The number of those wishing to sell Norilsk Nickel ‘s shares was bigger than required

MMC Norilsk Nickel announces the results of the tender of applications by shareholders in connection with the buy-back by the Company of its outstanding shares pursuant to a resolution of the Board of Directors of Norilsk Nickel dated August 22, 2008.

For record, Norilsk Nickel announced on August 22, 2008 that it would buy back up to 7,947,000 of its shares (about 4% of the share capital of Norilsk Nickel) at a price of RUB 6,167 for one share. Applications for the buy-back of shares by the Company from shareholders wishing to sell their shares were accepted at the offices of the Company registrar, CJSC National Registry Company, in the period September 29, 2008 to October 28, 2008.

A total of 5094 duly completed applications were received from shareholders tendering their shares for sale. The total number of shares indicated in all of the applications received from shareholders amounted to 110 530 008 shares.

Since the total number of shares tendered for sale exceeded 7,947,000, shares will be purchased from shareholders on a pro rata basis to the number of shares tendered in the applications received. To determine the number of shares to be purchased by the Company from each shareholder tendering an application, the number of shares initially indicated by the shareholder in the tender application must be multiplied by a factor of 0,07189902673. Such factor was calculated by dividing the overall maximum number of shares that could have been bought by the Company from all shareholders – 7,947,000 shares, by the total number of shares indicated in all of the applications received from Company shareholders – 110 530 008.

To transfer shares to the Company shareholders whose applications have been accepted, or their authorized representatives, must come in to the office of CJSC National Registry Company where they tendered their applications for the sale of their shares once more to sign a share purchase agreement and instrument of transfer prior to the expiration of the period established for completion of the buy-back of shares by the Company – November 27, 2008.

The Company shall effect cash payment for the purchased shares in rubles within the period stipulated in the share purchase agreements to be executed with shareholders – namely, within a fifteen-day period from the date the shares are entered on the account of Norilsk Nickel in the Company share register.