Press release not for distribution, directly or indirectly, in or into The United SNITED

OJSC “Mining and Metallurgical Company Norilsk Nickel” today priced US$500 million of 7.125% Notes due 30 September 2009.  Citigroup and Morgan Stanley acted as joint bookrunners and joint lead managers of the issue.  The issue was more than four times over-subscribed.

The issuing entity of the Notes is Norilsk Nickel Finance Luxembourg S.A., a special purpose entity incorporated in Luxembourg, and the Notes are unconditionally and irrevocably guaranteed by OJSC  “Mining and Metallurgical Company Norilsk Nickel”.  The proceeds of the issue will be used for general corporate purposes.

S&P and Moody's recently published ratings for the issue of BB and Ba2, respectively.

OJSC “Mining and Metallurgical Company Norilsk Nickel” is the world’s largest producer of nickel and palladium, and a major producer of platinum, copper, gold and cobalt.

Stabilisation: FSA/IPMA

These materials do not constitute an offer of any securities for sale in the United States, nor may the securities be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder.  No securities are being registered for offer or sale in the United States and no public offering of the securities in the United States will be made.

This announcement is being distributed only to, and is directed at (a) persons outside the United Kingdom, (b) persons who have professional experience in matters relating to investments who fall within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “Order”) or (c) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”). The securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents.

This press release is not a public offer or advertisement of securities in the Russian Federation, and is not an offer, or an invitation to make offers, to purchase any securities in the Russian Federation.

Forward-looking statements.  Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of OJSC “Mining and Metallurgical Company Norilsk Nickel”.  We caution you that these statements are not guarantees of future performance and future performance involves risks, uncertainties, and assumptions that we cannot predict with certainty.  Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements.  We do not intend to update these statements to make them conform with actual results.