United RUSAL : INSIDE INFORMATION - SUSTAINABILITY-LINKED PRE-EXPORT FINANCE FACILITY

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 PLC

(Incorporated under the laws of Jersey with limited liability)

(Stock Code: 486)

INSIDE INFORMATION

SUSTAINABILITY-LINKEDPRE-EXPORT FINANCE FACILITY

This announcement is made by the Company pursuant to Rule 13.09 of the Listing Rules and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

References are made to various announcements of the Company in relation to, amongst others, the PXF 2017 and the PXF 2019.

The Company is pleased to announce that a new sustainability-linkedpre-export finance facility (the "PXF 2019") was signed on 25 October 2019 by, among others, the Company as borrower, ING Bank N.V. as facility and security agent and the Lenders as defined therein. The great support from the banking community allowed the Company to increase the amount of confirmed commitments for PXF 2019 from initially announced USD750,000,000 to USD1,085,000,000. This transaction is the first sustainability-linked syndicated pre-export facility arranged by international and Russian commercial banks in Russia.

The key terms and conditions of the PXF 2019 are described below.

(a) Borrower

The Company.

(b) Guarantors

Each of PJSC "RUSAL Bratsk"; JSC "RUSAL Krasnoyarsk"; JSC "RUSAL Novokuznetsk"; JSC "RUSAL Sayanogorsk"; JSC "RUSAL Ural"; RS International GmbH; RTI Limited; RUSAL Marketing GmbH; JSC "RUSSIAN ALUMINIUM"; JSC "UC RUSAL - Trading House" (each being a wholly-owned subsidiary of the Company).

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(c) Lenders

• ING Bank, a branch of ING-DiBa AG, and Natixis as Coordinating Bookrunning Mandated Lead Arrangers,
• Bank of China Limited Hungarian Branch, Bank of China Limited Macau Branch, Crédit Agricole Corporate & Investment Bank, Societe Generale and UniCredit S.p.A. as the Initial Bookrunning Mandated Lead Arrangers,
• Sberbank of Russia as the Bookrunning Mandated Lead Arranger,
• RCB BANK LTD as the Initial Mandated Lead Arranger,
• Intesa Sanpaolo Bank Ireland Plc and Bank ZENIT (Public Joint Stock Company) as the Mandated Lead Arrangers, and
• Raiffeisen Bank International AG as the Lead Arranger.

(d) Sustainability Coordinators

Natixis and Societe Generale

(e) Amount

USD1,085,000,000.

(f) Final maturity date and repayment schedule

Quarterly repayments will start from the 27th calendar month and the final maturity date will fall on the 60th calendar month from the first drawdown under the PXF 2019.

(g) Use of proceeds

Refinancing of PXF 2017.

(h) Interest

The interest rate is subject to a sustainability discount or premium depending on the Company's fulfilment of the sustainability key performance indicators (KPI).

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(i) Sustainability KPIs

Sustainability KPIs are related to environmental impact and sustainable development and include increase of ALLOW branded aluminium sales, reduction of carbon footprint and decrease of fluoride emissions. They will be measured annually and verified by an independent and specialized third party.

(j) Security

Assignment of certain contracts; guarantees from the Guarantors, acting jointly and severally (without any limitation); charge or pledge of accounts.

(k) Covenant package

The calculation of financial covenants is in line with PXF 2017.

Limitation on dividends/distribution shall be in line with the PXF 2017.

(l) The effective date

The facility becomes effective when all conditions precedent (standard for this type of facility) are satisfied.

Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

DEFINITIONS

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

"Board"	the Board of Directors.
"Company"	United Company RUSAL Plc, a limited liability
	company incorporated in Jersey, the shares of
	which are listed on the Main Board of the Stock
	Exchange.
"Director(s)"	the director(s) of the Company.

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"Listing Rules"	the Rules Governing the Listing of Securities on
	The Stock Exchange of Hong Kong Limited.
"Stock Exchange"	The Stock Exchange of Hong Kong Limited.
"PXF 2017"	the pre-export finance term facility agreement
	dated 24 May 2017 between, among others, the
	Company as borrower, ING Bank N.V. as facility
	agent and security agent, and the lenders as defined
	therein for an amount of up to USD2,000,000,000.
"USD"	United States dollars, the lawful currency of the
	United States of America.
	By Order of the Board of Directors of
	United Company RUSAL Plc
	Aby Wong Po Ying
	Company Secretary
28 October 2019

As at the date of this announcement, 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), Mr. Maxim Poletaev, 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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