Globaltrans Investment : Interim 2021 Results Presentation

INTERIM 2021 RESULTS

Valery Shpakov, CEO Alexander Shenets, CFO

Investor Conference Call

31 August 2021

GLOBALTRANS INVESTMENT PLC

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 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 financial information contained in this presentation is derived from the condensed consolidated interim financial information (unaudited) of Globaltrans Investment PLC ("the Company" and together with its consolidated subsidiaries "Globaltrans" or "the Group") as at and for the six months ended 30 June 2021 and 2020 and prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union. The condensed consolidated interim financial information should be read in conjunction with the consolidated Management report and consolidated financial statements for the year ended 31 December 2020, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union and the Cyprus Companies Law, Cap. 113. The Group's condensed consolidated interim financial information (unaudited), selected operational information as at and for the six months ended 30 June 2021 and 2020 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.

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 website www.globaltrans.com.

GLOBALTRANS INVESTMENT PLC

Disclaimer

Information contained in this presentation concerning Globaltrans Investment PLC, a company organised and existing under the laws of Cyprus ("Globaltrans" or the "Company", and together with its consolidated subsidiaries, 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.

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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 15 years of experience in senior finance positions, mostly in the rail sector.

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HIGHLIGHTS

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Strong bulk market momentum and solid Free Cash Flow generation support dividend capacity

Solid Free Cash Flow despite

weak gondola pricing

Bulk market momentum

leading to improving

gondola pricing

Profitable sale of small niche

business strengthens

balance sheet

Above target interim

dividends approved, strong

final dividends target set

• Financial results were, as expected, under pressure from weak gondola pricing through most of H1 2021
• Adjusted Revenue declined 14% y-o-y to RUB 24.8 bln with Adjusted EBITDA down 29% y-o-y to RUB 10.4 bln
• Free Cash Flow remained solid at RUB 4.2 bln supported by low expansion CAPEX
• Net Debt to LTM Adjusted EBITDA increased to 1.2x1 vs. 1.0x at end 2020
• Bulk market volumes continued to recover y-o-y exceeding H1 2019 levels, driving a substantial recovery in gondola pricing since late Q2 2021
• Globaltrans expanded its leased-in gondola fleet in response to the improving market conditions
• Agreed sale of 60% stake in non-core SyntezRail for RUB 1.1 bln in cash due to few synergies and limited potential for further value growth
• Transaction represents return on investments for the Group of c.3.8x, normalised EV/EBITDA multiple of c.6.8x2
• Impact from deleveraging along with transaction proceeds account for c.12% of the Group's Net Debt3
• Interim 2021 regular and special dividends of RUB 4.0 bln (RUB 22.50 per share/GDR) approved, above the previously announced target of RUB 3.0 bln. GDR ex-dividend date set for 3 September 20214
• +25% increase from the interim dividends targeted for the final dividends at RUB 5.0 bln (c.RUB 27.97 per share/GDR) subject to no significant adverse changes

Source: Globaltrans; Rosstat. 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. Adjusted EBITDA for the twelve months ended 30 June 2021.
2. Based on estimated financial results of SyntezRail for 2021, normalised assuming that all 500 new specialised containers delivered year to date were operational from 1 January 2021 and excluding the impact of IFRS 16.
3. As of 30 June 2021.
4. The GDRs (Global Depositary Receipts) will be marked as ex-dividend on 3 September 2021 (as set by London Stock Exchange). The shareholder dividend record date is set as 7 September 2021. Dividends will be paid in US dollars in the total amount of c.30.46692 US cents per one ordinary share/GDR not later than 10 September 2021 with conversion from Russian roubles executed at the average of the official exchange rates of the Central Bank of Russia for the three business days in Russia from 27 to 31 August 2021 inclusive (1 USD: 73.8506 RUB). Holders of GDRs will receive the dividend approximately three business days after the payment date.

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