OREANDA-NEWS. October 28, 2010. UC RUSAL (SEHK: 486, EuroNext: RUSAL/RUAL), the world’s largest aluminium producer and owner of a 25% stake in MMC Norilsk Nickel (“Norilsk Nickel”), thanks minority investors of Norilsk Nickel for their support at the Extraordinary General Meeting of shareholders held 21 October 2010 (the “EGM”). Despite the recommendations of leading, independent proxy advisory services ISS Proxy Advisory Services (“ISS”) and Glass, Lewis & Co. (“Glass Lewis”) that shareholders should vote to terminate the powers of the Norilsk Nickel Board of Directors and appoint independent directors, and the support of minority investors for these proposals, the voting pattern at the EGM indicates that under Interros’ influence the executive management voted with Treasury shares to prevent minority investors from electing new, independent non-executive directors. This contravenes all established principles of corporate governance.

RUSAL welcomes the fact that many Norilsk Nickel shareholders share our vision for the company. The fact that we were not able to secure enough votes will not distract us from the positive agenda which was outlined earlier in the process. RUSAL remains convinced that proper corporate governance, professional management and a clear growth strategy would deliver enhanced value for all shareholders.

There is a huge amount of trapped potential in Norilsk Nickel and RUSAL does not intend to miss this opportunity on the back of today’s result. We remain convinced that the company’s market capitalization could be doubled if the management were to pursue the highest standards in effective pricing, efficient cost management, strategic disposals, environmental standards and corporate governance, which conform with MMC’s status of a public company, a leader in its industry.

This dispute was never about the personalities involved, but was instead about a difference of view as to how the company should evolve. RUSAL has proved through its more than ten-year history that it is successful in developing business, enhancing value through modernisation projects, building new capacities, effectively controlling costs and best management. RUSAL directors will continue to draw on this experience around the Norilsk Nickel Board table to ensure that the company develops a new professional approach to managing the company.

RUSAL considers its investment in Norilsk Nickel as strategic and will continue to closely work with the company’s minority investors in order to elect a truly balanced Board of Directors to represent the interests of all shareholders.