OREANDA-NEWS. On May 21, 2009 At the regular meeting of the Board of Directors of OJSC MMC Norilsk Nickel (hereinafter - MMC Norilsk Nickel or the Company) that took place the following issues were considered, reported the Official website Norilsk Nickel:

I. Agenda of the Annual General Meeting (AGM) of shareholders.
The Board approved the AGM agenda as follows:

1. Approval of 2008 annual report of MMC Norilsk Nickel.

2. Approval of 2008 annual accounting statements including the profit-and-loss statement of MMC Norilsk Nickel.

3. Distribution of profits and losses of MMC Norilsk Nickel for 2008.

4. Dividends payable on the shares of MMC Norilsk Nickel for 2008.

5. Elections to the Board of Directors of MMC Norilsk Nickel.

6. Elections to the Revision Commission of MMC Norilsk Nickel.

7. Approval of the Auditor of the Russian accounting statements of MMC Norilsk Nickel.

8. Approval of the new version of the Charter of MMC Norilsk Nickel.

9. Approval of the new version of Regulations on the Board of Directors of MMC Norilsk Nickel.

10. Approval of Regulations on the Management Board of MMC Norilsk Nickel.

11. Remuneration and reimbursement of expenses incurred by independent members of the Board of Directors of MMC Norilsk Nickel.

12. The value of property being the subject of Indemnity Agreements with members of the Board of Directors and Management Board of MMC Norilsk Nickel.

13. Approval of interrelated interested-party transactions whereby the members of the Board of Directors and Management Board of MMC Norilsk Nickel shall be indemnified against damages.

14. The cost of liability insurance services for members of the Board of Directors and the Management Board of MMC Norilsk Nickel.

15. Approval of the interested-party transaction related to liability insurance for members of the Board of Directors and Management Board of MMC Norilsk Nickel.

As was announced earlier, the AGM of MMC Norilsk Nickel will be held on June 30, 2009 at 15:00 (Moscow time) in the PRESIDENT-HOTEL. The date of Register closing is May 26, 2009.

Information materials will be made available to shareholders in the offices of National Registry Company (the Registrar of MMC Norilsk Nickel) and posted on the corporate website www.nornik.ru no later than 20 days before the AGM.

II. Candidates to the Board of Directors.
The Board of Directors recommends that shareholders vote to elect Brad Mills and Gerard Holden as independent members of the Board of Directors. The Board and the management of MMC Norilsk Nickel appreciate their wide experience, knowledge and commitment to promotion of strategic development of the Company.

III. 2008 dividends.
The Board of Directors recommends that shareholders not declare dividend payout for the year 2008 thus supporting the conservative policy of the management in this regard.

IV. Changes in the Management Board of MMC Norilsk Nickel.
The Board of Directors decided to increase the number of members on the Management Board to nine persons. Evgeny Muravyov, a new member of the Management Board, will assume the post of General Director of OJSC Kola MMC (a subsidiary of MMC Norilsk Nickel) on May 26, 2009.

V. Information policy of MMC Norilsk Nickel.
The Board of Directors also approved draft Regulations on the Information Policy of MMC Norilsk Nickel. The purpose of this document, which was developed as part of the corporate governance system improvement, is to bring the corporate information policy in line with the best relevant standards. The Regulations are also required by the Code of Corporate Conduct of the Federal Commission for the Securities Markets (FCSM).   

VI. Treasury shares of MMC Norilsk Nickel.
The Board of Directors supported the proposal of the Management Board serving to the best interests of the Company, its shareholders and the state and decided to transfer the title to the Company’s treasury shares (about 4% of the authorized capital) to its subsidiaries: OJSC Norilsk Combine (2.5%) and OJSC Kola MMC (1.5%).

The management considers it reasonable to keep these shares within the Group of Norilsk Nickel, and believes in their long-term strategic investment attractiveness and price growth potential.

The Board of Directors took notice of the high level of the meeting preparation and the constructive attitude of its participants. All the resolutions were adopted by the Board unanimously.