IAS 27 ‘Separate Financial Statements’.Financial investments for which the current market value may be determined in accordance with the established procedure except for investments in the subsidiaries and associates are recognised in the accounting statements at the end of the reporting year at the current market value by adjusting their valuation at the previous reporting date.Financial investments for which the current market value cannot be determined are recorded in the accounting statements at the reporting date at their original cost. Should there be a sustained material reduction in the value of financial investments the Company creates a provision for impairment of financial investments for the difference between the accounting and estimated value of financial investments. Financial investments are tested for impairment once a year as of December 31 of the reporting year if there are signs of impairment.As of December 31 2023 the initial cost of long-term financial investment in the capital of AL PLUS HOLDING LLC was as follows: * Cash contributions in the total amount of RUB 23040158000 in the second half year of 2023; * Cash in the amount of RUB 1642102000 paid to Allow Rolled Products LLC for the decrease in the authorized capital on behalf of AL PLUS HOLDING LLC; * 100% of shares in LIBERTATEM MATERIALS LTD at their initial cost amounting to RUB 232094847000 as of the date of the share transfer. The impairment of AL PLUS HOLDING LLC as of the date of transfer of shares in LIBERTATEM MATERIALS LTD totaled RUB 111762015000.As of December 31 2023 the impairment provision for financial investments in the subsidiaries amounted to RUB 91576910000 and related to the investments in MIRADORE ENTERPRISES LIMITEDALLOW ROLLED PRODUCTS LLC and AL PLUS HOLDING LLC. The Company found no impairment signs for other financial investments as of the said date. As of December 31 2022 the impairment provision for financial investments in the subsidiaries amounted to RUB 152389948000 and related to investments in LIBERTATEM MATERIALS LTD MIRADORE ENTERPRISES LIMITED ALLOW ROLLED PRODUCTS LLC and PJSC MMC Norilsk Nickel. The Company found ? 45 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS no impairment signs for other financial investments as of the said date. As of December 31 2021 the impairment provision for financial investments in the subsidiaries amounted to RUB 47763103000 and related to the investments in MIRADORE ENTERPRISES LIMITED and ALLOW ROLLED PRODUCTS LLC.Availability and movements of the impairment provision for financial investments in subsidiary and affiliate companies is presented in the table below: Impairment Movement of Impairment provision at the provision at the beginning impairment the end of the Company name of the period provision period For 2023 ALLOW ROLLED PRODUCTS LLC 5796766 (1411892) 4384874 AL PLUS HOLDING LLC — 59225137 59225137 LIBERTATEM MATERIALS LTD 111762015 (111762015) — MIRADORE ENTERPRISES LIMITED 34830574 (6863675) 27966899 PJSC “MMC “NORILSK NICKEL” 593 (593) — Total 152389948 (60813038) 91576910 For 2022 ALLOW ROLLED PRODUCTS LLC 5796579 187 5796766 LIBERTATEM MATERIALS LTD — 111762015 111762015 MIRADORE ENTERPRISES LIMITED 41966524 (7135950) 34830574 PJSC “MMC “NORILSK NICKEL” — 593 593 Total 47763103 104626845 152389948 Financial investments are divided into long-term and short-term investments according to the term of repayment thereof under the contracts in force as of the reporting date.Financial investments with a maturity of more than 12 months from the reporting date (exceeding 365 (366) calendar days) are recognised as long-term financial investments. If there are more than 365 (366) calendar days left until the disposal of long-term financial investments such financial investments will be transferred to short-term investments. Financial investments in the shares / participation interests of the subsidiaries and dependent companies are recognised as long-term financial investments.? 46 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS The maturity period for the granted loans disclosed in Clause 2 of Form 5 is indicated below: Balance of the loans granted as of Range of interest Maturity period December 31 rates (from/to) 2023 Upon request 432239808 3.775%-10.91189% Total short-term loans granted 432239808 2022 Upon request 386189073 2.41775%-25.05% Total short-term loans granted 386189073 2024665557042.44088%-6.75971% 202675377475.57125%-9.612% Total long-term loans granted 74093451 2021 Upon request 126035606 4.15%-10.525% Total short-term loans granted 126035606 2024893120934.43% 202679615975.55%-5.614% Total long-term loans granted 97273690 As of December 31 2023 December 31 2022 and December 31 2021 the loans granted are not pledged. 2.4. Inventories The Company accounts for inventories in accordance with Federal Accounting Standard 5/2019 ‘Inventories’ approved by Order of the Ministry of Finance of the Russian Federation No 180n dated November 15 2019.The inventories and supplies work in progress goods in transit and other inventories are recognised in Form 1 as inventories.Inventories and supplies used for production of goods provision of services performance of works goods and end products are recorded in the balance sheet at their actual prime cost taking into account the delivery cost of materials for production and construction and goods to the current location and taking into account the cost of preparing inventories and supplies for the use.Materials and goods are accounted for at book prices. The difference between the value of materials (goods) at such prices and the actual prime cost of purchase (procurement) is recognised in Account 16 ‘Deviations in Value of Tangible Assets’.? 47 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Transportation and procurement costs and other similar expenses (deviations in the cost of materials in case of valuations prices application) related to the purchase of materials and goods are recognised in Account 16 ‘Deviations in Value of Tangible Assets’. Commission under a commission agreement for the supply of materials and goods is also recognised in Account 16 ‘Deviation in Value of Tangible Assets’ by the consignor.General expenses are not included in the cost of purchased inventories and supplies unless they directly relate to the purchase thereof.Valuation of inventories and supplies at the time of writing-off to the relevant expenses is done according to the average prime cost. The valuation method of average actual prime cost of materials released for production or written-off for other purposes is applied on the basis of average monthly actual prime cost (weighted valuation) which is calculated including amount and cost of materials at the beginning of the month and all monthly receipts.In accordance with Clause 28 of Federal Accounting Standard 5/2019 ‘Inventories’ inventories are recognised in the balance sheet at the end of the reporting year at the lower of: (a) actual prime cost of the inventories; (b) net realisable value of inventories.In accordance with Clause 30 of Federal Accounting Standard 5/2019 ‘Inventories’ the excess of the actual prime cost of the inventories over their net realisable value is deemed to be an impairment of the inventories. If the inventories are impaired the Company creates provisions for impairment in the amount of excess of the actual prime cost of the inventories over their net realisable value. The book value of the inventories is their actual prime cost less such reserves.The impairment loss for the inventories will be recognised as expenses for the period in which the reserves for inventory impairment have been created (increased).The recovery of the reserves for inventory impairment is recognised as a decrease in the amount of expenses recognised in the same period when the proceeds from the sale of the inventories are recognised.As of December 31 2023 December 31 2022 and December 31 2021 there are no pledged inventories.? 48 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS 2.5. Cash and Cash Equivalents 2.5.1. Cash Flow Statement The cash flow statement (Form 4) is prepared in accordance with Russian Accounting Standard (RAS) 23/2011 ‘Cash Flow Statement’. The Management of the Company has adopted the following rules for formation of data in Form 4: * cash flows from received and repaid loans and borrowings are disclosed in the cash flow statement in detail according to the requirement of rationality; * significant cash flows of the Company with its subsidiaries affiliates and parent companies are disclosed in section 3 hereof; * the lessee calculates interest on the lease obligation based on the amount of the lease payment paid (clause 50 of IAS 16 ‘Leases’). The calculated amount of interest is recorded in cash flows from operating activities in line 4123 ‘Total paid including interest on debt obligations’ the payment of the principal of the lease obligation (the amount under the payment order less interest) is recorded in financing activities in line 4323 ‘Total paid including in connection with the repayment (redemption) of promissory notes and other debt securities repayment of loans and borrowings’. 2.5.2. Cash and Cash Equivalents For the purposes of the cash flow statement the Company includes cash equivalents in cash.Cash equivalents are short-term highly liquid financial investments that are easily convertible into a known amount of cash and have insignificant risk of changes in value [Clause 5 of RAS 23/2011]. In particular the Company classifies the deposits in the credit institutions issued on demand and/or with a maturity of three months or less as well as highly liquid bank bills with a maturity of up to three months as cash equivalents.? 49 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Cash and cash equivalents are as follows: December December December Indicator 31 2023 31 2022 31 2021 Cash in roubles on hand and on current accounts at banks 10602808 62086290 119243 Cash in foreign currency at bank including: 4776191 781846 998705 rouble equivalent 3778046 790 927 (CNY ’000) 300412 80 80 rouble equivalent 994496 759520 862551 (EUR ’000) 10026 10039 10260 rouble equivalent 3649 21080 129908 (USD ’000) 40 300 1749 rouble equivalent 13 15 (CNH ’000) — 1 1 rouble equivalent 443 467 (HKD ’000) — 49 49 rouble equivalent 4837 (GBP ’000) — — 48 Cash equivalents (deposits) in roubles: 11573 8024 3554 Cash equivalents (deposits) in foreign currency of which in: 250 39575657 210 rouble equivalent 250 190 210 (EUR ’000) 2 2 2 rouble equivalent 39575467 (CNY ’000) — 3999574 — Total cash in the cash flow statement and balance sheet 15390822 102451817 1121712 As of December 31 2023 item 1250 ‘Cash and cash equivalents’ includes restricted cash in the amount of RUB 992503000 (December 31 2021: RUB 756744000 December 31 2020: RUB 840905000). 2.6. Borrowings Credits and loans are accounted for in accordance with Russian Accounting Standards (RAS) 15/2008 ‘Accounting for Expenditures on Loans and Credits’ approved by Order of the Ministry of Finance No 107n dated October 6 2008.Additional expenses related to the obtaining of loans and credits placement of borrowed liabilities are recognised in the reporting period when such expenses are incurred.? 50 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Outstanding loans and interest are shown in the balance sheet as follows: Outstanding debt on borrowed funds as of Range of the December 31 annual interest Type of debt Line code 2023 rate RUB ’000 % Long-term loans borrowings and bonds including: 1410 355287465 Loans including with a maturity in: 1410 101183645 20251410694111223.75% 20261410317725235.05%-5.25% Bonds including with a maturity in: 1410 253999642 202514102464539223.65%-5.95% 2026141075457206.7% Lease obligations with a maturity of more than 12 months after the reporting date 1411 104178 — 2026141199521— 202814114658— Total line 1410 1410 355287465 — Short-term loans and borrowings including 1510 123422195 Loans 1510 32885711 4.82529%-7.7448% Borrowings 1510 35086511 5.3% Bonds 1510 50304800 3.9% Accrued and unpaid interest on long-term loans borrowings and bonds with a maturity of less than 12 months after the reporting date 1510 1846675 — Accrued and unpaid interest on short-term loans borrowings and bonds with a maturity of less than 12 months after the reporting date 1510 3242085 — Lease obligations with a maturity of less than 12 months after the reporting date 1511 56413 — Total line 1510 Х 123422195 — ? 51 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Outstanding debt on borrowed funds as of Range of the December 31 annual interest Type of debt Line code 2022 rate RUB ’000 % Long-term loans borrowings and bonds including: 1410 474372723 Loans including with a maturity in: 1410 247993260 20241410271971671.829%-6.515% 20251410546124813.75% 202714101661836123.213%-21.9% Bonds including with a maturity in: 1410 226379463 202514101867997833.75%-3.95% 20271410395796803.95% Lease obligations with a maturity of more than 12 months after the reporting date 1411 125732 — 20261411125732— Total line 1410 1410 474498455 — Short-term loans and borrowings including 1510 59988861 — Loans 1510 32472479 1.83%-6.5% Borrowings 1510 27516382 5.3% Accrued and unpaid interest on long-term loans borrowings and bonds with a maturity of less than 12 months after the reporting date 1510 2505858 — Accrued and unpaid interest on short-term loans borrowings and bonds with a maturity of less than 12 months after the reporting date 1510 1701521 — Lease obligations with a maturity of less than 12 months after the reporting date 1511 52947 — Total line 1510 Х 64249187 — ? 52 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Outstanding debt on borrowed funds as of Range of the December 31 annual interest Type of debt Line code 2021 rate RUB ’000 % Long-term loans and borrowings including: 1410 266608345 — Loans including with a maturity in: 1410 237544709 — 20241410630248891.829%-2.313% 202714101745198203.124%-10.4% Borrowings including with a maturity in: 1410 29063636 — 20231410290636365.3% Lease obligations with a maturity of more than 12 months after the reporting date 1411 67810 — Total line 1410 1410 266676155 — Short-term loans and borrowings including 1510 64375207 — Loans 1510 25723813 1.829%-2.313% Borrowings 1510 38651394 5.125% Accrued and unpaid interest on long-term loans and borrowings with a maturity of less than 12 months after the reporting date 1510 668728 — Accrued and unpaid interest on short-term loans and borrowings with a maturity of less than 12 months after the reporting date 1510 826622 — Total line 1510 Х 65870557 — 2.6.1. Credits and loans As of December 31 2023 the Company has no outstanding bank loan collateral.As of December 31 2022 and December 31 2021 the bank loans of the Company were collateralised by the Company’s share in IC GERSHWIN.In 2023 the Company incurred borrowing-related expenses amounting to RUB 1399680000 (2022: RUB 886409000). ? 53 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS For loans and borrowings obtained for the acquisition (creation) of an investment asset (fixed assets pool of assets) as well as when the acquisition (creation) of an investment asset required the use of funds received for the purposes not related to its acquisition the prime costs (interest) related to the receipt and disbursement of loans and borrowings will be included in the value of such asset subject to the following conditions: * expenses for acquisition construction and/or production of an investment asset should be recognised for accounting purposes; * expenses for loans obtained for the purposes not related to the acquisition (creation) of an investment asset should be recognised for accounting purposes and the amount of funds intended for acquisition construction and/or production of investment asset may be determined; * acquisition construction and/or production of an investment asset has begun.If acquisition construction and/or production of an investment asset used the funds of loans (borrowings) obtained for the purposes not related to such acquisition construction and/or production the interest payable to the creditor (lender) is included in the cost of the investment asset pro rata to the share of those funds in the total amount of loans (borrowings) payable to the creditor (lender) obtained for the purposes not related to the acquisition construction and/or production of such asset.From 2020 to 2023 accrued interest payable was not included in the value of investment assets. 2.6.2. Bonded Loans On August 3 2022 the Company issued exchange-traded uncertified interest-bearing non-convertible bonds of BO-05 BO-06 series on the Moscow Exchange for the total amount of CNY 4 billion with a fixed annual yield of 3.9%. The bonds mature in five years with a put option exercisable after two years.On October 27 2022 the Company issued exchange-traded uncertified interest-bearing non-convertible bonds of BO-001P-01 series on the Moscow Exchange for the total amount of CNY 6 billion with a fixed annual yield of 3.9%. The bonds mature in 2.5 years. On December 27 2022 the Company issued exchange-traded uncertified interest-bearing non-convertible bonds of BO-001P-02 series on the Moscow Exchange for the total amount of CNY 1 billion with a fixed annual yield of 3.95%. The bonds mature in 3 years. On December 28 2022 the Company issued exchange-traded uncertified interest-bearing non-convertible bonds of BO-001P-03 series on the Moscow Exchange for the total amount of CNY 3 billion with an annual coupon of LPR 1Y + 0.2%. The bonds mature in 3 years with the first coupon set at an annual rate of 3.85%.? 54 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS In November 2022 the Company issued commercial uncertified interest-bearing non-convertible bonds of 001PC-01 001PC-02 001PC-03 001PC-04 series on the Moscow Exchange for the total amount of CNY 8878352000 with a fixed annual yield of 3.75%. The bonds mature in March 2025.On September 8 2023 the Company issued exchange-traded uncertified interest-bearing non-convertible bonds of BO-001P-04 series on the Moscow Exchange for the total amount of AED 370 mln with a fixed annual yield of 5.95%. The bonds mature in 2 years. On November 10 2023 the Company issued exchange-traded uncertified interest-bearing non-convertible bonds of BO-001P-05 series on the Moscow Exchange for the total amount of CNY 600 mln with a fixed annual yield of 6.70%. The bonds mature in 2.5 years. 2.7. Current and Deferred Profit Tax The Company accounts for deferred taxes using the deferral method in accordance with Russian Accounting Standards (RAS) 18/02 ‘Accounting for Profit Tax Settlements’ approved by Order No 114n issued by the Ministry of Finance of the Russian Federation dated November 19 2002 (clause 8 of RAS 18/02 Letter of the Ministry of Finance of the Russian Federation No 07-01-09/9672 dated February 12 2021).For the purposes of preparing statements permanent tax differences are income and expenses forming the accounting profit (loss) for the reporting period but not included in the calculation of the tax base for profit tax in accordance with Chapter 25 of the Tax Code of the Russian Federation both for the reporting and subsequent reporting periods.At the same time differences arising in the process of assessing assets and liabilities for accounting and tax purposes that influence the profit generation for accounting purposes in one reporting period and the tax base generation for profit tax in another reporting period (regardless of the procedure of classification of these differences by types of income and expenses) will be recognised as temporary differences.Information on permanent and temporary differences is prepared based on the data provided for in the primary accounting records. Deferred tax assets and deferred tax liabilities are disclosed separately in the balance sheet.? 55 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS The correlation between profit tax expense (income) and profit (loss) before profit tax is outlined in the table below: Line number Name (calculation) For 2023 For 2022 Profit (loss) before taxes [1] 90228259 5339104 Profit tax rate % [2] 20 20 Contingent expense (income) from profit tax [3] = [1] * [2] 18045625 1067821 Permanent tax expense (income) [4] = [6]+ [7]+ (6413918) 67949185 [8] Permanent tax expense/(income) from [6] (6179631) (18732291) dividends received from participation in other organisations Permanent tax expense/(income) from other [7] (58537319) (49442288) expenses/(income) Permanent tax expense/(income) from other [8] 58393032 225394 expenses/(income) Changes in permanent tax assets [9] (437) (6598) Changes in unrecognizable deferred tax [10] 11631297 (66887962) assets Profit tax expense (income) [11] = [3] + [4] + — — [9]+[10] ? 56 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS The rate applied to the general tax base is 20%.As of Changes in As of Changes in As of December 31 the current December 31 the current December 31 Balance of temporary differences 2021 period 2022 period 2023 Temporary difference on fixed assets (15) 9 (6) (2420) (2426) Temporary difference on long-term investments (provision for financial investments) 47763103 104626845 152389948 (60813040) 91576908 Temporary difference on losses carried forward 47660230 227022414 274682644 1805175 276487819 Other temporary differences 179260 2757552 2936812 851614 3788426 Total temporary differences 95602578 334406820 430009398 (58158671) 371850727 Applicable tax rate 20% 20% 20% 20% 20% Total deferred tax assets (DTA) / (deferred tax liabilities (DTL)) on temporary differences 19120521 66881364 86001879 (11631734) 74370145 Recognition (write off) of deferred tax assets due to the change in the prospects of the organisation to obtain taxable profit in the next reporting periods 3 (66887962) (6598) (11631297) (437) Total deferred profit tax — (6598) — (437) — The provisions for impairment of deferred tax assets as of December 31 2023 amount to RUB 74377185000 as of December 31 2022 amount to RUB 86008482000 and as of December 31 2021 amount to RUB 19120520000. 2.8. Revenue and Disclosure by Segments Income is accounted for in accordance with the requirements of Russian Accounting Standards (RAS) 9/99 ‘Income of Organisations’ approved by the Order of the Ministry of Finance of Russia No. 32n dated May 6 1999. The main activity of the Company in 2023 is the activities of holding companies. A significant share of the total revenue and 100% of the total revenue in 2023 is made up of income from participation interest (2022: 100%).Table 5 of the Notes to the Balance Sheet and the Statement of Financial Results shows tabled information about expenses of the reporting period for goods (work services) broken down by cost elements.? 57 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS During the reporting year the Company was engaged in sales of goods work and services in the domestic market and in export.Revenue from sales of products work Indicator services of the core business 20232022 Russian Federation (domestic market) 30898154 90117926 CIS and other foreign countries (export) — 3543531 Total: 30898154 93661457 The Company’s assets are located on the territory of the Russian Federation. Therefore revenues assets liabilities and capital expenditures relate to the same operational and geographical segment (according to location of assets). 2.9. Operating Expenses Income is accounted for in accordance with the requirements of Russian Accounting Standards (RAS) 9/99 ‘Accounting for Income of Organisations’ approved by Order of the Ministry of Finance of the Russian Federation No 33n dated May 6 1999.Administrative expenses are recognised in full as operating expenses in the reporting period when such expenses occur.Other expenses within operating expenses (by cost items) disclosed in section 5 ‘Production Costs’ of Form 5 include: Items of other expenses 2023 2022 Consulting services 102547 52944 Information services 80730 20280 (Cargo property) insurance services 69538 122392 Travelling expenses 48919 29119 Management services 39579 21439 Audit services 31057 23294 Services of make-up and translation 15338 9503 Medical insurance 7766 6381 Other industrial services 4306 2545 Communication services 3356 2516 Financial consulting 2989 — Rental services 2169 675 Representation costs and services 1051 2449 Legal services 20 67194 Other expenditures 16390 9116 Total other expenses 425755 369847 ? 58 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS 2.10. Other Income and Expenses Other income and expenses disclosed in lines 2340 and 2350 of Form 2 include: 20232022 Income and expenses items Income Consumption Income Consumption Creation/recovery of provisions for impairment of financial investments 60813038 — — 104626845 Net exchange gain/loss 1956420 — 13315631 — Income from compensation for expenses by financial services of credit institutions — — 879707 — Expenses related to payment for financial services and services of credit institutions — 1432979 — 1136756 Income/expenses from revaluation of financial investments to market value — 937107 357631 — Result from foreign currency sale transactions — 331095 — 76766 Expenses associated with securities servicing — 326140 — 596939 Non-resident income tax — 80470 — 16719 Other 114451 156360 35068 363049 Total other income/expenses 62883909 3264151 14588037 106817074 2.11. Other Assets Expenses incurred by the Company in the current accounting period but relating to following accounting periods are recorded in the balance sheet as other non-current or other current assets and are written-off on a straight-line basis during the period they relate to.? 59 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS 2.12. Notes to Other Material Items Other long-term accounts receivable recorded under item ‘Other debtors’ as detailed in subsection 4.1. ‘Availability of accounts receivable’ of Form 5 include: As of December 31 2023 As of December 31 2022 As of December 31 2021 accounted amount of accounted amount of accounted amount of for under provision for under provision for under provision the for bad the for bad the for bad Type of debt agreement debts agreement debts agreement debts Calculations for dividends due and proceeds from investments in the capital of other organisations — (—) 6621428 (—) — (—) Total — (—) 6621428 (—) — (—) Other short-term accounts receivable recorded under item ‘Other debtors’ as detailed in subsection 4.1. ‘Availability of accounts receivable’ of Form 5 include: As of December 31 2023 As of December 31 2022 As of December 31 2021 accounted amount of accounted amount of accounted amount of for under provision for under provision for under provision the for bad the for bad the for bad Type of debt agreement debts agreement debts agreement debts Calculations for dividends due and proceeds from investments in the capital of other organisations 35119532 (—) 60947 (—) — (—) Settlements with debtors for other financial operations 31739739 (—) 826956 (—) 536 (—) Accrued interest on short-term loans 1261955 (—) 3617435 (—) 8024092 (—) Accrued interest on long-term loans — (—) 7489058 (—) 3247737 (—) Other receivables 6810069 (273) 1723 (—) 4291 (—) Total 74931295 (273) 11996119 (—) 11276656 (—) Other long-term accounts payable recorded under item ‘Other creditors’ as detailed in subsection 4.3. ‘Availability of Accounts Payable’ in Form 5 include: As of As of As of December December December Type of debt 31 2023 31 2022 31 2021 Debt related to the acquisition of shares/equity in other organisations 97159 — — Total 97159 — — ? 60 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Other short-term accounts payable recorded under item ‘Other creditors’ as detailed in subsection 4.3. ‘Availability of Accounts Payable’ in Form 5 include: As of As of As of December December December Type of debt 31 2023 31 2022 31 2021 Debt related to the acquisition of shares/equity in other organisations 12979063 47186927 82347 Settlements with creditors in respect of other financial transactions 14495 — 6898 Settlements of bonus payment for the membership in the Board of Directors — — 13729 Other accounts payable 409847 4763 1240 Total 13403405 47191690 104214 Other income disclosed on page 4119 of Form 4 includes: For For 12 months 12 months Income type of 2023 of 2022 Receipt of interest on bank accounts 1374718 2081933 Repayment of dividends from nominee shareholders 279125 — Other proceeds 90345 215586 Total 1744188 2297519 Other payments disclosed on page 4129 of Form 4 include: For For 12 months 12 months Type of payment of 2023 of 2022 Payments on other financial operations (35260658) (919316) Payments for property and personal insurance (89359) (151757) Reimbursement of excess interest paid — (863920) Other payments (7169174) (337667) Total (42519192) (2272660) The line ‘Payments on other financial operations’ includes the payment on behalf of the subsidiary to a third party in the amount of RUB 34128213000. The relevant accounts receivable from the subsidiary are recorded in line 1230 ‘Accounts receivable’ of the statement of financial position (see also Section 3 of the notes).? 61 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Other income disclosed in line 4319 of Form 4 includes: For 12 For 12 months of months of Income type 2023 2022 Income from debt assignment 7394258 — Total 7394258 — 2.13 Earnings Per Share Information on earnings per share is disclosed by the Company in accordance with the Methodological Recommendations on Disclosure of Earnings per Share approved by Order No 29n of the Ministry of Finance of the Russian Federation dated March 21 2000.Basic earnings per share represent a part of profit for the reporting period that may potentially be distributed among shareholders owning the ordinary shares. This indicator is calculated as the ratio of basic profit for the reporting year to the average weighted number of outstanding ordinary shares during the reporting year.Indicator For 2023 For 2022 Basic profit (loss) for the reporting year RUB’000 90227822 5332506 Average weighted number of outstanding ordinary shares during the reporting year shares 15193014862 15193014862 Basic profit (loss) per share RUB 5.94 0.35 Diluted profit per share was not calculated as there were no factors having diluting effect for basic profit per share. 3 Related Party Transactions and Settlements Information on related parties is disclosed by the Company subject to Accounting Regulations (RAS) 11/2008 ’Information on Related Parties’ approved by Order of the Ministry of Finance of the Russian Federation No 48n dated April 29 2008.The Company is a member of RUSAL Group (the ‘UC RUSAL’) which includes the following groups of related parties in relation to the Company: — Controlling companies; — Companies under common control.? 62 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS The Company discloses information on the related parties by groups of related parties and by types of transactions.According to Clause 10 and Clause 11 of RAS 11/2008 similar transactions with groups of related parties are disclosed by grouping them together as follows: — Transactions with the parent company; — Transactions with subsidiaries; — Transactions with dependent companies; — Transactions with companies under common control; — Transactions with dominant (participating) companies; — Transactions with key management personnel of other related parties.According to Clause 10 of RAS 11/2008 similar transactions with groups of related parties are disclosed by grouping them together as follows: — Sale of goods work services including sales through intra-group commissioners; — Acquisition of goods work services including purchases through intra-group commissioners; — Loans granted other financial investments; — Loans received; — Loan interest receivable; — Loan interest payable; — Cash flows from sale of goods services and work including received advances; — Payment for goods works services including advances made; — Contributions to registered capitals; — Acquisition of shares / participation interests in the registered capital; — Income from participation in other companies; — Sale of shares / participation interests in the registered capital; ? 63 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS — Payment for goods works services including advances made; — Receipt of funds from participation in other organisations; — Receipt of funds for the sold shares / participation interests in the registered capital; — Payments under other transactions for which the Company acts as a payer.In 2023 and 2022 transactions with related parties were performed on an arm’s length basis.Information on the transactions is reported inclusive of VAT.Companies Main under business Subsidiaries common Name entity - control 2023 Income from shareholdings — 30061197 836957 Sale of goods work services including sales through intra-group commissioners — 113853 — Purchase of goods work services including procurement through intra-group commissioners — 12011 48472 Loans granted other financial investments — 81185910 71478374 Loans received — — — Loan interest receivable — 13558226 7033878 Loan interest payable — 536690 — Disposal/partial disposal of shares/participation interest in the authorised capital of other organisations — 280550297 — Acquisition of shares/participation interests in the authorised capital of other organisations 151930 257079567 13889640 Receipt of funds from participation in other organisations 1624837 836161 Cash flows from sale of goods services and work including received advances — 113853 826 Payment for goods works services including advances made — 536 103167 Cash flows from disposal of shares/participation interest in the authorised capital of other organisations — — — Payment for acquisition of shares/participation interests in the authorised capital of other organisations — 23413262 4963079 Debt assignment — 7394258 — Other payments — — 6779453 ? 64 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Companies Main under business Subsidiaries common Name entity - control 2022 Income from shareholdings — 92776459 884998 Sale of goods work services including sales through intra-group commissioners — 719687 180786 Purchase of goods work services including procurement through intra-group commissioners — 1053 59282 Loans granted other financial investments — 228406654 87908599 Loans received — — — Loan interest receivable — 17209898 4311855 Loan interest payable — 1538478 — Disposal/partial disposal of shares/participation interest in the authorised capital of other organisations — — — Acquisition of shares/participation interests in the authorised capital of other organisations — 67343 — Receipt of funds from participation in other organisations — 86106861 884998 Cash flows from sale of goods services and work including received advances — 719715 174444 Refund for payments made on behalf of a related party — — 10810 Payment for goods services and work including issued advances — 32994 70906 Cash flows from disposal of shares/participation interest in the authorised capital of other organisations — 47043557 — Payment for acquisition of shares/participation interests in the authorised capital of other organisations — 187 — Payments made on behalf of a related party — — 10810 ? 65 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Security for obligations of related parties as of December 31 20231 Name Currency Total Security for obligations incurred by subsidiaries RUB ’000 26336314 including: in USD 4867294 Security for obligations incurred by companies under RUB ’000 58749357 common control including: in USD 16397914 in CNY 35749958 In EUR 6601485 Total security for obligations of related parties RUB ’000 85085671 including: in USD 21265208 in CNY 35749958 In EUR 6601485 Security of obligations of related parties as of December 31 20222 Name Currency Total Security for obligations incurred by subsidiary RUB ’000 70724603 companies including: in USD 1005504 Security for obligations incurred by companies under RUB ’000 86306942 common control including: in CNY 2687465 in USD 171832 In EUR 76400 in GBP 1286 Total security for obligations of related parties RUB ’000 157031545 including: in CNY 2687465 in USD 1177336 In EUR 76400 in GBP 1286 1 Foreign currency data are recorded in RUB ’000 according to the exchange rate of the Central Bank of the Russian Federation as of December 31 2023 2 Foreign currency data are recorded in RUB ’000 according to the exchange rate of the Central Bank of the Russian Federation as of December 31 2022 ? 66 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Security for obligations of related parties as of December 31 20213 Name Currency Total Security for obligations incurred by subsidiaries RUB ’000 114172890 including: in USD 114172890 Security for obligations incurred by companies under RUB ’000 93450330 common control including: in USD 61992648 In EUR 6375879 in GBP 2105334 Total security for obligations of related parties RUB ’000 207623220 including: in USD 176165538 In EUR 6375879 in GBP 2105334 Property lease at the agreed contract price Name Other related parties As of December 31 2023 Property taken on lease 413971 As of December 31 2022 Property taken on lease 259721 As of December 31 2021 Property taken on lease 262237 3 Foreign currency data are recorded in RUB ’000 according to the exchange rate of the Central Bank of the Russian Federation as of December 31 2021 ? 67 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Balances of related party transactions Subsidiaries Companies under Name - common control As of December 31 2023 Accounts receivable 66858152 6779632 Accounts payable 111655 12985408 Loans granted other financial investments 268127753 164112055 Loan interest receivable 858606 403350 Loans received 35086511 — Loan interest payable 2804990 — Advance payments made for long-term financial investments as part of other non-current assets — 4000000 As of December 31 2022 Accounts receivable 7449257 1421 Accounts payable 328611032 6261 Loans granted other financial investments 348840345 111442179 Loan interest receivable 5160470 5946023 Loans received 27516382 — Loan interest payable 1701521 — As of December 31 2021 Accounts receivable — — Accounts payable 89245 5663 Loans granted other financial investments 163577147 59732149 Loan interest receivable 947799 10324030 Loans received 67715030 — Loan interest payable 1083447 — As of December 31 2023 accounts receivable from subsidiaries include receivables in the amount of RUB 31739416000 related to the accounts payable of the subsidiary to a third party.In 2023 no dividends were distributed or paid out.In 2022 according to the Minutes of the EGM dated September 30 2022 dividends payable to shareholders in the amount of RUB 17445531000 were accrued at the rate of USD 0.02 per ordinary share. In accordance with the Charter of UC RUSAL IPJSC a person who has not received the declared dividends has the right to claim the payment of such dividends (unclaimed dividends) within ten years from the date of the decision on their payment.? 68 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS The remuneration paid to the key management personnel is composed of salaries and bonuses and totals RUB 881941000 including salaries and bonuses recorded in section 5 of Form 5 in line ‘Payroll expenses’ amounting to RUB 881941000 (2022: RUB 693708000). Insurance contributions to the Social Fund of the Russian Federation for the remuneration of the key management personnel amount to RUB 139080000 (2022: RUB 111555000). 4 Provisions Contingent Liabilities and Contingent Assets In 2023 the ongoing conflict involving Ukraine and the subsequent escalation of geopolitical tensions had an impact on the economy of the Russian Federation. During the conflict period including during 2023 the European Union the United States and several other countries have imposed new sanctions on various Russian state-owned and commercial organisations including banks individuals and certain economic sectors as well as restrictions on certain types of transactions such as blocking funds on foreign bank accounts and blocking payments against Eurobonds of the Russian Federation and Russian company. Several international companies have announced suspension of their operations in Russia or cessation of product supplies to Russia. This has led to increased volatility in the stock and currency markets. The Russian Federation introduced temporary economic restrictive measures including a ban on the provision of loans in a foreign currency by residents to non-residents crediting of foreign currency by residents to their accounts with foreign banks restrictions on security payments to foreign investors and restrictions on entering into transactions with persons from a number of foreign states.The Company continues evaluating the effects of these events and changes in the micro- and macroeconomic situation on its operations financial standing and financial results.Taxes and Pending Legal Proceedings In the opinion of the management the relevant legislative provisions have been interpreted correctly by the management and it is highly probable that the Company will maintain its position in terms of the tax currency and customs laws as of December 31 2023.Transfer pricing The Russian tax authorities have the right to charge additional tax and penalties on the basis of the rules established by the transfer pricing (TP) laws if the price/profitability in controlled transactions differs from the market level. The list of transactions controlled for transfer pricing purposes mainly includes transactions between related parties.Starting from January 1 2019 transfer pricing control was abolished for a significant part of domestic transactions and the threshold for cross-border transactions entered into with the same dependent counterparty which are subject to tax price control was set to RUB 120 mln starting from January 1 2022.? 69 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS In addition transfer pricing control is exercised with respect to certain types of transactions between independent organisations for example in transactions with companies located in low-tax jurisdictions as well as in foreign trade transactions related to the global trade commodities4 (if the turnover threshold in such transactions exceeds RUB 120 mln). At the same time the mechanism of counter-adjustment of tax liabilities in case of additional tax charges on the grounds related to violation of transfer pricing rules as well as voluntary corresponding adjustments of transfer prices and as a result tax liabilities can be used subject to compliance with certain legal requirements and only with respect to transactions which are recognised as controlled.In addition in 2023 it became possible to recognise loss transactions as compliant with market terms: * transactions that are impacted by sanctions and are focused on product export; * transactions are recognised as market transactions both for the purposes of tax control of prices and for the conclusion of a Pricing Agreement.In intra-group transactions that are not controlled for transfer pricing since 2019 the applied transfer prices may still be inspected by the territorial tax authorities outside the transfer pricing audits to identify obtained unreasonable tax benefits and transfer pricing methods may be used to determine the amount of additional tax charges.Since January 1 2022 the range of threshold interest rates on debt obligations has been extended for the period from January 1 2022 to December 31 2023. This amendment in particular expands the list of controlled debt obligations for which no separate analysis in terms of transfer pricing is required in accordance with the provisions of Section V.1 of the Tax Code of the Russian Federation.In 2023 the Company determined its tax liabilities arising from controlled transactions based on actual transaction prices.The federal executive body authorised to control and supervise taxes and levies may inspect prices / profitability in controlled transactions and in case of disagreement with the prices applied by the Company in these transactions charge additional tax if the Company cannot justify the market pricing in these transactions by providing transfer pricing documentation (national documentation) that meets the requirements of the laws. 4 Since January 1 2022 irrespective of the date of signing the relevant agreement the conditions for recognising foreign trade transactions with commodities that are the main export products of the Russian Federation (including oil ferrous metals non-ferrous metals mineral fertilisers precious stones and metals) as controlled transactions have changed.? 70 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS 5 Material Events After the Reporting Date In January 2024 the Company acquired 79.9951% of shares in Bauxite Timana JSC from a related party with the payment under the deal settled in cash in December 2023. In addition in January 2024 a decision was made to decrease the authorized capital of the subsidiary IC GERSHWIN by RUB 36823000000 the compensation for this decrease of the nominal share was received in cash in January 2024.On January 29 2024 the decision was made to pay dividends to UC RUSAL IPJSC on behalf of IC GERSHWIN in the amount of RUB 2700000000.On February 7 2024 the Company placed on Moscow Stock Exchange uncertified interest-bearing non-convertible bonds of BO-001P-06 series for the total amount of 1000000000 Chinese yuan with the coupon of 7.20%. The bonds will mature in 2.5 years.In January 2024 the deal on purchase of shares in United Company Rusal Silicon Limited by Libertatem Materials Limited was cancelled. 6 Company Business Risks Analysis The Company’s business is objectively associated with risks which may significantly affect production and financial results. Risks analysis and risk management being an integral part of business ensure its sustainable development.The Company is part of the RUSAL Group (the ‘Group’). The Group’s management (the Board of Directors of UC RUSAL IPJSC) is responsible for the establishment of the risk management system and for monitoring its effectiveness. The Group’s management has formed a risk management team as part of the Internal Control Department which is responsible for developing the risk management policies of subsidiaries and ensuring their compliance. The Department regularly provides the Group’s management with reports on their performance.Risk management policies are developed to identify and analyse the risks associated with the activities of subsidiaries to determine appropriate risk limits and control measures and to carry out operational control over the level of risk and compliance with the established limits. The risk management policies and system are regularly reviewed to account for changes in market conditions and the nature of the activities. By implementing established standards and procedures for staff training and work organisation the Company aims to create an effective control environment that ensures a high level of discipline among all employees and their understanding of their roles and responsibilities.The Group’s Audit Commission supervises how the Group’s management ensures operational control over compliance with the Group companies’ risk management policies and procedures and also evaluates the effectiveness of the existing risk management system. The Group’s Internal Audit Unit assists the Audit Commission in performing its supervisory functions. The Internal Audit Unit conducts regular and unplanned audits of the effectiveness of controls and risk management procedures the results of which are reported to the Group’s Audit Commission.? 71 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Factors that may affect the achievement of strategic goals may be classified as follows: In the course of its business the Company is affected by industry-specific legal and other internal and external factors (material conditions events circumstances actions). In this regard various risks arise that can significantly affect the financial standing and financial performance of the Company. The main risks that arise during the Company’s operations are described below.Risk management mechanism The Company’s management monitors the process of managing the above-mentioned risks in order to minimise possible adverse consequences for the financial standing and financial performance of the Company.The Chief Executive Officer of the Company analyses and approves the policy for managing the risks disclosed below.Industry-specific risks The main industry-specific risks of the Company are related to the possible deterioration of the general situation in the aluminium industry. The most substantial of key factors adversely affecting the situation are: * negative change in world prices for aluminium; * increase in electricity prices; * increase in prices for the main raw materials; * increase in the share of transport component in prime costs of the products first and foremost increase in tariffs for railway transportation of end products and the main types of raw materials.The Company takes all necessary steps to minimise the said risks. It performs continuous analysis monitoring and forecasting of price movement taking into account implementation of trading policy (execution of long-term contracts). 6.1. Financial risks In the course of its business the Company faces the following financial risks: * market risk (risk of interest rate changes negative changes in foreign exchange rates risk of changes in raw material prices); ? 72 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS * credit risk; * liquidity risk.Interest rate risk The risk of changes in market interest rates relates primarily to the Company’s debt liabilities with floating interest rates.The Company’s Management controls interest expenses by tracking changes in interest rates on borrowed loans and borrowings refinancing the loan portfolio in a timely manner if necessary and using other financial instruments.Currency risk The company is subject to currency risk due to its engagement in borrowing and lending operations in currencies other than the rouble. The primary currency risk arises from operations conducted in US dollars Chinese yuan EURO and UAE dirhams. The loans and borrowings are generally in the same currency as the cash flows generated from lending activities. This approach allows for economic hedging without the need for derivative instruments. For other monetary assets and liabilities in foreign currencies the Company takes all necessary steps to ensure that the risk-exposed position does not exceed the acceptable level. To that effect it conducts where applicable foreign currency buying and selling operations at spot rates to rectify short-term imbalances.Credit risk Credit risk is the risk that the Company will incur financial losses from counterparties’ failure to fulfil their obligations in respect of the borrowed funds provided to them or under a client agreement. The Company is exposed to credit risk associated with its operations (primarily with respect to trade receivables) and financial activities including deposits with banks.The management of credit risk associated with customers is carried out in line with policies procedures and control system adopted by the Company to manage customer-related credit risk. The credit quality of the customer is considered high as they are predominantly related parties.The Company assesses risk concentration with respect to trade receivables as low since its customers are related parties and are controlled by the Group’s management. Clients are located in multiple jurisdictions operate in multiple industries and to a large extent in independent markets.The Company provides loans to related parties (see section 3 of the Notes). The credit risk associated with the balances on accounts with banks and financial institutions is managed in accordance with the Company’s policy.? 73 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS The maximum exposure to credit risk is represented by the balance sheet value of the following balance sheet items: Item Line No Long-term financial investments 1170 Accounts receivable 1230 Short-term financial investments 1240 Cash and cash equivalents 1250 Liquidity risk The liquidity risk is associated with the Company’s ability to timely and fully repay its financial liabilities as of the reporting date: accounts payable to suppliers and contractors debts to creditors on loans and borrowings received (including in the form of bonds).The liquidity risk is analysed and managed at the level of UC RUSAL. The Company has analysed the concentration of risk with respect to refinancing its debt and concluded that it is low.Currently the Company believes that it has sufficient access to the sources of financing as well as that it has both utilised and unutilised credit resources that will meet the expected needs for the borrowing. 6.2. Other risks Legal risks Legal risks which can affect the Company’s business include risks driven by the following factors: * changes in tax law; * changes in securities and corporate law; * changes in customs regulations and duties in currency exchange regulation; * possible tightening of environmental legislation requirements or changes in practice of their application; * changes in court practice.To mitigate the said risks the Company monitors trends in regional and all-Russian law enforcement practice analyses and evaluates legislative initiatives and immediately responds to changes in legislation.? 74 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Tax risks Russian tax and customs legislation is subject to varying interpretations and changes which can occur frequently. The interpretation by the Company’s management of the legislative provisions in relation to the transactions and activities of the Company may be disputed by the regional or federal authorities.In 2023 the main changes are related to the current geopolitical situation which is results primarily from the economic sanctions against Russia imposed by a number of foreign governments.These events may materially affect the activities of Russian entities in various sectors of the economy.Changes in the geopolitical situation imply changes in tax customs and other types of laws. In particular the main changes in the tax law affected the application of transfer pricing controlled foreign companies procedure for applying tax benefits capital amnesty taxation of intellectual property investment and other tax aspects.In 2023 the Russian tax authorities adopted arrangements against tax evasion using low-tax jurisdictions and aggressive tax planning structures. In particular the use of any benefits under tax treaties (in particular from the point of view of the beneficial owner concept and the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting) cross-border structures related to intra-group financing licensing and provision of services as well as the concept of tax residency and permanent establishment both in Russia and abroad are especially worth noticing.The Russian tax authorities continue to pay close attention to the transactions of the Russian companies with the foreign companies of the Group to analyse transactions in detail for their economic feasibility and transparent documentary exposure using various sources of information (documents received from the taxpayer interrogations of witnesses and counterparties publicly available data sources analysis of business purpose testing etc.).The Russian tax authorities continue to cooperate with the tax authorities of the foreign countries within the scope of the international exchange of tax information which makes the activities of the companies on an international scale more transparent and requiring detailed study with regards to the confirmation of the economic purpose of the organisation and operation of the international structure within the scope of the tax control procedures. In 2023 such cooperation efforts with many countries may be complicated due to the geopolitical situation however it is reasonable to assume that the in the future tax authorities may get access to information about the foreign activities of the companies.Such changes as well as the recent trends in the application and interpretation of certain provisions of the Russian tax laws indicate that the tax authorities may take a more rigorous position when interpreting the laws and implementing monitoring activities. As a consequence the tax authorities may raise claims in respect of those transactions and approaches to the application of laws that were previously left unclaimed. As a result significant amounts of taxes fines and penalties may ? 75 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS be accrued. The amounts of claims in the possible but not filed actions may not be determined and the probability of an unfavourable outcome may not be assessed. The tax audits may cover three calendar years of the activity immediately preceding the year of the audit. Under certain conditions the earlier tax periods may be subject to the audit.In the opinion of the management the relevant legislative provisions have been interpreted correctly by the management and it is highly probable that the Company will maintain its position in terms of tax currency and customs laws as of December 31 2023.Country and regional risks The Company carries out its primary activities in the North-Western Federal District of Russia which is characterised by the risks associated with the political and economic situation in the country as a whole.Currently the political situation in the country is relatively unstable due to the sanctions imposed against Russia by some countries the general geopolitical situation in the country as well as the fluctuations in crude oil prices. Therefore it has a negative impact on the Russian economy as a whole. In particular it is reflected in the instability of the Russian rouble and the need for the economic tax political and other reforms.In the event of a negative impact of the change in the situation in the country or in a region of the Russian Federation in which the Company operates the Company will take all reasonable measures to reduce the negative effects on the financial standing and financial performance of the Company.The risks associated with the geographical features of the region in which the Company operates including the increased risk of natural disasters the possible termination of transport communication due to the remoteness and inaccessibility are estimated as insignificant.Reputational risks The Company’s management believes that at present there are no evidences that could have a significant negative impact on reducing the number of its buyers (customers) due to a negative perception of the quality of products (works services) produced and sold by the Company compliance with the terms of delivery of products performance of works (services) as well as the participation of the Company in any price-fixing agreement. Accordingly reputational risks are assessed by the Company as insignificant.Chief Executive Officer E. Nikitin Date: March 12 2024 ? 76 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS Appendix 1 to Notes to the Balance Sheet as of December 31 2023 and the Statement of Financial Results for 2023 UC RUSAL IPJSC ? 77 ?APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS ?78? Appendix 1 to Notes to the Balance Sheet and the Statement of Financial Results for 2023 UC RUSAL IPJSC 1. Fixed Assets 1.1. Availability and movement of fixed assets (excluding investment property right-of-use assets) As of the beginning of the year Changes over the period As of the end of the period retired revaluation historical accumulated historical accumulated impairment Accrued historical accumulated historical accumulated Indicator Period cost depreciation impairment received value depreciation (+/-) depreciation value depreciation cost depreciation impairment Total fixed assets including: For 2023 5381 (11) — 461 — — — (262) — — 5842 (273) — Machinery and equipment 2961 (11) — 160 — — — (35) — — 3121 (46) — Furniture and office equipment 2420 — — — — — — (227) — — 2420 (227) — with a useful life over 12 months Other property plant and — — — 301 — — — — — — 301 — — equipment Total fixed assets including: For 2022 18 (2) — 5363 — — — (9) — — 5381 (11) — Machinery and equipment 18 (2) — 2943 — — — (9) — — 2961 (11) — Furniture and office equipment — — — 2420 — — — — — — 2420 — — with a useful life over 12 months Other property plant and — — — — — — — — — — — — — equipmentAPPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS ?79? 1.2. Availability and movement of investment property and right-of-use assets As of the beginning of the year Changes over the period As of the end of the period retired historical accumulated historical accumulated impairment Accrued historical accumulated Indicator Period cost depreciation impairment received value depreciation (+/-) depreciation cost depreciation impairment Recognised as investment 2023 — — — — — — — — — — — property Recorded as right-of-use 2023 225256 (13576) — 342654 (311350) 11989 — (61217) 256560 (62804) — assets 1.3. Capital investments in progress (excluding capital investments in investment property) As of the beginning of the year Changes over the period As of the end of the period recognised as foxed assets or the increase in cost of expenses as the cost of other impairment cost of Indicator Period investments impairment of the period fixed assets disposal (+/-) investments impairment Total construction-in-progress and incomplete operations for the fixed assets acquisition modernisation etc.including: 2023 — — 461 (461) — — — — Acquisition of separate fixed assets — — 461 (461) — — — — Total construction-in-progress and incomplete 2022 — — 5363 (5363) — — — — operations for the fixed assets acquisition modernisation etc. including: Acquisition of separate fixed assets — — 5363 (5363) — — — —APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS ?80? 1.4. Other use of fixed assets Indicator As of December 31 2023 As of December 31 2022 As of December 31 2021 Off-balance fixed assets leased 413971 274462 262299 2. Availability of financial investments At the beginning of the period Changes over the period As of the end of the period recognised recognised according to according to the contract change in the the contract terms and reserve for reserve for terms and reserve for Indicator Period conditions impairment received retired impairment conditions impairment Total long-term including: For 2023 1298181162 (152389948) 355293721 (439753439) 60813038 1213721444 (91576910) Investments in subsidiaries and 1209523708 (152389355) 271087043 (280516202) 60812445 1200094549 (91576910) associates Loans granted 74093451 — 82026470 (156119921) — — — Other 14564003 (593) 2180208 (3117316) 593 13626895 — Total short-term including: 386189073 — 354320067 (308269332) — 432239808 — Loans granted 386189073 — 354320067 (308269332) — 432239808 — Total 1684370235 (152389948) 709613788 (748022771) 60813038 1645961252 (91576910) Total long-term including: For 2022 1320936427 (47763103) 138886271 (161641536) (104626845) 1298181162 (152389948) Investments in subsidiaries and 1209456365 (47763103) 67343 — (104626252) 1209523708 (152389355) associates Loans granted 97273690 — 138461297 (161641536) — 74093451 — Other 14206372 — 357631 — (593) 14564003 (593) Total short-term including: 126035606 — 370106710 (109953243) — 386189073 — Loans granted 126035606 — 370106710 (109953243) — 386189073 — Total 1446972033 (47763103) 508992981 (271594779) (104626845) 1684370235 (152389948)APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS ?81? 3. Availability of inventories At the beginning of the period Changes over the period As of the end of the period recognised recognised according to according to the contract change in the the contract terms and reserve for reserve for terms and reserve for Indicator Period conditions impairment received retired impairment conditions impairment Total inventories including: For 2023 280 — 841 (433) — 688 — Raw materials supplies 280 — 376 (433) — 223 — Goods — — 465 — — 465 — Total inventories including: For 2022 — — 1319 (1039) — 280 — Raw materials supplies — — 998 (718) — 280 — Goods — — 321 (321) — — — 4. Settlements with debtors and creditors 4.1. Availability of accounts receivable As of December 31 2023 As of December 31 2022 As of December 31 2021 recognised recognised recognised according to according to according to the contract amount of the contract amount of the contract amount of terms and provision for terms and provision for terms and provision for Indicator conditions bad debts conditions bad debts conditions bad debts Total long-term accounts receivable including: — — 6621428 — — — Other debtors — — 6621428 — — — Total short-term accounts receivable including: 74991645 (4389) 12054028 (4116) 11529771 — Buyers and customers — — — — — — Advances paid 60350 (4116) 57909 (4116) 253115 — Other debtors 74931295 (273) 11996119 — 11276656 — Total 74991645 (4389) 18675456 (4116) 11529771 —APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS ?82? 4.2. Overdue accounts receivable As of December 31 2023 As of December 31 2022 As of December 31 2021 recognised recognised recognised according to according to according to the contract the contract the contract terms and terms and terms and Indicator conditions book value conditions book value conditions book value Total including: 8853 4464 5111 995 37047 37047 Buyers and customers — — — — — — Advances paid 8547 4431 4263 147 37047 37047 Other debtors 306 33 848 848 — — 4.3. Availability of accounts payable As of December 31 As of December 31 As of December 31 202320222021 recognised according recognised according recognised according to the contract terms to the contract terms to the contract terms Indicator and conditions and conditions and conditions Total long-term accounts payable including: 97159 — — Other creditors 97159 — — Total short-term accounts payable including: 13467033 47247518 128892 Suppliers and contractors 45637 41333 9095 Payables to personnel 43 60 224 Taxes and levies payable 17948 14435 15359 Other creditors 13403405 47191690 104214APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS ?83? 4.4. Overdue accounts payable As of December 31 As of December 31 As of December 31 Indicator 2023 2022 2021 Total including: 4439 13956 14216 Suppliers and contractors 4439 11884 487 Other creditors — 2072 13729 5. Production expenditures Indicator For 2023 For 2022 Material expenditures 433 718 Wages and salaries 1817943 1650929 Social security contributions 284626 258147 Depreciation 66095 13586 Other expenditures 425755 369847 Total items 2594852 2293227 Cost of goods sold — — Change in balances (increase [-] decrease [+]): finished goods finished goods in transit — — Charged to materials returned to production — — Total expenditures for ordinary activities 2594852 2293227APPENDIX I ANNUAL ACCOUNTING (FINANCIAL) STATEMENTS OF UC RUSAL IPJSC FOR THE YEAR ENDED 31 DECEMBER 2023 PREPARED IN ACCORDANCE WITH RUSSIAN ACCOUNTING STANDARDS ?84? 6. Provisions Closing Opening balance as of Indicator Period balance Accrued Used Recovered the period Total provisions including: For 2023 189171 333593 (196438) (202182) 124144 future annual leave allowance 42663 159346 (150037) — 51972 audit reserve 15174 27198 (18209) — 24163 Provision for the performance-based bonus payment 94717 94717 — (189434) — other provisions 36617 52332 (28192) (12748) 48009 Total provisions including: For 2022 253874 255550 (320186) (67) 189171 future annual leave allowance 34218 145840 (137395) — 42663 audit reserve 19836 15174 (19769) (67) 15174 Provision for the performance-based bonus payment 159131 57919 (122333) — 94717 other provisions 40689 36617 (40689) — 36617 7. Liability Security As of December 31 As of December 31 As of December 31 Indicator For 2023 As of 2022 As of 2021 Total granted including: 85085671 290346305 340937980 Suretyship 21870698 13573594 52072110 Guarantee 63214973 143457951 155551110 Pledge — 133314760 133314760 CEO E. Nikitin (signature) (printed name) March 12 2024APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM This appendix contains the biographical details of the candidates eligible and being proposed for election to the Board at the AGM to enable the Shareholders to make an informed view on whether to vote for or against each resolution to be proposed at the AGM in relation to the election of each Director.Evgenii Nikitin aged 58 (General Director) Mr. Nikitin was appointed as an executive Director on 28 June 2018.Mr. Nikitin was appointed as the Chief Executive Officer of the Company in November 2018 and became the general director with effect from 25 September 2020. Mr. Nikitin has also been the General Director of JSC “RUSAL Management” since 2019. Before that he held position of acting CEO of the Company since May 2018 and RUSAL’s Head of Aluminium Division since January 2014.Prior to that he held positions of director of Aluminium Division East since October 2013. Prior to that appointment Mr. Nikitin was the managing director of KrAZ one of the world’s largest aluminium production facilities. From 2008 to 2010 he was managing director of SAZ after beginning his career with the Group as a pot operator in 1993.Mr. Nikitin was born on 11 March 1966. He graduated from the Moscow State Technical University of Civil Aviation in 1989 and from Lomonosov Moscow State University with a master’s degree in business management (MBA) — production systems in 2009.The length of service of Mr. Nikitin as an executive Director shall be until the next annual general meeting of the Shareholders in accordance with the Charter. Mr. Nikitin’s appointment may be terminated in accordance with the Charter. The annual compensation of Mr. Nikitin as the General Director paid in 2023 comprised the following: (a) RUB86 million per annum base salary paid monthly; (b) annual discretionary bonus of USD1293063 in total determined by the Remuneration Committee on the basis of the performance results of the General Director; (c) other ancillary benefits and compensations. The remuneration for the year 2024 will comprise of base salary in accordance with the employment agreement as well as the annual discretionary bonus and other ancillary benefits and compensations which will be fixed by the Board taking into account the recommendation of the Remuneration Committee. Remuneration policies are determined based on his qualifications and performance as well as the complexity of his job.As at the Latest Practicable Date Mr. Nikitin was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.Mr. Nikitin was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Mr. Nikitin has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.? 85 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM Save as disclosed above Mr. Nikitin confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Shareholder holding more than 2% of voting Shares.Written consent to be elected as a member of the Board has been received.Vladimir Kolmogorov aged 71 From 18 May 2019 Mr. Kolmogorov was appointed as a non-executive Director.From 2020 Mr. Kolmogorov is an executive director of En+ Holding ILLC (earlier En+ Holding Limited). He has been appointed as the general director of En+ Holding ILLC and the general director of En+ Group IPJSC since 23 May 2024. From 2019 to February 2024 he was First Deputy CEO for Technical Policy of En+ Holding ILLC (earlier En+ Holding Limited) from January to March 2024 he was operating director of En+ Holding ILLC. From 2020 to January 2024 he was the First Deputy CEO — executive director of En+. From October 2023 he became the executive director of JSC “EuroSibEnergo” and from January 2024 he became General Director of JSC “EuroSibEnergo”.From 2016 to December 2023 Mr. Kolmogorov was the Head of Technical Supervision of JSC “EuroSibEnergo”. Mr. Kolmogorov started his career as a foremaster at Krasnoyarsk HPP in 1975 which was later followed by his employment with Sayano-Shushenskaya HPP as Deputy Head (for Automated Control Systems) of Electrical Shop and Chief Engineer of Taymyr HPP Cascade since 1982. From 1983 to 2014 Mr. Kolmogorov held senior management positions with various energy sector companies. In 2013 he was a First Deputy General Director of PJSC “IDGC of Siberia”. From 2011 to 2012 he served as a Board of Directors Chairman of CJSC Distributed Energy. From 2009 to 2011 Mr. Kolmogorov was a General Director of JSC “OGK-3”. From 1989 to 2006 Mr.Kolmogorov held senior management positions of such companies as EuroSibEnergoengineering LLC JSC Irkutskenergo Siberian Energy Company LLC Krasnoyarskenergo JSC JSC Krasnoyarsk HPP and also the position of chief engineer of SibirEnergo representative office of PJSC RAO UES.Mr. Kolmogorov graduated from the Novosibirsk Electrotechnical Institute Electrical Energy Industry Faculty in 1975. He received his Doctor of Business Administration from the Russian Presidential Academy of National Economy and Public Administration in 2007. Mr. Kolmogorov hasa PhD in Economics and PhD in Electrical Engineering. He was awarded the titles of the “HonouredEnergy Industry Worker of the Russian Federation” “Honoured Energy Industry Worker” and “Merited Worker of Fuel and Energy Complex”.The length of service of Mr. Kolmogorov as a non-executive Director shall be until the next annual general meeting of the Shareholders in accordance with the Charter. Mr. Kolmogorov’s appointment may be terminated in accordance with the Charter. As a non-executive Director Mr.Kolmogorov is entitled to EUR215000 annually (before tax) to be paid monthly in equal installments; as member of Board committees EUR18000 per annum (before tax) for membership per one ? 86 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM committee to be paid monthly in equal installments; and as Board committee chairman EUR26000 per annum (before tax) for membership per one committee to be paid monthly in equal instalments.Remuneration policies are determined based on his qualifications and performance as well as the complexity of his job.As at the Latest Practicable Date Mr. Kolmogorov was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.Save as disclosed above Mr. Kolmogorov was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Mr. Kolmogorov has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.Save as disclosed above Mr. Kolmogorov confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Shareholder holding more than 2% of voting Shares.Written consent to be elected as a member of the Board has been received.Semen Mironov aged 43 Mr. Mironov was appointed as a non-executive Director with effect from 28 June 2023. From 2019 to 2022 Mr. Mironov was the investment director at Chelpipe Group and Rimera Group responsible for identifying and diligencing compelling private equity investment opportunities in various sectors of the economy and their detailed analysis. In 2005-2018 Mr. Mironov was with Credit Suisse combining roles of the Head of Eastern Europe Middle East and Africa Equity Research and regional Metals Mining and Chemicals sector head. In 2003-2005 Mr. Mironov was the Metals and Mining equity research analyst at Renaissance Capital following companies in Russia Ukraine and Kazakhstan.Mr. Mironov is professionally certified as an investment advisor by both UK Financial Conduct Authority and Central Bank of the Russian Federation.The length of service of Mr. Mironov as a non-executive Director shall be until the next annual general meeting of the Shareholders in accordance with the Charter. Mr. Mironov’s appointment may be terminated in accordance with the Charter. As a non-executive Director Mr. Mironov is entitled to EUR215000 annually (before tax) to be paid monthly in equal installments; as member of Board committees EUR18000 per annum (before tax) for membership per one committee to be paid monthly in equal installments; and as Board committee chairman EUR26000 per annum (before tax) for membership per one committee to be paid monthly in equal instalments. Remuneration policies are determined based on his qualifications and performance as well as the complexity of his job.? 87 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM As at the Latest Practicable Date Mr. Mironov was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.Save as disclosed above Mr. Mironov was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Mr. Mironov has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.Save as disclosed above Mr. Mironov confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Shareholder holding more than 2% of voting Shares.Written consent to be elected as a member of the Board has been received.Christopher Burnham aged 67 Mr. Burnham was appointed as an independent non-executive Director with effect from 14 February 2019.Mr. Burnham has served as a member of the board of directors of En+ since 28 January 2019 as an independent director. Mr. Burnham has been the senior independent director of En+ from 2019 until March 2022. Mr. Burnham was elected as the chairman of the board of directors of En+ from 25 March 2022. Since 2013 Mr. Burnham has been the chairman and chief executive officer of Cambridge Global Capital and from 2013 to 2022 Mr. Burnham was the chairman of its affiliated strategic advisory firm Cambridge Global Advisors headquartered in Washington D.C. Mr. Burnham cofounded Cambridge Global Advisors after a distinguished career in government diplomacy banking and private equity. Mr. Burnham has served as Under Secretary General for Management of the United Nations Under Secretary of State for Management (acting) Assistant Secretary of State for Resource Management and chief financial officer of the U.S. Department of State Treasurer of the State of Connecticut and a three-term Member of the Connecticut House of Representatives where he was elected by his colleagues as Assistant Minority Leader after only one-term. In addition Mr. Burnham served as Vice Chairman of Deutsche Bank Asset Management global co-head of private equity and served as a member of the asset management Global Operating Committee and chairman of the Global Governance Committee. Earlier in his career Mr. Burnham served as chief executive officer of PIMCO’s largest equity subsidiary Columbus Circle Investors and International Vice Chairman of PIMCO Funds Distribution Company.? 88 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM Mr. Burnham led reforms of the Connecticut Treasury including turning around the worst performing state pension system in the nation eliminating the USD7 billion unfunded liability within the Connecticut workers compensation system and modernisation of the financial and reporting systems.At the U.S. Department of State Mr. Burnham built and led the implementation of performance measures down to the mission level while modernizing the global reporting system across 270 offices in 170 countries. As the chief operating officer of the United Nations and a member of the cabinet of Kofi Annan Mr. Burnham instituted sweeping governance reforms including the establishment of the first United Nations Ethics Office the first United Nations Independent Audit Advisory Committee the adoption of new International Public Sector Accounting Standards the first comprehensive consolidated annual report in the history of the United Nations and a new whistleblower protection policy that received independent recognition as the “gold standard”. Mr. Burnham also implemented best-in-class financial disclosure reporting by senior United Nations officials and staff based on the U.S. government model a first ever sexual harassment policy and initiated a taskforce to investigate corruption within United Nations procurement that led to prosecutions and convictions by the U.S.District Attorney’s office of the Southern District of New York.Mr. Burnham has been confirmed twice by the United States Senate.From 2006 to December 2012 Mr. Burnham was the vice chairman and managing director of Deutsche Asset Management where he co-founded and led Deutsche Bank’s direct private equity group RREEF Capital Partners the bank’s re-entry into private equity after an eight-year absence.Mr. Burnham also chaired Deutsche Bank’s asset management governance committee in Germany. Mr.Burnham is a globally recognized expert in the implementation of accountability and transparency and the implementation of best practice in government corporations and inter-governmental organisations. Earlier in his career Mr. Burnham worked as an investment banker in the public power and corporate group of First Boston and at Advest Inc.A combat veteran of the United States Marine Corps (Reserve) who retired at the rank of Lieutenant Colonel Mr. Burnham volunteered for active duty in 1990 and served as an infantry platoon commander in the Gulf War. Mr. Burnham his men were part of the lead Allied forces to reach and liberate Kuwait City.Mr. Burnham is a senior advisor at the Center for Strategic and International Studies where he has served on the development assistance reform committee he has been a board member of the Marine Corps Law Enforcement Foundation since 1995 and an advisory board member of the Rothermere American Institute at Oxford University. He is a past member of the advisory committee of the World Bank Global Emerging Market Local Currency Bond program (GEMLOC) Treasurer and board member of the Meridian International Center member of the Council on Foreign Relations and numerous other volunteer and philanthropic boards. In addition from 2017 to May 2022 Mr.Burnham has served on the board of Blue Water Defense located in Puerto Rico a textile manufacturing firm.? 89 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM Mr. Burnham studied national security policy at Georgetown University graduate program in National Security Studies and is a graduate of Washington and Lee University and earned a M.P.A.from Harvard University in 1990.Mr. Burnham is currently the chairman of the Compliance Committee and a member of each of the Corporate Governance & Nominations Committee and the Remuneration Committee.The length of service of Mr. Burnham as an independent non-executive Director shall be until the next annual general meeting of the Shareholders in accordance with the Charter. Mr. Burnham’s appointment may be terminated in accordance with the Charter. As an independent non-executive Director Mr. Burnham is entitled to EUR215000 annually (before tax) to be paid monthly in equal installments; as member of Board committees EUR18000 per annum (before tax) for membership per one committee to be paid monthly in equal installments; and as Board committee chairman EUR26000 per annum (before tax) for membership per one committee to be paid monthly in equal instalments. Remuneration policies are determined based on his qualifications and performance as well as the complexity of his job.As at the Latest Practicable Date Mr. Burnham was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.Save as disclosed above Mr. Burnham was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Mr. Burnham has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.Save as disclosed above Mr. Burnham confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Board. Written consent to be elected as a member of the Board has been received.Liudmila Galenskaia (alternatively spelled as Lyudmila Galenskaya) aged 65 Ms. Galenskaia was appointed as an independent non-executive Director with effect from 23 June 2022. Ms. Galenskaia is also an independent non-executive director of En+. Ms. Galenskaia has been the Head of the Service for Environmental Security and Rational Use of Natural Resources of Baikal Energy Company LLC (a company controlled by En+) since 2020. From 2003 until 2020 Ms.Galenskaia was the Head of the Service for Environmental Security and Rational Use of Natural Resources of JSC Irkutskenergo (a company controlled by En+).? 90 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM From 1997 until 2002 Ms. Galenskaia held position of the Deputy Head of the Laboratory of JSC “Angarsk Polymer Plant” and from 1980 to 1997 she held positions of Chemical analysis laboratory assistant of the 4th category laboratory engineer the Deputy head of the shop of Angarsk Production Association Angarsknefteorgsintez.Ms. Galenskaia graduated from the Irkutsk State University named after Zhdanov in 1980.Ms. Galenskaia currently is a member of the Health Safety and Environmental Committee.The length of service of Ms. Galenskaia as an independent non-executive Director shall be until the next annual general meeting of the Shareholders in accordance with procedure provided in the Charter. Ms. Galenskaia’s appointment may be terminated in accordance with the Charter. As an independent non-executive Director Ms. Galenskaia is entitled to EUR215000 annually (before tax) to be paid monthly in equal installments; as member of Board committees EUR18000 per annum (before tax) for membership per one committee to be paid monthly in equal installments; and as Board committee chairman EUR26000 per annum (before tax) for membership per one committee to be paid monthly in equal instalments. Remuneration policies are determined based on her qualifications and performance as well as the complexity of her job.As at the Latest Practicable Date Ms. Galenskaia was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.Save as disclosed above Ms. Galenskaia was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Ms. Galenskaia has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.Save as disclosed above Ms. Galenskaia confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Shareholder holding more than 2% of voting Shares.Written consent to be elected as a member of the Board has been received.? 91 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM Kevin Parker aged 64 Mr. Parker was appointed as an independent non-executive Director with effect from 14 February 2019.Mr. Parker is the managing partner of Sustainable Insight Capital Management the New York based global asset management firm that launched in 2013. Mr. Parker has over 35 years of investment experience. Prior to that Mr. Parker was a member of the management board of Deutsche Bank for 10 years and the former global head of Deutsche Asset Management from 2004 to 2012. Mr. Parker is also the owner of Chateau Maris named one of the five most environmentally friendly wineries in the world by Wine Spectator Magazine.Mr. Parker received a BS Finance from New York University in 1981. After attending New York University Mr. Parker joined EF Hutton and later Morgan Stanley where he was appointed head of the firm’s equity derivatives business in Japan and Asia in 1988 based in Tokyo. Mr. Parker became a managing director in 1991 and held a variety of positions including head of Asian derivatives global head of equity derivatives trading and chief information officer. Mr. Parker joined Deutsche Bank in June 1997 serving in a variety of roles before moving to Deutsche Asset Management as its head in 2004. Mr. Parker is currently the chairman of the Audit Committee and a member of each of the Health Safety and Environmental Committee and the Compliance Committee.The length of service of Mr. Parker as an independent non-executive Director shall be until the next annual general meeting of the Shareholders in accordance with the Charter. Mr. Parker’s appointment may be terminated in accordance with the Charter. As an independent non-executive Director Mr. Parker is entitled to EUR215000 annually (before tax) to be paid monthly in equal installments; as member of Board committees EUR18000 per annum (before tax) for membership per one committee to be paid monthly in equal installments; and as Board committee chairman EUR26000 per annum (before tax) for membership per one committee to be paid monthly in equal instalments. Remuneration policies are determined based on his qualifications and performance as well as the complexity of his job.As at the Latest Practicable Date Mr. Parker was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.? 92 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM Mr. Parker was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Mr. Parker has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.Save as disclosed above Mr. Parker confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Board. Written consent to be elected as a member of the Board has been received.Evgeny Shvarts aged 65 Dr. Shvarts was appointed as an independent non-executive Director with effect from 20 April 2020.Dr. Shvarts has been an independent non-executive director of PJSC “MMC “NORILSKNICKEL” since 2019 and was a member of its Strategy Committee till 27 May 2020 and was a member of its Corporate Governance Nomination and Remuneration Committee till June 2022 and is a member of its Sustainable Development and Climate Change Committee. Dr. Shvarts has been a member of the board of the Charity Foundation Biodiversity Conservation Centre (BCC) since 1993 a Leading (since April 2023 — Chief) Scientist of Institute of Geography the Russian Academy of Sciences (RAS) in Moscow a Head of Center for responsible use of natural resources Institute of Geography RAS in Moscow since 2021 and a J. William Fulbright Foreign Scholarship Fellow (2019-2020) in University of Washington (Seattle WA) and in Bowdoin College (ME). Dr. Shvarts was a former director of Conservation/director of Conservation Policy of WWF-Russia (1998-2019).Dr. Shvarts holds a PhD degree (1987) and a Habilitation degree (Doctor of Sciences 2003). Dr.Shvarts was Senior Fellow and Member of the Academic Board of the Institute of Geography RAS (1990-1998) and he was elected to the Academic Board of the Institute of Geography RAS in 2021 the chairman of the board of the Biodiversity Conservation Center (1992-1998) and the manager of the Protected Areas Component of the GEF/WB “RF Biodiversity Conservation Project” (1996- 1998).Since November 2021 Dr. Shvarts has been a professor at the Faculty of Geography and Geoinformation Technologies National Research University Higher School of Economics. Dr. Shvarts has authored 11 books and 179 articles and was awarded the Title “Emeritus Ecologist” granted by President of Russian Federation and Honorary public figure of Nature Conservation Ministry of Nature Resources (2006).? 93 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM Dr. Shvarts is currently the chairman of the Health Safety and Environmental Committee.The length of service of Dr. Shvarts as an independent non-executive Director shall be until the next annual general meeting of the Shareholders in accordance with the Charter. Dr. Shvarts’ appointment may be terminated in accordance with the Charter. As an independent non-executive Director Dr. Shvarts is entitled to EUR215000 annually (before tax) to be paid monthly in equal installments; as member of Board committees EUR18000 per annum (before tax) for membership per one committee to be paid monthly in equal installments; and as Board committee chairman EUR26000 per annum (before tax) for membership per one committee to be paid monthly in equal instalments. Remuneration policies are determined based on his qualifications and performance as well as the complexity of his job.As at the Latest Practicable Date Dr. Shvarts was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.Dr. Shvarts was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Dr. Shvarts has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.Save as disclosed above Dr. Shvarts confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Shareholder holding more than 2% of voting Shares.Written consent to be elected as a member of the Board has been received.Anna Vasilenko aged 51 Ms. Vasilenko was appointed as an independent non-executive Director with effect from 24 June 2021. Ms. Vasilenko is an independent director of PJSC “Inarctica” (before August 2022 — PJSC “Russian Aquaculture”) from 30 June 2021. Ms. Vasilenko has been the Chief Executive Officer of EM (a strategic advisory and communications firm) from April 2021. She worked at the Moscow Exchange from 2014 until 2020 and was the Managing Director Head of Primary Markets & Client Service Development. She was largely responsible for primary market activity and Moscow IPOs and helped bring more companies to the Moscow Exchange. Ms. Vasilenko has been credited as being a key player in the effort to end the notion that Russian companies needed a foreign share listing when going public and during her time at the Moscow Exchange more companies sought a sole listing on Russia’s main stock exchange.? 94 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM From 2006 to 2012 Ms. Vasilenko was the Head of Equity Finance director Chief Operations Officer business manager of equity structure products group of Renaissance Capital in Moscow. From 2003 to 2006 Ms. Vasilenko was the Deputy Head of Securities Department Associate Director and Deputy Head of Investor Relations Department of Lukoil Moscow. Ms. Vasilenko was the Head of Operations of Credit Suisse Moscow from 1997 to 2003.Ms. Vasilenko completed an EMBA at the Moscow School of Management Skolkovo and obtained a Master degree in economy from Lomonosov Moscow State University.Ms. Vasilenko is currently a member of the Audit Committee and the chairman of the Remuneration Committee.The length of service of Ms. Vasilenko as an independent non-executive Director shall be until the next annual general meeting of the Shareholders in accordance with procedure provided in the Charter. Ms. Vasilenko’s appointment may be terminated in accordance with the Charter. As an independent non-executive Director Ms. Vasilenko is entitled to EUR215000 annually (before tax) to be paid monthly in equal installments; as member of Board committees EUR18000 per annum (before tax) for membership per one committee to be paid monthly in equal installments; and as Board committee chairman EUR26000 per annum (before tax) for membership per one committee to be paid monthly in equal instalments. Remuneration policies are determined based on her qualifications and performance as well as the complexity of her job.As at the Latest Practicable Date Ms. Vasilenko was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.Ms. Vasilenko was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of theCompany.Save as disclosed above Ms. Vasilenko has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.Save as disclosed above Ms. Vasilenko confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Board. Written consent to be elected as a member of the Board has been received.? 95 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM Bernard Zonneveld aged 67 Mr. Zonneveld was appointed as an independent non-executive Director with effect from 24 June 2016 and was appointed as Chairman of the Board with effect from 6 March 2019. Since February 2017 Mr. Zonneveld has been non-executive partner of Capitalmind a corporate finance advisory firm of the Netherlands.From August 2014 until 1 January 2015 Mr. Zonneveld served as the head of ING Eurasia at ING Bank’s Commercial banking division in Amsterdam. In May 2007 Mr. Zonneveld was appointed as managing director/global head of structured metals & energy finance at ING Bank’s Commercial banking division in Amsterdam. Mr. Zonneveld joined ING Group in 1993 and since then he has held various senior positions including managing director/global co-Head of commodities group managing director/global head of structured commodity finance and product development and director/head of structured commodity & export finance. Mr. Zonneveld has served as chairman of the Netherlands-Russian Council for Trade Promotion and a member of the Dutch Trade Board. Mr.Zonneveld holds a master’s degree in business law from Erasmus University in Rotterdam.Mr. Zonneveld was an independent non-executive director of Vimetco N.V. a company whose global depositary receipts are listed on the London Stock Exchange from July 2007 to June 2013.Mr. Zonneveld is currently a member of each of the Audit Committee and the Compliance Committee and the chairman of the Corporate Governance & Nominations Committee.The length of service of Mr. Zonneveld as an independent non-executive Director shall be until the next annual general meeting of the Shareholders in accordance with the Charter. Mr. Zonneveld’s appointment may be terminated in accordance with the Charter. As an independent non-executive Director Mr. Zonneveld is entitled to as member of Board committees EUR18000 per annum (before tax) for membership per one committee to be paid monthly in equal installments; and as Board committee chairman EUR26000 per annum (before tax) for membership per one committee to be paid monthly in equal instalments. As the Chairman of the Board Mr. Zonneveld is entitled to receive a chairman’s fee of EUR1430000 annually (before tax) to be paid monthly in equal installments.Remuneration policies are determined based on his qualifications and performance as well as the complexity of his job.As at the Latest Practicable Date Mr. Zonneveld was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.Mr. Zonneveld was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Mr. Zonneveld has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.? 96 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM Save as disclosed above Mr. Zonneveld confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Shareholder holding more than 2% of voting Shares.Written consent to be elected as a member of the Board has been received.PROPOSED NEW DIRECTORS Oksana Buto aged 51 (Proposed independent non-executive Director) Ms. Buto has been an enabler partner of Global Enabler since 2018 and a member of the board of trustees of Children’s Palliative Care Foundation overseeing financial and administrative activities since 2013. From 2017 to 2019 Ms. Buto was a member of the board of 1968. Digitally overseeing international relationships fundraising and commercial aspects. From 2015 to 2017 Ms. Buto was the chief of staff to the chief executive officer of Finstar Financial Group and the chairman of the board of 4finance. From 2010 to 2013 Ms. Buto was the managing director head of execution of the investment banking division of UBS Moscow. From 2007 to 2009 Ms. Buto was the executive director of the investment banking division of Lehman Brothers Inc./Nomura International (since October 2008) in London/Moscow. From 1997 to 2007 Ms. Buto was the director (started as an analyst) of Deutsche Bank AG global banking in London.In 1994 Ms. Buto graduated from The University of Vilnius with a first class honours in industrial economics and management and in 1995 with a master’s equivalent in International Relations from The University of Vilmius Institute of International Relations and Political Sciences.In 1996 Ms. Buto obtained an MPhil in management studies from Trinity College The University of Cambridge The Judge Institute of Management Studies.The length of service of Ms. Buto as an independent non-executive Director will be determined in accordance with the Charter. Ms. Buto’s appointment may be terminated in accordance with the Charter. As an independent non-executive Director Ms. Buto will be entitled to EUR215000 annually (before tax) to be paid monthly in equal installments; as member of Board committees EUR18000 per annum (before tax) for membership per one committee to be paid monthly in equal installments; and as Board committee chairman EUR26000 per annum (before tax) for membership per one committee to be paid monthly in equal instalments. Remuneration policies are determined based on her qualifications and performance as well as the complexity of her job.As at the Latest Practicable Date Ms. Buto was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.? 97 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM Save as disclosed above Ms. Buto was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Ms. Buto has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.Save as disclosed above Ms. Buto confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Shareholder holding more than 2% of voting Shares.Written consent to be elected as a member of the Board has been received.Natalia Albrekht aged 51 (Proposed executive Director) From June 2020 to the present Ms. Albrekht has been the deputy general director for Human Resources at JSC “RUSAL Management”. From June 2022 to the present Ms. Natalia Albrekht has been the director of the direction of the branch the JSC “UC RUSAL — TD” in the Republic of Kazakhstan. From May 2024 to the present Ms. Albrekht has been the head of the human resources department of the UC RUSAL SUPPORT DMCC. From September 2019 to the present Ms. Albrekht has been the deputy general director for Human Resources at International limited liability company En+ Holding (former En+ Holding Limited).From October 2019 to May 2020 Ms. Albrekht was the human resources advisor to the general director at JSC “RUSAL Management”. From May 2023 to May 2024 Ms. Natalia Albrekht was head of human resources department of the ALPG.From 2013 to 2019 Ms. Albrekht was the executive vice president for Organisational Development and Human Resources at PJSC VimpelCom. From 2012 to 2013 Ms. Albrekht held the position of vice president of PJSC Rostelecom. From 2009 to 2012 Ms. Albrekht was deputy general director for Organisational Development Human Resources and Administrative Issues in STS Media Holding. In 2002 Ms. Albrekht served as the director of the Subscription Services Department at OJSC NTV Plus later the deputy director general for Sales and Development of the Federal Sales Center CJSC (part of IES Holding) and the general director of Integrated Settlement Center LLC.Ms. Albrekht graduated from Bauman Moscow State Technical University majoring in Applied Mechanics. Ms. Albrekht has an international Chartered Institute of Personnel and Development certificate in the field of personnel management.? 98 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM The length of service of Ms. Albrekht as an executive Director shall be until the next annual general meeting of the Shareholders in accordance with the Charter. Ms. Albrekht’s appointment may be terminated in accordance with the Charter. As an executive Director Ms. Albrekht is not entitled to a director’s fee but is entitled to a salary pursuant to her respective employment with the Group which is determined with reference to the relevant experience duties and responsibilities with the Group and bonus is to be paid on the basis of achievement of performance targets.As at the Latest Practicable Date Ms. Albrekht was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.Save as disclosed above Ms. Albrekht was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Ms. Albrekht has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.Save as disclosed above Ms. Albrekht confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Shareholder holding more than 2% of voting Shares.Written consent to be elected as a member of the Board has been received.Elena Ivanova aged 53 (Proposed executive Director) From 26 April 2023 to the present Ms. Ivanova has been holding the position of director in the direction of the Directorate for Strategy and Investor Relations of the Company’s Branch in Moscow.From 1 April 2021 to the present Ms. Ivanova has been holding the position of director of Capital Markets and Financial Products at International limited liability company En+ Holding.Ms. Ivanova graduated from the Moscow State Institute of International Relations (MGIMO) in 1992 with a degree in economics with knowledge of foreign languages and she graduated from the Moscow Academy of Economics and Law in 2000 with a degree in jurisprudence.The length of service of Ms. Ivanova as an executive Director shall be until the next annual general meeting of the Shareholders in accordance with the Charter. Ms. Ivanova’s appointment may be terminated in accordance with the Charter. As an executive Director Ms. Ivanova is not entitled to a director’s fee but is entitled to a salary pursuant to her respective employment with the Group which is determined with reference to the relevant experience duties and responsibilities with the Group and bonus is to be paid on the basis of achievement of performance targets.? 99 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM As at the Latest Practicable Date Ms. Ivanova owned 110000 voting Shares (0.00072% of voting Shares). Save as disclosed above Ms. Ivanova was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.Save as disclosed above Ms. Ivanova was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Ms. Ivanova has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.Save as disclosed above Ms. Ivanova confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Shareholder holding more than 2% of voting Shares.Written consent to be elected as a member of the Board has been received.Aleksander Danilov aged 51 (Proposed non-executive Director) From 2019 to the present Mr. Danilov has been the member of the management board at International limited liability company En+ Holding (former En+ Holding Limited). From 2019 to the present Mr. Danilov has been the member of the board of director of Joint Stock Company Soyuzmetallresurs Management Company.Mr. Danilov graduated from the Moscow State Institute of International Relations (university) of the Ministry of Foreign Affairs of the Russian Federation in 1995 as an international lawyer with knowledge of a foreign language. Mr. Danilov graduated from University of Michigan Law School (Ann Arbor) LL.M. in 2000 and from University of Chicago Booth School of Business MBA in 2016. The length of service of Mr. Danilov as a non-executive Director shall be until the next annual general meeting of the Shareholders in accordance with the Charter. Mr. Danilov’s appointment may be terminated in accordance with the Charter. As a non-executive Director Mr. Danilov is entitled to EUR215000 annually (before tax) to be paid monthly in equal installments; as member of Board committees EUR18000 per annum (before tax) for membership per one committee to be paid monthly in equal installments; and as Board committee chairman EUR26000 per annum (before tax) for membership per one committee to be paid monthly in equal instalments. Remuneration policies are determined based on his qualifications and performance as well as the complexity of his job.As at the Latest Practicable Date Mr. Danilov was not interested or deemed to be interested in any shares or underlying shares of the Company or its associated corporations within the meaning of Part XV of the SFO.? 100 ?APPENDIX II BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION TO THE BOARD AT THE AGM Save as disclosed above Mr. Danilov was independent from and not related to any other Directors members of senior management of the Group Substantial Shareholders or Controlling Shareholders of the Company.Save as disclosed above Mr. Danilov has not held any directorship in any publicly listed companies in the last three years or any other position with the Company or its subsidiaries.Save as disclosed above Mr. Danilov confirms that there is no other information which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the HKSE Listing Rules; and there are no other matters that need to be brought to the attention of the Shareholders.Proposed for election to the Board by the Shareholder holding more than 2% of voting Shares.Written consent to be elected as a member of the Board has been received.? 101 ?APPENDIX III BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES OF THE INTERNAL AUDIT COMMITTEE INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION AT THE AGM This appendix contains the biographical details of the candidates eligible and being proposed for election to the Internal Audit Committee at the AGM to enable the Shareholders to make an informed view on whether to vote for or against each resolution to be proposed at the AGM in relation to the election of the Internal Audit Committee.Aleksey Valerievich Rudominsky aged 49 From June 2018 to the present Mr. Rudominsky has been holding the office of the Head of the Project Group in the Control and Audit Department of JSC “RUSAL Management”.From 2004 to June 2018 Mr. Rudominsky held senior positions in the internal audit and control departments of various large holding companies.From 1995 to 2004 Mr. Rudominsky served in the Ministry of Defense of the Russian Federation.In 1995 Mr. Rudominsky graduated from the Yaroslavl Higher Military Financial Institute (formerly YAVVFU YAFVFEU).As at the Latest Practicable Date Mr. Rudominsky is not interested in any Shares.Proposed for election to the Internal Audit Committee by the Shareholder holding more than 2% of voting Shares.Written consent for election to the Internal Audit Committee has been received from the candidate.Oksana Fedorovna Petrova aged 52 Ms. Petrova has been holding the position of director of Business Controlling Department of JSC “RUSAL Management”. From November 2022 to the present Ms. Petrova has been holding the position of director of Department of the Company. From December 2022 to the present Ms. Petrova has been a member of the board of director of the ALSIB IPJSC.Ms. Petrova has a higher education in accounting control and analysis of economic activity. Ms.Petrova graduated from the Krasnoyarsk State Agrarian University qualification of an economist in accounting.As at the Latest Practicable Date Ms. Petrova is not interested in any Shares.Proposed for election to the Internal Audit Committee by the Shareholder holding more than 2% of voting Shares.Written consent for election to the Internal Audit Committee has been received from the candidate.? 102 ?APPENDIX III BIOGRAPHICAL DETAILS AND INFORMATION ABOUT THE PROPOSED CANDIDACIES OF THE INTERNAL AUDIT COMMITTEE INCLUDED INTO THE LIST OF CANDIDATES FOR ELECTION AT THE AGM Nataliya Dmitrievna Cherepanova aged 51 From 2019 to the present Ms Cherepanova has been holding the position of director of the Investment Planning Department of JSC “RUSAL Management”.From 2015 to the present Ms. Cherepanova has been a member of the board of directors of the Joint Stock Company ?RUSAL All-Russian Aluminium and Magnesium Institute?. From December 2022 to the present Ms. Cherepanova has been a member of the management board of the ALSIB IPJSC. Ms. Cherepanova served as a member of the board of directors in from 2021 to 2022 and as chairman of the board of directors of PJSC “RUSAL BRATSK” from 2022 to 2023.Ms. Cherepanova graduated from Irkutsk State Polytechnic Institute majoring in world economy qualification — economist.As at the Latest Practicable Date Ms. Cherepanova is not interested in any Shares.Proposed for election to the Internal Audit Committee by the Shareholder holding more than 2% of voting Shares.Written consent for election to the Internal Audit Committee has been received from the candidate.? 103 ?NOTICE OF ANNUAL GENERAL MEETING UNITED COMPANY RUSAL INTERNATIONAL PUBLIC JOINT-STOCK COMPANY (Incorporated under the laws of Jersey with limited liability and continued in the Russian Federation as an international company) (Hong Kong Stock Code: 486; Moscow Exchange: RUAL) NOTICE OF ANNUAL GENERAL MEETING DEAR SHAREHOLDERS! United Company RUSAL international public joint-stock company hereby gives you notice of holding an annual general meeting of shareholders (“AGM”) of the Company.Full corporate name of the Company United Company RUSAL international public joint-stock company Registered office of the Company Office 410 8 Oktyabrskaya street Kaliningrad region Kaliningrad 236006 Russian Federation Form of the general meeting Meeting (compresence) Date and time of the meeting 27 June 2024 at 10:00 a.m Kaliningrad time / 4:00 p.m. Hong Kong time Place of holding the meeting (address) Hotel “Kaiserhof” Oktyabrskaya street 6a Kaliningrad Russian Federation Time when the registration of AGM 27 June 2024 at 9:30 a.m. Kaliningrad time / participants commence 3:30 p.m. Hong Kong time Date on which the persons entitled to 4 June 2024 participate in the AGM are determined (recorded) ? 104 ?NOTICE OF ANNUAL GENERAL MEETING AGM AGENDA: 1. Approval of the annual report of UC RUSAL IPJSC for 2023 PROPOSED RESOLUTION ON ITEM 1: To approve the annual report of UC RUSAL IPJSC for 2023 (included in the materials (information) provided to persons entitled to participate in the general meeting in preparation for the general meeting). 2. Approval of the consolidated financial statements of UC RUSAL IPJSC for the year ended 31 December 2023 PROPOSED RESOLUTION ON ITEM 2: To approve the consolidated financial statements of UC RUSAL IPJSC for the year ended 31 December 2023 (included in the materials (information) provided to persons entitled to participate in the general meeting in preparation for the general meeting). 3. Approval of the annual accounting (financial) statements of UC RUSAL IPJSC for the year ended 31 December 2023 prepared in accordance with Russian Accounting Standards PROPOSED RESOLUTION ON ITEM 3: To approve the annual accounting (financial) statements of UC RUSAL IPJSC for the year ended 31 December 2023 prepared in accordance with Russian Accounting Standards (included in the materials (information) provided to persons entitled to participate in the general meeting in preparation for the general meeting). 4. Payment (declaration) of dividends by the Company based on the results of 2023 PROPOSED RESOLUTION ON ITEM 4: Not to distribute profit of UC RUSAL IPJSC based on the results of 2023 not to declare and not to pay dividends based on the results of 2023. 5. Approval of the auditor of UC RUSAL IPJSC the terms and conditions of the agreement with the auditor including determination of the remuneration of the auditor PROPOSED RESOLUTION ON ITEM 5: To approve TSATR - AUDIT SERVICES LIMITED LIABILITY COMPANY as the auditor of UC RUSAL IPJSC for 2024. To approve total remuneration for services in 2024: RUB 245662000 net of VAT but including out-of-pocket expenses. To approve the following terms and conditions of the agreement with the auditor: Customer: UC RUSAL IPJSC; Auditor: TSATR - AUDIT SERVICES LLC; Subject: audit of the financial statements (both prepared in accordance with the Russian Accounting Standards and International Financial Reporting Standards) for the year ending 31 December 2024 conducting a review of interim financial statements (prepared in accordance with the International Financial Reporting Standards) for the six months ending 30 June 2024 and other audit services; ? 105 ?NOTICE OF ANNUAL GENERAL MEETING Indemnification: unlimited indemnity to compensate or reimburse any expense or loss of TSATR - AUDIT SERVICES LLC in connection with the audit of the financial statements (both prepared in accordance with the Russian Accounting Standards and International Financial Reporting Standards) for the year ending 31 December 2024 conducting a review of interim financial statements (prepared in accordance with the International Financial Reporting Standards) for the six months ending 30 June 2024 and other audit services. 6. Election of the Board of Directors of the Company PROPOSED RESOLUTION ON ITEM 6: To elect the following persons to the Board of Directors of UC RUSAL IPJSC: 1. Ms. Albrekht Natalia Aleksandrovna 2. Ms. Galenskaia Liudmila Petrovna 3. Mr. Danilov Aleksander Vladimirovich 4. Mr. Zonneveld Bernard 5. Ms. Ivanova Elena Anatolievna 6. Mr. Kolmogorov Vladimir Vasilievich 7. Mr. Nikitin Evgenii Viktorovich 8. Dr. Shvarts Evgeny Arkadievich 9. Mr. Mironov Semen Viktorovich 10. Ms. Buto Oksana 11. Mr. Burnham Christopher 12. Ms. Vasilenko Anna Gennadievna 13. Mr. Parker Kevin 7. ELECTION OF MEMBERS OF THE INTERNAL AUDIT COMMITTEE OF UC RUSAL IPJSC PROPOSED RESOLUTION ON ITEM 7: To elect the following persons to the Internal Audit Committee of UC RUSAL IPJSC: 1. Ms. Oksana Fedorovna Petrova 2. Mr. Aleksey Valerievich Rudominsky 3. Ms. Nataliya Dmitrievna Cherepanova Materials and information provided to persons entitled to participate in the AGM: 1. Annual report for 2023; 2. Consolidated financial statements for the year ended 31 December 2023 with the auditor’s report; ? 106 ?NOTICE OF ANNUAL GENERAL MEETING 3. Circular for shareholders containing inter alia: — annual accounting (financial) statements for the year ended 31 December 2023 prepared in accordance with Russian Accounting Standards with the auditor’s report; — information on candidates to the Board of Directors of the Company; — information on written consent of the nominated candidates for election to the Board of Directors of the Company; — information on candidates to the Internal Audit Committee of the Company; — information on written consent of the nominated candidates for election to the Company’s Internal Audit Committee; — draft resolutions of the AGM; — information about the auditor; — recommendations of the Board of Directors on the voting on AGM agenda items including recommendations of the Board of Directors on the amount of dividend on the Company’s shares and the procedure for its payment; 4. Report on the internal audit of the Internal Audit Directorate of UC RUSAL IPJSC based on the results of 2023; 5. Report of the Internal Audit Committee of the Company based on the results of the audit of the annual report annual accounting (financial) statements of the Company; 6. Other information provided by the Charter or other applicable requirements. The Shareholders will be able to familiarise themselves with information (materials) concerning the AGM within 20 days up to and including the date of the AGM. The information provided to the Shareholders shall be available for review at: 236006 Kaliningrad region city of Kaliningrad ul.Oktyabrskaya 8 office 410 on business days in the Russian Federation from 9:00 a.m. to 6:00 p.m.local time and at 17/F. Leighton Centre 77 Leighton Road Causeway Bay Hong Kong on business days in Hong Kong from 10:00 a.m. to 1:00 p.m. and from 2:00 p.m. to 5:00 p.m. local time.Each AGM participant must bring their passport or other identity document to the AGM for the purpose of identification and for the authorized representative of the Shareholder a power of attorney for the right to participate in the general meeting of Shareholders on behalf of the Shareholder and (or) documents confirming the right to act on behalf of the Shareholder in the absence of a power of attorney or other necessary powers. If the registration of rights to Shares is carried out in HKMS through a nominee holder and you would like to personally participate in the AGM please contact your broker bank custodian or other nominee holder through whom you own shares for instructions on the necessary actions for personal participation. When attending the AGM in person depending on the rules and regulations in force at the time a QR-code issued to the visitor may be required.? 107 ?NOTICE OF ANNUAL GENERAL MEETING IRC Registered ShareholdersIn case your rights to Shares are registered by the joint-stock company “InterregionalRegistration Center” (hereinafter referred to as — JSC “IRC” or the “Registrar”) you are requested to (1) submit to the Company or the Registrar a completed and signed voting ballot in accordance with the Company’s instructions or (2) access the online portal at https://online.e-vote.ru which will allow you to virtually attend the AGM and vote by completing the electronic form of the ballot (for Shareholders whose rights to Shares are registered through a nominee holder completion of the electronic form of the ballot will be available after the nominee holder discloses information about such a Shareholder as a person entitled to participate in the AGM (provides the information to JSC “IRC”) or (3) if the registered person in the register of shareholders is a nominee holder and not the Shareholder himself to vote by giving instructions to the nominee holder.HKMS Registered Shareholders In case of registration of rights to Shares in Hongkong Managers and Secretaries Limited (hereinafter referred to as “HKMS”) you are requested to complete and submit a proxy form in the manner described in the circular to Shareholders dated 5 June 2024 (the “Circular”).Any Shareholder whose rights to Shares are registered with HKMS and who wishes to view and listen to the AGM online is required to send his/her full name (as appears on his/her identification document) and phone number to the following email address: registrar@hkmanagers.com not later than 48 hours before the appointed time and date of the AGM. Shareholders whose rights to Shares are registered with HKMS may be required to present identification documents (sufficient for the Company and/or HKMS in their sole discretion to verify their identity against Shareholders’ records) prior to being provided with the link to view the AGM online. Shareholders whose rights to Shares are registered with HKMS should be able to access the live webcast of the AGM using such link from the start of the AGM until its conclusion. However the online link will not enable Shareholders whose rights to Shares are registered with HKMS to vote on any resolutions at the AGM online and therefore they may only vote on any resolution of the AGM in advance by proxy in accordance with the procedure as set out in the Circular.Shareholders whose rights to Shares are registered with HKMS who would like to raise questions in relation to the business of the AGM can do so by sending questions via email to the following email address: registrar@hkmanagers.com. Shareholders whose rights to Shares are registered with HKMS are required to send his/her full name (as appears on his/her identification document) when submitting the questions and only questions submitted by Shareholders the identification of which have been verified by the Company and/or HKMS against Shareholders’ records (the sufficiency of which is at their sole discretion) will be accepted. Shareholders whose rights to Shares are registered with HKMS are encouraged to submit questions in advance of the AGM in order for the Company to facilitate their moderation.All holders of Ordinary Shares who were Shareholders as at the record date of the AGM have the right to vote on all items on the agenda of the AGM. The AGM resolutions on all items put to vote will pass if a majority of the votes of the Shareholders who own the voting Shares and participate in the meeting cast for the resolutions (“Ordinary Resolutions”). Voting at the AGM shall be on the principle of “one Ordinary Share - one vote”. Voting at the AGM will be taken by way of poll.? 108 ?NOTICE OF ANNUAL GENERAL MEETING Currently it is possible that nominee holders or other infrastructure participants may decline to exercise corporate shareholder rights (e.g. referring to their internal rules regulations or restrictions or otherwise). The Shareholders who own Shares through third parties are encouraged to carefully discuss with their counterparties (trustees brokers custodians etc.) the procedure for voting including in the event of a transfer of Shares by a Shareholder between the Russian and Hong Kong registers after the date on which the persons entitled to participate in the AGM are determined (recorded).Procedure for sending of voting ballots (in case your rights are registered by JSC “IRC”) The voting ballot will be available on the Company’s website on the internet at https://www.rusal.ru. They will also be circulated in accordance with applicable requirements.The postal address to send your completed voting ballots: JSC “IRC” Podsosensky pereulok 26 str.2 Moscow 105062 Russian Federation.Persons who have duly registered to participate in the AGM and Shareholders whose original voting ballots were sent to JSC “IRC” or the Company at the above-mentioned postal address and were received by JSC “IRC” or the Company no later than 48 hours before the time set for the AGM are considered to have participated in the AGM. Shareholders who in accordance with the Russian securities legislation have given voting instructions to the persons which keep records of their rights to Shares are also considered to have participated in the AGM if the information about their expression of will is received by the Registrar no later than 48 hours before the time set for the AGM.For questions related to the implementation of the right to participate in the AGM you can contact the Registrar by e-mail to info@mrz.ru or by phone: +7 (495) 234-44-70.Procedure for sending of proxy forms for voting (in case your rights are registered by HKMS)Whether or not you intend to attend the AGM as stated in the section headed “HKMS RegisteredShareholders” of the Circular you are requested to complete the form of proxy in accordance with the instructions printed thereon and deposit it together with the power of attorney or other authority (if any) under which it is signed or a notarized copy of such power of attorney or authority at the office of HKMS: Hongkong Managers and Secretaries Limited Units 1607-8 16/F Citicorp Centre 18 Whitfield Road Causeway Bay Hong Kong or at proxy@hkmanagers.com as soon as possible and in any event not less than 48 hours before the time appointed for the holding of the AGM. A form of proxy for use in connection with the AGM is enclosed with the Circular. In the event that a Shareholder having lodged a proxy form attends the AGM his proxy form will be deemed to have been revoked.For instructions on the online webcast please refer to the user guide which will be made available on the Company’s website (https://rusal.ru/en/) as soon as practicable after the issue of the Circular and in any event no later than 12 June 2024.This notice is provided in Russian English and Chinese language version. In case of any inconsistency the Russian version shall prevail.?109?