UC RUSAL the world’s largest aluminium producer, is pleased to announce the completion of negotiations with its lenders regarding an option to introduce a covenant holiday in 2012-2013.

RUSAL has agreed with its lenders to amend the current terms of the credit facilities to better reflect the global market environment. In particular, the Company now has the option to introduce a 12 month covenant holiday, starting from any quarter in 2012. In addition, the definition of the interest cover ratio has been amended to bring it in line with the standard market approach to this definition and financial ratio.

The Company continues to fulfill its obligations under the existing credit facilities, including maintaining financial covenants at agreed levels. If required, the Company can decide to launch covenant holidays enabling it to enjoy more flexibility in managing financial ratios.

Negotiations held by the Company are part of the existing internal risk management procedures established by RUSAL. These also include cost optimization, working capital management, tight control over investment programs and renegotiation of commercial terms with suppliers