On the results of the first meeting of MMC Norilsk Nickel’s Board of Directors, held on July 7, 2008

The first meeting of the new Board of Directors of Norilsk Nickel was held on July 7, 2008. It was called by a shareholder with a stake exceeding 10%, and in full compliance with existing corporate procedures.

While electing the Chairman, the BoD members voted only for Vladimir Potanin as Guy de Sellier, the second nominee, withdrew his candidature. Finally, Mr Potanin was elected by a majority of votes: he was supported by 7 directors, while 2 voted against. Besides, Mr Potanin won the votes of all independent directors on the Board and a UC Rusal’s representative.

The candidature of the company’s chief executive was also on the agenda. After a careful and extended discussion the Board of Directors with the majority of votes (5 against 4) stopped the duties of the former CEO and appointed Sergey Batekhin as a new chief executive.

Interros is satisfied with the outcome of the first meeting of MMC Norilsk Nickel’s Board of Directors and is interested in the Board, which would secure quality of discussion and take decisions in the interests of Norilsk Nickel and all shareholders.

Being a major shareholder of MMC Norilsk Nickel, Interros intends to follow the course aimed at the company’s development and further value increasing, including the creation of a global leader in metals and mining on the basis of Norilsk Nickel.

Interros fully supports the new chief executive Sergey Batekhin, who intends to focus managerial efforts on working out the development strategy of Norilsk Nickel that could be approved by all shareholders.

Interros is open for constructive dialog and cooperation with all shareholders of MMC Norilsk Nickel for better working out the development strategy of the company in order to meet interests of all shareholders.

Press service

08.07.2008

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