Board Meeting Thursday 23rd September 2010

Following a period of review, and after a visit to the Norilsk mining and production facilities,  which highlighted the size and scale of the operations and the quality of the technical management team, Gerard Holden and Brad Mills, independent non-executive directors of MMC Norilsk Nickel, presented a series of recommendations to today's Board of Directors in Moscow.  These covered corporate governance, medium term planning, capital structuring, environment and marketing.  As a result the Board discussed the recommendations and encouraged management to accelerate development of a number of programmes for review by the Board.  The recommendations presented today are aimed at assisting management to maximise the value of the world's leading nickel and palladium producer.  Representatives of both major shareholders supported our recommendations.