United RUSAL : UPDATE ANNOUNCEMENT

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)

UPDATE ANNOUNCEMENT

Reference is made to the announcement of United Company RUSAL Plc (the "Company") dated 15 April 2019 in relation to the greenfield industrial manufacturing project in Ashland, Kentucky, USA, to produce low carbon flat rolled aluminium products for the US automotive, transportation and food and beverage industries.

In furtherance of previously announced intent to enter into definitive transaction documents with Braidy Industries following the signing of the letter of intent on 13 April 2019, the Company signed definitive agreements that are in line with previously announced parameters.

Within the package of the signed transaction agreements there is a metal supply agreement for supply of approximately 200 thousand metric tonnes of metal to be delivered annually over 10 years once the rolling mill is constructed and launched into operations.

By Order of the Board of Directors of

United Company RUSAL Plc

Aby Wong Po Ying

Company Secretary

5 July 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.