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INTERROS Statement
United Company Rusal continues the pattern of public groundless accusations against the PJSC "Mining and Metallurgical Company "Norilsk Nickel” and its team.

During the past 12 years since the purchase of the stake in Norilsk Nickel, Rusal has not advanced a single significant initiative aimed at modernizing Norilsk Nickel or expanding its ore and production capacities.

Rusal accuses the Norilsk Nickel team of being unprofessional while failing to create its own sustainable and competitive business model in the world market.

Being a major shareholder of Norilsk Nickel since 2008, Rusal has turned all its efforts on extracting maximum dividends, having failed to get off the «dividend needle». Rusal keeps a low profile on its own financial indicators which remain bleak while presenting claims to the Norilsk Nickel team. According to IFRS statements, over the past 5 years, Rusal’s operating costs have grown by more than 30%, and EBITDA fell from $ 2 billion to less than $ 1 billion in 2019 over the same period, despite constant statements about expense trimming.

Rusal's assertion on «contributing to the Russian economy» also does not stand up to criticism: specifically, payments from Rusal Krasnoyarsk JSC (Krasnoyarsk aluminum smelter) to the Krasnoyarsk Territory budget in 2018 amounted to 800 million rubles, which represents 1% of the regional budget revenues ... At the same time, Rusal's effective tax rate averaged 11%, which is significantly lower than the official Russian rate of 20%. In 2019 Rusal's social expenses slightly exceeded $ 30 million. This is one of the lowest figures among the country’s major industrial groups.

Сash flow, generated by Rusal, does not cover its expenses without Norilsk Nickel's dividends. Contrary to its statements, Rusal does not invest the dividends received from Norilsk Nickel into the Russian economy, as a significant part of them is spent on debt servicing.

The dependence on Norilsk Nickel's dividends is the main reason why Rusal once again rejected Interros's proposal to cut dividend payments. Interros considers Rusal's recent public announcements as an attempt to exploit the fuel spill situation and pressure Norilsk Nickel to enter into a new shareholder agreement that would guarantee Rusal the maximum dividend payout.