OREANDA-NEWS. September 25, 2007. At its meeting in Moscow the Board of Directors of OJSC MMC Norilsk Nickel ("MMC Norilsk Nickel" or "the Company") adopted a resolution to convene an Extraordinary General Meeting of shareholders on December 14, 2007 to vote on reorganization of the Company in the form of spin-off.

On May 15, 2007, the Company's Board of Directors preliminary approved the reorganization of non-core energy assets. The restructuring will be carried out as a spin-off of non-core energy assets, and the shares of the newly created company will be distributed on a pro rata basis among the shareholders of MMC Norilsk Nickel.

The Board of Directors set October 26, 2007 as the Record date for the Extraordinary General Meeting of shareholders of MMC Norilsk Nickel on reorganization of the Company.

The Board of Directors further established the price of shares to be redeemed from shareholders who will vote against or will not participate in voting on the spin-off at the Extraordinary General Meeting of shareholders on December 14, 2007 and will demand that the Company redeem their shares of MMC Norilsk Nickel. The redemption price shall be RUB 5,300 per share.

All information materials for the Extraordinary General Meeting of shareholders scheduled for December 14, 2007 including the list of assets for the spin-off and reorganization schedule as part of the Information Memorandum, will be available to the shareholders at the office of the Company's Registrar (ZAO National Registration Company) and will be published at MMC Norilsk Nickel's website at www.nornik.ru/en starting from November 14, 2007.

The Company relies on its previous reorganization experience: in 2005 - 2006 MMC Norilsk Nickel executed the successful spin-off of its gold mining assets into OJSC Polyus Gold.