United Company RUSAL (RUSAL) has disclosed two continuing connected transactions with JSC “IENC”, an associate of its substantial shareholder En+. The contracts, both scheduled to terminate on 31 December 2026, cover the technological connection of RUSAL facilities to the regional electricity grid in Irkutsk.

Key contractual terms 1. RUSAL Anodic Factory LLC signed on 23 January 2026 for grid-connection works amounting to USD 482, payable within 15 days on a 100 % pre-payment basis. 2. RUSAL Taishet Aluminium Smelter LLC executed an additional agreement on 30 March 2026 related to the Taishet Smelter. The 2026 payment of USD 16.15 million is contingent on a final investment decision for the smelter’s second electrolysis series and will follow a separately agreed schedule.

Annual cap and listing implications • Aggregate consideration for the year ending 31 December 2026 is capped at USD 16.15 million, representing the combined value of both contracts. • The annual cap exceeds 0.1 % but remains below 5 % of the applicable percentage ratios under the Hong Kong Listing Rules. Consequently, the transactions require public announcement and annual review but are exempt from circular and independent shareholders’ approval.

Pricing and strategic rationale Tariffs are set by the Irkutsk Region Tariff Service—Order No. 79-714-spr (2025) for the Anodic Factory and Order No. 6-T (2013) alongside Russian Government Decree No. 1178 (2011) for the Taishet Smelter. JSC “IENC” is the region’s sole authorised grid operator, positioning it as the only viable provider for RUSAL’s required power connections. Management considers the regulated pricing to reflect prevailing market terms.

Internal control framework RUSAL applies an automated transaction-monitoring system to track connected transactions, with oversight by the Directorate of Compliance and annual review by external auditors to ensure caps are not exceeded and terms remain fair.

Board review All directors, except Ms. Anna Malevinskaya (an En+ senior executive), concur that the agreements are arm’s-length, on normal commercial terms, and in the ordinary course of business.

Company profile RUSAL produces and sells aluminium, alloys, value-added products, and alumina. JSC “IENC” provides electricity transmission and grid-connection services, while En+ is a vertically integrated aluminium and hydropower producer.