1. Investor Presentation September 2003
RUSAL
Investor Presentation
September 2003

2. RUSAL IS…
A vertically integrated company with a complete production cycle from bauxite mining to primary aluminium and fabricated aluminium production
The second largest aluminium producer in the world with over 10% of global aluminium output and 75% of Russia’s production
Dominantly positioned at the domestic aluminium product market
A cash generative company with about $4 billion in annual revenues
A large exporter with over 80% of total revenues coming from international clients
A low cost producer due to access to inexpensive energy of Siberian hydro- power stations, some of which controlled by RUSAL’s shareholders

3. RUSAL in the Global Context
No. 2 primary aluminium producer in the world
Primary Aluminium Production in 2002 (mln MT)
3.5
2.5
2.2
1.5
1.1
0.9
Alcoa
RUSAL
Alcan
Norsk Hydro
and VAW
BHP Billiton
Pechiney
Source: Brook Hunt

4. Current Production Capacity
Production Assets
Current Production Capacity
4.8 mln MT of bauxite
4.4 mln MT of nepheline ore
3.0 mln MT of alumina
2.5 mln MT of primary aluminium and alloys
0.6 mln MT of aluminium rolled and semi-products
0.1 mln MT of aluminium foil and flexible aluminium packaging materials
1.3 billion of aluminium beverage cans
RUSAL Achinsk
RUSAL Krasnoyarsk
RUSAL Rostar
RUSAL Dmitrov
RUSAL Mosmek
RUSAL Bratsk
RUSAL Germany (Dusseldorf)
Moscow Headquarters
RUSAL UK (London) * *
RUSAL Samara
RUSAL Construction Profiles *
RUSAL Sayanogorsk
RUSAl Sayanal
Cemtrade *
RUSAL America Corp. (New York)
RUSAL Belaya Kalitva
RUSAL Novokuznetsk
RUSAL China (Beijing)
ACG (Friguia)
Nikolayev Refinery
RUSAL Armenal
CBK
Mining and Refining
Smelting
Fabrication *
Office

5. Production Results
Stable growth of primary aluminium production (+3.5%) in the first half of 2003
Improved product mix – share of valued added aluminium products in smelters’ output increased from 16% to 25%
Strong growth of fabricated products output (+10%) in the first six months of 2003
Note. Production of Friguia Refinery to be included from 2003
* Includes production at CEMTRADE alumina refinery, temporarily shut down in the beginning of 2002 due to low world alumina prices

6. Consolidated Sales Structure
In the first half of 2003 revenues rose to $2.1 bln ($2.0 bln in the first half of 2002)
Revenues derived from international sales increased from $1.6 bln to $1.8 bln in the first six months of 2003
By product (2002)
By region (2002)
Total
$4.08 bln
$3.98 bln
Total
$4.08 bln
$3.98 bln

7. Fabricated Product Sales
Dominant position at the domestic aluminium product market
Successful marketing stories in beverage cans and foil
Exports amount to about 50% of fabricated aluminium sales (mainly in semis)
RUSAL’s share on the domestic market
Rolled > 60%
Foil and packaging  30%
Beverage cans > 40%
Construction  30%

8. Cost Overview Cost competitiveness on the global scale Other Power
Access to inexpensive energy produced by Siberian hydro power stations (average tariff below 1 cent/kwh)
The Company’s shareholders own significant equity stakes in power companies producing twice as much power as consumed by RUSAL
Power
Labour
Moderate wages on international scale
Relatively low productivity
Transport
Smelter location distant from key markets and most raw material sources results in high transport component
Lack of own bauxite and alumina (60% of consumption covered by own production)
Long-term contracts signed to cover the raw material deficit
Raw materials

9. Key Strategic Objectives
To be the world’s leading primary aluminium producer
Strategy:
Exploit competitive advantages through expanding primary aluminium capacity
Strengthen raw materials base
Expand margins
Control costs
Meet international standards in environmental & management processes

10. Growing the Business
RUSAL plans to increase primary aluminium capacity at least in line with growth in the global aluminium market (about 1.3 mln MT over next 10 years)
RUSAL intends to produce at own facilities up to 100% of the required raw materials via
expansion of existing alumina capacity by up to 30%
acquisition and building of new capacity in CIS, Guinea, India etc.

11. Expanding Margins and Controlling Costs
Raising value added product output (including aluminium alloys) in product mix of aluminium smelters from current 25% to 50% by 2009
Increase sales to end users and regional traders versus international traders
Development of own sales network
Retaining natural advantages and improving areas of weakness within the cost structure via
technical modernisation
increased labour productivity
Development of competitive products at processing plants

12. Implementing World Class Systems
Meet international standards of environmental management and quality control through plant modernisation
maintaining ISO certifications for all the production facilities
international environmental certification planned for most production facilities (received ISO for Sayanogorsk, ROSTAR, Dmitrov and SAYANAL)
Establishing World-Class Management Processes
improved transparency
long-term risk management program
modern management information system (SAP R3)
combining best Russian and international experience

13. Investment Plans (2003 – 2008) Modernisation of existing facilities
RUSAL has over US$4 bln in total investment portfolio
Modernisation of existing facilities
Key expansion projects
New acquisitions
Annual capex estimated at about $200 mln over the next few years (excluding major capacity expansions)
Capacity expansion at Sayanogorsk Aluminium Smelter from 0.4 to 0.7 mln MT annually
Construction of a new smelter in East Siberia with annual capacity up to 0.5 mln MT
A beverage can plant with capacity of about 1.7 bln cans
Capacity expansion at Friguia refinery in Guinea from 0.7 mln MT to 1.5 mln MT of alumina
A number of acquisitions, primarily in raw materials sector planned

14. RUSAL in 10 Years – Base Case
Under the base case scenario, RUSAL plans to maintain its current 10% global market share
RUSAL primary aluminium production
RUSAL alumina production

15. Financing About $600 mln from international markets
Pre-export financing in the amount of $400 mln, including
$190 mln three-year financing by BNP-Paribas, Glencore and Natexis
$100 mln five-year financing from CSFB
Over $300 mln in structured trade finance facilities by various international banks (including $200 mln loan syndicated by ING, Societe Generale and WestLB)
Access to long-term financing
$150 mln investment loans by Sberbank for 5 years (construction and modernisation projects)
seven-year loan under Hermes’ guarantee to finance import contract with Siemens
Capital markets
three-year Rb3 bln domestic bond issue in September 2002
four-year Rb5 bln domestic bond issue in May 2003
About $400 mln in unsecured loans (mainly from domestic market)

16. International Capital Market Plans
We suggest that investors closely monitor RUSAL’s activity, in the view of the following potential deals coming to the international market within 1-2 years horizon:
asset-backed medium-term notes secured by export receivables
unsecured bond or note offering

17. Appendices

18. Core Management (Executive Board)
Oleg Deripaska
Chief Executive Officer
Alexander Boulygine
Chief Operating Officer
Finance
Vladislav
Soloviov
Strategy & Corporate
Development
Gulzhan
Moldazhanova
Production
Valeri
Matvienko
Procurement
Andrey
Raikov
Sales
Steven
Hodgson
Public Affairs
Evgeny Ivanov
International projects
Alexander
Livshits
Human Resources
Viktoria
Petrova
Corporate
finance
Oleg
Mukhamedshin

19. Bauxite and Alumina Production
CBK
Nikolayev Alumina
Refinery
Achinsk Alumina
ACG (Friguia Refinery)
located in Guinea
output in ,800,000 MT of bauxite
plans to increase output to 3,000,000 MT of bauxite
located in Ukraine and has access to the only port in CIS equipped to unload bauxite
Bayer process (Pechiney technology) using highest-grade bauxite imported from Guinea, Brazil, Australia and other countries
annual capacity - 1,100,000 MT of alumina
modernisation program started in 2000 to expand capacity up to 1,500,000 MT
located in Eastern Siberia in close proximity to the Krasnoyarsk Aluminium Smelter
produces alumina from nepheline ore; has its own mines
annual capacity – 1,030,000 MT of alumina
wide range of by-products: calcined soda, potash, cement, lime-sand bricks, aluminium sulphate, gallium, mineral fertilisers
modernisation program started in 2000 to expand capacity up to 1,300,000 MT
located in Guinea, produces bauxite and alumina
annual installed capacity - 690,000 MT of alumina
has its own mine with annual capacity of 2.3 mln MT of bauxite

20. Primary Aluminium and Alloys Production
Bratsk Aluminium Smelter
Krasnoyarsk Aluminium Smelter
Sayanogorsk Aluminium Smelter
Novokuznetsk Aluminium Smelter
largest in the world (30% of the Russian output)
annual capacity ,000 MT
modernisation started to expand capacity to over 1,000,000 MT by 2003 and switch production to using dry anodes
quality management system ISO 9001 certified
second largest in the world
annual capacity - 865,000 MT
modernisation started to switch production to using dry anodes
high and highest grades account up to 97% of production
built in 1985, one of the most modern, technologically advanced and environment friendly smelters in the world
quality management system ISO 9001 and environmental ISO certified
high grade aluminium accounts for over 90% of total production
annual capacity - 410,000 MT, capacity expansion to 760,000 MT under consideration
annual capacity - 285,000 MT
Three largest smelters are located in close proximity to hydro power stations

21. Aluminium Processing - Rolling
Samara
Metallurgical
Plant
Belaya Kalitva
Metallurgical Plant
built in 1960 in the city of Samara on the bank of the Volga river
one of the largest producers of aluminium semi-fabricants in the world with annual capacity of over 450,000 MT of rolled, extruded and forged aluminium and aluminium alloy semi-products
product range includes all major aluminium alloys used in shipbuilding, aerospace, automotive and other industries
quality management system ISO 9002 certified
built in 1954 in Rostov-on-Don region (Southern Russia)
annual capacity of 120,000 MT (Russia’s second largest aluminium working plant)
product range includes flat rolled, extruded and forged products
well-known producer for both domestic and international aerospace industries
quality management system ISO 9001 certified

22. Aluminium Processing – Foil and Packaging Materials
RUSAL SAYANAL
RUSAL Dmitrov
RUSAL ROSTAR
RUSAL ARMENAL
the most technologically advanced in the CIS providing a complete production cycle, from aluminium coils to foil and other flexible packaging materials
built with assistance of FATA-Hunter and Reynolds metal company
annual capacity of 47,000 MT of foil and flexible packaging materials
quality management system ISO 9001 and environmental ISO certified
one of Russia’s major producers of flat rolled products for food cans and various packaging materials, including combined aluminium/plastic materials (located near Moscow)
annual capacity of 25,000 MT
quality management system ISO 9001 and environmental ISO 14001certified
the first Russian producer of aluminium beverage cans operating since 1998
annual capacity of 1.32 billion cans
quality management system ISO 9002 and environmental ISO certified
built in 1950 in Yerevan, capital of Armenia, originally as a smelter, but in 1981 was refitted for production of soft packaging materials, mostly foil
annual capacity of 50,000 MT
partially equipped by Hunter Europe
quality management system ISO 9001 certified

23. Corporate Headquarters
13/1, Nikoloyamskaya str., Moscow, , Russia
Tel Fax
Investor contacts
Oleg Mukhamedshin
Director, Corporate Finance
Andrey Yashchenko
Head of Capital Markets and Investor Relations
Web-site
English:
Russian:
Statements made in the course of this presentation which describe the Company’s intentions, expectations or predictions may be «forward- looking statements». The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and that the Company’s actual actions or results could differ materially from those expressed or implied in such forward-looking statements.