OREANDA-NEWS. August 7, 2007. The period, when the shareholders of Open Joint Stock Company The Third Generation Company of the Wholesale Electricity Market (hereafter – OGK-3), which have sent their notice of sale in accordance with the terms of the mandatory offer, could transfer their shares to the account of Open Joint Stock Company Norilsk Zavenyagina Mining and Metallurgical Works (hereafter – Norilsk Metallurgical Works), a company of the Norilsk Nickel Group, has expired.

On 2 May 2007, Norilsk Metallurgical Works, in accordance with Federal Law On Joint-Stock Companies, made the mandatory tender offer for shares of OGK-3 at the price of 4.54 Rubles per share. The period of time when the mandatory tender offer could be accepted by OGK-3 shareholders was 77 days from receipt of this offer by OGK-3. The tendered shares of OGK-3 were necessary for transferring to the account of Norilsk Metallurgical Works within 18 days from the date of expiration of the period allowed for acceptance of the mandatory tender offer.

In total within mandatory offer 3,423,968,050 shares were acquired for the consideration of 15,544,814,947 Rubles. Thus following this transaction Norilsk Nickel Group has increased its shareholding in OGK-3 share capital to 53.83%.

In accordance with the conditions of the mandatory offer, payment for the acquired shares of OGK-3 is carried out within 15 days after their receipt on the account of Norilsk Metallurgical Works.

Full information on the mandatory offer is available on the corporate web site at the following address: http://www.nornik.ru/en/investor/fgc/