United Company RUSAL Plc : Results Announcement for the Three and Nine Months Ended 30 September 2012 and Update on the

  United Company RUSAL Plc : Results Announcement for the Three and Nine
  Months Ended 30 September 2012 and Update on the Previously Issued Interim
  Condensed Financial Information

Business Wire

HONG KONG -- November 12, 2012

Regulatory News :

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)

RESULTS ANNOUNCEMENT FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2012 AND
   UPDATE ON THE PREVIOUSLY ISSUED INTERIM CONDENSED FINANCIAL INFORMATION

Key highlights of the quarter ended 30 September 2012

The operating profitability and underlying results of United Company RUSAL
Plc(Paris:RUSAL)(Paris:RUAL) (the “Company” or “UC RUSAL”) in the third
quarter of 2012 were seriously affected by low LME aluminium price as a result
of investor sentiment. Thanks to procurement saving and cost reduction
initiatives undertaken by the management supported by product mix improvement,
weakened local currency and growing premiums, the Company managed to
demonstrate Aluminium segment EBITDA margin of 8% in line with industry’s best
producers. At the same time liquidity position of the Company improved by
USD272 million in the third quarter of 2012.

  *Primary aluminium production was almost flat at 1,042 thousand tonnes for
    the third quarter of 2012 compared to 1,044 thousand tonnes for the second
    quarter of 2012 or 1,041 thousand tonnes for the third quarter of 2011.
    Primary aluminium production for the nine months ended 30 September 2012
    reached 3,135 thousand tonnes demonstrating an increase of 2.3% compared
    to 3,064 thousand tonnes for the first nine months of 2011.
  *Production of value-added products reached the new record high level of
    40% of total output in the third quarter of 2012 or 39% in the first nine
    months of 2012.
  *Average-weighted realized premium over LME aluminium price in the third
    quarter of 2012 increased to USD226 per tonne as compared to USD191 per
    tonne for the second quarter of 2012 or USD164 per tonne in the third
    quarter of 2011.
  *Aluminium segment cash cost per tonne in the third quarter of 2012
    decreased by 0.6% to USD1,936 per tonne as compared to USD1,947 per tonne
    in the previous quarter of the year due to the strict cost control and
    positive effect from depreciating domestic currency.
  *The Company maintains the healthy operating liquidity position having
    generated free cash flow before interest payments of USD885 million for
    the nine months ended 30 September 2012 and achieved the cash balance of
    USD894 million at the end of the third quarter of 2012. Continuing
    inventory optimization resulted in the reduction of working capital from
    the beginning of the year by 20% or USD469 million.
  *In October 2012, the Company reached an agreement on the extension, until
    the end of 2013, of the period during which financial covenants under the
    existing credit facilities arranged by international and Russian lenders
    are not to be tested to allow it greater flexibility in the management of
    its financial ratios during the volatility currently affecting the
    commodity markets. The Company plans an early repayment of debt
    obligations falling due in the first half of 2013 in the amount of no less
    than USD406 million by the end of 2012.
  *In October 2012, Boguchanskaya Hydropower Plant (BEMO HPP) was
    successfully launched. Three 333MW units (total capacity of 1,000MW) of
    the HPP were put into test operation and produced the first self-generated
    electricity. The Company has also commenced the pot shell installation at
    the Boguchansky aluminium smelter (BEMO smelter) construction site to
    start metal production at the plant in August 2013.
  *The Company has launched Kindia-2 bauxite project in Guinea increasing
    Kindia’s total capacity to 3.8Mt (+19%) by the end of 2012.
  *The Board of Directors (the “Board”) of the Company has appointed Mr.
    Matthias Warnig, an independent non-executive director of the Company, as
    Chairman of the Board with the effect from 1 October 2012. As UC RUSAL’s
    Board Chairman, Mr. Warnig will continue to promote the Company’s
    excellence in corporate governance in the interest of all shareholders,
    and will also support the Company’s development in Europe, currently the
    key market of UC RUSAL’s sales.

Statement of the CEO

Nine months of the current year have been particularly challenging for the
aluminium industry. The operating profitability and underlying results of the
Company in the third quarter of 2012 were seriously hit by the bottomed LME
aluminium price as a result of investor sentiment. The period under review has
seen UC RUSAL continue to focus on cost controls as well as increase
production of value added products at our technologically advanced smelters up
to 40% of total aluminium output. This approach has enabled us to demonstrate
operating margins in line with global aluminium peers.

Also the Company has developed an optimal strategy for liquidity management
and mitigation of financial risks which allows the Company to be prepared for
any scenario and to manage its risks. This has enabled UC RUSAL to maintain
its strong liquidity position and post the period end, we announced an
extension to the financial covenant non-testing period, demonstrating the
continued support of our blue chip lenders.

The current conditions faced by the aluminium industry require all producers
to act responsibly in order to ensure the sector remains competitive. During
the third quarter, the Company’s Board approved a long-term phased programme
of production optimization aimed at substitution of less effective smelting
capacities with new advanced facilities.

While the short term outlook for the sector remains uncertain, the steps being
taken now to address the oversupply alongside growing demand not only from the
emerging markets but also from North America, enables UC RUSAL to remain
confident in its current strategy and the outlook for the wider sector.

Oleg Deripaska
CEO

12 November 2012

Financial and Operating Highlights^1

                                      Change                 Change                             Change
                                      quarter    Three       quarter                            nine
              Three months            on         months      on         Nine months ended       months
             ended 30 September     quarter,  ended      quarter,  30 September           on nine
                                      %          30 June     % (3Q                              months,
                                      (3Q to                 to 2Q)                             %
                                      3Q)
              2012       2011                   2012                   2012       2011
              unaudited   unaudited              unaudited              unaudited   unaudited
Key
operating
data
(‘000
tonnes)
Aluminium     1,042       1,041       0.1%       1,044       (0.2%)     3,135       3,064       2.3%
Alumina       1,740       2,046       (15.0%)    1,898       (8.3%)     5,671       6,071       (6.6%)
Bauxite       2,864       3,555       (19.4%)    3,091       (7.3%)     9,577       10,185      (6.0%)
                                                                                                
Key pricing
and
performance
data
(‘000
tonnes)
Sales of
primary       1,030       1,011       1.9%       1,067       (3.5%)     3,192       3,011       6.0%
aluminium
and alloys
                                                                                                
(USD per
tonne)
Aluminium
segment       1,936       1,979       (2.2%)     1,947       (0.6%)     1,949       1,994       (2.3%)
cost per
tonne^2
Aluminium
price per
tonne         1,918       2,399       (20.1%)    1,978       (3.0%)     2,025       2,498       (18.9%)
quoted on
the LME^3
Average
premiums      226         164         37.8%      191         18.3%      194         160         21.3%
over LME
price
Average       2,115       2,671       (20.8%)    2,247       (5.9%)     2,217       2,670       (17.0%)
sales price
Alumina
price per     316         372         (15.1%)    317         (0.3%)     317         388         (18.3%)
tonne^4

                                                                                           
                                        Change                 Change                             Change
                                        quarter    Three       quarter                            nine
                Three months ended      on         months      on         Nine months ended       months
                30 September            quarter,   ended       quarter,   30 September            on nine
                                        %          30 June     %                                  months,
                                        (3Q to                 (3Q to                             %
                                        3Q)                    2Q)
                2012       2011                   2012                   2012       2011
                unaudited   unaudited              unaudited              unaudited   unaudited
Key selected
data from the
consolidated
interim
condensed
statement of
income
(USD million)
Revenue         2,563       3,162       (18.9%)    2,822       (9.2%)     8,267       9,485       (12.8%)
Adjusted        130         705         (81.6%)    327         (60.2%)    694         2,130       (67.4%)
EBITDA
margin (% of    5.1%        22.3%       NA         11.6%       NA         8.4%        22.5%       NA
revenue)
Net /(loss)
/profit for     (118)       432         NA         (55)        (114.5%)   (117)       1,211       NA
the period
margin (% of    (4.6%)      13.7%       NA         (1.9%)      NA         (1.4%)      12.8%       NA
revenue)
Adjusted Net
(Loss)/Profit   (248)       351         NA         (22)        NA         (360)       877         NA
for the
period
margin (% of    (9.7%)      11.1%       NA         (0.8%)      NA         (4.4%)      9.2%        NA
revenue)
Recurring Net
(Loss)/Profit   (76)        620         NA         125         NA         143         1,615       (91.1%)
for the
period
margin (% of    (3.0%)      19.6%       NA         4.4%        NA         1.7%        17.0%       NA
revenue)

__________
     Certain information for the three and six months ended 30 June 2012 is
     inconsistent with the respective information set out in the Company’s
^1  2012 Interim Report dated 27 August 2012 due to the restatement made
     after the release of Norilsk Nickel 2012 interim financial statements in
     October 2012. For details, please refer to page 18 of this Announcement.
     For any period, “Aluminium segment cost per tonne” is calculated as
^2   aluminium segment revenue less aluminium segment results less
     amortisation and depreciation divided on sales volume of the aluminium
     segment.
     Aluminium price per tonne quoted on the LME representing the average of
^3   the daily closing official London Metals Exchange (“LME”) prices for each
     period.
     The average alumina price per tonne provided in this table is based on
^4   the daily closing spot prices of alumina according to Non-ferrous Metal
     Alumina Index FOB Australia USD per tonne.
     

Key selected data from consolidated interim condensed statement of financial
position

                                                    
                          As at                        Change nine
                          30 September  31 December   months on
                          2012           2011          year end, %
                          (unaudited)
(USD million)
Total assets              25,624         25,345        1.1%
Total working capital^5   1,898          2,367         (19.8%)
Net Debt^6                10,710         11,049        (3.1%)
                                                       

Key selected data from consolidated interim condensed statement of cash flows

                                                                    
                                         Nine months ended             Change,
                                         30 September  30 September   %
                                         2012           2011
                                         (unaudited)    (unaudited)
                                                                       
(USD million)
Net cash flows generated from            909            1,269          (28.4%)
operating activities
Net cash flows used in investing         (24)           (104)          (76.9%)
activities
of which dividends from Norilsk Nickel   267            279            (4.3%)
of which CAPEX^7                         (363)          (415)          (12.5%)
Interest paid                            (434)          (436)          (0.5%)

__________
^5  Total working capital is defined as inventories plus trade and other
     receivables minus trade and other payables.
     Net Debt is calculated as Total Debt less cash and cash equivalents as at
^6   the end of any period. Total Debt refers to UC RUSAL’s loans and
     borrowings and bonds outstanding at the end of any period.
^7   CAPEX is defined as payment for the acquisition of property, plant and
     equipment and intangible assets.
     

Overview of trends in industry and business

Aluminium industry for the nine months ended 30 September 2012

Global aluminium consumption during the first nine months ended 30 September
2012 is estimated at 35.5 million tonnes, representing a 5% increase from that
of the corresponding period of 2011. The growth in the global demand for
aluminium moderated in the third quarter of 2012 due to slower economic
activity in China and the persistent impact of the financial crisis in Europe
as well as seasonality factors.

Worldwide production of primary aluminium in the first nine months of 2012 is
estimated at 35.3 million tonnes, which is 4% higher than the 33.8 million
tonnes of production in the corresponding period of 2011.

The growth in aluminium production was largely driven by continuing increases
in aluminium production capacity in China, where output grew to 16.7 million
tonnes in the nine months of 2012 (an increase of 15% compared to that of the
corresponding period of 2011). Despite the cut in aluminium production
resulting from the closure of some aluminium plants in China, aluminium
production has increased in 2012 as a result of local government subsidies to
offset negative margins of smelters. Since June 2012, six provinces have been
enjoying some form of power subsidies from local governments, adding to over
supply and increased stocks.

Based on UC RUSAL’s internal projection, there was a deficit of 200 thousand
tonnes in the global aluminium market during the nine months ended 30
September 2012, down from 600 thousand tonnes in the first half of 2012, as a
result of the increased Chinese production and some ex-China restarts of idled
capacity.

The aluminium price decreased during first nine months of 2012 to an average
of USD2,025 per tonne, which was 19% lower than that of the same period last
year. The decline in aluminium prices was caused primarily by the lingering
financial debt crisis in the Eurozone, slowdown in Chinese economic activity,
as well as investors moving away from high-risk financial assets, including
commodities.

Global aluminium consumption

Despite ongoing concerns about further intensification of the Eurozone
financial crisis and a slowdown in the Chinese economy, the Company expects
that aluminium consumption will continue to grow and to be stronger in the
fourth quarter of 2012. The Company believes this will be largely driven by a
Chinese rebound in growth, a resilient USA automotive sector as well as new
monetary stimulation steps taken by global central banks to support global
economic growth and financial markets.

China’s growth may have bottomed in the third quarter of 2012 with GDP growth
of 7.4%. But some leading indicators, including PMI and industrial production,
have started moving up in the third quarter of 2012 and continue to grow in
last quarter of the year. Chinese infrastructure spending continues to be
robust in line with the five year development plan. At the same time, a drop
in GDP growth to 7.4% in the third quarter of 2012 has lowered Chinese
aluminium consumption growth expectations for the whole year of 2012 from 10%
to 9%.

North American demand continues on its road to recovery, propelled by demand
from the automotive industry. US vehicle sales reached a seasonally adjusted
annual rate of 14.9 million vehicles in September 2012, the highest level
since March 2008. Furthermore, a recent string of improvements in new
buildings starts data coupled with an increase in real estate prices suggest
that the US housing industry is making a sustained comeback.

South East Asian showed robust growth in the nine months to September 2012,
with the automotive sector in Indonesia and Thailand growing rapidly. Total
ASEAN growth was 23.3% in January to August and Asian markets are expected to
continue to exhibit robust construction spending growth in 2012. China (+9%)
is the standout followed by India (+8%), Indonesia (+8%) and Vietnam (+7%).

A slowdown in Japanese aluminium consumption has been noted, caused by
continuing decline in exports to Europe as well as the outbreak of unrest in
China which has brought about a partial retreat by Japanese carmakers.
Japanese consumption growth for the whole of 2012 is expected to be 3%,
revised down from the previous 5% growth estimate.

The situation regarding European aluminium consumption remains weak,
particularly new European passenger car registrations continuing their
downward trend, falling for the twelfth straight month. Year to date demand
for new cars reduced by 7.6% year-on-year, with a total of 9.4 million new
cars registered in the Eurozone. German car output in the first nine months of
2012 amounted to 4.1 million units, falling two percent on a year-on-year
basis. Construction spending rose modestly in Europe in August and
month-on-month comparison showed a slight positive trend. Seasonally adjusted
production rose by 0.7% in the Eurozone in August 2012, compared with the
previous month. August was a second consecutive month of growth.

Overall UC RUSAL has revised down its 2012 global primary aluminium
consumption estimation from 47.5 to 47.3 million tonnes (6% growth). China is
expected to remain as the largest growing market (9% growth) followed by India
(7% growth), North America (6% growth), Latin America (5% growth), Russia and
CIS (5% growth) and Japan (3% growth). Consumption of primary aluminium in
Europe in 2012 is expected to be 2% lower than the 2011 levels.

LME Stocks

LME stocks have sustained the 5 million tonne level at the end of September
2012 with increases due to metal delivered in mid-September as a result of the
backwardation along the forward curve. That said, it appears that metal
continued to be moved by financiers to cheaper storage locations. The main
recipient of aluminium remains Vlissingen whereas outflow queues in LME
warehouses in Detroit and Vlissingen have an average waiting time of more than
six months. Cancelled warrants remained a significant feature of the market in
the nine months of 2012, accounting for 32% of the LME stocks.

UC RUSAL expects the current warehouse incentives in Europe and the USA to
continue to attract surplus metal which will be supported by strong
contangoes, ongoing low costs of finance and renewed interest from the hedge
funds. As a consequence, metal tied up in finance deals is expected to be more
than 65% of the LME stock, keeping metal availability tight.

Premiums

The increase in demand and tight metal availability continued to push regional
premiums to historical highs in all major regional markets. The main premium
indicators in Japan, Europe and the USA have converged during the first nine
months of 2012, indicating efficient movement of metal between the main
markets. As at the end of September the Japanese premium stood at USD254 per
tonne, the US Mid-West premium was at USD248 per tonne and the European
Rotterdam In Warehouse premium was reported to be at USD285 per tonne.

Business review

Aluminium production

Primary aluminium production for the nine months ended 30 September 2012
reached 3,135 thousand tonnes demonstrating an increase of 2.3% compared to
3,064 thousand tones for the first nine months of 2011. The positive dynamics
was mostly attributable to the increased production at certain Siberian
(Russia) smelters, in particular, Sayanogorsk Aluminium Smelter, as well as at
Kubal (Sweden).

Alumina production

Alumina output for the nine months ended 30 September 2012 amounted to 5,671
thousand tonnes demonstrating a decrease of 6.6% compared to 6,071 thousand
tonnes for the first nine months of 2011. The reduction was predominantly
attributable to Friguia Alumina Refinery (Guinea) with operations interrupted
in April 2012.

Bauxite production

Bauxite production for the nine months ended 30 September 2012 was 9,577
thousand tonnes as compared to 10,185 thousand tonnes for the first nine
months of 2011, demonstrating a 6.0% reduction. The main factor of this
decrease over the reported periods was reduced mining operations at Friguia
(Guinea) partially offset by the increased output at almost all other bauxite
mines, in particular, at Compagnie de Bauxite de Kindia (Guinea) and Bauxite
Co. De Guyana (Guyana). The Company has launched Kindia-2 bauxite project in
Guinea increasing Kindia’s total capacity to 3.8Mt (+ 19%) by the end of 2012.

Financial Overview

Revenue

                                                                    
                            Change              Change                     Change
                            quarter    Three    quarter                    nine
            Three months    on         months   on         Nine months     months
            ended           quarter,   ended    quarter,   ended           on
            30 September    % (3Q to   30       % (3Q to   30 September    nine
                            3Q)        June     2Q)                        months,
                                                                           #%
            2012   2011               2012                2012   2011
                                                                           
(USD
million)
Sales of
primary
aluminium
and
alloys
USD         2,178   2,700   (19.3%)    2,398    (9.2%)     7,077   8,038   (12.0%)
million
kt          1,030   1,011   1.9%       1,067    (3.5%)     3,192   3,011   6.0%
Average
sales       2,115   2,671   (20.8%)    2,247    (5.9%)     2,217   2,670   (17.0%)
price
(USD/t)
Sales of
alumina
USD         132     160     (17.5%)    135      (2.2%)     414     508     (18.5%)
million
kt          429     430     (0.2%)     420      2.1%       1,299   1,361   (4.6%)
Average
sales       308     372     (17.2%)    321      (4.0%)     319     373     (14.5%)
price
(USD/t)
Sales of
foil (USD   78      76      2.6%       79       (1.3%)     220     229     (3.9%)
million)
Other
revenue     175     226     (22.6%)    210      (16.7%)    556     710     (21.7%)
(USD
million)
                                                               
Total
revenue     2,563   3,162   (18.9%)    2,822    (9.2%)     8,267   9,485   (12.8%)
(USD
million)
                                                               

Revenue decreased by USD1,218 million or 12.8% to USD8,267 million in the nine
months ended 30 September 2012, as compared to USD9,485 million for the
corresponding period of 2011.

Revenue from sales of primary aluminium and alloys decreased by USD961
million, or by 12.0%, to USD7,077 million in the nine months ended 30
September of 2012, as compared to USD8,038 million for the same period of
2011, despite an increase in volumes of the primary aluminium and alloys sold.
This decrease resulted primarily from the sharp decline in weighted-average
realised aluminium price, by 17.0% for the first nine months ended 30
September 2012 as compared to that for the corresponding period of 2011, due
to the weak performance of the LME aluminium price (which decreased to an
average of USD2,025 per tonne from USD2,498 per tonne for the nine months
ended 30 September 2012 and 2011, respectively). The decrease in average LME
aluminium prices was slightly offset by a 21.3% growth in premiums above the
LME price in the different geographical segments (to an average of USD194 per
tonne from USD160 per tonne for the nine months ended 30 September 2012 and
2011, respectively).

Revenue from sales of alumina decreased by 18.5% to USD414 million in the
first nine months of 2012 as compared to USD508 million for the corresponding
period of 2011, due to a 14.5% decrease in alumina weighted-average sales
prices (which was in line with the overall weaker aluminium price performance
in the nine months ended 30 September 2012) as well as a 4.6% decrease in
alumina sales volume.

Revenue from sales of aluminium foil decreased by 3.9% to USD220 million in
the first nine months of 2012, as compared to USD229 million for the
corresponding period in 2011, primarily due to a decrease in average realised
price.

Revenue from other sales, including transportation, energy and bauxite,
decreased by 21.7% to USD556 million for the first nine months of 2012 as
compared to USD710 million for same period of 2011, primarily due to the
disposal in September 2011 of a 50.0% share in the transportation business in
Kazakhstan.

Cost of sales

The following table shows the breakdown of UC RUSAL’s cost of sales for the
nine months ended 30 September 2012 and 2011:

                                       Nine months ended  Change,  Share of
                                        30 September        %         costs, %
                                        2012      2011
                                                                      
(USD million)
Cost of alumina                         1,020      789      29.3%     14.5%
Cost of bauxite                         429        377      13.8%     6.1%
Cost of other raw materials and other   2,459      2,283    7.7%      34.9%
costs
Energy costs                            1,932      1,933    (0.1%)    27.4%
Depreciation and amortisation           389        363      7.2%      5.5%
Personnel expenses                      681        698      (2.4%)    9.7%
Repairs and maintenance                 113        108      4.6%      1.6%
Change in asset retirement              20         16       25.0%     0.3%
obligations
Net change in provisions for            (2)        (8)      (75.0%)   0.0%
inventories
                                                                      
Total cost of sales                     7,041      6,559    7.3%      100.0%
                                                                    

Total cost of sales increased by USD482 million, or 7.3%, to USD7,041 million
for the nine months ended 30 September 2012, as compared to USD6,559 million
for the corresponding period in 2011. The increase was primarily driven by the
6.0% (or 181 thousand tonnes) growth in the aggregate aluminium sales volumes.

Cost of alumina increased in the reporting period (as compared to the first
nine months of 2011) by 29.3%, primarily as a result of an increase in the
volumes of externally purchased alumina following the decrease of
self-produced alumina as well as the slight growth in transportation tariffs.

Cost of bauxite increased by 13.8% in the first nine months ended 30 September
2012 as compared to the corresponding period of 2011, primarily as a result of
an increase of average bauxite purchase price.

Costs of raw materials (other than alumina and bauxite) and other costs
increased by 7.7% for the first nine months of 2012 as compared to the
corresponding period of 2011 due to higher raw materials purchase prices (such
as fuel oil for approximately 10.0%, caustic soda for approximately 9.0%) and
increase in aluminium sales volumes.

Energy cost was almost flat during the first nine months of 2012 (as compared
to the first nine months of 2011), as of the increase in sales volumes of
aluminium was offset by the decrease in weighted-average electricity tariffs
and depreciation of the Rouble against the US dollar.

Gross profit

As a result of the foregoing factors, UC RUSAL reports a gross profit of
USD1,226 million for the nine months ended 30 September 2012 compared with
USD2,926 million for the same period of 2011, representing gross margins over
the periods of 14.8% and 30.8%, respectively.

Adjusted EBITDA and Results from operating activities

                                                                    
                                                   Nine months ended   Change,
                                                   30 September        %
                                                   2012      2011
(USD million)
                                                                       
Reconciliation of Adjusted EBITDA
Results from operating activities                  31         1,591    (98.1%)
Add:
Amortisation and depreciation                      408        384      6.3%
Impairment of non-current assets                   248        152      63.2%
Loss on disposal of property, plant and            7          3        133.3%
equipment
                                                                       
Adjusted EBITDA                                    694        2,130    (67.4%)
                                                             

Adjusted EBITDA, defined as results from operating activities adjusted for
amortisation and depreciation, impairment charges and loss on disposal of
property, plant and equipment, decreased to USD694 million during the nine
months of 2012, as compared to USD2,130 million for the corresponding period
of 2011. The factors that contributed to the decrease in Adjusted EBITDA
margin were the same that influenced the operating results of the Company.

Results from operating activities decreased in the nine months ended 30
September 2012 by 98.1% to USD31 million, as compared to USD1,591 million for
the corresponding period of 2011, representing operating margins of 0.4% and
16.8%, respectively. The decrease in margins resulted mainly from the decrease
in the LME aluminium price.

Finance income and expenses

                                                                    
                                                   Nine months ended   Change,
                                                   30 September        %
                                                   2012      2011
(USD million)
                                                                       
Finance income
Interest income on loans and deposits              14         5        180.0%
Foreign exchange gain                              —          52       NA
Change in fair value of derivative financial       —          484      NA
instruments, including
Change in fair value of embedded derivatives       —          508      NA
Revaluation of financial instruments linked to     —          (29)     NA
the share price of Norilsk Nickel
Change in other derivatives instruments            —          5        NA
Interest income on provisions                      5          7        (28.6%)
                                                                       
                                                   19         548      (96.5%)
                                                                       
Finance expenses
Interest expense on bank loans and company loans
wholly repayable within five years, bonds and      (489)      (832)    (41.2%)
other bank charges, including
Nominal interest expense                           (428)      (522)    (18.0%)
Excess of effective interest rate charge over
nominal interest rate charge on restructured       —          (240)    NA
debt
Bank charges                                       (61)       (70)     (12.9%)
Foreign exchange loss                              (52)       —        NA
Change in fair value of derivative financial       (78)       —        NA
instruments, including
Change in fair value of embedded derivatives       (75)       —        NA
Revaluation of financial instruments linked to     (9)        —        NA
the share price of Norilsk Nickel
Change in other derivatives instruments            6          —        NA
Interest expense on provisions                     (25)       (14)     78.6%
                                                                       
                                                   (644)      (846)    (23.9%)
                                                             

Finance income decreased by USD529 million to USD19 million in the nine months
ended 30 September 2012 as compared to USD548 million for the corresponding
period of 2011, as finance income in the first nine months of 2011 was
affected by a gain on the change in fair value of derivative financial
instruments of USD484 million, of which USD508 million was represented by a
gain on the revaluation of embedded derivative financial instruments. For the
main reason of such significant change, please refer to Results Announcement
for the first quarter of 2011 (accessible on UC RUSAL’s website at
http://www.rusal.ru/en/investors/hkse).

Finance expenses decreased by 23.9% to USD644 million in the nine months ended
30 September 2012 as compared to USD846 million for the corresponding period
in 2011 primarily due to the decrease in interest expenses partially
compensated by the negative foreign exchange effect.

Interest expenses on bank and company loans decreased by 41.2% to USD489
million in the nine months ended 30 September 2012 mainly due to the completed
refinancing of the Company’s outstanding debts during the year ended 31
December 2011. As at the date of refinancing, the excess of effective interest
rate charges over nominal interest rate charges on restructured debt was
recognised. Nominal interest expenses decreased by 18.0% within the comparable
periods as a result of the reduction in the principal amount payable to
international and Russian lenders and in the overall interest margin.

Finance expenses in the nine months ended 30 September 2012 were also affected
by the foreign exchange loss of USD52 million, as compared to a foreign
exchange gain of USD52 million during the nine months ended 30 September 2011.
The difference was driven by fluctuations in the exchange rate between the
Ruble and the US dollar and their effect on the working capital items of
several Group companies denominated in currencies other than their functional
currencies in the respective comparable periods.

Share of profits of associates and jointly controlled entities

                                                                    
                                                   Nine months ended   Change,
                                                   30 September        %
                                                   2012      2011
(USD million)
                                                                       
Share of profits of Norilsk Nickel, with           577        268      115.3%
Effective shareholding of                          30.27%     27.71%   NA
Share of profits                                   577        810      (28.8%)
Result from changes in the underlying net assets   —          (542)    NA
following treasury share transactions
Share of losses of other associates                (27)       (36)     (25.0%)
                                                                       
Share of profits of associates                     550        232      137.1%
                                                                       
Share of profits of jointly controlled entities    43         17       152.9%
                                                             

Share of profits of associates was USD550 million in the nine months ended 30
September 2012 and USD232 million for the corresponding period in 2011. Share
in results of associates in both periods resulted primarily from the Company’s
investment in Norilsk Nickel, which amounted to profit of USD577 million and
USD268 million for the nine months ended 30 September 2012 and 2011,
respectively. The Company’s share of Norilsk Nickel results for the nine
months ended 30 September 2011 included a loss of USD542 million recognised by
the Company as a result of a decrease in the carrying value of the Company’s
share of net assets of Norilsk Nickel. This change in carrying value was
attributable to sales and purchases by Norilsk Nickel of its own shares during
this period and in particular to the combined effect of the prices at which
such transactions took place and the changes in the Company’s proportionate
share of Norilsk Nickel resulting from the reduction and increase in Norilsk
Nickel treasury stock as a consequence of the transactions.

As stated in Note 11 to the consolidated interim condensed financial
information for the three- and nine-months period ended 30 September 2012, as
of the date of the consolidated interim condensed financial information, the
consolidated interim financial information of Norilsk Nickel for the three-
and nine-months periods ended 30 September 2012 was not available to the
Company and as a result, the Company estimated its share in the profits and
other comprehensive income of Norilsk Nickel based on publicly available
information reported by Norilsk Nickel.

Share of profits of jointly controlled entities was USD43 million in the nine
months ended 30 September 2012 as compared to USD17 million for the same
period in 2011. This represents the Company’s share of results in the
Company’s joint ventures — BEMO, LLP Bogatyr Komir, Mega Business and Alliance
(transportation business in Kazakhstan) and North United Aluminium Shenzhen
Co., Ltd (“North United Aluminium”).

Net loss for the period

As a result of the above, the Company recorded a net loss of USD117 million
for the nine months of 2012, as compared to a net profit of USD1,211 million
for the same period of 2011.

Adjusted and Recurring Net (Loss)/Profit

                                                                    
                                                   Nine months ended   Change,
                                                   30 September        %
                                                   2012      2011
(USD million)
                                                                       
Reconciliation of Adjusted Net (Loss)/Profit
Net (loss)/profit for the period                   (117)      1,211    NA
Adjusted for:
Share of profits and other gains and losses
attributable to Norilsk Nickel, net of tax         (494)      (167)    195.8%
effect (9.0%), with
Share of profits, net of tax                       (503)      (738)    (31.8%)
Result from changes in the underlying net assets   —          542      NA
following treasury share transactions
Revaluation of financial instruments linked to     9          29       (69.0%)
the share price of Norilsk Nickel
Change in fair value of embedded derivative        3          (559)    NA
financial instruments, net of tax (20.0%)
Excess of effective interest rate charge over
nominal interest rate charge on restructured       —          240      NA
debt
Impairment of non-current assets, net of tax       248        152      63.2%
                                                                       
Adjusted Net (Loss)/ Profit                        (360)      877      NA
                                                                       
Add back:
Share of profits of Norilsk Nickel, net of tax     503        738      (31.8%)
                                                                       
Recurring Net Profit                               143        1,615    (91.1%)
                                                             

Adjusted Net Profit for any period is defined as the net profit adjusted for
the net effect of the Company’s investment in Norilsk Nickel, the net effect
of embedded derivative financial instruments, the excess of effective interest
rate charges over nominal interest rate charges on restructured debt and the
net effect of non-current assets impairment. Recurring Net Profit for any
period is defined as Adjusted Net Profit plus the Company’s net effective
share in Norilsk Nickel results. Adjusted Net Loss and significant reduction
of the Recurring Net Profit in the first nine months of 2012 in comparison of
the corresponding period of the prior year were primarily driven by the
decrease in the Company’s result from operating activities.

Segment reporting

The Group has four reportable segments, as described in the annual report of
the Company, which are the Group’s strategic business units: Aluminium,
Alumina, Energy, Mining and Metals. These business units are managed
separately and results of their operations are reviewed by the CEO on a
regular basis.

The core segments are Aluminium and Alumina.

                          
                            Nine months ended 30 September
                            2012                 2011
                            Aluminium  Alumina   Aluminium  Alumina
(USD million)
                                                              
Segment revenue
kt                          3,263       4,911     3,067       5,167
USD million                 7,219       1,652     8,182       1,825
Segment result              535         (133)     1,760       (1)
Segment EBITDA^8            858         (56)      2,057       71
Segment EBITDA margin       11,9%       (3.4%)    25.1%       3.9%
                                                              
Total capital expenditure   226         120       291         107
                                                           

For the nine months ended 30 September 2012 and 2011 respectively, segment
result margins (calculated as the percentage of segment result to total
segment revenue) from continuing operations were 7.4% and 21.5% for the
aluminium segment, and negative 8.1% and 0.1% for the alumina segment. Key
drivers for the decrease in margin in the aluminium segment are disclosed in
“Revenue”, “Cost of sales” and “Adjusted EBITDA and Results from operating
activities” sections above. Detailed segment reporting can be found in the
consolidated interim condensed financial information as at and for the three-
and nine-month periods ended 30 September 2012.

__________
^8  Segment EBITDA for any period is defined as segment result adjusted for
     amortisation and depreciation for the segment.
     

Capital expenditure

UC RUSAL recorded total capital expenditures of USD363 million for the nine
months ended 30 September 2012. UC RUSAL’s capital expenditure for the nine
months ended 30 September 2012 was aimed at maintaining existing production
facilities.

                            
                                Nine months ended

                                30 September
                                2012      2011
(USD million)
                                           
Growth project
Taishet smelter                 50         69
                                          
                                50         69
                                           
Maintenance
Pot rebuilds costs              103        136
Re-equipment                    210        210
                                           
Total capital expenditure       363        415
                                          

The BEMO project companies utilise the project financing proceeds to make
necessary contributions to the ongoing construction projects and do not
require contributions from the joint ventures partners at this time.

Restatement of previously issued interim condensed financial information

The Group has previously issued interim condensed financial information as at
and for the three- and six-month periods ended 30 June 2012 dated 24 August
2012. At that date the Group was unable to obtain consolidated IFRS interim
financial information of Norilsk Nickel, as at and for three- and six-month
periods ended 30 June 2012. Consequently management estimated the Group’s
share in the profits and comprehensive income of this investee for three- and
six-month periods ended 30 June 2012 based on information that was publicly
available at that time. On 12 October 2012 Norilsk Nickel published its
unaudited financial information prepared in accordance with IFRS as at and for
the six-month period ended 30 June 2012. Management has used this information
to reassess the Group’s share in the profits and other comprehensive income of
the investee and compare these amounts to their previous estimates. As a
result of this comparison, management has concluded that the Group’s share of
profits and other comprehensive income of associates for the three- and
six-month periods ended 30 June 2012 as well as the carrying amount of the
Group’s interests in associates as at 30 June 2012 reported in the Group’s
interim condensed financial information issued on 24 August 2012 require
restatement. The adjustments made to that financial information are detailed
in the table below:

                                     
                                       Three months ended 30 June 2012
                                       Previously                  Adjusted
                                       reported     Restatement  financial
                                                                   information
                                       USD million   USD million   USD million
                                                                   
Balance at the beginning of the        11,009        (20)          10,989
period
Group’s share of profits and other
gains and losses attributable to       166           (20)          146
associates
Dividends                              (285)         —             (285)
Group’s share of other comprehensive   (137)         (2)           (139)
income
Foreign currency translation           (1,255)       27            (1,228)
                                                                   
Balance at the end of the period       9,498         (15)          9,483
                                                                 

                                     
                                       Six months ended 30 June 2012
                                       Previously                  Adjusted
                                       reported     Restatement  financial
                                                                   information
                                       USD million   USD million   USD million
                                                                   
Balance at the beginning of the        9,714         —             9,714
period
Group’s share of profits and other
gains and losses attributable to       406           (40)          366
associates
Dividends                              (285)         —             (285)
Group’s share of other comprehensive   (143)         (2)           (145)
income
Foreign currency translation           (194)         27            (167)
                                                                   
Balance at the end of the period       9,498         (15)          9,483
                                                                 

Norilsk Nickel investment

The market value of UC RUSAL’s stake in Norilsk Nickel was USD7,693 million as
at 30 September 2012, as compared to USD7,365 million as at 31 December 2011
due to a positive share price performance between the relevant dates.

At the date of the consolidated interim condensed financial information as at
and for the three- and nine-month periods ended 30 September 2012, the Group
was unable to obtain consolidated interim financial information for Norilsk
Nickel as at and for the nine-month period ended 30 September 2012.
Consequently, the Group estimated its share in the profits and other
comprehensive income of Norilsk Nickel for the three- and nine-month periods
ended 30 September 2012 based on publicly available information reported by
Norilsk Nickel. The information used as a basis for these estimates is
incomplete in various aspects. Once the consolidated interim financial
information for the three- and nine-months periods ended 30 September 2012 for
Norilsk Nickel becomes available, it will be compared to the management´s
estimates. If there are significant differences, adjustments may be required
to restate the Group´s share in profit, other comprehensive income and the
carrying value of the investment in Norilsk Nickel which has been previously
reported.

The Company notes that its auditor, ZAO KPMG, has provided a qualified
conclusion in its review of the unaudited consolidated interim condensed
financial information of the Company for the three and nine months ended 30
September 2012 as it was unable to obtain and review the consolidated interim
financial information of Norilsk Nickel for the three- and nine-months periods
ended 30 September 2012. An extract from the review report provided by ZAO
KPMG on the consolidated interim condensed financial information of the
Company dated 9 November 2012 is as follows:

“Basis for Qualified Conclusion

We were unable to obtain and review consolidated interim financial information
of the Group’s equity investee, OJSC MMC Norilsk Nickel (“Norilsk Nickel”),
supporting the Group’s share in the profit of that investee of USD191 million
and USD577 million for the three- and nine-month periods ended 30 September
2012, respectively, the Group’s share in other comprehensive income of that
investee of USD25 million and a USD120 million loss for the three- and
nine-month periods ended 30 September 2012, respectively, and the carrying
value of the Group’s investment stated at USD9,832 million at 30 September
2012. Had we been able to complete our review procedures in respect of
interests in associates, matters might have come to our attention indicating
that adjustments might be necessary to this consolidated interim condensed
financial information.

Qualified Conclusion

Based on our review, except for the possible effects of the matter described
in the Basis for Qualified Conclusion paragraph, nothing has come to our
attention that causes us to believe that the consolidated interim condensed
financial information as at 30 September 2012 and for the three- and
nine-month periods then ended is not prepared, in all material respects, in
accordance with International Financial Reporting Standard IAS 34, Interim
Financial Reporting.

Emphasis of matter

Without further qualifying our conclusion, we draw attention to the fact that
the figures presented for the nine-month period ended 30 September 2012
include the effects of the adjustments described in Note 10. We have reviewed
the adjustments described in Note 10 that were applied to restate the
consolidated condensed interim financial information as at and for the three-
and six-month period ended 30 June 2012. Based on our review, such adjustments
are appropriate and have been properly applied.”

Consolidated interim condensed financial information

The unaudited consolidated interim condensed financial information of UC RUSAL
for the three and nine months ended 30 September 2012 was approved by the
Directors of UC RUSAL on 9 November 2012, and reviewed by the Audit Committee.
It has also been filed with the French Autorité des marchés financiers on the
date hereof and is accessible on UC RUSAL’s website at
http://www.rusal.ru/en/investors/financial_stat.aspx.

Audit Committee

The Board established an audit committee (the “Audit Committee”) to assist it
in providing an independent view of the effectiveness of the Company’s
financial reporting process, internal control and risk management systems and
to oversee the audit process. The Audit Committee consists of a majority of
independent non-executive Directors. Members of the Audit Committee are as
follows: three independent non-executive Directors, being Dr. Peter Nigel
Kenny (Chairman), Mr. Philip Lader and Ms. Elsie Leung Oi-sie and two
non-executive Directors, Mr. Dmitry Yudin and Mr. Dmitry Razumov (resigned
with effect from 9 November 2012)/Mr. Christophe Charlier (appointed with
effect from 9 November 2012). On 9 November 2012, the Audit Committee has
reviewed the financial results of the Company for the quarter ended 30
September 2012.

Material events over the third quarter of 2012 and since the end of that
period

The following is a summary of the key events that have taken place over the
third quarter of 2012 and since the end of that period. All information
regarding key events that has been made public by the Company for the nine
months ended 30 September 2012 and since the end of that period pursuant to
legislative or regulatory requirements, including announcements and press
releases, is available on the Company’s website (www.rusal.com).

                  UC RUSAL Board approved a long-term phased programme of
27 August 2012   production optimization aimed at substitution of the less
                  cost-effective smelting capacities with advanced
                  cost-competitive facilities.
                  
                  UC RUSAL announced changes in the composition of its Board
                  of Directors. Mr Barry Cheung resigned as Chairman of the
                  Board of the Company with effect from 1 October 2012, but
                  remained as an independent non-executive director of the
                  Company. Mr Matthias Warnig, an independent non-executive
1 October 2012    director of the Company, has been appointed as Chairman of
                  the Board of the Company with effect from 1 October 2012.
                  Mr. Petr Sinshinov has tendered his resignation as an
                  executive director of the Company with effect from 1 October
                  2012. Mr. Vadim Geraskin has been appointed as a
                  non-executive director of the Company with effect from 1
                  October 2012.
                  UC RUSAL announced the first test launch of Boguchanskaya
15 October 2012   hydropower plant, a part of BEMO — joint project of UC RUSAL
                  and RusHydro that includes the construction of a hydropower
                  plant and an aluminium smelter.
                  
                  The Company announced that it had reached an agreement with
                  its lenders on the extension, until the end of 2013, of the
30 October 2012   period during which financial covenants under the USD4.75
                  billion syndicated facility arranged by international and
                  Russian lenders are not to be tested.
                  

Compliance

Pursuant to Article L.451-1-2 IV of the French Code monétaire et financier,
the Company is required to publish quarterly financial information for the
first and third quarters of the financial year.

The Directors confirm that the information contained in this announcement does
not contain any false statements, misleading representations or material
omissions, and all of them jointly and severally accept responsibility as to
the truthfulness, accuracy and completeness of the content of this
announcement.

Forward-looking statements

This announcement contains statements about future events, projections,
forecasts and expectations that are forward-looking statements. Any statement
in this announcement 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.

  
      By Order of the board of directors of

      United Company RUSAL Plc

      Vladislav Soloviev

      Director
      

12 November 2012

As at the date of this announcement, the executive Directors are Mr. Oleg
Deripaska, Ms. Vera Kurochkina, Mr. Maxim Sokov and Mr. Vladislav Soloviev,
the non-executive Directors are Mr. Dmitry Afanasiev, Mr. Len Blavatnik, Mr.
Ivan Glasenberg, Mr. Maksim Goldman, Ms. Gulzhan Moldazhanova, Mr. Christophe
Charlier, Mr. Artem Volynets, Mr. Dmitry Yudin, Mr. Vadim Geraskin, and the
independent non-executive Directors are Mr. Barry Cheung Chun-yuen, Dr. Peter
Nigel Kenny, Mr. Philip Lader, Ms. Elsie Leung Oi-sie and Mr. Matthias Warnig
(Chairman).

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 and
http://www.rusal.ru/en/press-center/press-releases.aspx, respectively.

Contact:

United Company RUSAL Plc