RUSAL files request for arbitration against Interros

Moscow, 11 August 2010 – UC RUSAL (SEHK: 486, EuroNext: RUSAL/RUAL), the world’s largest aluminium producer and owner of a 25% stake in MMC Norilsk Nickel, announces the filing of a request for arbitration against Interros to the London Court of International Arbitration (LCIA).

UC RUSAL believes that Interros has breached a commitment between UC RUSAL and Interros agreed in November 2008 in respect of OJSC MMC Norilsk Nickel, which aimed to restore fair market value of Norilsk Nickel to benefit all shareholders, to ensure a balanced Board of Directors of Norilsk Nickel and to create clear and transparent mechanisms to ensure the independence of the Board of Directors.

According to this commitment, UC RUSAL and Interros, agreed to ensure the election of “an equal number of representatives from both companies” to the Board of Directors of Norilsk Nickel. In addition, both companies were to ensure the election of Alexander Voloshin to the Board and his further appointment as the independent Chairman of the Board of Directors of Norilsk Nickel.

The recent election to the Board of Directors at the AGM of Norilsk Nickel shareholders, held on 28 June 2010, upset these aims. As a result of voting at the AGM, only three representatives of UC RUSAL, two independent international directors and five representatives of Interros were elected to the Board of Directors of Norilsk Nickel. Alexander Voloshin, for whom UC RUSAL voted in accordance with the agreement, was not elected to the Board of Directors. Interros has not yet provided UC RUSAL with information about how they voted in the election.

UC RUSAL intends to restore balance to the Board of Directors of Norilsk Nickel and to defend its rights in accordance with the commitment.