RUSAL

1. RUSAL Australia Week, Moscow 11 May 2005 Steven Hodgson Going Global: Australian Perspective

2. RUSAL Highlights • A Top 3 world aluminium producer • 10% of global aluminium output and 75% of Russia’s production • $5.4 billion in annual revenues • Strong cash flows with over 80% of total revenues coming from international clients • A low cost producer due to access to Siberian hydro-power stations, some of which controlled by RUSAL’s shareholders

3. RUSAL in the Global Context (2004) • No. 3 primary aluminium producer in the world Primary Aluminium Production (mln MT) 3.4 3.4 2.7 1.7 1.3 0.9 0.8 Alcoa Alcan+ RUSAL Norsk Hydro BHP Billiton SUAL Rio Tinto Pechiney Source: preliminary companies results

4. RUSAL’s Map • Global presence, with the core value in Russia • Current Production Capacity • 6.2 mln MT of bauxite • 4.7 mln MT of nepheline ore • 3.3 mln MT of alumina • 2.7 mln MT of primary aluminium and alloys • 0.1 mln MT of aluminium foil and aluminium packaging materials • 2.2 billion of aluminium beverage cans RUSAL Rostar-Vsevolozsk RUSAL Rostar RUSAL Dmitrov RUSAL Mosmek RUSAL Achinsk RUSAL Krasnoyarsk RUSAL Bratsk RUSAL Boksitogorsk Moscow Headquarters * RUSAL Germany (Dusseldorf) * RUSAL Sayanogorsk RUSAL Sayanal * RUSAL Construction Profiles * RUSAL Novokuznetsk * RUSAL America Corp. (New York) RUSAL China (Beijing) RUSAL Japan (Tokyo) BCGI (Guyana) RUSAL Singapore ACG (Friguia) * Nikolayev Refinery CBK RUSAL Armenal * RUSAL Australia Mining and Refining Fabrication Smelting * Office * Sale of Samara & Belaya Kalitva to Alcoa was completed at the beginning of 2005

5. RUSAL Regional Presence (2004) • RUSAL has strong positions in major regions • Sales to North America doubled over the last two years Regional sales break-down* RUSAL’s estimated market share* Russia** North 8% America 22% Asia Source: Brook Hunt, RUSAL 34% Europe 36% *Primary aluminium and alloys only ** Due to sale of the rolling business to Alcoa in 2005, RUSAL will increase third party aluminium sales in Russia since 2005

6. RUSAL’s Strategy: Aggressive Growth Our strategic objective is to be the world’s largest and most profitable aluminium producer by 2013 • Increase primary production to 5 million t/yr • Increase our own production of alumina to 8 million t/yr • Increase the proportion of value-added products at smelters to 50% of total • production • Retain leading positions in terms of cost-competitiveness of primary production and achieve cost leadership in alumina production • RUSAL will be one of the world’s lowest-cost producers • RUSAL will be a preferred employer, for the most talented people • Provide optimum market, customer and technical support in the industries it serves • Develop reliable, long-term business partnerships in the countries and regions where it operates.

7. Competitive Position in the Global Market • Advantages • RUSAL is a dynamic company with a strong management focus on growth • RUSAL has access to Siberian hydro power plants (low-cost energy supplies at average price <1 cent US/kWh) • RUSAL remains focused on productivity to limit rising costs • RUSAL has developed a loyal client base • RUSAL has a strong technological R&D base • Weaknesses • Remoteness of our smelters from our customers and raw materials • Dependence on purchased alumina to supplement internal production • Older technology limits the performance of some smelters • Environmental performance needs to improve

8. RUSAL’s Approach: Aluminium Production

9. Profile of Aluminium Growth • Greenfield projects should account for 81% of the growth • Khakassky shown as the only brownfield – 13% of growth • All smelters should add 4% to capacity through creep • Current plan assumes only 9% of growth outside Russian Federation

10. Current Smelter Projects • Construction of Khakas Aluminium Smelter in Russia with the capacity of 350 000 tonnes • Feasibility study for construction of 600 000 tonne smelter in Ikrutsk region, Russia • Plans to construct a 600 000 tonne smelter in Krasnoyarsk region, Russia • Modernisation and expansion of Krasnoyarsk smelter in Russia to 989 000 tonnes • Modernisation and expansion of Sayanogorsk smelter in Russia to 482 000 tonnes • Feasibility study for construction of a new 200 000 tonne aluminium smelter in Tadjikistan

11. RUSAL’s Approach: Alumina Production

12. Profile of Alumina Growth • Acquisition satisfies strategic position but it only accounts for 16% of planned growth • Brownfields and creep should represent 28% of growth • Greenfields should account for 56% of the growth • 77% of the growth is likely to occur outside of the Russian Federation • 44% of growth may increase political risk profile RUSAL currently has the necessary portfolio of projects to satisfy its strategic objective for alumina growth

13. Current Alumina Projects • Acquisition of 20% of QAL in Australia and participation in the refinery expansion program • Modernisation and expansion programs on Achinsk Refinery in Russia and Nikolaev Refinery in Ukraine to increase alumina output by 400 000 tonnes • Partnership concluded with SUAL on joint development of Komi Project in Russia to increase alumina production by 700 000 tonnes • Expansion of Friguia refinery in Guinea from 780 000 tonnes to 1,5 mln tonnesunder consideration following completion of detailed feasibility study • Preliminary Feasibility study for the construction of a 1.4 million tonne refinery at the Dian-Dian deposit in Guinea has been completed • Plan to bid at a tender to develop a 500 million tonne Aurukun bauxite deposit in Australia • Development of 3 North Onega bauxite deposits in Russia with a possibility to construct 1,4 mln tonne refinery on their base

14. Investing in World Class Assets - QAL • On 1 April 2005, RUSAL closed on the acquisition of a 20% shareholding in Queensland Alumina Limited (QAL) • QAL is the largest alumina refinery in the world today, producing 3.85 million tonnes p.a., approximately 10% of the Western World’s production • The refinery is located at Gladstone, Queensland • It is a joint venture company (RUSAL - 20%, Comalco - 38.6%, Alcan - 41.4%) • QAL is independently managed and staffed • It is the largest Russian investment into Australia to date • The RUSAL investment cost US$461 million (US$401 million in cash and US$60 million in assumed debt)

15. What the QAL investment means for RUSAL • The acquisition of the 20% QAL shareholding significantly increases RUSAL’s alumina supply • RUSAL’s equity alumina production increases from 3.3 Mt to approximately 4.1Mt (+24%) • RUSAL’s share of QAL production (770Kt) currently meets 15% of RUSAL’s Siberian smelter needs • As part of the acquisition, RUSAL has assumed the previous owner’s alumina sales commitments. These progressively expire and by 2008 all RUSAL’s share of QAL alumina will be shipped to Russia through the Russian Far East • QAL has significant expansion potential to over 5Mt p.a. • The QAL owners will continue to evaluate expansion options for the refinery

16. Current RUSAL Project Work in Australia RUSAL has made it public that it intends to have a long term presence in Australia and that it is considering options beyond its current interest in QAL. Aurukun Bauxite Mine Development One option presently being considered is development of the Aurukun Bauxite reserve south of Weipa on Cape York. RUSAL is one of several parties who have registered interest in the reserve which, it is expected, the Queensland Government will allocate to a successful tenderer inthe coming 12 months.

17. Current RUSAL Project Work in Australia • The Aurukun bauxite deposit is significant (est. 200 - 500Mt), but actual reserves evaluation is yet to be released by the Queensland Government • The Queensland Government will publish a process for allocation of the mining lease, including restrictions on company participation and rules for screening of participants • All major Aluminium companies have shown interest (including Alcoa, Alcan, Comalco, BHPB), other mining companies (e.g.: Xstrata) as well as several specially formed companies focused on the development of the resource

18. Appendices

19. Bauxite and Alumina Production • CBK • BCGI • Nikolayev Alumina Refinery • Achinsk Alumina Refinery • ACG (Friguia Refinery) • Boksitogorsk Alumina Refinery • located in Guinea(Kindia deposit) • output in 2004 - 2,070,000 MT of bauxite • plans to increase output to 3,000,000 MT of bauxite • located in Guyana (Kurubuku deposit) • output in 2004 – 1,300,000 MT of bauxite • agreement with the Government of Guyana for joint development of bauxite deposits to increase bauxite output from 1.3 mln to 2.5 mln tpy • located in Ukraine and has access to the only port in CIS equipped to unload bauxite • uses Bayer process (Pechiney technology) • annual capacity - 1,300,000 MT of alumina • modernisation program started in 2000 to expand capacity up to 1,600,000 MT • located in Eastern Siberia in close proximity to the Krasnoyarsk Aluminium Smelter • produces alumina from nepheline ore; has its own mines • annual capacity – 1,100,000 MT of alumina • modernisation program started in 2000 to expand capacity up to 1,200,000 MT • located in Guinea, produces bauxite and alumina • annual capacity - 780,000 MT of alumina • has its own mine with annual capacity of 2.8 mln MT of bauxite • located in Leningrad region, about 230 km to the south-east of St.-Petersburg • main products are alumina, aluminium hydroxide, white electrocorundum and gallium • output in 2004 - 160,000 MT of alumina and alumina products

20. Primary Aluminium and Alloys Production • BratskAluminium Smelter • KrasnoyarskAluminium Smelter • Sayanogorsk Aluminium Smelter • Novokuznetsk Aluminium Smelter • largest in the world (30% of the Russian output) • annual capacity - 950,000 MT • modernisation started to expand capacity to over 1,000,000 MT by 2005 and switch production to using dry anodes • quality management system ISO 9001 certified and environmental ISO 14001 certified • second largest in the world • annual capacity - 930,000 MT • modernisation started to switch production to using dry anodes • high and highest grades account up to 97% of production • quality management system ISO 9001 and environmental ISO 14001 certified • built in 1985, one of the most modern, technologically advanced and environment friendly smelters in the world • quality management system ISO 9001 and environmental ISO 14001 certified • high grade aluminium accounts for over 90% of total production • annual capacity - 480,000 MT, capacity expansion to 760,000 MT under consideration • annual capacity - 300,000 MT • quality management system ISO 9001 certified

21. Aluminium Fabrication • Foil and Packaging Materials • two foil mills: SAYANAL (Sayanogorsk) and Armenal (Armenia); • SAYANAL (located next to Sayanogorsk Smelter) with capacity of 47,000 tonnes provides a complete production cycle from aluminium coils to foil , ISO 9001 and 14001 certified; • Armenal is currently closed for modernisation and will resume production of foil and packaging materials in 2006-2007 at 25,000 tonnes per year • Cans • two beverage cans plants Rostar (Dmitrov, Moscow region) and Rostar-Vsevolzhsk (Leningrad region) and a rolling mill, DOZAKL (Dmitrov); • combined beverage can capacity at 2.17 billion units, plans to expand capacity by 0.85 billion units in 2005; • 25,000 tonnes capacity in flat rolled products for food cans and packaging materials