United Rusal : UC RUSAL statement for media

Moscow, 20 October 2017 - UC RUSAL (SEHK: 486, Euronext: RUSAL/RUAL, Moscow Exchange: RUAL), a leading global aluminium producer, further to its recent Announcement that a non-binding agreement has been reached between En+, the largest shareholder in UC RUSAL, and Amokenga Holdings Limited, a subsidiary of Glencore plc, would like to make the following clarifications:

§ The potential transaction in question does not breach the agreement between the major shareholders of UC RUSAL dated 22 January 2010, all of whose provisions remain in force;

§ The possible share swap, should it complete, will not result in any changes to the public status of UC RUSAL;

§ Management of UC RUSAL remains fully committed to deliver on its shares liquidity improvement programme and is pleased to note that the Average Daily Traded Volume of the shares across all publicly listed equity instruments has substantially increased, notably volumes traded at different stock exchanges in September 2017 stood 4.4x above the volumes traded in December 2016 and 8.5x above the volumes traded on average in 2016;

§ UC RUSAL management is keen for the market and various indices to appreciate the company's liquidity and free float position, indeed, management welcomes the recent decision by FTSE to increase the weight of UC RUSAL equity in its indices; and

§ The Company also continues to adhere to the highest corporate governance practices and standards, particularly those requirements relating to the protection of minority shareholders' rights and interests and diversity of the Board. The board of directors includes directors proposed by the major shareholders of UC RUSAL in accordance with the mentioned shareholders' agreement and also includes 6 independent directors, one of whom chairs the Board.