RUSAL Leading Russia's Next Wave: Thinking Globally

1. RUSALLeading Russia's Next Wave: Thinking Globally Investing in Russia and CIS, 6th Annual Conference New York, 14 March 2002

2. RUSAL IS ... • The second largest aluminium producer in the world with 2.5 million MT of primary aluminium output • The fourth largest in the world’s non-ferrous metals industry (by Metal Bulletin) • A vertically integrated company with complete production cycle from bauxite mining to primary and fabricated aluminium production • A cash generative company with over $4 billion in annual revenues • A low cost producer due to access to Siberian hydro-power energy • A private company with value driven shareholders

3. Foundation of RUSAL March 2000: The merger of the aluminium producers is announced March 2001: The approval of the Ministry for Anti-Monopoly Policy received December 2001: The charter capital of RUSAL is paid via contribution of equity stakes in Russian aluminium producers Core Sibneft Sibirsky Aluminium* Shareholders ** Nikolayev Refinery Sayansk Smelter Samara Plant Sayansk Foil Achinsk Refinery Bratsk Smelter Krasnoyarsk Smelter Rostar Dmitrov Rolling Mill RUSAL 50% 50% * recently renamed as Basic Element ** now represented by Millhouse Capital

4. RUSAL in the Global Context • No. 2 primary aluminium producer in the world Primary Aluminium Production in 2001 (mln MT) Source: Brook Hunt

5. Production Assets • Consolidated Production Capacity • 2.5 mln MT of bauxite • 2.3 mln MT of alumina • 2.4 mln MT of primary aluminium and alloys • 0.7 mln MT of aluminium semi-products • 0.1 mln MT of aluminium foil and flexible aluminium packaging materials • 1.3 billion of aluminium beverage cans Achinsk Refinery Krasnoyarsk Smelter Krasnoyarsk Plant Rostar Dozakl Mosmek Bratsk Smelter Rep Office (Dusseldorf) Moscow Headquarter Rep Office (London) Samara Plant Volzhsky Profil ASK BAT Cemtrade (ex-ALOR) Refinery Sayansk Smelter Sayansk Foil Mill Rep Office (New York) Belokalitvinsk Plant Novokuznetsk Smelter Rep Office (Beijing) Nikolayev Refinery CBK (ex-SBK) bauxite mine Kanaker Foil Mill

6. Production Overview • Focused on developing vertical integration throughout the company

7. Consolidated Sales Analysis • Revenues estimated at US$4.1 bln in 2001 • Over 80% of revenues derived from exports By product By region Source: Company estimates

8. Fabricated Product Sales • Dominant position at the domestic aluminium product market • Successful marketing stories in beverage cans and foil • Exports still amount to about 50% of fabricated aluminium sales (mainly in semis) RUSAL’s share on the domestic market Rolled > 60% Foil and packaging  30% Beverage cans > 60% Construction  30% Source: Company estimates, 2001

9. RUSAL’s Competitive Position • RUSAL builds corporate strategy based on its key strengths and weaknesses in the global industry Strengths Weaknesses • Access to inexpensive Siberian hydro power energy (RUSAL’s shareholders control twice as much electricity as consumed by RUSAL) • Strong presence at the domestic aluminium product market • Young and aggressive management • Unbalanced production structure (shortage of raw materials) • Relatively low labour productivity • Negative perception of the Russia’s aluminium industry by the international business community

10. Key Strategic Objectives - Capacity Management • Strengthen raw materials base • Exploit competitive advantages through expanding primary aluminium capacity • Expand margins through raising value added product output and improved marketing • By 2006, RUSAL intends to produce at own facilities up to 100% of the required alumina and up to 50% of the required bauxite via • expansion of existing alumina capacity by up to 30% • acquisition and building of new capacity in CIS, Guinea, etc. • potential strategic partnerships to develop large scale greenfield projects (potentially including Dian Dian project) • Potential capacity expansion at Sayansk Smelter by 65% • Other projects in Eastern Siberia and other Russian regions under consideration • Increase production of alloys and fabricated products at 20% and 10% annual rate respectively • Increase sales to end users and regional traders versus international traders from 40% in 2001 to 70% in 2003

11. Key Strategic Objectives - Cost Management • Securing beneficial power tariffs via cost optimisation at power producers controlled by RUSAL shareholders and active participation in the restructuring of the Russian power sector • Gradual reduction of overall headcount to increase productivity • Further optimisation of product flows (including exploitation of river roots) • Participation in the restructuring of the railway industry and establishing own expeditor company • Control costs to be one of the lowest cost producers in the world • Meet international standards of environmental management and quality control • Most production facilities ISO 9000-9002 certified • Modernisation of existing capacities including • implementation of improved technology of “dry” anodes at Bratsk and Krasnoyarsk smelters • upgrade of rolling mills at Samara Metallurgical Plant • International environmental certification for most production facilities • Rostar plant, one of the first Russia’s metal companies to receive ISO 14001 certificate

12. Key Strategic Objectives - Establishing World-Class Management Processes Completed To Be Done • Transparency • complete consolidation of all Group’s assets • credit rating by international rating agencies • quarterly publication of US GAAP financial statements • adoption of corporate governance charter • establishing transparent dividend policy • consolidation of Russian producers into JSC RUSAL • annual audits of consolidated financial US GAAP statements • independent asset appraisal and engineering reports produced by Western consultants • enhanced information flow between the company and potential investors • Risk management • $12 billion in insurance program underwritten by leading international insurance companies, protecting against property damage and business interruptions • $4 bln in cargo insurance • long-term hedging strategy under consideration • Management information system • set up local area network (LAN) and wide area network (WAN) connecting all company’s plants and offices • SAP R3 to be installed by 2004

13. Investing in the Future • Modernisation of existing facilities • Key projects currently under consideration • New acquisitions • Annual capex estimated at US$150-200 mln over the next few years (excluding major capacity expansions) • 2002 investment program totals US$170 mln including - Mining and refining - US$50 mln • Smelting - US$55 mln • Fabrication - US$65 mln • Capacity expansion at Sayansk Aluminium Smelter from 400 to 660 thousand MT - up to US$400 mln (SNC-Lavalin appointed to prepare feasibility study) • A new beverage can production line with capacity of about 1.5 bln cans - US$60 mln • A number of acquisitions, primarily in raw materials sector to be completed in 2002-2004

14. International Capital Market Plans We suggest that investors closely monitor RUSAL’s activity, in the view of the following potential deals coming to the international market within the 12-30 months horizon: • money market program (e.g. short-term unsecured credit-linked notes) • asset-backed medium-term notes secured by export receivables • unsecured bond or note offering • equity offering

15. Statements made in the course of this presentation which describe the Company’s intentions, expectations or predictions may be «forward-looking statements». The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and that the Company’s actual actions or results could differ materially from those expressed or implied in such forward-looking statements. Corporate Headquarters 13/1, Nikoloyamskaya str.,Moscow, 109240, Russia Tel +7 095 720 51 70 Fax +7 095 728 49 12 investors@rusal.ru Investor contacts Oleg Mukhamedshin Director, Corporate Finance Andrey Yashchenko Head of Capital Markets and Investor Relations Web-site English: www.rusal.com Russian: www.rusal.ru