MOSCOW, 11 August, 2004 - On 13 September 2004, RUSAL bought back its bonds of the first issue from holders who chose to exercise their put option. The buyback price equalled 1,002.77 roubles (including 0.27 roubles in accrued interest) for each bond with par value of 1,000 roubles. Overall, RUSAL purchased 1,916,856 bonds for 1,922,165,691 roubles. Citibank acted as the agent.

For Russian Press

Vera Kurochkina
Elena Shanina
Press-center@rusal.ru

For International Press

Zhenia Harrison
zharrison@rusal.ru