Moscow, 7 April, 2003 - RUSAL, the world’s second largest primary aluminium producer, today announced that it has mandated BNP Paribas as a financial advisor to RUSAL for the proposed project financing of its Sayanogorsk smelter expansion.

RUSAL is currently considering an opportunity to design, construct and operate an additional production unit at the Sayanogorsk aluminium smelter, located in the Republic of Khakassia. The Sayanogorsk smelter is the newest and most technologically advanced smelter in Russia, with an annual capacity of 400,000 tons per year. The proposed expansion would increase the smelter’s production capacity of primary aluminium to around 700,000 tons per year.

The engineering company SNC Lavalin was retained by RUSAL as an independent engineer for the project purposes. The project bankable feasibility study was finalised earlier in February this year.

This project will be the first major aluminium smelter construction in Russia in the last fifteen years.

“This is one of the most important project for RUSAL. By significantly lifting production it will allow us to retain our position as one of the industry leaders in the world” said RUSAL’s Chief Financial Officer Vladislav Soloviov. “We are pleased to appoint BNP Paribas to help us develop the most effective financing structure for this ambitious project”.

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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