Preliminary results of the AGM of MMC Norilsk Nickel

Annual General Meeting of shareholders (AGM) of OJSC MMC Norilsk Nickel (hereinafter – MMC Norilsk Nickel or the Company) took place in Moscow .

Vladimir Strzhalkovsky, General Director – Chairman of the Management Board of MMC Norilsk Nickel, presented to shareholders the results achieved by the Company in 2010 and highlighted future priority goals. MMC Norilsk Nickel completed 2010 with successful operational and financial results. The management of the Company elaborated on the long-term production strategy till 2025, envisaging substantial production growth, geographical and product diversification. The management of the Company will continue working on intensive development, reduction of operating expenses, large scale modernization, including environmental projects, as well as on social programs.

Voting results:

Following the recommendations of the Board of Directors, the shareholders approved 2010 Annual report of MMC Norilsk Nickel and annual accounting statements including P&L statement. They also voted for the payout of dividends for 2010 in the amount of RUB 180 per share, in accordance with the Dividend policy of the Company.

According to the preliminary voting results, the following persons were elected to the Board of Directors of MMC Norilsk Nickel:

1. Sergey Barbashev, General Director, Chairman of the Management Board, Interros Holding Company;
2. Enos Ned Banda, Founder and CEO, FREETEL Capital (PTY) Ltd;
3. Lucian Arye Bebchuk, Harvard University: Professor of law, economics, and finance; Director of Program on corporate governance;
4. Andrey Bougrov, Deputy General Director, Member of the Management Board, Interros Holding Company;
5. Alexander Voloshin, Member of the Board of Directors of Public Liability Company Yandex N.V., Chairman of the Board of Directors, OJSC Uralkali;
6. Oleg Deripaska, General Director, UC Rusal, Bazovy Element;
7. Claude Dauphin, Member of the Management Board, Trafigura Beheer B.V. (Group), Ecore B.V. (Group);
8. Marianna Zakharova, Deputy General Director for Legal Affairs, Member of the Management Board, Interros Holding Company;
9. Larisa Zelkova, Deputy CEO, Director of the Public Relations Development Department, Member of the Management Board, Interros Holding Company;
10. Bradford Alan Mills, General Director, Mandalay Resources, Executive Director, Plinian Capital;
11. Ardavan Moshiri, Chairman of the Board, Metalloinvest Managing Company, Head of Strategic Development Department, Metalloinvest Trading AG;
12. Maxim Sokov, Director for Strategy and Corporate Development, UC Rusal;
13. Vladimir Strzhalkovsky, General Director – Chairman of the Management Board, MMC Norilsk Nickel.

The shareholders elected the members of the Revision Commission and approved Rosexpertiza LLC as Auditor of the Company’s RAS statements.

Other issues approved by the shareholders included the cost of liability insurance for members of the Board of Directors and the Management Board, related party transactions that involve indemnification for members of the Board of Directors and the Management Board.

Shareholders voted against the remuneration and compensation of expenses of independent members of the Board of Directors (including options plan).

At the first meeting of the new Board of Directors that took place following the completion of AGM, Andrey Bougrov was elected as the Chairman of the Board.

The Board of Directors also elected chairmen of the Board Committees: Committee on audit – Claude Dauphin, Committee on strategy – Bradford Mills, Committee on corporate governance, nominations and remuneration – Marianna Zakharova, Committee on budget – Enos Banda.