Moscow, 25 November 2008 – Interros Holding Company and UC RUSAL have reached a cooperation agreement in relation to MMC Norilsk Nickel in order to restore the value of the company and provide for its dynamic growth.

According to the agreement, the parties plan to coordinate their positions on the composition of the new Board of Directors that will be elected at the extraordinary general meeting of Norilsk Nickel shareholders on 26 December. This will ensure balanced representation of the interests of all shareholder groups. The parties consider optimal a variant when there will be four representatives from Interros and four from RUSAL, three independent directors, Norilsk Nickel General Director Vladimir Strzhalkovsky and one representative of the state on the new Board. At the next regular meeting of the Board of Directors, on 1 December, a list of candidates will be approved.

The parties also support the election of an independent candidate to chair the Board of Directors and plan to discuss the candidacy for this position during consultations with minority shareholders. RUSAL and Interros believe that the state will also support this candidacy as its representative.

The companies have reached mutual understanding regarding corporate procedures for decision-making on all major deals and other important matters, including dividend policy, raising finance, share capital matters and mergers and acquisitions.

Interros and UC RUSAL believe that their cooperation creates a solid guarantee for promoting the interests and observing the rights of all shareholders which is fundamental to the sustainable development of the company. It will strengthen the trust of the Russian and international community towards the company. The current world crisis is the best time to consolidate efforts and promote joint actions which will quickly restore the company’s value and provide for realization of its huge potential in the interests of all shareholders. This agreement is important for investment climate in Russia and will strengthen its status on the global market. It is an example of a well-thought strategy and search of the most effective solutions in complicated situations.