United Rusal : SUSTAINABILITY LINKED PRE-EXPORT FINANCE FACILITY

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UNITED COMPANY RUSAL PLC

(Incorporated under the laws of Jersey with limited liability)

(Stock Code: 486)

SUSTAINABILITY LINKED PRE-EXPORT

FINANCE FACILITY

References are made to the previous announcements of the Company in relation to the USD4.75 Billion PXF, the USD400 Million PXF, the Amendment Agreement combining the USD4.75 Billion PXF and USD400 Million PXF into the Combined PXF Facility, the approvals by all its lenders under the Amendment Agreement, the effectiveness of the Amendment Agreement, and various other announcements in relation to, amongst others, the Combined PXF Facility and the PXF 2017 (the "Announcements"). Unless otherwise specified, the terms used herein shall have the same meanings as those defined in the Announcements.

The Company is pleased to announce that it has mandated ING and Natixis as coordinating mandated lead arrangers and bookrunners of a new five-year USD750,000,000 sustainability linked pre-export finance (PXF) facility (the "New Facility"). Natixis and Societe Generale are acting as sustainability coordinators.

The proceeds of the New Facility, should this transaction proceed, would be used to partly refinance the principal outstanding under the PXF 2017.

This transaction would be the first sustainability linked syndicated facility arranged by international commercial banks in Russia.

As currently contemplated, the margin of the New Facility would depend on the Company's fulfilment of key performance indicators related to environmental impacts and sustainable developments.

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The New Facility is still subject to signing of definitive agreements and is expected to be closed by mid-October. As of the day of this Announcement, the Company has received commitments for a total amount of USD725 million. These commitments are still subject to satisfactory documentation, as per market practice.

By Order of the Board of Directors of

United Company RUSAL Plc

Aby Wong Po Ying

Company Secretary

23 September 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.

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