United Rusal : UC RUSAL announces operating results for the three months ended 31 March 2015

Press-release

Key highlights

 1Q2015 total aluminium output amounted to 900 thousand tons (-2% QoQ and +2% YoY). The company maintains production discipline in accordance with the previously provided guidance.
 1Q15 sales volumes amounted to 942 thousand tons (+7.7% QoQ). The company increased sales last quarter to compensate for shipment delays caused by port weather conditions in October-November
2014.
 The average realized price went down 5.7% QoQ to $2,282/t driven by lower LME cash price and declining physical premium across key export markets.
 RUSAL volume of alumina production remained flat at 1,808 thousand tons in 1Q15 (-1% QoQ).
 RUSAL bauxite production amounted to 3,124 thousand tons in 1Q15 (+7% QoQ and +8% YoY). The production growth is mostly attributable to stronger demand from company's alumina refineries and third parties.
 UC RUSAL management expects flat YoY aluminium production volumes in 2015. The company does not plan restarting of aluminium smelters idled in 2013. The management currently goes through a review of company's smelting capacity that may result in idling of up to 200 thousand tons of smelting
capacity.

1 The sales volumes based on management accounts are a subject for adjustment in 1Q15 financial results announcement expected to be issued on 13 May, 2015.

1

('000 tonnes) unless otherwise

indicated

Bratsk aluminium smelter 100% 248 253 (2%) 249 (0%)
Krasnoyarsk aluminium smelter
Sayanogorsk aluminium smelter
Novokuznetsk aluminium
smelter
100% 250 254 (2%) 248 (0%)
100% 131 133 (1%) 123 6%
100% 51 52 (2%) 51 1%
Irkutsk aluminium smelter 100% 101 101 (0%) 96 6% Khakas aluminium smelter 100% 71 73 (3%) 70 2%

100% - - - - -
Volgograd aluminium smelter 100% - - - - - Urals aluminium smelter 100% - - - - - Nadvoitsy aluminium smelter 100% 3 3 (2%) 3 12%
Kandalaksha aluminium smelter
100% 16 17 (4%) 15 5%
Volkhov aluminium smelter 100% - - - - -

Kubikenborg Aluminium
(KUBAL)
100% 29 29 (0%) 28 1%

ALSCON 85% - - - - -

('000 tonnes)3 unless otherwise indicated

Aughinish Alumina 100% 488 477 2% 480 2%

Alpart 100% - - - - -
Windalco* (Ewarton and
Kirkvine Works)
100% 149 152 (2%) 147 1%

Nikolaev Alumina Refinery 100% 352 371 (5%) 365 (4%)

2 Information on sales volumes and realized sales price is preliminary and will be updated in 1Q15 financial results announcement expected to be issued on 13 May 2015.

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

*The operating data in the table is presented on equity-adjusted basis. The Company controlled 93% of Windalco during 2014 and consolidated 100% stake in Windalco in December 2014.

2

('000 tonnes)3 unless otherwise indicated

Eurallumina 100% - - - - -

Bogoslovsk Alumina Refinery 100% 220 216 2% 220 (0%)
Achinsk Alumina Refinery 100% 224 222 1% 233 (4%) Urals Alumina Refinery 100% 190 194 (2%) 192 (1%)
Boxitogorsk Alumina
Refinery
100% - - - - -

Friguia Alumina Refinery 100% - - - - -

Queensland Alumina Ltd.4 20% 185 186 (1%) 177 5%

(Kt Wet)5 unless otherwise indicated

Alpart 100% - - - - -
Windalco* (Ewarton and
Kirkvine Works)
100% 513 468 9% 484 6%

North Urals 100% 684 662 3% 638 7%

Timan 100% 772 652 19% 564 37%

Friguia 100% - - - - -
Kindia 100% 863 909 (5%) 805 7%

Bauxite Company of Guyana
Inc.
90% 291 242 20% 391 (26%)

4 Pro-rata share of production attributable to UC RUSAL.

5 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.

*The operating data in the table is presented on equity-adjusted basis. The Company controlled 93% of Windalco during 2014 and consolidated 100% stake in Windalco in December 2014.

3

(Kt Wet) unless otherwise indicated

Kiya Shaltyr Nepheline
Syenite
100% 1,066 1,013 5% 1,070 (0%)

The aggregate aluminium foil and packaging material production of the Company's plants decreased by 12% QoQ to 22 thousand tonnes in 1Q15, mainly due to seasonal demand on core markets.
The table below shows the contribution from each facility.

('000 tonnes) unless otherwise

indicated

Sayanal 100% 10 11 (9%) 10 (0%) Ural Foil 100% 4 5 (20%) 4 (0%) Sayana Foil 100% 0.6 1.1 (45%) 0.7 (14%)

Armenal 100% 8 8 0% 7 14%

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 2014 accounting for approximately
7% of global production of aluminium and 7% of alumina. UC RUSAL employs over 61,000 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). UC RUSAL's ordinary shares and Russian depositary receipts that are issued on common shares of the Company are listed on Moscow Exchange (RUAL/RUALR).

4

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.

Contacts:

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

5

distributed by