United Rusal : UC RUSAL announces fourth quarter and full year 2014 operating results

Press-release

Key highlights

 Total aluminium production amounted to 3,601 thousand tonnes in FY14 (-7% YoY) and 915 thousand tonnes in 4Q14 (+1% QoQ).
 Share of value-added products continued to grow and reached a record 45% of total aluminium production in 2014 in comparison with 42% for the previous year.
 RUSAL alumina output totaled 7,253 thousand tonnes in FY14 (-1% YoY) and remained flat at the level of 1,818 thousand tonnes in 4Q14.
 RUSAL bauxite production amounted to 12,108 thousand tonnes in FY14 (+2% YoY) and 2,932 thousand tonnes in 4Q14 (-11% QoQ). The management remains focused on further increases of an
efficient upstream vertical integration.
 The average aluminium realized price was USD2,219/tonne (+3% YoY) in FY14. The average realized price kept positive momentum in 4Q14 growing 5% QoQ.
 While RUSAL expects stable aluminium production volumes and favorable pricing environment in
2015, the Company does not plan to restart the aluminium smelters idled in 2013/2014 due to the current market environment so to maintain production discipline.
Commenting on the operating results, Vladislav Soloviev, CEO of RUSAL said:
"The period under review represented a marked turnaround in the aluminium market. Thanks to production cuts as well as a continued increase in demand, the 2014 ex-China market ended in deficit, supporting the LME price and also regional premiums.
Throughout 2014, RUSAL has maintained its disciplined approach to production and focus on highly marginal value added aluminium products which we intend to replicate in 2015. Looking forward, we estimate that an increased usage of aluminium across a wide range of sectors will mean that demand for the metal will grow by
6.5% in 2015, while the ex-China market deficit will remain significant."

1 UC RUSAL assets also include two quartzite mines, one fluorite mine, two coal mines, one nepheline syenite mine and two limestone mines. The Company also has three aluminium powder metallurgy plants, cryolite, aluminium fluoride and cathodes plants. During 2013 the Company mothballed production of aluminium fluoride (including fluoride concentrate production facility), cryolite and cathodes.

1

Realized price 2,425 2,299 5% 2,219 2,150 3%
The realized price growth on YoY basis was driven by a further development of RUSAL's sales of value-added products.

Aluminium capacity curtailment program, performed by the Company in 2013 through mothballing such smelters as NkAZ (1st line), BAZ, UAZ, VgAZ, VAZ, Alscon and partially NAZ, allowed the Company to decrease aluminium production volumes in 2014 as compared to 2013 by 256 thousand tonnes (-7% YoY).
The aluminium production in 2015 is expected to be flat on YoY basis at approximately 3.6 million tonnes.

('000 tonnes) unless

otherwise indicated

Khakas aluminium smelter
100% 253 252 1% 1,005 1,002 0%
100% 254 252 1% 1,005 1,002 0%
100% 133 131 1% 514 513 0%
100% 52 52 (1%) 207 248 (16%)
100% 101 99 6% 394 392 1%
100% 73 73 1% 287 279 3%

Urals aluminium smelter
Nadvoitsy aluminium
smelter Kandalaksha aluminium smelter Volkhov aluminium smelter
100% - - - - 41 (100%)
100% - - - - 112 (100%)
100% - - - - 32 (100%)
100% 3 3 (1%) 12 29 (60%)
100% 17 16 5% 64 66 (2%)
100% - - - - 8 (100%)

100% 29 25 16% 113 131 (14%)

ALSCON 85% - - - - 2 (100%)

2 Presents the total production of the plants, each of which is a consolidated subsidiary of the Company.

2

RUSAL demonstrated stable alumina production volumes in 2014. The modernization and organic growth
projects on Company's alumina refineries may bring FY15 alumina output to approximately 7.5 million tonnes.

Aughinish Alumina 100% 477 499 (4%) 1,951 1,935 1%

Alpart 100% - - - - - -
Windalco (Ewarton and Kirkvine Works)3
100% 152 141 8% 559 549 2%

Nikolaev Alumina
Refinery
100% 371 355 5% 1,455 1,494 (3%)

Eurallumina 100% - - - - - -

Bogoslovsk Alumina
Refinery
Achinsk Alumina
Refinery
Urals Alumina
Refinery
Boxitogorsk Alumina
Refinery
100% 216 240 (10%) 911 958 (5%)
100% 222 204 8% 891 926 (4%)
100% 194 191 2% 770 775 (1%)
100% - - - - - -

Friguia Alumina
Refinery
100% - - - - - -

20% 186 187 (0%) 716 674 6%

Bauxite production growth in 2014 as compared to 2013 was driven by third party sales and replacement of third party volumes with supply from own deposits.
The decrease in volumes on QoQ basis in 4Q14 was caused by declining third party sales and seasonal factors.

3 As of December 2014.

4 Calculated based on the pro rata share of the Company's (and its subsidiaries') ownership in corresponding alumina refineries.

3

Bauxite Company of
Guyana Inc.7
90% 242 258 (6%) 1,237 1,358 (9%)

(Kt Wet) unless otherwise indicated

Kiya Shaltyr
Nepheline Syenite
100% 1,013 1,085 (7%) 4,396 4,662 (6%)

The aggregate aluminium foil and packaging material production from the Company's plants increased by 5% YoY to 94 thousand tonnes in FY14 and by 4% QoQ to 25 thousand tonnes in 4Q14, primarily due to increased production at Sayanal and Ural Foil sites in Russia and Armenal in Armenia.

('000 tonnes) unless

otherwise indicated

Sayanal 100% 11 10 3% 42 40 3% Ural Foil 100% 5 5 11% 19 18 5% Sayana Foil 100% 1.1 0.9 21% 3.4 2.8 20%

Armenal 100% 8 8 0% 29 28 6%

5 As of December 2014.

6 As of November 2014

7 Calculated based on pro rata share of the Company's ownership in corresponding bauxite mines and mining complexes. The total production of the Company's fully consolidated subsidiaries, Timan and Bauxite Company of Guyana Inc., are included in the

production figures, notwithstanding that minority interests in each of these subsidiaries are held by third parties.

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Forward-looking statements

This press-release contains statements about future events, projections, forecasts and expectations that are
forward-looking statements. Any statement in this press-release that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risk and uncertainties include those discussed or identified in the prospectus for UC RUSAL. In addition, past performance of UC RUSAL cannot be relied on as a guide to future performance. UC RUSAL makes no representation on the accuracy and completeness of any of the forward-looking statements, and, except as may be required by applicable law, assumes no obligations to supplement, amend, update or revise any such statements or any opinion expressed to reflect actual results, changes in assumptions or in UC RUSAL's expectations, or changes in factors affecting these statements. Accordingly, any reliance you place on such forward-looking statements will be at your sole risk.

UC RUSAL (www.rusal.com) is a leading, global producer of aluminium, in 2013 accounting for approximately
8% of global production of aluminium and 7% of alumina. UC RUSAL employs over 67,000 people in 19 countries, across 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 Moscow Exchange (RUALR).

Disclaimer

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.

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