OREANDA-NEWS. On June 28, 2007 OJSC MMC Norilsk Nickel (‘MMC Norilsk Nickel’, ‘Company’) held the Annual General Meeting of its shareholders for the year 2006, reported the press-centre of Norilsk Nickel.

As Andrey Klishas, Chairman of the Board of Directors of MMC Norilsk Nickel said, in 2006 the Company continued to expand its international cooperation, focusing on increasing and diversifying its resource base, as well as on gaining the best international experience.

Denis Morozov, General Director – Chairman of the Management Board of MMC Norilsk Nickel, noted in his statement to the shareholders that the Company achieved excellent results in 2006 due to sustainable development of its resource base and favorable situation on the metals market.

Mr. Morozov emphasized that increase of the shareholders value is one of the major tasks for the management of the Company. MMC Norilsk Nickel achieves its goal through multiple growth in the Company’s market capitalization, assets spin-off and dividend payouts. In line with corporate dividend policy approved by the Board of Directors of MMC Norilsk Nickel in 2002, 20-25% of IFRS net income should be distributed in the form of dividends.

At the Annual General Meeting, the shareholders based on the Board of Directors’ recommendation approved the amount of dividends payable upon the Company’s 2006 financial results at the rate of RUR 176 per ordinary share. Taking into account the interim dividends already paid out for 9 months of 2006, the additional dividends for 2006 will amount to RUR 120 per ordinary share. In accordance with Russian law the Company will pay the dividends within 60 days after the date of the shareholders’ approval.

The Annual General Meeting elected the following persons as members of MMC Norilsk Nickel Board of Directors:

Andrei E. Bougrov – Managing Director, Member of the Board of Directors of Interros Holding Company;

Vladimir I. Dolgikh – Chairman of the Management Board of the Krasnoyarsk Fellow-countrymen association;

Andrey A. Klishas – General Director, Chairman of the Management Board of Interros Holding Company;

Ralph T. Morgan – Deputy General Director, Member of the Management Board of MMC Norilsk Nickel;

Denis S. Morozov – General Director, Chairman of the Management Board of MMC Norilsk Nickel;

Ekaterina M. Salnikova – Deputy Director of the Finance department on corporate governance of Interros Holding Company;

Guy de Selliers – Chairman of the Board of Directors of HB Advisors/ Hatch Corporate Finance;

Kirill L. Ugolnikov – Member of the Board of Directors of CJSC Vneshjurkollegia and OJSC AKB Investsberbank;

Heinz S. Shimmelbusch – Executive Director, Partner and Founder of Safeguard International Fund L.P.

In addition, at the Annual General Meeting the shareholders approved the annual report, the annual accounting statement and the new version of the Company’s Charter. Also Rosexpertiza Company was appointed Auditor of MMC Norilsk Nickel’s accounting statement prepared in accordance with Russian accounting standards. Moreover, the Annual General Meeting elected members of the Revision Committee and resolved other issues within its authority.

After the General Shareholders Meeting, the newly elected Board of Directors held the first meeting where Andrey Klishas, General Director, Chairman of the Management Board of Interros Holding Company was appointed the Chairman. Mr. De Selliers, Mr. Bougrov, and Mr. Ugolnikov were elected to the Audit Committee of the Board of Directors.