OREANDA-NEWS. April 12, 2012. Financial Highlights for 2011

- Solid financial performance despite the challenging economic environment.

- Revenue up 17% to USD 7,705 million.

- Cost of sales up 24% to USD 3,517 million, as a result of rising unit costs across the Group and increased volumes in the Other Non-ferrous and Alumina and Aluminium Divisions.

- Underlying EBITDA up 7% to USD 3,413 million; Underlying EBITDA margin of 44%.

- Earnings per share down 10% to US 153 cents due to the one-off gain of USD 298 million in 2010. Excluding this one-off gain, EPS would show a 5% increase.

- Final dividend of US 11 cents per share; US 27 cents for the full year. Payout ratio maintained at 18%.

- Gross available funds of USD 658 million; borrowings of USD 1,594 million.

USD 3.7 billion of additional facilities obtained since start of 2011.

Business Highlights for 2011

- Strong cash flow generation from assets in Kazakhstan; record sales volumes of high-carbon ferrochrome; Alumina and Aluminium and Energy Divisions produced at full available capacity.

- Cost control and productivity enhancing initiatives kept unit costs for key products in line with expectations.

- Record capital expenditure of USD 1.9 billion; focus on development of key strategic projects, notably the new Aktobe ferroalloys plant, power unit 2 at EEC and the expansion of logistics capacity.

- Good progress in Africa: significant increases in both copper and cobalt production; agreement reached with First Quantum Minerals ("FQM") and announced in January 2012 to acquire its DRC assets and settle all disputes.