United RUSAL : CONTINUING CONNECTED TRANSACTIONS TRANSPORTATION CONTRACTS AND HEAT SUPPLY CONTRACTS

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, 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)

CONTINUING CONNECTED TRANSACTIONS

TRANSPORTATION CONTRACTS AND

HEAT SUPPLY CONTRACTS

Reference is made to the announcements of the Company dated 30 August 2019, 30 December 2019 and 19 February 2020 in relation to the Previously Disclosed Heat Supply Contracts.

The Company announces that the members of the Group have entered/will enter into the contracts with the associates of En+, pursuant to which the associates of En+ agreed to supply transportation services to the members of the Group (the "New Transportation Contracts").

The Company further announces that the members of the Group have entered/will enter into the contracts with the associates of En+, pursuant to which the associates of En+ agreed to supply heat to the members of the Group (the "New Heat Supply Contracts").

THE NEW TRANSPORTATION CONTRACTS

The Company announces that the members of the Group have entered/will enter into the New Transportation Contracts with the associates of En+, pursuant to which the associates of En+ agreed to provide transportation services to the members of the Group, with details as below.

− 1 −

					Estimated
					consideration
					payable for each
					of the years
					ending 31
					December 2021,
					31 December
					2022 and 31
		Customer			December 2023	Scheduled
	Date of the	(member of	Service provider		excluding VAT	termination
	contract	the Group)	(associate of En+)	Service	(USD)	date	Payment terms
1	1 January 2021	LLC	KraMZ-Auto LLC	Transport and	2021: 15,272	Up to 31	Payment is made
		"SVRZ"		transportation	2022: 15,885	December	within 10 calendar
				services	2023: 16,520	2023	days from the receipt
					(Note 1)		of the invoice.
2	1 January 2021	LLC	KraMZ-Auto LLC	Transport and	2021: 4,529	Up to 31	Payment is made
		"SVRZ"		transportation	2022: 4,710	December	within 10 banking days
				services	2023: 4,899	2023	from the receipt of the
					(Note 1)		invoice.
3	1 January 2021	JSC	KraMZ-Auto LLC	Transport and	2021: 11,128	Up to 31	Payment is made
		"Kremniy"		transportation	(Note 1)	December	within 30 calendar
				services		2021	days from the receipt
							of the invoice.
4	31 December	JSC RUSAL	OVE	Services for the	2021: 4,718,180	Up to 31	Payment is made
	2020 (the term	Sayanogorsk		transportation and	(Note 2)	December	within 10 working days
	of this contract			provision of		2021	from the receipt of the
	will commence			railway transport			original of invoice.
	on 1 January			services
	2021)
5	1 January 2021	RUSAL	KraMZ-Auto LLC	Cargo and special	2021: 2,310,094	31 December	Payment is made
		Bratsk PJSC		vehicles	2022: 2,401,832	2023	within 10 working days
				transportation	2023: 2,497,035		from the receipt of the
				services	(Note 3)		original of invoice on
							the basis of the signed
							certificate of rendered
							services.
6	1 January 2021	RUSAL	KraMZ-Auto LLC	Light vehicles and	2021: 275,832	31 December	Payment is made
		Bratsk PJSC		passenger	2022: 286,842	2023	within 10 working days
		(Shelekhov)		transport	2023: 298,291		from the receipt of the
				transportation	(Note 3)		original of invoice on
				services			the basis of the signed
							certificate of rendered
							services.
7	1 January 2021	RUSAL	KraMZ-Auto LLC	Cargo, special	2021: 5,501,693	31 December	Payment is made
		Bratsk PJSC		equipment and	2022: 6,325,092	2023	within 10 working days
		(Shelekhov)		lifting mechanisms	2023: 6,575,650		from the receipt of the
				transportation	(Note 3)		original of invoice on
				services			the basis of the signed
							certificate of rendered
							services.
8	28 December	JSC RUSAL	KraMZ-Auto LLC	Passenger vehicles	2021: 745,038	31 December	Payment is made
	2020 (the term	Krasnoyarsk		transportation	2022: 774,246	2023	within 10 working days
	of this contract			services	2023: 805,033		from the receipt of the
	will commence				(Note 3)		original of invoice on
	on 1 January						the basis of the signed
	2021)						certificate of rendered
							services.
9	28 December	JSC RUSAL	KraMZ-Auto LLC	Trucks, passenger	2021: 2,187,169	31 December	Payment is made
	2020 (the term	Krasnoyarsk		vehicles and	2022: 2,260,613	2023	within 10 working days
	of this contract			special vehicles	2023: 2,322,291		from the receipt of the
	will commence			transportation	(Note 3)		original of invoice on
	on 1 January			services			the basis of the signed
	2021)						certificate of rendered
							services.
	Total estimated				2021: 15,768,935
	consideration				2022: 12,069,220
	payable (USD)				2023: 12,519,719

− 2 −

Notes:

1. The basis of calculation is determined by the man-hour costs and the estimated consideration is to be paid in cash via bank transfer.
2. The service fee is calculated by multiplying the weight of cargos, tariff for transportation (subject to state regulation) and the distance (being 58 kilometers) and the estimated consideration is to be paid in cash via bank transfer.
3. The basis of calculation is determined by the man-hour costs depending on type and kind of equipment during the reporting period (month) and the estimated consideration is to be paid in cash via bank transfer or set-off of mutual obligations.

THE ANNUAL AGGREGATE TRANSACTION AMOUNT

Pursuant to Rule 14A.81 of the Listing Rules, the continuing connected transactions contemplated under the New Transportation Contracts should be aggregated for each of the financial years ending 31 December 2021, 31 December 2022 and 31 December 2023 as they were entered into by members of the Group with associates of En+, and the subject matter of each contract relates to the provision of transportation services by the associates of En+ to the Group.

The annual aggregate transaction amounts that are payable by the Group to the associates of En+ under the New Transportation Contracts for each of the financial years ending 31 December 2021, 31 December 2022 and 31 December 2023 is estimated to be approximately USD 15.769 million, USD 12.070 million and USD 12.520 million respectively.

Regarding the contracts mentioned in items 1 to 3 and 5 to 9 in the table above, in accordance with the Company's procurement policies and using tools such as the Company's procurement portal, an open competitive tender was held by publishing an invitation to participate in the tender on the Company's website. Regarding contracts mentioned in items 1, 3 and 5 to 9, the Company's procurement managers, in line with the best-in-class experience and know-how of the Company's procurement policies, chose the contractor offering the best terms and conditions (the contractor offered the lowest price, has qualified specialists, currently carries similar works, have equipment available and members of the Group had a positive work experience previously with the contractor) and then entered/will enter into the contracts with the chosen contractors. The service provider in case of contract 2 is the only one who is offering the required services and the Group therefore will enter into the relevant New Transportation Contract with the service provider. Regarding the contract mentioned in item 4 in the table above, as OVE owns the only railway track section which is required for the transportation services, the relevant New Transportation Contract was entered into.

− 3 −

The contract price of the New Transportation Contracts has been arrived at after arm's length negotiation with reference to the market price and on terms no less favourable than those prevailing in the Russian market for transportation services of the same type and quality and those offered by the associate of En+ to independent third parties. The annual aggregate transaction amount is derived from the total contract price under the New Transportation Contracts, which was based on the need of transportation services by the Group for the relevant year.

REASONS FOR AND BENEFITS OF THE TRANSACTIONS

The New Transportation Contracts were entered/will be entered into for the purpose of transportation. The Company considers that the transactions contemplated under the New Transportation Contracts are for the benefit of the Company, as the services provided are required in the production process of the Group and the service provider offered a competitive price and are capable of meeting the Group's transportation needs (as for the transaction regarding the contract mentioned in item 4 in the table above - the service provider is the owner of the railway track section which is required for the transportation services).

The Directors (including the independent non-executive Directors) consider that the New Transportation Contracts are on normal commercial terms which are fair and reasonable and the transactions contemplated under the New Transportation Contracts are in the ordinary and usual course of business of the Group and in the interests of the Company and its shareholders as a whole.

None of the Directors has a material interest in the transactions contemplated under the New Transportation Contracts, save for Mr. Vyacheslav Solomin, who is the chief operating officer of En+, and Mr. Vladimir Kolmogorov, who is the first deputy chief executive officer for technical policy of En+ and deputy CEO - executive officer of En+, being the holding company of both KraMZ-Auto LLC and OVE. Mr. Vladimir Kolmogorov is also the head of technical supervision of JSC EuroSibEnergo, a company which is owned by En+. Accordingly, Mr. Vyacheslav Solomin and Mr. Vladimir Kolmogorov did not vote on the Board resolution approving the New Transportation Contracts.

LISTING RULES IMPLICATIONS

The ultimate beneficial owner of KraMZ-Auto LLC is En+, which holds more than 90% of the issued share capital of this entity. The ultimate beneficial owner of OVE is En+, which holds more than 60% of the issued share capital of this entity. There is no other shareholder who holds 25% or more of the issued share capital of OVE.

− 4 −

Each of OVE and KraMZ-Auto LLC is an indirect subsidiary of En+, and is therefore an associate of En+, which in turn is a substantial shareholder of the Company. Accordingly, each of OVE and KraMZ-Auto LLC is a connected person of the Company under the Listing Rules.

Accordingly, the transactions contemplated under the New Transportation Contracts constitute continuing connected transactions of the Company.

The estimated annual aggregate transaction amount of the continuing connected transactions under the New Transportation Contract for each of the financial years ending 31 December 2021, 31 December 2022 and 31 December 2023 is more than 0.1% but less than 5% under the applicable percentage ratios. Accordingly, pursuant to Rule 14A.76 of the Listing Rules, the transactions contemplated under these contracts are only subject to the announcement requirements set out in Rules 14A.35 and 14A.68, the annual review requirements set out in Rules 14A.49, 14A.55 to 14A.59, 14A.71 and 14A.72 and the requirements set out in Rules 14A.34 and 14A.50 to 14A.54 of the Listing Rules. These transactions are exempt from the circular and shareholders' approval requirements under Chapter 14A of the Listing Rules.

Details of the New Transportation Contracts will be included in the relevant annual report and accounts of the Company in accordance with Rule 14A.71 of the Listing Rules where appropriate.

− 5 −

THE NEW HEAT SUPPLY CONTRACTS

Reference is made to the announcements of the Company dated 30 August 2019, 30 December 2019 and 19 February 2020 in relation to the Previously Disclosed Heat Supply Contracts.

The Company announces that members of the Group will enter into the New Heat Supply Contracts with the associates of En+, pursuant to which the associates of En+ agreed to supply heat to the members of the Group, with details as set out below:

						Estimated
						consideration
						payable for each of
						the years ending 31
		Customer	Service		Estimated amount	December 2021, 31
		(member	provider		of heat to be	December 2022, 31	Scheduled
	Date of the	of the	(associate of	Subject of	supplied for each	December 2023	termination
	contract	Group)	En+)	transaction	year (approximate)	excluding VAT (USD)	date	Payment terms
1	1 January	PJSC	LLC BEC	Purchase	Heat:	2021: 4,476	Up to 31	Advance payments
	2021	RUSAL		of heat	2021: 330 Gcal	(Note 1)	December	up to the 18th day
		Bratsk		energy			2021	of the month are to
				supply in	Chemical purified			be settled in the
				hot water	water:			amount of 35%, up
					2021: 559 m3			to the last day of
								the month - 50%,
								the balance in fact -
								up to the 10th day
								of the month
								following the
								settlement.
2	1 January	PJSC	LLC BEC	Purchase	Heat:	2021: 1,765,842	Up to 31	The first term of
	2021	RUSAL		of heat	2021: 128 978 Gcal	2022: 1,836,476	December	payment is not later
		Bratsk		energy in	2022: 128 978 Gcal	2023: 1,909,935	2023	than the 18th day of
		(Shelekhov		hot water	2023: 128 978 Gcal	(Note 2)		the current month in
		branch)						the amount of 35%
					Chemical purified			of the amount, the
					water:			second payment
					2021: 196 202 m3			period is not later
					2022: 196 202 m3			than the last day of
					2023: 196 202 m3			the current month in
								the amount of 50%
								and the third term
								payment is not later
								than the 10th day of
								the month following
								the reporting month.
3	1 January	PJSC	LLC BEC	Purchase	Heat:	2021: 561,735	Up to 31	The first term of
	2021	RUSAL		of heat	2021: 30 382 Gcal	2022: 584,205	December	payment is not later
		Bratsk		energy in	2022: 30 382 Gcal	2023: 607,573	2023	than the 18th day of
		(Shelekhov		steam	2023: 30 382 Gcal	(Note 3)		the current month in
		branch)						the amount of 35%
					Chemical purified			of the amount, the
					water:			second payment
					2021: 42 145 m3			period is not later
					2022: 42 145 m3			than the last day of
					2023: 42 145 m3			the current month in
								the amount of 50%
								and a third term
								payment is not later

than the 10th day of the month following the reporting month.

− 6 −

						Estimated
						consideration
						payable for each of
						the years ending 31
		Customer	Service		Estimated amount	December 2021, 31
		(member	provider		of heat to be	December 2022, 31	Scheduled
	Date of the	of the	(associate of	Subject of	supplied for each	December 2023	termination
	contract	Group)	En+)	transaction	year (approximate)	excluding VAT (USD)	date	Payment terms
4	28 December	JSC	Khakass	Purchase	Heat:	Heat:	Up to 31	First payment (85%
	2020 (the	RUSAL	Municipal	of thermal	2021: 360 767 Gcal	2021: 4,360,092	December	of the total amount
	term of this	Sayanogorsk Systems LLC	energy		Chemical purified	2021	of thermal energy)
	contract will				Chemical purified	water:		shall be paid no
	commence				water:	2021: 156,452		later than the 20th
	on 1 January				2021: 1 350 000 m3	(Note 4)		day of the month of
	2021)							the current billing
								period, based on the
								invoice.
5	28 December	JSC	Baykalenergo	Purchase	Heat:	2021: 13,754	Up to 31	The payment is
	2020 (the	RUSAL	JSC	of thermal	2021: 428 Gcal	(Note 5)	December	made monthly, not
	term of this	Sayanogorsk		energy in			2021	later than the 20th
	contract will			hot water	Chemical purified			day of the month
	commence				water:			following the
	on 1 January				2021: 12 m3			reporting period.
	2021)
6	28 December	JSC	Baykalenergo	Purchase	Heat:	2021: 148,708	Up to 31	The payment is
	2020 (the	RUSAL	JSC	of thermal	2021: 4 198 Gcal	(Note 6)	December	made monthly, not
	term of this	Sayanogorsk		energy in			2021	later than the 20th
	contract will			hot water	Chemical purified			day of the month
	commence			for	water:			following the
	on 1 January			provision	2021: 49 825 m3			reporting period.
	2021)			of sports
				complex
7	28 December	LLC	Baykalenergo	Purchase	Heat:	2021: 14,091	Up to 31	The first term of
	2020 (the	RUSAL	JSC	of heat	2021: 4 341,08 Gcal	2022: 15,500	December	payment is not later
	term of this	Taishet			2022: 4 341,08 Gcal	2023: 17,050	2023	than the 18th day of
	contract will	Aluminium			2023: 4 341,08 Gcal	(Note 7)		the current month in
	commence	Smelter						the amount of 35%
	on 1 January				Coolant:			of the amount, the
	2021)				2021: 250,12 m3			second payment
					2022: 250,12 m3			period is not later
					2023: 250,12 m3			than the last day of
								the current month in
								the amount of 50%
								and a third term
								payment is not later
								than the 10th day of
								the month following
								the reporting month.
8	28 December	UC	Baykalenergo	Purchase	Heat:	2021: 29,316	Up to 31	The first term of
	2020 (the	RUSAL	JSC	of thermal	2021: 1331,9 Gcal	(Note 8)	December	payment is not later
	term of this	Anode		energy in			2021	than the 18th day of
	contract will	Plant LLC		hot water				the current month in
	commence							the amount of 35%
	on 1 January							of the amount, the
	2021)							second payment
								period is not later
								than the last day of

the current month in the amount of 50% and a third term payment is not later than the 10th day of the month following the reporting month.

− 7 −

					Estimated
					consideration
					payable for each of
					the years ending 31
	Customer	Service		Estimated amount	December 2021, 31
	(member	provider		of heat to be	December 2022, 31	Scheduled
Date of the	of the	(associate of	Subject of	supplied for each	December 2023	termination
contract	Group)	En+)	transaction	year (approximate)	excluding VAT (USD)	date	Payment terms
9 28 December	JSC	Khakass	Purchase	Heat:	2021: 419,835	31	Payment is made no
2020 (the	RUSAL	Municipal	of heat and	2021: 34 000 Gcal	2022: 482,812	December	later than on the
term of this	SAYANAL	Systems LLC	chemically	2022: 34 000 Gcal	2023: 555,235	2023	10th day of the
contract will			purified	2023: 34 000 Gcal	(Note 9)		month following the
commence			water				billing period.
on 1 January				Chemical purified
2021)				water:
				2021: 77 000 m3
				2022: 77 000 m3
				2023: 77 000 m3
Total					2021: 7,474,301
estimated					2022: 2,918,993
consideration					2023: 3,089,793
payable
(USD)

Notes:

1. The thermal energy rate is in accordance with the thermal energy tariff by the Irkutsk region tariff service in Bratsky district. The heat energy in hot water tariff for 2021 is USD13.13 / Gcal. The tariff for chemical water for 2021 is USD 0.25/m3. The estimated payable consideration is to be settled in cash via bank transfer.
2. The thermal energy rate is in accordance with the thermal energy tariff by the Irkutsk region tariff service in Shelekhovsky district. The heat energy in hot water tariff for 2021 is USD 13.42/ Gcal. The tariff for chemical water for 2021 is USD 0.17/m3. The heat energy in hot water tariff for 2022 is USD 13.96 / Gcal. The tariff for chemical water for 2022 is USD 0.18 /m3. The heat energy in hot water tariff for 2023 is USD 14.52 / Gcal. The tariff for chemical water for 2023 is USD 0.19 /m3. The estimated payable consideration is to be settled in cash via bank transfer.
3. The thermal energy rate is in accordance with the thermal energy tariff by the Irkutsk region tariff service in Shelekhovsky district. The heat energy in steam tariff for 2021 is USD 17.61 / Gcal. The tariff for chemical water for 2021 is USD 0.63 /m3. The heat energy in steam tariff for 2022 is USD 18.31 / Gcal. The tariff for chemical water for 2022 is USD 0.66 /m3. The heat energy tariff in steam for 2023 is USD 19.04 / Gcal. The tariff for chemical water for 2023 is USD 0.69 /m3. The estimated payable consideration is to be settled in cash via bank transfer.
4. The thermal energy rate is in accordance with the thermal energy tariff by the state Committee on tariffs and energy of the Republic of Khakassia. The heat energy tariff for 2021 is USD 12.09 / Gcal. The tariff for chemical water for 2021 is USD 0.12/m3. The estimated payable consideration is to be settled in cash via bank transfer or set-off of mutual obligations.
5. The thermal energy rate is in accordance with the thermal energy tariff by the state Committee on tariffs and energy of the Republic of Khakassia. The heat energy in hot water tariff for 2021 is USD 32.13 / Gcal. The tariff for chemical water for 2021 is USD 0.28 /m3. The estimated payable consideration is to be settled in cash via bank transfer or set-off of mutual obligations.

− 8 −

1. The thermal energy rate is in accordance with the thermal energy tariff by the state Committee on tariffs and energy of the Republic of Khakassia. The heat energy tariff in hot water for 2021 is USD 32.13 / Gcal. The tariff for chemical water for 2021 is USD 0.28 /m3. The estimated payable consideration is to be settled in cash via bank transfer or set-off of mutual obligations.
2. The thermal energy rate is in accordance with the thermal energy tariff on the territory of the Taishetsky district of the Irkutsk region. The heat energy tariff for 2021 is USD 26.14 / Gcal. The tariff for coolant for 2021 is USD 0.44 /m3. The heat energy tariff for 2022 is USD 27.86 / Gcal. The tariff for coolant for 2022 is USD 0.46 /m3. The heat energy tariff for 2023 is USD 29.79 / Gcal. The tariff for coolant for 2023 is USD 0.48 /m3. The estimated payable consideration is to be settled in cash via bank transfer or set-off of mutual obligations.
3. The thermal energy rate is in accordance with the thermal energy tariff by the state Committee on tariffs and energy of the Irkutsk region in Taishetsky district. The heat energy in hot water tariff for 2021 is USD 23.05 / Gcal. The estimated payable consideration is to be settled in cash via bank transfer.
4. The thermal energy rate is in accordance with the thermal energy tariff by the State Committee for energy and tariff regulation of The Republic of Khakassia. The heat energy tariff for 2021 is USD 12.09 / Gcal. The tariff for chemical water for 2021 is USD0.12/m3. The heat energy tariff for 2022 is USD13.9/ Gcal. The tariff for chemical water for 2022 is USD0.13/m3. The heat energy tariff for 2023 is USD16/ Gcal. The tariff for chemical water for 2023 is USD0,15/m3. The estimated payable consideration is to be settled in cash via bank transfer.

THE ANNUAL AGGREGATE TRANSACTION AMOUNT

Pursuant to Rule 14A.81 of the Listing Rules, the continuing connected transactions contemplated under the New Heat Supply Contracts and the Previously Disclosed Heat Supply Contracts should be aggregated, as they were entered into by members of the Group with associates of En+, and the subject matter of each contract relates to the heat supply by the associates of En+ to the Group.

The annual aggregate transaction amount that is payable by the Group to the associates of En+ under the New Heat Supply Contracts and the Previously Disclosed Heat Supply Contracts for each of the financial years ending 31 December 2021, 31 December 2022 and 31 December 2023 are estimated to be approximately USD7.600 million, USD3.051 million and USD3.090 million respectively.

Regarding contract numbers 1 to 3 in the table above, LLC BEC is a monopolist in the city of Bratsk and Shelekhov in the supply of thermal energy and the rates are regulated by the Irkutsk region tariff service, therefore the relevant New Heat Supply Contracts will be entered into. Regarding contract numbers 4 and 9 in the table above, Khakass Municipal Systems LLC is a monopolist in the city of Sayanogorsk in the supply of thermal energy and the rates are regulated by the State Committee on tariffs and energy of the Republic of Khakassia, therefore the relevant New Heat Supply Contracts will be entered into. Regarding contract numbers 5 to 8 in the table above, Baykalenergo JSC is a monopolist in the transport of heat in Sayanogorsk and Taishet and has the necessary licenses and permits to render the relevant services, therefore the relevant New Heat Supply Contracts will be entered into.

− 9 −

The contract price of the New Heat Supply Contracts has been arrived at after arm's length negotiation with reference to the market price and on terms no less favourable than those prevailing in the Russian market for the heat of the same type and quality and those offered by the associate of En+ to independent third parties. The annual aggregate transaction amount is derived from the total contract price under the New Heat Supply Contracts and the Previously Disclosed Heat Supply Contracts, which was based on the need of heat by the Group for the year.

REASONS FOR AND BENEFITS OF THE TRANSACTIONS

The New Heat Supply Contracts will be entered into for the purpose of obtaining heat for the Group's production process and for its facilities. The Company considers that the transactions contemplated under the New Heat Supply Contracts are for the benefit of the Company as there is no alternative supplier available in the region.

The Directors (including the independent non-executive Directors) consider that the New Heat Supply Contracts are on normal commercial terms which are fair and reasonable and the transactions contemplated under the New Heat Supply Contracts are in the ordinary and usual course of business of the Group and in the interests of the Company and its shareholders as a whole.

None of the Directors has a material interest in the transactions contemplated under the New Heat Supply Contracts, save for Mr. Vyacheslav Solomin, who is the chief operating officer of En+, and Mr. Vladimir Kolmogorov, who is the first deputy chief executive officer for technical policy of En+ and deputy CEO - executive officer of En+, being the holding company of each of Khakass Municipal Systems LLC, LLC BEC and Baykalenergo JSC. Mr. Vladimir Kolmogorov is also the head of technical supervision of JSC EuroSibEnergo, a company which is owned by En+. Accordingly, Mr. Vyacheslav Solomin and Mr. Vladimir Kolmogorov did not vote on the Board resolution approving the New Heat Supply Contracts.

LISTING RULES IMPLICATIONS

The ultimate beneficial owner of each of Khakass Municipal Systems LLC, LLC BEC and Baykalenergo JSC is En+, which holds more than 90% of the issued share capital of each of these entities.

Each of Khakass Municipal Systems LLC, LLC BEC and Baykalenergo JSC are indirect subsidiaries of En+, and are therefore the associates of En+, which in turn is a substantial shareholder of the Company. Accordingly, each of Khakass Municipal Systems LLC, LLC BEC and Baykalenergo JSC are connected persons of the Company under the Listing Rules.

Accordingly, the transactions contemplated under the New Heat Supply Contracts constitute continuing connected transaction of the Company.

− 10 −

The estimated annual aggregate transaction amount of the continuing connected transactions under the New Heat Supply Contracts and the Previously Disclosed Heat Supply Contracts for the financial year ending 31 December 2021 is more than 0.1% but less than 5% under the applicable percentage ratios. Accordingly, pursuant to Rule 14A.76 of the Listing Rules, the transactions contemplated under these contracts are only subject to the announcement requirements set out in Rules 14A.35 and 14A.68, the annual review requirements set out in Rules 14A.49, 14A.55 to 14A.59, 14A.71 and 14A.72 and the requirements set out in Rules 14A.34 and 14A.50 to 14A.54 of the Listing Rules. These transactions are exempt from the circular and shareholders' approval requirements under Chapter 14A of the Listing Rules.

Details of the New Heat Supply Contracts will be included in the relevant annual report and accounts of the Company in accordance with Rule 14A.71 of the Listing Rules where appropriate.

PRINCIPAL BUSINESS ACTIVITIES

The Company is principally engaged in the production and sale of aluminium, including alloys and value-added products, and alumina.

KraMZ-Auto LLC is principally engaged in the provision of transportation services.

OVE is principally engaged in the provision of transportation services and railway transport.

Khakass Municipal Systems LLC, LLC BEC and Baykalenergo JSC are principally engaged in generating heat and electricity.

En+ is a leading international vertically integrated aluminium and hydropower producer.

DEFINITIONS

In this announcement, the following expressions have the following meanings, unless the context otherwise requires:

"associate(s)"	has the same meaning ascribed thereto under the
	Listing Rules.
"Board"	the board of Directors.

− 11 −

"Company"	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,
	the shares of which are listed on the Main Board of
	the Stock Exchange of Hong Kong Limited.
"connected person(s)"	has the same meaning ascribed thereto under the
	Listing Rules.
"continuing connected	has the same meaning ascribed thereto under the
transactions"	Listing Rules.
"Director(s)"	the member of the Board of directors of the
	Company.
"En+"	EN+ GROUP International public joint-stock
	company, a company registered in accordance with
	the procedure established by the laws of the
	Russian Federation, in accordance with the Federal
	Law of the Russian Federation "On International
	Companies", and which is a Shareholder of the
	Company.
"Group"	the Company and its subsidiaries.
"Listing Rules"	the Rules Governing the Listing of Securities on
	the Stock Exchange of Hong Kong Limited.
"OVE"	Otdelenie vremennoy ekspluatatsii JSC, an indirect
	subsidiary of En+.
"percentage ratios"	the percentage ratios under Rule 14.07 of the
	Listing Rules.
"Previously Disclosed Heat	the heat supply contracts between members of the
Supply Contracts"	Group and the associates of En+, pursuant to which
	the associates of En+ agreed to supply heat to
	members of the Group, as disclosed in the
	announcements of the Company dated 30 August
	2019, 30 December 2019 and 19 February 2020.
"substantial shareholder"	has the same meaning ascribed thereto under the
	Listing Rules.

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"USD"	United States dollars, the lawful currency of the
	United States of America.
"VAT"	value added tax.
	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 December 2020

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.

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