United Company RUSAL Plc : Update on the Annual Results Announcement for the Year Ended 31 December 2012 and Inside Information

  United Company RUSAL Plc : Update on the Annual Results Announcement for the
  Year Ended 31 December 2012 and Inside Information

Business Wire

HONG KONG -- April 21, 2013

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)

UPDATE ON THE ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2012
                            AND INSIDE INFORMATION

This announcement is made by United Company RUSAL Plc (“UC RUSAL” or the
“Company”) (Paris:RUSAL) (Paris:RUAL) 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).

Reference is made to the annual results announcement for the financial year
ended 31 December 2012 (“Annual Results Announcement”) and the announcement
dated 15 April 2013 regarding the update on the annual results for the
financial year ended 31 December 2012 (the “Update Announcement”) of the
Company.

Unless otherwise specified, capitalised terms in this announcement shall have
the same meanings as the defined terms in the Annual Results Announcement and
the Update Announcement.

BACKGROUND

As mentioned in the Update Announcement, on 12 April 2013, Norilsk Nickel
published the Norilsk Nickel Financial Statements on its own website.
Accordingly, the management of the Company has reviewed the Norilsk Nickel
Financial Statements and is of the view that it has material adverse impact on
the Company’s published consolidated financial statements for the year ended
31 December 2012 (as stated in the Annual Results Announcement).

The management of the Company has reassessed the Group’s share of Norilsk
Nickel’s profits and comprehensive income and concluded that in the audited
consolidated financial statements of the Company for the year ended 31
December 2012 (which are set out in the Annual Results Announcement):

  *the share of profits/(losses) of associates, foreign currency translation
    differences for foreign operations and interests in associates were
    overstated by USD282 million, USD43 million and USD185 million
    respectively; and
  *the share of other comprehensive income of associates was understated by
    USD140 million.

As a result the Company has adjusted the audited consolidated financial
statements of the Company for the year ended 31 December 2012 to reflect the
results of the reassessment by the Company’s management.

ADJUSTED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REPORT

On 19 April 2013, the board of directors of the Company has approved the
adjusted audited consolidated financial statements of the Company for the year
ended 31 December 2012 (the “Adjusted Financial Statements”), which are
attached to this announcement. The Company’s auditor, ZAO KPMG, has provided
an independent auditors’ report on the Adjusted Financial Statements, a copy
of which is attached to the Adjusted Financial Statements. The Company has
noted that the independent auditors’ report does not contain any
qualifications to its conclusion.

AMENDMENTS TO ANNUAL RESULTS ANNOUNCEMENT

As a result of the adjustments to the audited consolidated financial
statements of the Company for the year ended 31 December 2012 discussed above,
corresponding amendments are made to the content of the Annual Results
Announcement. Material amendments, among others, are set out below:

  *Net loss should be USD337 million, rather than USD55 million as set out on
    pages 4, 20, 21, 25, 26, 30, 31 and 64 of the Annual Results Announcement.
  *Share of profits of associates should be USD469 million, rather than
    USD751 million as set out on pages 19, 25, 31 and 70 of the Annual Results
    Announcement.
  *Loss before income tax should be USD311 million, rather than USD29 million
    as set out on pages 20, 25, 54 and 58 of the Annual Results Announcement.
  *Earnings per share for the year ended 31 December 2012 should be
    USD(0.022), rather than USD(0.004) as set out on pages 25 and 64 of the
    Annual Results Announcement.
  *Share of other comprehensive income of associates should be USD5 million,
    rather than USD145 million as set out on pages 26 and 70 of the Annual
    Results Announcement.
  *Foreign currency translation differences for foreign operations should be
    USD832 million, rather than USD875 million as set out on pages 26 and 30
    of the Annual Results Announcement.
  *Interest in associates should be USD10,484 million, rather than USD10,669
    million as set out on pages 27 and 70 of the Annual Results Announcement.
  *Investment in subsidiaries should be USD18,578 million, rather than
    USD18,763 million as set out on pages 29, 75, 115 of the Annual Results
    Announcement.
  *Share of profit/(losses) of Norilsk Nickel should be USD490 million rather
    than USD772 million as set out on pages 19 and 21 of the Annual results
    Announcement.
  *Carrying value of the Group’s investment in Norilsk Nickel should be
    USD10,028 million, rather than USD10,213 million as set out on page 71 of
    the Annual Results Announcement.
  *Disclosure on the qualified opinion provided by the auditors of the
    Company, ZAO KPMG set out on pages 23 and 24 of the Annual Results
    Announcement should be eliminated.
  *Recurring net loss should be USD8 million for the year ended 31 December
    2012 rather than recurring net profit USD274 million as set out on pages 4
    and 21 of the Annual results announcement.
  *Recurring net loss should be USD151 million for the quarter ended 31
    December 2012 rather than recurring net profit USD131 million as set out
    on page 4 of the Annual results announcement.

The full set of Adjusted Financial Statements containing all relevant
amendments made to the published consolidated financial statements for the
year ended 31 December 2012 (as stated in the Annual Results Announcement),
together with the independent auditors’ report, is available on UC RUSAL’s
website at http://www.rusal.ru/en/investors/financial_stat.aspx. The results
of the adjustments will also be reflected in the annual report for the
financial year ended 31 December 2012 to be published by the Company.

An identical form of this announcement, to which the Adjusted Financial
Statements and the independent auditors’ report will not be attached, will be
disseminated to the French Autorité des marchés financiers, Euronext Paris and
the French market via Businesswire simultaneously with this announcement.

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

By Order of the board of directors of

United Company RUSAL Plc
                                      
Vladislav Soloviev

Director
                                        

22 April 2013

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