Statement on the current situation with Nornickel

Moscow, 16 June 2020 – RUSAL is pleased to learn that the Nornickel Board of Directors supported our proposals including the introduction of a Deputy President for Environment and an approved system for updating the Board of Directors on the progress of the cleanup.

RUSAL is optimistic that these solutions will prevent future accidents in Norilsk, and will support a more efficient coordination of the Company’s environmental operations, in particular with regards to the Sulphur project.

As for the dividend policy, as stated in the shareholders agreement until 2022, we are ready to consider specified size of payments, once the shareholders are informed of the exact size of the losses. We also expect that further negotiations will be held in the format outlined in the agreement, instead of via public discussions that have a significant impact on the share price.

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