Moscow, 7 October 2008 – UC RUSAL, which owns 25% plus two shares of Norilsk Nickel, believes that it is necessary to issue the following clarification in light of the abrupt drop in Norilsk Nickel’s shares:

Yesterday’s fall in Norilsk Nickel’s share price on the Russian and international markets has no connection with the stake owned by UC RUSAL.

UC RUSAL considers its investment in Norilsk Nickel to be a strategic stake and has no intention of selling its stake.