This is not the first time that Mr. Deripaska tries to discredit Vladimir Potanin, Interros company and Norilsk Nickel in courts of various jurisdictions. Every businessman is free to choose his own style of conducting business even up to a corporate blackmail and builds himself a reputation. We do regret that such businessmen put their own ambitions higher than reputation of Russian business and Russian Federation.

The AGM of MMC Norilsk Nickel took place June 21st. Four Interros representatives were elected to the Board of Directors: Sergei Barbashev, Andrei Bougrov, Marianna Zakharova, Larissa Zelkova. The rest of the Interros votes were given to the independent directors B.Mills and E.N.Banda, recommended by ISS/Risk Metrics, who also were elected to the Board. On the first Board meeting Interros representatives supported the proposal of independent directors to elect A.Bourgov as Chairman of the Board. The unique professional experience and many years of Norilsk Board membership give reason to believe that under Mr.Bougrovs leadership the Board will concentrate on the Norilsk Nickel strategy.

Today the EGM of MMC Norilsk Nickel took place. The agenda of the shareholder meeting included two items: pre-term termination of powers of the Board members and election to the Board of Directors of MMC Norilsk Nickel. Interros, the largest shareholder in Norilsk, voted to terminate the current Board and supported its candidates to the new Board: S.Barbashev, A.Bougrov, M.Zakharova, L.Zelkova. The rest of the Interros votes were given to the independent directors B.Mills and G.Holden recommended by ISS/Risk Metricsas well as to A.Klishas. Lately Interros has increased its holding of shares in Norilsk Nickel. At present it is less than 30%.

Vladimir Potanin, president of Interros, has sent a proposal to Rusal chairman Viktor Vekselberg to start negotiations on buying of Norilsk Nickel shares owned by the aluminium company. Vladimir Potanin is ready to head a pool of investors which may include on board Interros, Norilsk Nickel Pension Fund, MMC itself, as well as a number of Russian and western financial investors. In the address to Mr. Vekselberg the sum of $9 bn is presented as a market price of the above-mentioned shares.

Interros believes that the publicity campaign waged by the United Company Rusal during the past few months against the shareholders, management and independent directors of OJSC MMC Norilsk Nickel (Norilsk) is unjustified and aimed solely at furthering the interests of Rusal.