RUSAL Investor Presentation September 2003 RUSAL IS A

RUSAL Investor Presentation September 2003

RUSAL IS… • A vertically integrated company with a complete production cycle from bauxite mining to primary aluminium and fabricated aluminium production • The second largest aluminium producer in the world with over 10% of global aluminium output and 75% of Russia’s production • Dominantly positioned at the domestic aluminium product market • A cash generative company with about $4 billion in annual revenues • A large exporter with over 80% of total revenues coming from international clients • A low cost producer due to access to inexpensive energy of Siberian hydropower stations, some of which controlled by RUSAL’s shareholders 2

RUSAL in the Global Context • No. 2 primary aluminium producer in the world Primary Aluminium Production in 2002 (mln MT) 3. 5 2. 2 1. 5 1. 1 Alcoa Source: Brook Hunt 3 RUSAL Alcan Norsk Hydro BHP Billiton and VAW 0. 9 Pechiney

Production Assets RUSAL Achinsk RUSAL Krasnoyarsk RUSAL Germany (Dusseldorf) RUSAL UK (London) * Cemtrade Mining and Refining Smelting Fabrication * 4 Office * RUSAL Construction Profiles RUSAL Bratsk CBK Nikolayev Refinery RUSAL Armen al • 4. 8 mln MT of bauxite • 4. 4 mln MT of nepheline ore * RUSAL Belaya Kalitva RUSAL America Corp. (New York) ACG (Friguia) * RUSAL Rostar RUSAL Dmitrov RUSAL Mosmek Moscow Headquarte rs. RUSAL Samara Current Production Capacity RUSAL Sayanogorsk RUSAl Sayanal RUSAL Novokuznetsk RUSAL China (Beijing) • 3. 0 mln MT of alumina • 2. 5 mln MT of primary aluminium and alloys • 0. 6 mln MT of aluminium rolled and semi-products • 0. 1 mln MT of aluminium foil and flexible aluminium packaging materials • 1. 3 billion of aluminium

Production Results • Stable growth of primary aluminium production (+3. 5%) in the first half of 2003 • Improved product mix – share of valued added aluminium products in smelters’ output increased from 16% to 25% • Strong growth of fabricated products output (+10%) in the first six months of 2003 Note. Production of Friguia Refinery to be included from 2003 * Includes production at CEMTRADE alumina refinery, temporarily shut down in the beginning of 2002 due to low world alumina prices 5

Consolidated Sales Structure • In the first half of 2003 revenues rose to $2. 1 bln ($2. 0 bln in the first half of 2002) • Revenues derived from international sales increased from $1. 6 bln to $1. 8 bln in the first six months of 2003 By product (2002) Total 6 $4. 08 bln $3. 98 bln By region (2002) Total $4. 08 bln $3. 98 bln

Fabricated Product Sales • Dominant position at the domestic aluminium product market • Successful marketing stories in beverage cans and foil • Exports amount to about 50% of fabricated aluminium sales (mainly in semis) RUSAL’s share on the domestic market 7 Rolled > 60% Foil and packaging 30% Beverage cans > 40% Construction 30%

Cost Overview • Cost competitiveness on the global scale Other 8 Power ð Access to inexpensive energy produced by Siberian hydro power stations (average tariff below 1 cent/kwh)) ð The Company’s shareholders own significant equity stakes in power companies producing twice as much power as consumed by RUSAL Labour ð Moderate wages on international scale ð Relatively low productivity Transport ð Smelter location distant from key markets and most raw material sources results in high transport component Raw materials ð Lack of own bauxite and alumina (60% of consumption covered by own production) ð Long-term contracts signed to cover the raw material deficit

Key Strategic Objectives To be the world’s leading primary aluminium producer Strategy: 9 • Exploit competitive advantages through expanding primary aluminium capacity • Strengthen raw materials base • Expand margins • Control costs • Meet international standards in environmental & management processes

Growing the Business • • RUSAL plans to increase primary aluminium capacity at least in line with growth in the global aluminium market (about 1. 3 mln MT over next 10 years) RUSAL intends to produce at own facilities up to 100% of the required raw materials via - expansion of existing alumina capacity by up to 30% - acquisition and building of new capacity in CIS, Guinea, India etc. 10

Expanding Margins and Controlling Costs • Raising value added product output (including aluminium alloys) in product mix of aluminium smelters from current 25% to 50% by 2009 • Increase sales to end users and regional traders versus international traders • Development of own sales network • Retaining natural advantages and improving areas of weakness within the cost structure via - technical modernisation - increased labour productivity • 11 Development of competitive products at processing plants

Implementing World Class Systems • Meet international standards of environmental management and quality control through plant modernisation - • 12 maintaining ISO 9000 -9002 certifications for all the production facilities international environmental certification planned for most production facilities (received ISO 14001 for Sayanogorsk, ROSTAR, Dmitrov and SAYANAL) Establishing World-Class Management Processes - improved transparency - long-term risk management program - modern management information system (SAP R 3) - combining best Russian and international experience

Investment Plans (2003 – 2008) RUSAL has over US$4 bln in total investment portfolio • Modernisation of existing facilities ð Annual capex estimated at about $200 mln over the next few years (excluding major capacity expansions) • Key expansion projects ð Capacity expansion at Sayanogorsk Aluminium Smelter from 0. 4 to 0. 7 mln MT annually ð Construction of a new smelter in East Siberia with annual capacity up to 0. 5 mln MT ð A beverage can plant with capacity of about 1. 7 bln cans ð Capacity expansion at Friguia refinery in Guinea from 0. 7 mln MT to 1. 5 mln MT of alumina • New acquisitions ð A number of acquisitions, primarily in raw materials sector planned 13

RUSAL in 10 Years – Base Case • Under the base case scenario, RUSAL plans to maintain its current 10% global market share RUSAL primary aluminium production 14 RUSAL alumina production

Financing • About $600 mln from international markets • Pre-export financing in the amount of $400 mln, including - $190 mln three-year financing by BNP-Paribas, Glencore and Natexis - $100 mln five-year financing from CSFB • Over $300 mln in structured trade finance facilities by various international banks (including $200 mln loan syndicated by ING, Societe Generale and West. LB) • Access to long-term financing - $150 mln investment loans by Sberbank for 5 years (construction and modernisation projects) - seven-year loan under Hermes’ guarantee to finance import contract with Siemens • Capital markets - three-year Rb 3 bln domestic bond issue in September 2002 - four-year Rb 5 bln domestic bond issue in May 2003 • About $400 mln in unsecured loans (mainly from domestic market) 15

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 1 -2 years horizon: • asset-backed medium-term notes secured by export receivables • unsecured bond or note offering 16

Appendices 17

Core Management (Executive Board) Oleg Deripaska Chief Executive Officer Alexander Boulygine Chief Operating Officer Finance Strategy & Corporate Development Production Procurement Sales Public Affairs International projects Human Resources Corporate finance Vladislav Soloviov Gulzhan Moldazhanova Valeri Matvienko Andrey Raikov Steven Hodgson Evgeny Ivanov Alexander Livshits Viktoria Petrova Oleg Mukhamedshin 18

Bauxite and Alumina Production • CBK • • • located in Guinea output in 2002 1, 800, 000 MT of bauxite plans to increase output to 3, 000 MT of bauxite • Nikolayev Alumina Refinery • located in Ukraine and has access to the only port in CIS equipped to unload bauxite Bayer process (Pechiney technology) using highest-grade bauxite imported from Guinea, Brazil, Australia and other countries annual capacity - 1, 100, 000 MT of alumina modernisation program started in 2000 to expand capacity up to 1, 500, 000 MT • • Achinsk Alumina Refinery • • • 19 ACG (Friguia Refinery) • • • located in Eastern Siberia in close proximity to the Krasnoyarsk Aluminium Smelter produces alumina from nepheline ore; has its own mines annual capacity – 1, 030, 000 MT of alumina wide range of by-products: calcined soda, potash, cement, lime-sand bricks, aluminium sulphate, gallium, mineral fertilisers modernisation program started in 2000 to expand capacity up to 1, 300, 000 MT located in Guinea, produces bauxite and alumina annual installed capacity - 690, 000 MT of alumina has its own mine with annual capacity of 2. 3 mln MT of bauxite

Primary Aluminium and Alloys Production • Bratsk Aluminium Smelter • • largest in the world (30% of the Russian output) annual capacity - 915, 000 MT modernisation started to expand capacity to over 1, 000 MT by 2003 and switch production to using dry anodes quality management system ISO 9001 certified • Krasnoyarsk Aluminium Smelter • • • second largest in the world annual capacity - 865, 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 certified • Sayanogorsk Aluminium Smelter • 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 - 410, 000 MT, capacity expansion to 760, 000 MT under consideration • • Novokuznetsk Aluminium Smelter • • annual capacity - 285, 000 MT quality management system ISO 9001 certified Three largest smelters are located in close proximity to hydro power stations 20

Aluminium Processing - Rolling • Samara Metallurgical Plant • • • Belaya Kalitva Metallurgical Plant • • • 21 built in 1960 in the city of Samara on the bank of the Volga river one of the largest producers of aluminium semi-fabricants in the world with annual capacity of over 450, 000 MT of rolled, extruded and forged aluminium and aluminium alloy semi-products product range includes all major aluminium alloys used in shipbuilding, aerospace, automotive and other industries quality management system ISO 9002 certified built in 1954 in Rostov-on-Don region (Southern Russia) annual capacity of 120, 000 MT (Russia’s second largest aluminium working plant) product range includes flat rolled, extruded and forged products well-known producer for both domestic and international aerospace industries quality management system ISO 9001 certified

Aluminium Processing – Foil and Packaging Materials • RUSAL SAYANAL • • • RUSAL Dmitrov • the most technologically advanced in the CIS providing a complete production cycle, from aluminium coils to foil and other flexible packaging materials built with assistance of FATA-Hunter and Reynolds metal company annual capacity of 47, 000 MT of foil and flexible packaging materials quality management system ISO 9001 and environmental ISO 14001 certified • • one of Russia’s major producers of flat rolled products for food cans and various packaging materials, including combined aluminium/plastic materials (located near Moscow) annual capacity of 25, 000 MT quality management system ISO 9001 and environmental ISO 14001 certified • RUSAL ROSTAR • • • the first Russian producer of aluminium beverage cans operating since 1998 annual capacity of 1. 32 billion cans quality management system ISO 9002 and environmental ISO 14001 certified • RUSAL ARMENAL • built in 1950 in Yerevan, capital of Armenia, originally as a smelter, but in 1981 was refitted for production of soft packaging materials, mostly foil annual capacity of 50, 000 MT partially equipped by Hunter Europe quality management system ISO 9001 certified • • • 22

Corporate Headquarters 13/1, Nikoloyamskaya str. , Moscow, 109240, Russia Tel +7 095 720 51 70 Fax +7 095 728 49 12 Investor contacts Oleg Mukhamedshin Director, Corporate Finance investors@rusal. ru Andrey Yashchenko Head of Capital Markets and Investor Relations Web-site English: www. rusal. com Russian: www. rusal. ru Statements made in the course of this presentation which describe the Company’s intentions, expectations or predictions may be «forwardlooking 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. 23