Moscow, 18 August, 2003 - RUSAL, the world’s second largest aluminium company, announced today that syndication of a new USD 200 million credit facility arranged by ING, Societe Generale and WestLB AG was closed successfully. The two-year facility is available on a revolving basis. Proceeds under the facility will be used to finance the working capital requirements of RUSAL’s smelters for production of primary aluminium.

ING, Societ? Generale and WestLB AG acted as Mandated Lead Arrangers.
ING has been appointed as Co-ordinating Bookrunner on the Facility, with SG and WestLB acting as Joint Bookrunners. WestLB  acts as Documentation, Facility and Security Agent.  SG as Hedge Provider & Hedging Agent, with all three MLAs acting as Hedge Risk Participants.

In addition, the following banks joined the facility: Commerzbank - Senior Lead Arranger; UFJ - Lead Arranger; and BCP participating as Manager.

Vladislav Soloviov, RUSAL’s Chief Financial Officer said that the new syndication replaces maturing structured trade finance facilities, but on better terms.  The interest margin over LIBOR on the new facility is more than 150 basis points lower than that on some of the maturing loans. According to Mr. Soloviov, the reduced interest rate reflects changes in banks’ perception of both Russia’s and RUSAL’s credit risk.

About RUSAL
RUSAL is the second largest primary aluminium producer in the world, formed in March 2000 from the merger of a number of the 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.

For further information:
www.RUSAL.com
Eugenia Harrison, Moscow, +7 095 720 5170, or zharrison@RUSAL.ru;
Fred Harrison, London, +44 (0) 20 7431 7517, or fharrison@ansdellconsult.com;
Stan Neve, New York, +1 212 333 3810, or sneve@brunswickgroup.com