United RUSAL : RENEWAL OF ANNUAL CAPS OF CONTINUING CONNECTED TRANSACTIONS DELAY IN DESPATCH OF CIRCULAR

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, 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 announcement.

UNITED COMPANY RUSAL PLC

(Incorporated under the laws of Jersey with limited liability)

(Stock Code: 486)

RENEWAL OF ANNUAL CAPS OF CONTINUING CONNECTED TRANSACTIONS

DELAY IN DESPATCH OF CIRCULAR

Reference is made to the announcement of United Company RUSAL Plc (the "Company") dated 20 September 2019 (the "Announcement") in relation to the continuing connected transactions constituted by the electricity and capacity supply contracts and the respective proposed annual caps for the years ending 31 December 2020, 2021 and 2022. Capitalised items used in this announcement shall have the same meanings as those defined in the Announcement.

As stated in the Announcement, the Company expected to despatch a circular (the

• Circular") to its Shareholders containing, among other things, further details of the E&C Contracts, the New Framework Agreement and the Proposed 2020/2021/2022 CAPs for E&C Contracts with associates of En+, on or before 15 October 2019.

As additional time is required for the Company to finalise the printing of the Circular, it is expected that the date of despatch of the Circular, together with the notice of EGM, will be postponed to a date falling on or before 18 October 2019.

By Order of the Board of Directors of

United Company RUSAL Plc

Aby Wong Po Ying

Company Secretary

15 October 2019

As at the date of this announcement, the executive Directors are Mr. Evgenii Nikitin, Mr. Evgeny Kuryanov and Mr. Evgenii Vavilov, the non-executive Directors are Mr. Marco Musetti, Mr. Vyacheslav Solomin and Mr. Vladimir Kolmogorov and the independent non-executive Directors are Dr. Elsie Leung Oi-sie, Mr. Dmitry Vasiliev, Mr. Bernard Zonneveld (Chairman), Mr. Maxim Poletaev, Mr. Randolph N. Reynolds, Mr. Kevin Parker, Mr. Christopher Burnham and Mr. Nick Jordan.

All announcements published by the Company are available on its website under the links http://www.rusal.ru/en/investors/info.aspx and http://rusal.ru/investors/info/moex/, respectively.