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

12 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.

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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	9 April 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 announces the entering into of a side letter among the parties to the Agreement dated 10 December 2012 between the Company, Whiteleave Holdings Limited, Crispian Investments Limited, Vladimir Olegovich Potanin and Roman Arkadievich Abramovich in relation to PJSC "MMC 'NORILSK NICKEL" (the "Agreement"), pursuant to which the Agreement shall be amended, among others, to the following effect (the "Side Letter"):

• For the purpose of maintaining the sustainable development of PJSC "MMC 'NORILSK NICKEL", the final cash dividend from PJSC "MMC 'NORILSK NICKEL" that due to the Company by application of the existing dividend formula will be reduced on a one-off basis. The reduction is expected to be approximately USD 354 million.
• PJSC "MMC 'NORILSK NICKEL" will implement a share repurchase program on market terms and in the amount of approximately USD 2 billion in the second half of 2021 (the "Buyback"). The repurchased shares will be cancelled pursuant to Russian law (with the exception of 0.5% of the total issued shares of PJSC "MMC 'NORILSK NICKEL" which will be used for other corporate goals by PJSC "MMC 'NORILSK NICKEL").
• When and if PJSC "MMC 'NORILSK NICKEL" resolves to announce the Buyback, the Company will consider whether to participate in the Buyback and decide on the size of its participation in the Buyback, depending on the market conditions at the time of the Buyback.

Shareholders and investors should exercise due caution when dealing in the shares and other securities of the Company.

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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:

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

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)

Vladimir Olegovich Potanin

Roman Arkadievich Abramovich

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-А, 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). 09.04.2021.

3. Signature

3.1. Corporate Secretary		S.V. Bazanov
(by virtue of power of
attorney
ОКР -ДВ-20-0003	(signature)
dated October 13, 2020)	L.S.
3.2. Date "9" April 2021

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