Globaltrans Investment : FY 2022 Results Presentation

Legal Information

Presentation of information

The information in this presentation is subject to verification, completion and change. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its shareholders, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of the Company nor any of its shareholders, directors, officers or any other person accepts any liability (including, without limitation, any liability for negligence) whatsoever for any loss howsoever arising from any use of the contents of this presentation or otherwise arising in connection therewith. This presentation does not constitute an offer or an advertisement of any securities in any jurisdiction. The distribution of this presentation in other jurisdictions may be restricted by law and any such restrictions should be observed.

The financial information contained in this presentation is derived from the Group's consolidated management report and consolidated financial statements (audited) and has been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union and the requirements of Cyprus Companies Law, Cap. 113 ("EU IFRS"). The Group's consolidated management report and consolidated financial statements, selected operational information as at and for the years ended 31 December 2022 and 2021 along with historical financial and operational information are available at Globaltrans' corporate website (www.globaltrans.com).

The presentational currency of the Group's financial results is Russian rouble ("RUB"), which is the

functional currency of the Company as well as its Cypriot and Russian subsidiaries.

In this presentation the Group has used certain non-IFRS financial information (not recognised by EU IFRS or IFRS) as supplemental measures of the Group's operating performance. The management believes that these non-IFRS measures provide valuable information to readers, because they enable them to focus more directly on the underlying day-to-day performance of the Group's business. The Company also reports certain operational information to illustrate the changes in the Group's operational and financial performance during the reporting periods.

Certain financial information which is derived from management accounts is marked in this presentation with an asterisk {*}. Information (non-IFRS and operating measures) requiring additional explanation or defining is marked with initial capital letters and the explanations or definitions are provided at the end of this presentation. These non-IFRS financial measures have limitations as analytical tools, and you should not consider them in isolation or place undue reliance on them. Similarly titled measures are used by other companies for a variety of purposes and are often calculated in ways that reflect the circumstances of those companies. You should exercise caution in comparing these measures as reported by us to the same or similar measures as reported by other companies.

Rounding adjustments have been made in calculating some of the financial and operational information included in this presentation. As a result, numerical figures shown as totals in some tables may not be exact arithmetic aggregations of the figures that precede them.

The Group has obtained certain statistical, market and pricing information that is included in this presentation on such topics as the Russian freight rail transportation market and related subjects from the following third-party sources: Federal State Statistics Service of Russian Federation ("Rosstat"); JSC Russian Railways ("RZD") and Federal Antimonopoly Service ("FAS"). The Group has accurately reproduced such information and, as far as it is aware and is able to ascertain from information published by such third-party sources, no facts have been omitted that would render the reproduced information inaccurate or misleading. The Group has not independently verified this third-party information. In addition, the official data published by Russian governmental agencies may be substantially less complete or researched than that of more developed countries.

All non-IFRS financial and operational information presented in this presentation should be used only as an analytical tool, and investors should not consider such information in isolation or in any combination as a substitute for analysis of the Group's consolidated financial statements and condensed consolidated interim financial information reported under EU IFRS, which are available at the Globaltrans' corporate websitewww.globaltrans.com.

Disclaimer

Information contained in this presentation concerning Globaltrans Investment PLC, a company organised and existing under the laws of Cyprus (the "Company" and together with its consolidated subsidiaries "Globaltrans" or the "Group") is for general information purposes only. The opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness.

This presentation may contain forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward looking statements by terms such as "expect", "believe", "estimate", "anticipate", "intend", "will", "could", "may", or "might", the negative of such terms or other similar expressions. These forward-looking statements include matters that are not historical facts and statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that the Company's actual results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Company operates may differ materially from those described in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company's results of operations, financial condition, liquidity, prospects, growth strategies and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not intend to update this presentation or reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause actual results to differ materially from those contained in forward looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, market changes in the Russian freight rail market, as well as many of the risks specifically related to the Company and its operations. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness.

2

Team Presenting Today

Valery Shpakov

Chief Executive Officer

Valery Shpakov has been CEO since March 2016, having joined the Group's New Forwarding Company in 2003. He has worked in the rail sector for over 30 years and received the "Honoured Railwayman of Russia" Award in recognition of his significant contributions to the industry.

Alexander Shenets Chief Financial Officer

Alexander Shenets has been CFO of Globaltrans since the Group's establishment and has more than 16 years of experience in senior finance positions, mostly in the rail sector.

Globaltrans continues to deliver in the challenging environment

Market demand under pressure, volatile gondola pricing and intensified cost inflation

•  Overall Russian freight volumes fell 3.7% y-o-y in 2022. Transformation of logistics with an increased share of longer-distance routes supported overall Russian freight rail turnover being broadly flat y-o-y

•  Gondola market pricing recovered from the depressed levels of H1 2021 before declining in late H1 2022 with some stabilisation by the year end. Robust pricing continued in the tanker segment

•  Accelerated cost pressures with regulated RZD tariffs for the traction of empty railcars rose c.18.6% during the year1

  Improved operational efficiency, service contracts performing and robust average pricing

•  Improvement in operational efficiency with the Empty Run Ratio for gondola cars down to 41% (2021: 44%)

•  Service Contracts2 are intact and performing

•  Freight Rail Turnover declined 8% y-o-y reflecting logistics readjustments, volatility in demand and a decline in average gondola fleet in operation

•  Solid average pricing in H1 was followed by a decline in H2

Strong financial performance, robust Free Cash Flow and further deleveraging

•  Adjusted Revenue rose to RUB 81.6 bln with Adjusted EBITDA at RUB 49.2 bln

•  Robust Free Cash Flow at RUB 14.8 bln

•  Further deleveraging with Net Debt to Adjusted EBITDA at 0.1x

•  Dividend payments remain suspended

  Strong growth in investments in business expansion

•  Expansion CAPEX and acquisitions up 6x driving the growth in Total CAPEX adjusted for M&A to RUB 20.2 bln*

•  Rail tank operations were consolidated at the level of BaltTransServis ("BTS") through the Group's acquisition of the outstanding 40% shareholding in BTS3 as well as through the intragroup purchase by BTS4 of the majority of the rail tanks of Spacecom, the Group's 65.25% owned leasing subsidiary

Source: Globaltrans. Definitions for terms marked in this presentation with capital letters (including certain non-IFRS financial information) are provided at the end of this presentation.

• 1. Regulated RZD tariffs for the traction of empty railcars rose 6.8% from 1 January 2022 and by a further 11% from 1 June 2022.

• 2. Service Contracts represent contracts with an initial term greater than one-year that stipulates an obligation to transport a specified amount of cargoes for the client. As of the end of 2022 the Group had six Service Contracts.

• 3. In March 2022 Globaltrans completed the acquisition of the outstanding 40% shareholding in BTS bringing its shareholding to 100% for RUB 9.1 bln in cash. BTS is one of the leading Russian freight rail operators of tank cars,

• with a strong market position, long-term service contracts and unique competencies in operating its own locomotives; total fleet of 13.1k units as of the end of 2021.

• 4. In February 2023 Globaltrans completed the restructuring of its rail tank segment with the intragroup acquisition of 5.8k tanks by BTS from Spacecom (incl. Spacecom Trans), a 65.25% owned leasing subsidiary of Globaltrans and the subsequent sale of Globaltrans' shareholding in Spacecom (incl. 680 units) to its minority shareholder. The cash outflow at the Group level related to the above transactions amounted to EUR 65 mln.