OREANDA-NEWS. September 21, 2010. UC RUSAL Plc (SEHK: 486, EuroNext: RUSAL/RUAL), the world’s largest aluminium producer and owner of a 25% stake in MMC Norilsk Nickel, announces the nomination of three, highly experienced candidates to become independent non executive directors on the Board of Directors of MMC Norilsk Nickel at the extraordinary general meeting of shareholders on 21 October 2010.

After extensive consultation with the minority shareholders of Norilsk Nickel, UC RUSAL has  nominated the following candidates:

• Alexander Voloshin – Member of the Board of Directors of Yandex, Member of the board of JSC ‘Uralkali’, Head of the Board of MMC Norilsk Nickel 2008-2010;

• Terence Wilkinson – Member of the Board of Directors of Angara Mining Plc, former CEO of Ridge Mining Plc, former COO of Lonmin plc;

• Lucian Bebchuck – Doctor of Law, Head of Corporate Governance Board at Harvard Law School.

The nominated independent directors possess exceptional executive experience with international, publicly quoted companies, in-depth knowledge of the metals industry, and the development and implementation of strategy to enhance shareholder value.

In particular, Terence Wilkinson is a regarded as an expert in the field of mining and sales of platinum group metals. Under his management, his former company, Lonmin PLC, one of the biggest UK listed mining companies, with operations in South Africa, has successfully executed projects in mining PGM metals , developed platinum deposits and implemented environmental projects that have allowed the company to become  a prominent member of the FTSE-100 – an index of companies with the largest market capitalisations on the  London Stock Exchange. Another prominent figure is Alexander Voloshin, one of the leading Russian experts in corporate governance of diversified holding companies. During nine years he headed the Board of FGC UES and in 2008-2010 led the Board of MMC Norilsk Nickel. The nomination of Lucian Bebchuck, a highly respected figure for institutional investors, is aimed at enforcing corporate governance at MMC and to implement the best practice and high standards for a company of Norilsk’s status and also to provide the necessary safeguards for  minority stakeholders.

One of the key principles behind the ‘Value Growth Strategy for MMC’, proposed by UC RUSAL via the www.savenornickel.com website is an increase in the number of independent directors  up to six – seven people. We hope that ‘Interros’ and MMC ‘Norilsk Nickel’ will support this initiative and follow our example, by each nominating at least two truly independent and professional candidates to the Board of Directors.

The results of the Annual General Meeting (AGM) held on 28 of June and specifically the result of elections to the Board of Norilsk Nickel violated the procedures of corporate governance and the  principles of transparency and breached of the principle of parity agreed between the MMC Norilsk Nickel stakeholders. The Prosecutor General’s Office of the Russian Federation has already confirmed that such violations occurred, having examined the results of the AGM.

RUSAL believes that the dubious results of the AGM were secured by the management of MMC and ‘Interros’ with the key intention of imposing control over the Board and continuing to execute behind-the-scenes dealings against the needs of the company, its stakeholders, employees and the State. To hinder this process, it is necessary to end the authority of the current Board of Directors and to ensure the election of professionals who will not only follow the standards of corporate governance that support the interest of all stakeholders but assist the growth of shareholder value and the realization of ‘Norilsk Nickel’s full potential.

Biographies

Lucian Bebchuck (born 1955)

Professor of Law, Doctor of Economics and the Director of Corporate Governance Programme at Harvard Law School. He is the author of hundreds of publications and research papers. He is ranked among top-100 experts on treasury risks management and corporate governance issues. Advises legislative and executive branches of the US Government, participates in congressional, senate and committee hearings. Advisor to the TARP government stimulus programme.

Lucian Bebchuck holds an LL.M. and S.J.D. from Harvard Law School and an M.A. and a Ph.D. in Economics from the Harvard Economics Department. He joined the Harvard Law School faculty in 1986 as an assistant professor, becoming a full professor two years later. Since 1995 he is the Research Associate at the National Bureau of Economic Research, Corporate Finance and Law and Economics, Programs, in 2002 he became Inaugural Fellow at European Corporate Governance Institute. As of 2010 he is also Senior Non-resident Fellow for Brookings Economic Studies Program.

Terence Wilkinson (born 1945)

A prominent authority in platinum group metals mining and sales. During his career he spent 25 years (1975-2000) with Lonmin plc, one of the biggest UK mining companies in South Africa listed at LSE and now a constituent of the FTSE 100 index.  During his posting as Chief Operating Officer he oversaw platinum deposits development and environmental programmes. In 2000 he moved to Ridge Mining plc where he became Group Operations Director (2000-2003) and Chief Executive Officer (2003-2009). During his time with Ridge Mining, Terence Wilkinson oversaw the company’s operational progress and development of its mining business. After the acquisition of Ridge Mining by Aquarius Platinum he became an independent director and Chair of the Nominations Committee at Angara Mining plc.

Alexander Voloshin (born 1956)

Chief of Staff to the President of Russian Federation for five years (1999-2003), he was previously Deputy Chief of Staff from 1998 to1999, and Assistant to the Chief of Staff from 1997 to 1998. In 1999-2008 he was Chief of the Board of Directors with RAO UES, in 2008 he was elected to head the Board of Norilsk Nikel. Since August 2010 he has been a member of the Supervisory Board at Yandex. In July 2010, by presidential decree, he was appointed the Head of the Working Group to Create the Financial Center in Russian Federation.

He graduated from the Moscow Institute of Transport Engineers in 1978 and holds a degree in economics from the All-Russia Foreign Trade Academy since 1986.