United Company RUSAL Plc: First Quarter 2015 Trading Update

Regulatory News:

United Company Rusal Plc (Paris:RUSAL) (Paris:RUAL):

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UNITED COMPANY RUSAL PLC
(Incorporated under the laws of Jersey with limited liability)
(Stock Code: 486)

FIRST QUARTER 2015 TRADING UPDATE

This announcement is made by United Company RUSAL Plc ("UC RUSAL” or the "Company”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and applicable French laws and regulations.

Shareholders and potential investors are advised to exercise caution when dealing in the shares of UC RUSAL.

UC RUSAL announces its operating results for first quarter 2015 ("1Q15”).

Key highlights:

• Total aluminium output amounted to 900 thousand tons (-2% QoQ and +2% YoY in 1Q15). The Company maintains production discipline in accordance with the previously provided guidance.

• Sales volumes amounted to 942 thousand tons (+7.7% QoQ in 1Q15). The Company increased sales in 1Q15 to compensate for shipment delays caused by port weather conditions in October to November 2014.

• The average realized price went down 5.7% QoQ to $2,282/t driven by lower London Metal Exchange (LME) cash price and declining physical premium across key export markets.

• UC RUSAL volume of alumina production remained flat at 1,808 thousand tons in 1Q15 (-1% QoQ).

• UC 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 the 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 the 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.

Aluminium production results

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.

Alumina production results

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

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

Bauxite mining

* 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.

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.

Nepheline production results

Foil and packaging production results

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.

Other business

The Company’s aggregate output from its non-core business has shown multidirectional dynamics:

• Secondary alloys output decreased by 1% QoQ to 6,108 tonnes in 1Q15 and increased by 51% in comparison with 1Q14.

• Silicon volumes decreased by 1% QoQ to 14,929 tonnes in 1Q15 and increased by 21% in comparison with 1Q14.

• Powder production decreased by 17% QoQ to 4,392 tonnes in 1Q15 and increased by 25% in comparison with 1Q14.

• The cathodes and fluorides production facilities were mothballed as part of curtailment of inefficient production capacity in 2013.

⁶ The aggregate coal production attributable to the Company´s (and its subsidiaries´) 50% share in LLP Bogatyr Komir.

⁷ The aggregate coal and iron ore transported by the Company’s 50% share in LLP Bogatyr Trans.

Coal production results

The aggregate coal production attributable to the Company´s (and its subsidiaries´) 50% share in LLP Bogatyr Komir decreased by 21% QoQ to 4,709 thousand tonnes in 1Q15 and increased by 2% in comparison with 1Q14. The decrease in volume in 1Q 2015 as compared to 4Q 2014 was due to lower sales of coal to the Russian customers resulting from softening regional demand and higher competition. The demand softening on the Russian market was partially offset by the increased demand for thermal coal in Kazakhstan. The increase of the coal production for 1Q 2015 as compared to 1Q 2014 was largely driven by seasonal demand growth in Kazakhstan.

Transportation results

The Company owns 50% share in LLP Bogatyr Trans. The aggregate coal, bauxite and limestone volumes transported by LLP Bogatyr Trans by railway decreased by 23% QoQ to 1,449 thousand tonnes in 1Q15 and decreased by 12% as compared to 1Q14, as the result of the decrease of coal transportation in Russia.

22 April 2015

As at the date of this announcement, the executive Directors are Mr. Oleg Deripaska, Ms. Vera Kurochkina, Mr. Vladislav Soloviev and Mr. Stalbek Mishakov, the non-executive Directors are Mr. Maxim Sokov, Mr. Dmitry Afanasiev, Mr. Len Blavatnik, Mr. Ivan Glasenberg, Mr. Maksim Goldman, Ms. Gulzhan Moldazhanova, Mr. Daniel Lesin Wolfe, Ms. Olga Mashkovskaya and Ms. Ekaterina Nikitina, and the independent non-executive Directors are Mr. Matthias Warnig (Chairman), Dr. Peter Nigel Kenny, Mr. Philip Lader, Ms. Elsie Leung Oi-sie and Mr. Mark Garber.

All announcements and press releases published by the Company are available on its website under the links http://www.rusal.ru/en/investors/info.aspx, http://rusal.ru/investors/info/moex/ and http://www.rusal.ru/en/press-center/press-releases.aspx, respectively.