Preliminary results of the Annual General shareholders meeting of MMC Norilsk Nickel

Moscow, June 29, 2012 — Annual General Meeting of Shareholders («the AGM») of OJSC MMCMining and Metallurgical CompanyPublic Joint Stock Company "Mining and Metallurgical Company "Norilsk Nickel"Go to the glossaryGo to the glossary Norilsk Nickel («MMC Norilsk Nickel» or «the Company») was held in Moscow today.

Vladimir Strzhalkovsky, General Director — Chairman of the Management Board of MMC Norilsk Nickel presented the report summarizing financial year results and Company’s development plans. In 2011, MMC Norilsk Nickel demonstrated decent production and financial results. Last year the Board approved the Strategy for Production and Technological Development till 2025, envisaging substantial expansion of production capacity, as well as product and geographical diversification. The Company’s management will continue focusing on the intensive development, cost reduction and comprehensive modernization of production facilities.

AGM voting results:

Following Board’srecommendations, shareholders approved 2011 Annual Report of OJSC MMC Norilsk Nickel, annual accounting statements, including profit and loss statement, and voted for dividends payout based on the results of the Company’s performance in 2011, in the amount of RUB 196 per share.

In accordance with the preliminary voting results, the following directors were elected to the Board of Directors of the Company:

  • Sergey Barbashev— General Director, Chairman of the Management Board, Interros Holding Company;
  • Enos Ned Banda — Founder and General Director, FREETEL Capital (PTY) LTD;
  • Prinsloo Cornelis Johannes Gerhard — Partner, Bain & Company Russia;
  • Andrey Bougrov — Deputy CEO, Member of the Management Board, Interros Holding Company;
  • Alexander Voloshin — Chairman of the Board of Directors, OJSC Uralkali, the Freight One;
  • Oleg Deripaska — CEO, UC Rusal; CEO, Basovy Element;
  • Claude Dauphin — Member of the Management Board, Trafigura Beheer B.V. (GroupPublic Joint Stock Company "Mining and Metallurgical Company "Norilsk Nickel” and its subsidiariesGo to the glossary), Member of the Management Board, Ecore B.V.;
  • Marianna Zakharova — Deputy CEO for Legal Affairs, member of the Management Board, Interros Holding Company;
  • Larisa Zelkova — Director of the Public Relations Development Department, member of the Management Board, Interros Holding Company;
  • Bradford Alan Mills — General Director, Mandalay Resources; Executive Director, Plinian Capital;
  • Stalbek Mishakov — Advisor to General Director, CJSC RUSAL Global Management B.V.;
  • Maxim Sokov — Director for Strategy and Corporate Development, UC Rusal;
  • Vladimir Strzhalkovsky — General Director, Chairman of the Management Board, MMC Norilsk Nickel.

Furthermore, auditors of RASRussian Accounting StandardsGo to the glossary and IFRSInternational Financial Reporting StandardsGo to the glossary accounting statements of the Company, as well as members of the Revision Commission were elected. Transactions involving liability insurance of the members of the Board of Directors and members of the Management Board of MMC Norilsk Nickel were approved.

The shareholders also approved the amount of remuneration to be paid to independent directors of the Board. The basic amount of an independent director’s remuneration shall be USD 120,000 per annum. If an independent director is a member of the Board Committee, he shall be paid an additional remuneration of USD 50 000 per annum. If an independent director presides over a Board Committee (Committees), he shall receive an additional remuneration in the amount of USD 150 000 per annum. If the Chairman of the Board of Directors is an independent director, his remuneration shall amount to USD 1 mln.

The above remuneration shall be valid from June 29, 2012 till the date, on which the relevant director ceases to carry out his professional duties as an independent member of the Board.

Results of the Meeting of the newly elected Board:

Following the AGM, the first meeting of the newly elected Board of Directors was held. At the meeting, Andrey Bougrov was elected as the Chairman of the Board of Directors.

Furthermore, the Board of Directors elected the following Chairmen of the Board’s Committees: Enos Banda as the Chairman of the Audit Committee; Bradford Mills asthe Chairman of the Strategy Committee; Marianna Zakharova as the Chairperson of the Corporate Governance, Nomination and Remuneration Committee; Claude Dauphin as the Chairman of the Budget Committee.

PJSC “MMC “NORILSK NICKEL” is a diversified mining and metallurgical company, the world’s largest producer of refined nickel and palladium and a leading producer of platinum, cobalt, copper and rhodium. The company also produces gold, silver, iridium, selenium, ruthenium and tellurium.

The production units of “NORILSK NICKEL” Group include Polar Division, located at the Norilsk Industrial District on Taimyr Peninsula, and Kola Mining and Metallurgical Company located on the Kola Peninsula in Russia as well as Harjavalta nickel refinery in Finland.

PJSC “MMC “NORILSK NICKEL” shares are listed on the Moscow and on the Saint-Petersburg Stock Exchanges. PJSC “MMC “NORILSK NICKEL” ADRAmerican Depositary Receipt; a security representing partial ownership in deposited securities of a foreign company certified by receipts issued by a US depositary bankGo to the glossarys trade over the counter in the US and on the London and Berlin Stock Exchanges.