UC RUSAL’s statement in connection with the voting on the Board of Directors of MMC Norilsk Nickel

　　Moscow, 24 August 2011 – UC RUSAL (SEHK: 486, EuroNext: RUSAL/RUAL, MICEX: RUALR, RTS: RUAL), the world’s largest aluminium producer and owner of a 25% stake in MMC Norilsk Nickel, considers it necessary to state the following.

 

　　RUSAL’s representatives on the Board of Directors of Norilsk Nickel voted ‘against’ the proposal to purchase RUSAL’s 15% stake in MMC at USD306 per share. Regardless of whom receives such offer, RUSAL or the entire market, we continue to believe that buybacks conducted by the company’s management through the subsidiaries of MMC, are in the interests of the management itself and of the Interros group and do not meet the interests of all the shareholders of the company. The offer to RUSAL is not in the interests of Norilsk Nickel and destroys the company’s shareholder value. The management of MMC, instead of investing in the development of the company, which raises its value, and contributing to resolving the shareholder conflict, continues to defend their own interests and the interests of only one shareholder, namely the Interros group.