MOSCOW, 08 April, 2003 - RUSAL announced today that syndication of the credit facility arranged by BNP Paribas, Glencore International and Natexis Banques Populaires closed last week.  The syndication was oversubscribed, and size of financing was subsequently increased to $190 million from the initial $150 million.

The loan is a three-year aluminium pre-export facility with a seven-month grace period.  The credit agreement was signed in December 2002.  Under terms of the agreement, the joint mandated arrangers committed to full underwriting of the $150 million facility.

Commenting on the transaction, Oleg Mukhamedshin, RUSAL’s corporate finance director, said, “I am pleased that new institutions expressed their interest in what represented the company’s longest-term pre-export financing deal to date.  This further demonstrates the increased appetite of international banks for RUSAL’s business. The transaction now brings the number of international institutions lending to RUSAL to over thirty.”

In addition to the lead arrangers, the following banks joined the facility: Bayerische Landesbank acting as co-arranger; Commerzbank, Donau Bank, Erste Bank, Garantibank International, Moscow Narodny Bank, UFJ Bank as lead managers; and Landesbank Rheinland-Pfalz Girozentrale as lender.

The transaction allowed RUSAL to further improve its debt structure, while total financial indebtedness remained at $1.5 billion.

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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 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