Following a meeting of the SUAL Holding Board of Directors, Mr. Chris Norval has been appointed President of SUAL Holding. This has become effective as per January 22, 2003. His responsibilities will include the new international resources group announced last week where he will take the role of CEO. The former President, Mr. Victor Vekselberg, will assume the chairmanship of SUAL Holding. At the moment, he is chairman of SUAL International Board.

Last week the SUAL group of companies, encompassing 21 Russian bauxite, alumina and aluminium enterprises, Access Industries (Eurasia), and ? group of international investors associated with Fleming Family & Partners (the “FF&P Investors”) announced the signing of a cooperation agreement to form a new international resources and industrial group SUAL International.

Mr Norval has spent 17 years working in the global resources industry. Before taking up his new appointment he worked for international resources group, BHP Billiton, where he had been in charge of Group Strategy for the merged company with specific responsibility for developing new business, in non-traditional areas.

Victor Vekselberg commented:

“I am delighted to announce the appointment of Chris Norval as President of SUAL Holding. I am confident that his international, business development and operational experience will combine effectively with the existing skills in SUAL to realize the growth ambitions of the company and go to the international capital markets.”

Chris Norval said:

“It is our intention to create a significant diversified international resources and industrial group with an asset base in markets which provide high value development opportunities. I look forward to working with and learning from what I know is a strong management team and dedicated work-force. Together we can build a world class resources group.”