Norilsk Nickel Announces Preliminary Results of Annual General Shareholders’ Meeting

On June 30, 2008 the Annual General Shareholders’ Meeting of MMC Norilsk Nickel was held in Moscow to review the Company’s results for 2007.

As Denis Morozov, General Director and Chairman of the Management Board of Norilsk Nickel, noted in his report, 2007 featured a strengthening of Norilsk Nickel’s international presence. Following geographical diversification the Norilsk Nickel Group currently has production facilities in six countries worldwide, situated on four continents. In addition, Mr. Morozov underscored that the Company’s financial performance for 2007 was the strongest in its history, and Norilsk Nickel market capitalization grew to more than $ 60 bln.

Based on preliminary results the General Shareholders’ Meeting approved a record dividend of RUB 220 per one ordinary Company’s share based on 2007 results. Taking into account the interim dividend already paid out for 9 months of 2007, the additional dividend based on 2007 results amounts to RUB 112 per one ordinary Company share. In accordance with applicable law the Company will pay the dividend within 60 days of the adoption of the resolution by shareholders.

Based on the preliminary tally of votes the following persons were elected to the Board of Directors of Norilsk Nickel:
• Andrei E. Bougrov - Managing Director of CJSC INTERROS Holding Company;
• Alexander S. Bulygin -  CEO of United Company RUSAL;
• Guy de Selliеrs de Moranville - Executive Chairman of HB Advisors/Hatch Corporate Finance;
• Oleg V. Deripaska - Chairman of the Supervisory Board of OOO Basic Element Company;
• Andrey A. Klishas - Deputy Chairman of the Management Board of CJSC INTERROS Holding Company;
• Michael J. Levitt - Director of Stone Tower Capital LLC Fund;
• Vladimir O. Potanin - General Director and Chairman of the Management Board of CJSC INTERROS Holding Company;
• Mikhail D. Prokhorov - President of OOO ONEXIM Group;
• Heinz С. Schimmelbusch - Managing Director and General Partner of Safeguard International Fund, L.P., Chairman of the Board of Directors and General Director of Allied Resources Corporation.

Denis Morozov thanked shareholders for their active participation in the voting, noting that this year according to preliminary information for the first time in the history of the Company more than 77% of shareholders took part in the meeting.

Based on preliminary information Norilsk Nickel shareholders approved a number of proposed amendments to the Company Charter, which included increasing the size of the Board of Directors from 9 to 13 persons and introducing new criteria for independent directors. These amendments are designed to improve corporate governance taking into account international best practice and to serve the interests of all shareholders.

Norilsk Nickel shareholders also approved the annual report and the annual financial statements, elected the Audit Commission, approved the external auditor for Russian statutory accounting (OOO Rosexpertiza), and adopted a number of other resolutions falling within their competence. 

The final voting tally will shortly be made public in accordance with applicable Russian law.