OREANDA-NEWS. On September 28, 2008 OJSC MMC Norilsk Nickel ("Norilsk Nickel") announced that its subsidiaries, OJSC Norilsk Kombinat, OJSC Kola MMC and OJSC OGK-3, have adopted resolutions that allow them to deposit free cash with certain institutions with relevant asset management experience, reported the press-centre of Norilsk Nickel.

Under Russian law and the charter of Norilsk Nickel, its governing bodies, including its Board of Directors, are not required to consider, and did not consider, such transactions for approval.

OJSC Norilsk Kombinat and OJSC Kola MMC deposited with OJSC AKB Rosbank ("Rosbank") up to 8 billion rubles free cash and 12,64 billion rubles, respectively, and OJSC OGK-3 may deposit free cash up to 22 billion rubles with other financial institutions.

The cash deposits are made under trust management agreements which authorize the financial institutions to invest such cash at their discretion in accordance with the investment declarations in common and preferred shares, depositary receipts and bonds of Russian issuers.

The financial institutions, exercising their discretion provided under the trust management agreements, have determined to acquire shares in Norilsk Nickel. OJSC Norilsk Kombinat, OJSC Kola MMC and OJSC OGK-3 have adopted resolutions - in accordance with their charter documents - to approve the acquisition of the shares in Norilsk Nickel in amounts of up to 4,000,000 shares, 6,500,000 shares and 6,000,000 shares, respectively. These shares may be voted or sold by the financial institutions.

The subsidiaries of Norilsk Nickel may deposit additional amounts with financial institutions under similar arrangements and may acquire additional common and preferred shares, depositary receipts and bonds of Russian issuers, including shares of Norilsk Nickel.

Mr. Andrey Klishas is a member of the boards of Norilsk Nickel and Rosbank. Mr. Vladimir Potanin, Chairman of the board of directors of Norilsk Nickel, is the beneficial owner of a significant minority interest in Rosbank.