Joint press release

            RUSAL, PhosAgro Commission Aluminium Fluoride Production Plant         

    Moscow, 27 November 2015 - UC RUSAL (SEHK: 486; Euronext: RUSAL/RUAL; MICEX:
    RUALR; RTS: RUALR), the world's largest aluminium producer, and PhosAgro
    (Moscow Exchange, LSE: PHOR), one of the world's leading vertically integrated
    phosphate-based fertilizer producers have opened an aluminium fluoride
    production plant in Cherepovets at PhosAgro-Cherepovets. The new plant will
    have a production capacity of 43,000 tonnes per year.

    Russia's Deputy Prime Minister Arkady Dvorkovich, Vologda Region Governor Oleg
    Kuvshinnikov, PhosAgro CEO Andrey Guryev and RUSAL CEO Vladislav Soloviev all
    took part in the opening ceremony.

    This investment project is valued at over RUB 2 billion, and was implemented by
    PhosAgro at its mineral fertilizer production plant, the largest in Europe, as
    part of a cooperation agreement with UC RUSAL through to the end of 2034 that
    amounts to over RUB 40 billion.

    Following the renovations and upgrades, PhosAgro will increase aluminium
    fluoride production from 23,000 tonnes to 43,000 tonnes per annum, using
    aluminium hydroxide produced by RUSAL as part of the production process.

    This project will enable RUSAL to reduce the volume of imported raw materials
    it purchases, thus reducing reliance on imports.

    For PhosAgro, this project offers a guaranteed return on investment and will
    expand production and secure a long-term domestic consumer, while also creating
    job stability and ensuing a fuller and more complex use of the raw materials'
    commercial components.

    Every year, RUSAL purchases about 100,000 tonnes of aluminium fluoride. The
    opening of this new production capacity at PhosAgro-Cherepovets will enable to
    company to reduce its reliance on imported materials from 74% today to 60% in
    2016.

    Russian Deputy Prime Minister Arkady Dvorkovich said, "integrating the
    endeavours of two Russian companies that occupy leading positions in their
    sectors not only enables us to implement the kind of projects envisioned by the
    Russian Government's modernisation and import substitution initiatives, it
    strengthens their respective market positions, and also serves to underpin the
    Russian economy's continued development.

    RUSAL CEO Vladislav Soloviev said, "This agreement enables RUSAL to resolve the
    issue of raw materials security, provides predictable pricing for raw materials
    and achieves the goal of import substitution set by the Russian Government.
    Despite positive trends in import substitution, RUSALs demand for aluminium
    fluoride still significantly exceeds Russian producers' production capacities.
    Both companies are currently discussing further expanding this cooperation,
    including by doubling production of aluminium fluoride."

    PhosAgro CEO Andrey Guryev said, "In addition to making our mineral fertilizer
    production capacity more competitive thanks to deeper processing of phosphate
    rock, PhosAgro will become the leading mineral fertilizer producer by share of
    fluoride in phosphate raw materials, and in terms of aluminium fluoride
    production."

    *Aluminium fluoride is used as a component in aluminium production.

    Notes to editors

    RUSAL (www.rusal.ru) - RUSAL is a leading global aluminium producer. In 2013,
    it was responsible for 8% of global aluminium production and 7% of alumina. The
    company employs about 67,000 people and is present in 19 countries over 5
    continents. UC RUSAL markets and sells its products primarily in the European,
    Japanese, Korean, Chinese, South East Asian and North American markets. UC
    RUSAL's ordinary shares are listed on The Stock Exchange of Hong Kong Limited
    (Stock code: 486), global depositary shares representing UC RUSAL's ordinary
    shares are listed on the professional compartment of Euronext Paris (RUSAL for
    Reg S GDSs and RUAL for Rule 144A GDSs), and Russian depositary receipts that
    are issued on common shares of the Company are listed on MICEX (RUALR) and RTS
    (RUALR) stock exchanges.

    PhosAgro (www.phosagro.com) is a leading vertically integrated phosphate-based
    fertilizer producer.  The Group focuses on the production of phosphate-based
    fertilizers, feed phosphate and high-grade phosphate rock (P2O5 content of not
    less than 39% percent), as well as ammonia and nitrogen-based fertilizers.  In
    2010, the Group was the largest phosphate-based fertilizer producer in Europe,
    the largest producer of high-grade phosphate rock worldwide and the third
    largest MAP/DAP producer in the world (excluding China), according to
    Fertecon.  PhosAgro is also a leading producer of MCP feed phosphates in
    Europe, and the only producer in Russia.

    PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high
    quality apatite-nepheline ore, representing over 75 years of production. The
    Group also controls substantial Al2O3 resources, and has 41% of Russia's rare
    earth oxides resources. The company's main production, including phosphate,
    includes 28 brands of fertilizer, feed phosphates, nitrogen fertilizers,
    ammonium and sodium tripolyphosphate are used by consumers in 100 countries
    across the world. PhosAgro's key markets, aside from Russia and the CIS are,
    Latin America, Europe, and Asia. The company's shares are traded on the Moscow
    Exchange, global depository receipts on the LSE (PHOR).

    The information contained in this press release is for media advice only. The
    contents are true and accurate at the time of publishing, however, may change
    over time.

    Contact:

    Olga Sanarova
    +7 (495) 720-51-70
    olga.sanarova@rusal.com