United RUSAL : FIRST QUARTER 2021 TRADING UPDATE

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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)

FIRST QUARTER 2021 TRADING UPDATE

This announcement is made by United Company RUSAL, international public joint-stock company ("RUSAL" or the "Company") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong).

Shareholders and potential investors are advised to exercise caution when dealing in the securities of RUSAL.

RUSAL announces its operating results for the first quarter of 2021 ("1Q21").

Key highlights

Aluminium

• Aluminium production in 1Q21 totaled 932 thousand tonnes (-1.9%quarter-on-quarter ("QoQ")), with Siberian smelters representing 93% of total aluminium output;
• In 1Q21, aluminium sales amounted to 962 thousand tonnes (-6.4% QoQ). Following intensified market demand of 4Q20 metal in delivery pipeline declined below optimal levels. Normalization of inventories affected sales in January 2021 and led to decrease of sales QoQ, including marketing of aluminium from BoAZ1 and other third parties. During 1Q21, sales of value

1 "BoAZ" - Boguchansky aluminium smelter.

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added products (VAP2) decreased by 3.2% QoQ, to 468 thousand tonnes. At the same time the Company in line with its strategy continued to grow the VAP's share in total sales, which now stands at 49% in comparison with 47% in 4Q20;

• In 1Q21 the regional sales geography remained largely unchanged compared to the previous quarter. European destination held 42% of total sales (-1pp QoQ), Asian sales also slightly decreased in share to 26% (vs 27% in 4Q20). The shift was towards American sales that increased to 8% (vs 6% in 4Q20);
• In 1Q21, the average aluminium realized price3 increased by 9.1% QoQ to USD 2,116/t. The increase was driven by positive dynamic in London Metal Exchange ("LME") QP4 component (+8.9% QoQ to USD 1,940/t) and the average realized premium component growth (+10.8% QoQ to USD 176/t);

Alumina

• In 1Q21, total alumina production decreased by 4.5% QoQ, to 2,045 thousand tonnes. The Company's Russian operations accounted for 36% of total output;

Bauxite and nepheline ore

• In 1Q21, bauxite production increased by 7.4% QoQ, to 3,801 thousand tonnes primarily due to low comparison base of 4Q20 output at Timan and Windalco mines. Nepheline production decreased by 5.3% QoQ to 1,062 thousand tonnes;

Market overview5

• Aluminium market in 1Q21 continued its strong rebound from the periods in 2020 affected by COVID-19 outbreak. Both LME price and premiums soared on strong demand recovery and expectation of supply disruptions in short and medium term. At the end of 1Q21 LME price approached USD2300/tonne level, up from USD1500/tonne for the same period last year. Chinese SHFE price was supported by strong fundamentals and remained above RMB17500/tonne level despite traditionally weak 1Q demand season;

2

3

4

5

VAP includes alloyed ingots, slabs, billets, wire rod and special purity aluminium.

The realised price includes three components: LME component, commodity premium and VAP upcharge.

QP (quotation period) prices differs from the real time LME quotes due to a time lag between LME quotes and sales recognition and due to contract formula specialty.

Unless otherwise stated, data for the "Market overview" section is sourced from Bloomberg, CRU, CNIA, IAI and Antaike.

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• Aluminium ingot premiums across all regional markets outside of China grew by 130-150% YoY at the end of 1Q21 following strong demand recovery and pressure from increasing freight costs;
• In 1Q21, global primary aluminium demand grew by 11% YoY (days adjusted) to 16.4 million tonnes. In the Rest of the World ("RoW") demand increased by 5.2% to 7.2 million tonnes, while Chinese demand increased by 15.4% to 9.2 million tonnes. Among aluminium end-user industries, transport demonstrates the most dynamic growth. The launch of new auto models, including EVs and strong stimulus packages for new ESG development trends also supported use of aluminium in the packaging, renewable energy and power efficient construction segments;
• The worldwide supply of primary aluminium continued to grow in 1Q21 increasing by 5.9% YoY to 16.75 million tonnes, mostly driven by Chinese growth of 9.6% to 9.8 million tonnes, while in RoW production grew by just 1.0% to 7 million tonnes. At the same time, recent announcement by Chinese government to reach carbon emission peak early by 2025 and further to reduce power intensity per GDP as well as coal use may cause supply disruptions in certain coal abundant provinces, and lead among other things to aluminium capacity cuts. Overall, strict ESG measures in China and announced aluminium capacity cap in China of 45 million tonnes may fundamentally change global aluminium industry toward significant moderation in supply;
• China continues to be strong importing aluminium market. In 1Q21 Chinese unwrought primary aluminium net imports are estimated to have reached 331 thousand tonnes. For the whole 2020 Chinese unwrought primary aluminium net import was 1.064 million tonnes. As a result the global market demonstrated a much lower 0.33 million tonnes surplus during 1Q21 compared to 1.0 million tonnes for the same period of last year. Ex-China market turned into 0.25 million tonnes of deficit in 1Q21.

KEY OPERATING DATA

GROUP PRODUCTION DATA6

			Change,		Change,
('000 tonnes)	1Q21	4Q20	% (QoQ)	1Q20	% (YoY)
Aluminium	932	950	-1.9%	940	-0.8%
utilisation rate	97%	97%	-	97%	-
Aluminium foil and packaging
products	26.6	27.8	-4.0%	25.0	6.7%
Alumina	2,045	2,142	-4.5%	2,013	1.6%
Bauxite	3,801	3,539	7.4%	3,577	6.3%
Nepheline	1,062	1,121	-5.3%	1,083	-2.0%

6 Unless stated otherwise the production volumes are calculated based on the pro rata share of the Company's (and its subsidiaries') ownership.

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GROUP SALES DATA

			Change,		Change,
('000 tonnes)	1Q21	4Q20	% (QoQ)	1Q20	% (YoY)
Aluminium sales	962	1,028	-6.4%	914	5.3%
including
BoAZ	56	68	-17.3%	65	-13.1%
Other third parties	36	48	-23.8%	8.8	315.3%
Realized price, USD/t	2,116	1,940	9.1%	1,864	13.5%
LME QP component	1,940	1,781	8.9%	1,708	13.6%
Realised premium	176	159	10.8%	156	12.8%
Commodity component
(100% of sales)	83	77	7.8%	79	6.3%
VAP upcharge component
(100% of sales)	92	81	13.7%	77	19.6%
VAP upcharge over
commodity (VAP
products only)	190	173	9.6%	167	13.5%
VAP sales in tonnes	468	483	-3.2%	422	10.9%
Share of VAP	49%	47%	2pp	46%	3pp
Sales geography, %
Europe	42%	43%	-1pp	56%	-14pp
Russia & CIS	24%	24%	-	22%	2pp
Asia	26%	27%	-1pp	15%	11pp
America	8%	6%	2pp	7%	1pp
Alumina third party sales7	466	502	-7.2%	400	16.5%
Bauxite third party sales	17	22	-22.7%	1	-

GROUP EXTERNAL PURCHASES DATA

			Change,		Change,
('000 tonnes)	1Q21	4Q20	% (QoQ)	1Q20	% (YoY)
Alumina8	208	174	19.5%	169	23.1%
Bauxite	1,263	1,226	3.0%	1,081	16.8%

7

8

Alumina third party sales excluding swaps.

Alumina external purchase data excluding swaps.

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ALUMINIUM PRODUCTION

					Change,			Change,
('000 tonnes)	1Q21	4Q20	% (QoQ)	1Q20		% (YoY)
Russia (Siberia)
Bratsk aluminium smelter	250		253		-1.1%		251	-0.4%
Krasnoyarsk aluminium
smelter	253		258		-2.0%		256	-1.2%
Sayanogorsk aluminium
smelter	132		133		-1.0%		135	-2.4%
Novokuznetsk aluminium
smelter	53.2		54.3		-1.9%		53.3	-0.5%
Irkutsk aluminium smelter	105		107		-1.8%		106	-0.2%
Khakas aluminium smelter	76.9		80.5		-4.4%		74.6	3.1%
Russia - Other
Volgograd aluminium smelter	17.0		17.4		-2.0%		17.4	-2.0%
Kandalaksha aluminium
smelter	15.7		16.6		-5.5%		18.1	-13.3%
Sweden
Kubikenborg Aluminium
(KUBAL)	29.9		30.6		-2.3%		29.4	1.7%
Total production9
932		950		-1.9%		940	-0.8%

Foil and packaging production results

			Change,		Change,
('000 tonness)	1Q21	4Q20	% (QoQ)	1Q20	% (YoY)
Russia
Sayanal	9.4	10.1	-7.7%	8.6	9.1%
Ural Foil	7.2	7.2	-0.8%	6.3	14.7%
Sayana Foil	1.4	1.3	9.4%	1.2	18.0%
Armenia
Armenal	8.7	9.1	-4.4%	8.9	-2.8%
Total production	26.6	27.8	-4.0%	25.0	6.7%

9 Above and below "total production" figures may not equal to the mathematical addition of the numbers presented in the table above. The difference is due to the rounding up of exact numbers (incl. decimals).

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Other aluminium products output and silicon output

			Change,		Change,
('000 toness)	1Q21	4Q20	% (QoQ)	1Q20	% (YoY)
Secondary alloys	12.0	12.2	-2.0%	4.1	194.4%
Silicon	6.5	6.4	1.9%	7.7	-14.8%
Powder	6.3	5.7	10.4%	6.0	4.7%
Wheels ('000 units)	729	696	4.7%	590	23.6%

ALUMINA PRODUCTION

					Change,			Change,
('000 tonnes)	1Q21	4Q20	% (QoQ)	1Q20		% (YoY)
Ireland
Aughinish Alumina	471		487		-3.3%		476	-1.1%
Jamaica
Windalco	123		132		-7.0%		136	-9.7%
Ukraine
Nikolaev Alumina Refinery	428		459		-6.6%		416	3.1%
Russia
Bogoslovsk Alumina Refinery	227		245		-7.5%		240	-5.5%
Achinsk Alumina Refinery	225		230		-2.5%		228	-1.5%
Urals Alumina Refinery	226		229		-1.6%		228	-1.0%
Pglz Alumina Refinery	62		67		-7.6%		-		-
Guinea
Friguia Alumina Refinery	99.5		101.0		-1.5%		111.9	-11.1%
Australia (JV)
Queensland Alumina Ltd10	185		192		-3.5%		177		4.5%
Total alumina production	2,045		2,142		-4.5%		2,013	1.6%

10 The alumina production volume of Queensland Alumina Ltd is presented by 20% of its output i.e. based on an ownership pro rata basis

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BAUXITE MINING

					Change,			Change,
('000 tonnes)	1Q21	4Q20	% (QoQ)	1Q20		% (YoY)
Jamaica
Windalco	558		357		56.4%		477	17.0%
Russia
North Urals	511		558		-8.3%		489	4.5%
Timan	706		595		18.8%		703	0.5%
Guinea
Friguia	444		382		16.3%		327	35.9%
Kindia	723		755		-4.3%		703	2.8%
Dian-Dian	858		893		-3.9%		797	7.8%
Guyana
Bauxite Company of Guyana
Inc.11	-		-		-		81		-
Total bauxite production	3,801		3,539		7.4%		3,577	6.3%

Nepheline ore production12

			Change,		Change,
('000 tonnes wet)	1Q21	4Q20	% (QoQ)	1Q20	% (YoY)
Kiya Shaltyr Nepheline
Syenite	1,062	1,121	-5.3%	1,083	-2.0%

1. In February 2020 the Company announced the suspension of operations of bauxite business in Guyana
2. Nepheline ore is used as a feedstock for alumina production at the Achinsk alumina refinery.

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JOINT VENTURE OPERATING RESULTS

				Change,		Change,
('000 tonnes wet)	Interest	1Q21	4Q20	% (QoQ)	1Q20	% (YoY)
Boguchanskaya HPP
Electricity generation,
mwh13	50%	3,288	4,542	-27.6%	4,636	-29.1%
Boguchansky aluminium
smelter
Aluminium production
('000 tonnes)14	50%	71.5	72.5	-1,3%	72.2	-0.9%
Bogatyr Komir and
Bogatyr Trans
Coal production (Kt)15	50%	5,879	6,044	-2.7%	6,185	-4.9%
Transportation volumes
(Kt of transportation)16	50%	431	535	-19.4%	869	-50.4%

By virtue of the power of attorney on behalf of

United Company RUSAL,

international public joint-stock company

Aby Wong Po Ying

Company Secretary

27 April 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 links http://www.rusal.ru/en/investors/info.aspx and http://rusal.ru/investors/info/moex/, respectively.

1. The energy generation volume of Boguchanskaya HPP is presented by 100% of its output (not on an ownership pro rata basis).
2. The aluminium production volume of Boguchansky aluminium smelter is presented by 100% of its output (not on an ownership pro rata basis).
3. The coal production volume of Bogatyr Komir is presented by 50% of its output i.e. based on an ownership pro rata basis.
4. The transportation volume of Bogatyr Trans is presented by 50% of its output i.e. based on an ownership pro rata basis.

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