MMC Norilsk Nickel is resuming the buyback of its outstanding shares

On December 10, 2008 the Arbitration Court of Krasnoyarsk Territory issued a ruling lifting the previously adopted interim relief measures prohibiting OJSC MMC Norilsk Nickel (hereinafter – MMC Norilsk Nickel or the Company) and its registrar from implementing the resolution of the Board of Directors dated August 22, 2008 on the buyback of the Company’s own outstanding shares.

Following lifting of the interim relief measures the Company is resuming the buyback of its outstanding shares that was suspended on October 29, 2008; more specifically, it is resuming actions allowing the transfer of shares (execution of share purchase agreements and acceptance of share transfer orders) held by shareholders whose applications to sell shares were tendered during the previously announced period.

Such shareholders of MMC Norilsk Nickel have the opportunity to transfer their shares to the Company by January 13, 2009, inclusive.

All shares thus acquired by the Company will be paid for by the Company in accordance with the resolution of the Board of Directors dated August 22, 2008, i.e., no later than 15 days after the shares have been transferred to the account of the Company within the share register system.