United RUSAL : PROPOSED COMPANY’S CONTINUANCE OUT OF JERSEY AND NOTICE OF EXTRAORDINARY GENERAL MEETING

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

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, bank manager, solicitor, professional accountant or other professional adviser.

If you have sold or transferred all your shares in United Company RUSAL Plc (the "Company"), you should at once hand this circular and the accompanying form of proxy to the purchaser or the transferee or to the bank, licensed securities dealer 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, The Stock Exchange of Hong Kong Limited, Hong Kong Securities Clearing Company Limited and the Jersey Financial Services Commission (the "JFSC") 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 PLC

(Incorporated under the laws of Jersey with limited liability)

(Stock Code: 486)

1. 1. 1. PROPOSED COMPANY'S CONTINUANCE OUT OF JERSEY
      2. PROPOSED APPROVAL OF CHANGE OF PERSONAL LAW
      3. PROPOSED ADOPTION OF NEW CORPORATE CHARTER
      4. 1. 1. PROPOSED CHANGE OF COMPANY NAME
         2. PROPOSED APPROVAL OF GENERAL DIRECTOR
   2. PROPOSED APPROVAL OF TERMS OF APPLICATIONS TO RUSSIAN REGULATORY AUTHORITIES AND APPLICATION OF THE COMPANY TO THE JFSC PURSUANT TO ARTICLE 127T OF THE COMPANIES (JERSEY) LAW 1991
   3. 1. PROPOSED APPROVAL OF REGISTRAR
2. PROPOSED GENERAL AUTHORISATION OF THE BOARD OF DIRECTORS AND GENERAL DIRECTOR TO PERFORM ACTIONS NECESSARY FOR EFFECTING

COMPANY'S CONTINUANCE OUT OF JERSEY

AND

NOTICE OF EXTRAORDINARY GENERAL MEETING ("EGM")

A notice convening the EGM to be held at Sheraton Hong Kong Hotel & Towers, 20 Nathan Road, Kowloon, Hong Kong, on 1 August 2019 at 10 a.m. (Hong Kong time) is set out on pages 226 to 229 of this circular. A form of proxy for use at the EGM is enclosed with this circular. Such form of proxy is also published on the website of the Stock Exchange at www.hkex.com.hk. Whether or not you are able to attend the EGM, you are requested to complete the accompanying form of proxy, in accordance with the instructions printed thereon and return it to the office of the branch share registrar of the Company in Hong Kong, Computershare Hong Kong Investor Services Limited, Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong as soon as possible and in any event not less than 48 hours before the time appointed for the holding of the EGM or any adjournment thereof. Completion and return of the form of proxy will not preclude Shareholders from attending and voting in person at the EGM or any adjourned meeting should they so desire.

Neither this circular nor any of the accompanying documents do or are intended to, and do not, constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in the capital of the Company. This circular is not a "prospectus" for the purposes of either the Companies (General Provisions) (Jersey) Order 2002 or the Control of Borrowing (Jersey) Order 1958.

5 July 2019

		CONTENT
			Page
Expected Timetable	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	ii
Definitions . . . .	. . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1
Updates . . . . . .	. . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	6
Risk Factors . . .	. . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	8
Letter from the Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	12
APPENDIX I	-	The New Corporate Charter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	49
APPENDIX II	-	Comparison of the Shareholders' Governance and Rights under
		the Articles of Association with the New Corporate Charter,
		Jersey law and Russian Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	135
		Part 1 - Comparison of the Shareholders' Governance and
		Rights under the Articles of Association and the New Corporate
		Charter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	135
		Part 2 - Comparison of the Shareholders' Governance and
		Rights under Jersey law and Russian Law . . . . . . . . . . . . . . . . . .	145
APPENDIX III	-	Summary of Russian Legal and Regulatory Provisions Applicable
		to the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	166
APPENDIX IV	-	Compliance of the Company with Country Guide - Russia and
		Appendix 3 of the Listing Rules . . . . . . . . . . . . . . . . . . . . . . . . . .	193
		Part 1 - A summary of (i) measures taken by the Company for
		compliance with the requirements of the Country Guide -
		Russia; (ii) impact of the Expiry of Certain Provisions of the IC
		Law on Company's compliance with the Country Guide -
		Russia; and (iii) proposed measures of the Company to deal
		with implications of the Expiry of Certain Provisions of the IC
		Law on the Company's compliance with the Country Guide -
		Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	193
		Part 2 - Summary as to how the New Corporate Charter
		complies with the constitutional document requirement of
		Appendix 3 of the Listing Rules . . . . . . . . . . . . . . . . . . . . . . . . . .	209
APPENDIX V	-	Biographical details of candidate for General Director . . . . . . . . .	217
APPENDIX VI	-	Summary of Russian Legal Opinion on Recognition of Beneficial
		Ownership of the Company's Securities Under HKSCC's
		Current Clearing and Custody Model . . . . . . . . . . . . . . . . . . . . .	218
APPENDIX VII	-	Summary of Certain Provisions of the Arbitration Rules . . . . . . . .	219
Notice of EGM	. . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	226

− i −

EXPECTED TIMETABLE

The expected timetable for the implementation of the Company's Continuance Out Of Jersey set out below is indicative only:

Event1	Date
The meeting of the Board concerning the convening of the
EGM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2 November 2018
Start of negotiations with the creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2 November 2018

Date of dispatch of the Circular and the notice of

the EGM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 July 2019

Latest time of lodging transfer for determining the

entitlement to attend and vote at the EGM
in respect of shares registered on the register of
members in Jersey, not later than 5:30 p.m. (Jersey
time) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	24 July 2019

in respect of shares registered on the register in Hong

Kong, not later than 4:30 p.m. (Hong Kong time) . . . . . . . . . . . . . . . . . . . . . 24 July 2019

Dates of closure of register of Shareholders for the
entitlement to attend and vote at the EGM (both days
inclusive) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	25 July-1 August 2019

Latest date and time for lodging forms of proxy for the

EGM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10:00 a.m. on 30 July 2019

Date and time	of the EGM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	10:00 a.m. on 1 August 2019
Announcement of voting results of the EGM . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . 1	August 2019
Notices to the creditors published in the media authorised
to publish official notifications in Jersey and letters sent
to known creditors with attached copy of such
notification	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . 5	August 2019
Latest day for Shareholders to give notice to the Company
objecting to the Company's Continuance Out Of Jersey . . . . . . . . .	. . . . . . . . . . 22	August 2019
Latest day for creditors to give notice to the Company
objecting to the Company's Continuance Out Of Jersey . . . . . . . . .	. . . . . . . . . . 26	August 2019

− ii −

EXPECTED TIMETABLE

Event1

Date

The following events are conditional on the fulfilment of the conditions for the implementation of the Company's Continuance Out Of Jersey, and the adoption of the New Corporate Charter:

Filing of application with the JFSC for authorisation to

seek the Company's Continuance Out Of Jersey . . . . . . . . . . . . . . . . . . . . . . . . September 2019

Filing of application to the management company according to the Federal Law "On International Companies" and the Federal Law "On Special Administrative Regions in the Kaliningrad Region and

the Primorskij Territory"; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . September 2019

Letter of no objection to the Company's Continuance Out Of Jersey issued by the JFSC, subject to receipt of original certified copy of instrument of continuance from overseas registration authorities (in the Russian

Federation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . September 2019

Registration by the Bank of Russia of the issuance of

Russian Shares and the prospectus for issuance of

Russian Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . October 20192

Expected effective date of state registration of the
Company as an International Company by Russian
Federal Tax Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	October 2019

Certificate of Continuance issued by the JFSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . October 2019

Transfer of the register of Shareholders from the Existing

Registrar to the Registrar according to Russian Law. . . . . . . . . . . . . . . . . . . . . . . . October 2019

Commencement of dealings in the Russian Shares and

Hong Kong trading arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . October 2019

Commencement of free exchange period for exchange of

Jersey Share certificates for Russian Share certificates . . . . . . . . . . . . . . . . . . . . . October 2019

Expiration of free exchange period for exchange of Jersey

Share certificates for Russian Share certificates . . . . . . . . . . . . . . . . . . . . . . . . . November 2019

All times and dates specified in the timetable above refer to Hong Kong times and dates unless otherwise specified. Dates or deadlines specified in the expected timetable above depend on the results of the EGM and the timing of relevant regulatory approvals, and are therefore for indicative purposes only.

Dates and deadlines specified in the expected timetable above may be extended or varied. The Company will make announcements to any changes to the dates specified in the expected timetable and where no exact date is specified for an event in the expected timetable when the exact date is determined.

Note 1: This timeline was drafted based on the assumption that the Jersey authorities will give all necessary authorisations and clearances for the Company's Continuance Out Of Jersey in due time and that no objections are raised under relevant Jersey laws.

Note 2: This date is based on the expected time that the Bank of Russia will take to effect the relevant registration procedures,

but as a matter of Russian Law the period may be longer than that reflected in the Expected Timetable.

− iii −

EXPECTED TIMETABLE

Dates or deadlines specified in the expected timetable above are indicative only and may be extended or varied due to additional time required for compliance with regulatory requirements in Jersey or the Russian Federation. Any consequential changes to the expected timetable will be published or notified to Shareholders as and when appropriate.

The expected timetable above assumes that (1) no objections to the Company's application to the JFSC for authorisation to seek the Company's Continuance Out Of Jersey have been made; and/or (2) no applications to the Jersey courts for an order restraining the application for the Company's Continuance Out Of Jersey have been made.

WARNING

Shareholders should take note that the Company's Continuance Out Of Jersey and the other Proposed Issues described in this Circular are conditional upon satisfaction of the respective conditions set out in this Circular. Therefore, the Company's Continuance Out Of Jersey and/or the Proposed Issues described in this Circular may or may not proceed. Shareholders and potential investors are advised to exercise caution when dealing in the Shares of the Company, and if they are in any doubt about their position, they should consult their professional advisers.

− iv −