Board meeting results

Мoscow, August 3, 2010 – At the regular in-person meeting of the Board of Directors of OJSC MMC Norilsk Nickel (“MMC Norilsk Nickel” or “the Company”) that took place today, the following decisions were made:

I. Composition of the Committees of the Board of Directors was approved.

Budget Committee: Vladislav Soloviev (Chairman), Andrey Bougrov, Marianna Zakharova, Maxim Sokov, John Gerard Holden;
Audit Committee: John Gerard Holden (Chairman), Andrey Bougrov, Bradford Alan Mills, Maxim Sokov;
Strategy Committee: Bradford Alan Mills (Chairman), Vladislav Soloviev, Boris Bakal, John Gerard Holden;
Corporate Governance, Nomination and Remuneration Committee: Marianna Zakharova* (Chairwoman), Bradford Alan Mills, Maxim Sokov.

II. Changes in the Management Board membership were approved.

This decision terminates the powers of the Management Board member Valery Matvienko, who served as the First Deputy General Director in charge of production before his resignation in July 2010.

III. “Mitigation Commission” of the Board of Directors.

Having discussed the proposal moved by Independent Director J.G. Holden to create a “Mitigation Commission” with purpose to reach compromise between major shareholders of MMC Norilsk Nickel, the Directors approved of the idea and appointed the following persons to the Commission: Аndrey Bougrov (Managing Director of Interros HC), Barry Cheung (Independent Director, UC RUSAL), John Gerard Holden (Independent Director, MMC Norilsk Nickel), Vladimir Strzhalkovsky (General Director of MMC Norilsk Nickel).

All of the Board members took part in the meeting today.

* elected to replace Andrey Klishas, who was appointed President of MMC Norilsk Nickel and as the management representative cannot serve in the Committees of the Board of Directors.

ABOUT MMC NORILSK NICKEL:

MMC Norilsk Nickel is a diversified mining and metal producing company, the world's largest producer of nickel and palladium and one of the global leaders in the production of platinum, cobalt, copper and rhodium. By-product metals of MMC Norilsk Nickel include gold, silver, iridium, osmium, selenium, ruthenium and tellurium.

Production facilities of Norilsk Nickel Group are located in Russia (Norilsk Industrial Area and Kola Peninsula), Finland, USA, Australia, Botswana and South Africa.

The Company is rated Baa2 by Moody's Investors Service and BBB- by Standard & Poor's and Fitch Ratings.