June 29, 2006, Moscow - OJSC MMC Norilsk Nickel (‘MMC Norilsk Nickel’, ‘Company’) held the Annual General Meeting of its shareholders.

The Annual General Meeting approved the Annual Report, Annual Accounting Statements, including the Profit and Loss Account and distribution of profit and loss of the Company in 2005.

Upon advice of the Board of Directors the Annual General Meeting of the Company’s shareholders approved the amount of dividends payable upon the Company’s 2005 operating results at the rate of 96.49 rubles per ordinary share of the Company. Taking into account the dividends paid following the first 9 months of operation in 2005 the additional dividend upon 2005 performance amount to 53.49 rubles per ordinary share of the Company.

General Director, Chairman of the Management Board of MMC Norilsk Nickel Mikhail Prokhorov delivered a report to shareholders stating that in the reported year the Company has once again demonstrated impressive performance. Market capitalization of OJSC MMC Norilsk Nickel reached USD 20 billion due to the permanent favorable climate on the international market for metals produced by the Company as well as due to the successful implementation of strategic objectives set forward by management of the Company. The revenue of USD 7,169 million and net profit of USD 2,352 million represent the financial record high hit upon 2005 performance.

The major objectives included development of existing production plant, costs reduction, power and transport safety. The Company carried on activities to improve environment in the regions of its operational presence.

In the reported period the management of the Company focused on the gold assets spin off pursuing the major goal of raising the total market capitalization of the Group. The goal was achieved: aggregate market price of shares of MMC Norilsk Nickel and OJSC Polyus Gold largely exceed the market capitalization OJSC MMC Norilsk Nickel had enjoyed before the reorganization took place.

The Annual General Meeting elected the following persons as MMC Norilsk Nickel Board Members:

- Andrey E. Bugrov – Managing Director of Interros Holding Company;

- Guy De Selliers – member of Solvay S.A. Board of Directors; member of the Board of Directors of Wimm Bill Dann, Non-Executive Director of Allied Resources Corporation;

- Vladimir I. Dolgikh – President of the Management Board of the Krasnoyarsk Fellow-countrymen association;

- Andrey A. Klishas – General Director, Chairman of the Board of Interros Holding Company;

- Morgan Ralph Tavakolian – Deputy General Director, member of the Management Board of MMC Norilsk Nickel;

- Mikhail D. Prokhorov – General Director, Chairman of the Management Board of MMC Norilsk Nickel;

- Ekaterina M. Salnikova – Deputy Director for Corporate management at the Financial Department at the Interros Holding Company;

- Kirill L. Ugolnikov – Director of tax department of JSC “Vneshjurkollegia”;

- Heinz S. Shimmelbusch – Managing Director, partner of Safeguard International Fund L.P. (USA), Chairman of the Board and General Director of Allied Resources Corporation (USA).

In addition, the Annual General Meeting approved Rosexpertiza Company as Auditor of MMC Norilsk Nickel’s accounting reports prepared in accordance with Russian Accounting Standards and revised a number of other items.

The first meeting of the newly elected Board of Directors of MMC Norilsk Nickel was held after the Shareholders Meeting and the Board appointed Andrey A. Klishas, General Director, Chairman of the Board of Interros Holding Company, as Board Chairman of MMC Norilsk Nickel. Among other decisions, the Board Meeting elected the Audit Committee with Mr. Guy De Selliers, Mr. Kirill L. Ugolnikov and Mr. Andrey E. Bugrov as Audit Committee members.