Moscow, 25 October 2010

In accordance with proper standards of corporate governance, any proposal for Norilsk Nickel to participate in a pool of investors should be considered by the Board of Directors. This has not happened. Taking into account statements previously made by the Norilsk Nickel CEO that MMC was ready to participate in the buyout of RUSAL’s shares using Norilsk Nickel’s balance sheet, RUSAL expresses its concern that the Norilsk Nickel’s management is planning to again use the company’s finances in the interests of a single shareholder.
 
RUSAL has repeatedly confirmed that its investment in Norilsk Nickel is strategic and we have no intention of selling our shareholding.
 
According to Russian law, anyone whose stake exceeds 30%, must make a mandatory buyout offer to all minority shareholders.  This shows the proposal of Interros is not serious.

RUSAL considers that Norilsk Nickel is currently greatly undervalued. RUSAL acquired its 25% stake in MMC Norilsk Nickel when the market capitalization of the company was estimated at USD 58 billion. Over the past two years, under the guidance of the management appointed by Interros, the company’s capitalization fell almost by two times. With effective corporate governance, which Norilsk Nickel now lacks, and taking into account the current metal prices, the value of Norilsk Nickel should have returned to pre-crisis level by now, i.e. exceeded USD 60 billion.

About UC RUSAL

UC RUSAL (www.rusal.com) is the world’s largest producer of aluminium, in 2009 accounting for approximately 10% and 10% of global production of aluminium and alumina, respectively. UC RUSAL employs about 76,000 people in 19 countries, across 5 continents. UC RUSAL markets and sells its products primarily in the European, Japanese, Chinese, Korean, 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) and 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).

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.