United RUSAL : OVERSEAS REGULATORY ANNOUNCEMENT

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UNITED COMPANY RUSAL, INTERNATIONAL

PUBLIC JOINT-STOCK COMPANY

(Incorporated under the laws of Jersey with limited liability and continued in the

Russian Federation as an international company)

(Stock Code: 486)

OVERSEAS REGULATORY ANNOUNCEMENT

This announcement is made pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

United Company RUSAL, international public joint-stock company (the "Company") announces that the attached announcement has been released in Russian to Public Joint-Stock Company «Moscow Exchange MICEX-RTS» on which the Company is listed and on the website of the Company.

By virtue of the power of

attorney on behalf of

United Company RUSAL,

international public joint-stock company

Aby Wong Po Ying

Company Secretary

29 March 2021

As at the date of this announcement, the members of the Board of Directors are the following: 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), Dr. Evgeny Shvarts, 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 linkshttp://www.rusal.ru/en/investors/info.aspxand http://rusal.ru/investors/info/moex/ , respectively.

Notification of the material fact on information that, in the opinion of the issuer, materially affects the price of its equity securities

1. General information

1.1. Full corporate name of the issuer

United Company RUSAL, international public joint-stock company

1.2.	Abbreviated corporate name of the issuer	UC RUSAL, IPJSC
1.3.	Location of the issuer	Russian Federation, Kaliningrad Region, the
city of Kaliningrad, Oktyabrskij island
1.4.	Primary State Registration Number	1203900011974
(OGRN) of the issuer
1.5.	Taxpayer Identification Number (INN) of	3906394938
the issuer
1.6.	The issuer's unique code assigned by the	16677-A
registration authority
1.7.	Website address used by the issuer for the	http://rusal.ru/info/moex
purposes of disclosure of information	http://www.e-disclosure.ru/portal/company.aspx?id=38288
1.8.	Date of the event (material fact) being	29 March 2021
subject matter of the notification (if
applicable)

2. Notification content

2.1. Brief description of the event (action), the occurrence (accomplishment) of which, in the opinion of the issuer, materially affects the price of its securities:

The Company, through International LLC AKTIVIUM ("IC Aktivium"), a wholly-owned subsidiary of the Company, currently holds approximately 27.8% shares in PJSC "MMC 'NORILSK NICKEL", which currently indirectly holds approximately 50.01% shares in Limited Liability Company "GRK "Bystrinskoe" ("GRKB"), a company registered under the laws of the Russian Federation which is principally engaged in gold, copper and ferrous ores extraction and enrichment.

The Company and other principal shareholders of PJSC "MMC 'NORILSK NICKEL", namely Whiteleave Holdings Limited ("Whiteleave") and Crispian Investments Limited, have agreed to (i) convene a meeting of the board of directors of Norilsk Nickel to consider a spin-off of GRKB from PJSC "MMC 'NORILSK NICKEL" (the "Spin-off"), and (ii) to support any decisions of the board of directors and general shareholders meeting of PJSC "MMC 'NORILSK NICKEL" that may be necessary to complete the Spin-off. Upon completion of the proposed Spin-off, all shareholders of PJSC "MMC 'NORILSK NICKEL" are expected to receive shares in the holding company of GRKB which will be listed on the Moscow Stock Exchange (the "Spin-off Company").

If the Spin-off materializes, IC Aktivium is expected to hold approximately 14% of the issued share capital of the Spin-off Company (the "Target Shares") upon completion of the Spin-off. It is currently contemplated that IC Aktivium may sell the Target Shares to Limited Liability Company "Holding Company Interros" (the "Purchaser"), a Russian limited liability company and an affiliate of Whiteleave, at a consideration of approximately USD570 million (adjusted pro rata in the case of any change to the Company's shareholding in PJSC "MMC 'NORILSK NICKEL" as of the record date for the Spin-off) after the Spin-off (the "Proposed Disposal"). The Purchaser is a third party independent of the Company and its connected persons. It is not expected that the Company's shareholding in PJSC "MMC 'NORILSK NICKEL" will be affected by the Spin-off.

As the Spin-off is subject to regulatory and corporate approvals and no binding agreements in relation to the Spin-off or the Proposed Disposal have been entered into as at the date of this announcement, the Spin-off and Proposed Disposal may or may not proceed.

The Company will make further announcements to inform the public of the development of the Proposed Disposal as and when appropriate or as required under the Listing Rules and/or applicable laws and regulations. Shareholders and investors are advised to exercise caution when dealing in the shares and other securities of the Company.

2.2. If the relevant event (action) is related to a third party or is associated with it - the full corporate name (for non-profit organizations - the name), location, TIN (if applicable), OGRN (if applicable) or last name, first name, patronymic ( if any) of such a person:

International limited liability company "Aktivium" (Location: Kaliningrad region, city of Kaliningrad, TIN: 3906386373, OGRN: 1193926016624)

Public Joint Stock Company "Mining and Metallurgical Company "Norilsk Nickel" (Location: Russian Federation, Krasnoyarsk Territory, Dudinka, TIN: 8401005730, OGRN: 1028400000298)

Limited Liability Company "GRK" Bystrinskoe" (Location: Trans-Baikal Territory, the city of Chita, TIN: 7701568891, OGRN: 1047796898600)

Whiteleave Holdings Limited (Location: Cyprus, Dimokritou, 15 PANARETOS ELIANA COMPLEX, Flat / Office 104 Potamos Germsogeias, 4041, Limassol, Cyprus, TIN: not applicable, OGRN: not applicable)

Crispian Investments Limited (Location: Chrysanthou Mylona 3, 3030, Limassol, Cyprus, TIN: not applicable, OGRN: not applicable)

Limited Liability Company "Holding Company Interros" (Location: Moscow, TIN: 7721031390, OGRN: 1027700245209)

2.3. If the relevant event (action) is related to or is related to a resolution made by the authorized management body of the issuer or a third party - the name of such management body, the date and the contents of the resolution, the date and number of the minutes of the meeting (session) of the authorized management body in if the decision is made by the collegial management body of the relevant person:

Not applicable.

2.4. If the corresponding event (action) is related to or may materially affect the price of certain equity securities of the issuer - kind, category (type), series and other identification features of the issuer's securities:

Ordinary shares, registration number of the securities issue: 1-01-16677-㙪, date of registration: 03.09.2020, international securities identification code (ISIN): RU000A1025V3 The resolution of the Bank of Russia on the state registration of the issue of shares of the international company came into force on the date of state registration of the international company (Section 11, Article 7 of the Federal Law On International Companies and International Funds), i.e. on 25.09.2020.

The issuer's shares are circulated outside the Russian Federation by circulation in accordance with foreign law of shares under the trade code 0486 on the main floor of the Hong Kong Stock Exchange. The shares have the ISIN RU000A1025V3 code.

2.5. The date of the occurrence of the corresponding event (the performance of the action), and if the corresponding event occurs in relation to a third party (the corresponding action is performed by a third party) - also the date on which the issuer learned about the occurrence of the specified event (the performance of the specified action).

29.03.2021.

3. Signature

• 3.1. Corporate Secretary (by virtue of power of attorney 㙹㙵㙻-㙮㙬-20-0003 dated October 13, 2020)S.V. Bazanov

  (signature)

  L.S.

• 3.2. Date "29" March 2021