SUAL Group, one of the world’s top ten aluminium producers, today announces production results for the year to 31 December 2003 and the fourth quarter (Q4) of 2003. Overall, the results show that volumes of raw material extraction and production across all business lines continued to grow on the previous year, with alumina and primary aluminium production including a first time contribution from the SevZapProm businesses.

2003 Upstream production:

Bauxite production in 2003 increased by 6.8 per cent to 4.4 million tonnes, reflecting growing demand within the Group for raw material and its desire to retain long position in alumina.

Alumina production in 2003 surpassed 2.0 million tonnes, an increase of 17.2 per cent on the previous year. Output increased at all the Group’s alumina refineries, reflecting technological enhancements and ongoing modernisation at the plants. The 2003 production result also includes a first time contribution from Pikalevo Alumina.

In 2003, primary aluminium production was 890,000 tonnes, 27.9 per cent ahead of 2002. This growth includes benefits from the upgrading of production capacity at Ural Aluminium and also the first time inclusion of results from Volkhov and Volgograd Aluminium.

Production of Silicon was 50,900 tonnes, up 2.8 per cent on 2002.

Upstream Production (12 months to 31 December 2003)

2003 Downstream production:

Output of the Group's value added products was also well ahead of the previous year. Production of rolled and semi-finished products at Kamensk-Uralsky Metallurgical increased by 17.0 per cent to 66,900 tonnes. At Ural Foil (formerly Mikhailovsk Foil), production of foil and aluminium strip was 10,690 tonnes - 82.4 per cent ahead of the previous. This increase reflects the introduction of new production capacity and an ongoing modernisation programme at the plant. Total output at Demidovsky Consumer Goods was 2,870 tonnes, 13.8 per cent ahead of 2002 production.

Total output of cable products at the Group's operations was 31,390 tonnes, an increase of 28.1 cent on 2002.

Downstream Production (12 months to 31 December 2003)

Production Highlights - Fourth Quarter (Three months to 31 December 2003)

Notes to Editors:

The SUAL Group is a vertically integrated business amongst the ten largest aluminium producers of the world. It comprises operations in 9 regions of Russia

• Mine some 4.4 million tonnes of bauxite
• Refine more than 2 million tonnes of alumina
• Produce some 890,000 tonnes of primary aluminium
• Produce more than 50,000 tonnes of silicon
• Manufacture more than 110,000 tonnes of aluminium products.

Further information can be found at www.sual.com.

Appendix 1
Production by Unit (2003 / 2002 comparison)