Today RUSAL has completed a transaction to acquire a 25% +1 share stake in OJSC MMC Norilsk Nickel. Denis Morozov, General Director of Norilsk Nickel, said: “On behalf of Norilsk Nickel’s management I would like to welcome UC RUSAL as a large shareholder in our company. The acquisition of such a significant stake demonstrates once again the investment appeal and strong prospects for the further growth of Norilsk Nickel”.

Norilsk Nickel’s development opportunities expanded considerably last year as a result of major overseas acquisitions and effective implementation of brownfield and greenfield projects in Russia. The market value of the company, the largest public company in the Russian mining and metals industry, nearly doubled over the last year. “The management of Norilsk Nickel continues its efforts to strengthen the company’s leadership in the world mining and metals industry and ensure stability of its activities in the interests of our shareholders, employees and the regions where our operations are located”, – said Morozov.

Norilsk Nickel, a corporation incorporated under the laws of the Russian Federation, is the largest mining and metals company in Russia and the world’s largest producer of nickel and palladium and one of the world’s largest producers of platinum and copper. In addition to this, it produces a large number of by-products, including cobalt, rhodium, silver, tellurium, selenium, iridium and ruthenium. The Norilsk Nickel group is involved in prospecting, exploration, extraction, beneficiation and metallurgical processing of minerals; and in production, marketing and sales of base and precious metals.

The company is headquartered in Moscow, Russia, with sales and distribution activities managed through its Moscow headquarters and international sales network. The Russian operations include the operations of the Polar Division on the Taimyr Peninsula in the Krasnoyarsk region and the Kola Mining and Metallurgical Co (KMMC) on the Kola Peninsula in the Murmansk region.

Norilsk Nickel’s international mining and metallurgical operations encompass nickel sulphide and laterite mining, processing and refining operations spanning Finland, Australia, Botswana and South Africa and a process technology group. Norilsk Nickel Australia’s assets include the Lake Johnston, Black Swan and Waterloo nickel operations and the Honeymoon Well project, as well as the Cawse and Avalon laterite high pressure acid leach (HPAL) operations. Norilsk Nickel Africa’s assets include 85% ownership of both Tati Nickel and the Botswana Metal Refinery in Botswana (the remaining 15% is held by the Government of the Republic of Botswana). The African assets also include a 50:50 joint venture with African Rainbow Minerals in the Nkomati nickel mine in South Africa. Norilsk Nickel Finland’s assets include the Harjavalta Refinery and a 5.46% share in the Talvivaara Mining.

Norilsk Process Technology in Australia supports the processing and metallurgical operations. It provides a wide range of technical process support from ore processing through to the production of final metal.

Norilsk Nickel also operates a research and development institute, LLC “Gipronickel”, located in St Petersburg with branches at the Polar Division and KMMC. Norilsk Nickel is the majority shareholder in Stillwater Mining Company, the largest producer of platinum group metals in North America, whose shares are traded on the New York Stock Exchange.

April 24, 2008