United RUSAL : UPDATE ON CREDIT RATING ASSIGNED TO THE COMPANY

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 CREDIT RATING ASSIGNED TO THE COMPANY

This announcement is made by United Company RUSAL Plc (the "Company", together with its subsidiaries, the "Group") pursuant to Rules 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited 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 announcements of the Company dated 12 April 2018 and 28 January 2019.

The Company is pleased to announce that Fitch Ratings ("Fitch") has assigned the Long-Term Issuer Default Rating (IDR) of the Company at the level of 'BB-'. The Outlook on the Long-Term IDR is Stable. Fitch Ratings also assigned a BB-/RR4 rating to Rusal Capital D.A.C.'s senior unsecured notes.

The rating action follows the restoration of the relations between the Company and Fitch, which became possible after the removal of the Company and its largest shareholder, En+ Group Plc, from OFAC's List of Specially Designated Nationals and Blocked Persons (the "SDN List"). Fitch has withdrawn all ratings of the Company and the notes issued by Rusal Capital D.A.C. on 11 April 2018, after the Company was included in the SDN List. Before the withdrawal, the Long-Term Issuer Default Rating (IDR) of the Company was at the level of 'BB-'.

The ratings mentioned herein are strictly for information purposes only and not for any other purposes. Such ratings do not constitute a recommendation to buy, sell or hold any securities of the Company and may be subject to suspension, adjustment or withdrawal at any time by Fitch. Investors and shareholders ofthe Company are advised not to place any reliance on the information disclosed herein but to exercise due caution when dealing in the securities of the Company. Any investor or shareholder of the Company who is in doubt is advised to seek advice from professional advisors.

By Order of the Board of Directors of

United Company RUSAL Plc

Aby Wong Po Ying Company Secretary

26 March 2019

As at the date of this announcement, the executive Directors are Mr. Evgenii Nikitin, Mr. Evgeny Kuryanov and Mr. Evgenii Vavilov, the non-executive Directors are Mr. Marco Musetti, Mr. Vyacheslav Solomin and Mr. Timur Valiev, and the independent non-executive Directors are Dr. Elsie Leung Oi-sie, Mr. Dmitry Vasiliev, Mr. Bernard Zonneveld (Chairman), Mr. Maxim Poletaev, Mr. Randolph N. Reynolds, Mr. Kevin Parker, Mr. Christopher Burnham and Mr. Nick Jordan.

All announcements published by the Company are available on its website under the linkshttp://www.rusal.ru/en/investors/info.aspxand http://rusal.ru/investors/info/moex/ , respectively.