Moscow, 21 April 2003 – RUSAL today announced a 5 billion ruble (approximately US $160 million), four year bond, registered by the Federal Commission for the Securities Market of Russia. The bond, issued by a finance company under RUSAL’s guarantee, will be RUSAL’s second, following a 3 billion ruble (approximately US $95 million), three year bond issued last September.

The issue will consist of 5 million bonds, each with a nominal value of 1,000 rubles (approximately US $32) and will be placed during the second half of May through an open subscription on the MICEX exchange. A semi-annual coupon for the first two years will be set at the auction, while the subsequent two years have been fixed at 8% per annum. RUSAL intends to offer a public buyback within two years.

The funds raised through the issue will be used as working capital for RUSAL’s subsidiaries, including Bratsk, the world’s largest aluminium smelter, and the Sayanogorsk aluminium smelter.

Vladislav Soloviov, RUSAL’s Chief Financial Officer, commented, “This new bond issue will improve the structure of our financial debt following the unprecedented decrease in ruble interest rates. The size of the issue will increase liquidity of both the new and existing bonds and will give RUSAL a major presence in the Russian corporate bond market.”

Trust Investment Bank is lead manager, sole bookrunner and underwriter of the bond. AVK Investment Company serves as financial advisor, and MDM Bank as co-manager. Citibank will act as paying agent.

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About RUSAL

RUSAL is the second largest primary aluminium producer in the world, formed in March 2000 from the merger of a number of largest smelters and other aluminium producers located in the CIS.  The Company accounts for 75% of Russia's primary aluminium output and 10% of the global primary aluminium output. RUSAL is a fully vertically integrated company with a complete production cycle from bauxite mining and the production of raw materials, to the production of primary metal, semi-products and aluminium-based end products. RUSAL is headquartered in Moscow.
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For further information, please visit www.RUSAL.com

Moscow
Media inquiries: Eugenia Harrison, +7 095 720 5170, or zharrison@rusal.ru
Financial inquiries: Andrey Yashchenko, +7 095 720 51 70, or andreyby@rusal.ru

London
Fred Harrison, + 44 207 431 7517, or fharrison@ansdellconsult.com

New York
Stan Neve, + 1 212 333 3810, or sneve@brunswickgroup.com