Rusal welcomes the new board at Norilsk Nickel

Rusal is pleased that all candidates supported by Rusal have been elected to the Board of Norilsk Nickel including Mr Alexander Voloshin, a senior statesman and prominent Russian business leader, and Harvard Professor Lucian Bebchuk, a landmark figure for international institutional investors. This will help improve corporate governance at Norilsk Nickel and introduce proper practices and standards for the protection of minority shareholders.

Rusal also welcomes the election to the Board of Mr Farhad Moshiri, a representative of Mr Alisher Usmanov. His presence on the Board will help to restore the balance of interests and representation of all major shareholders.

Rusal is supporting the election of Mr Voloshin as chairman of the board of Norilsk Nickel and looks forward to working with the new board to restore the balance of interests of all shareholders, improving the executive management and promoting better corporate governance at Norilsk Nickel including restricting voting of quasi-treasury shares by management and bringing under the control of the board the affairs of MMC's subsidiaries some of which have in the past conducted undisclosed business without board review or approval.

Rusal is confident that the composition of the new Board will allow for a more independent governance of the MMC.

Rusal would like to take this opportunity to thank all shareholders who have supported the re-election of the board in recognition of the need to improve corporate governance at Norilsk Nickel. Rusal is looking forward for a continued dialogue and interaction with all like-minded shareholders of Norilsk Nickel who are interested in the long-term dynamic development of the company in the interest of all shareholders.