UC RUSAL COMPLETES ACQUISITION OF STRATEGIC STAKE IN NORILSK NICKEL FROM ONEXIM GROUP

Moscow, 24 April 2008 - UC RUSAL, the worlds largest aluminium and alumina producer, is pleased to announce that it has completed the acquisition of a 25% plus one share stake in Norilsk Nickel from ONEXIM Group.



Commenting on the deal, Alexander Bulygin, CEO, United Company RUSAL, said:



We are delighted that our acquisition of 25% plus one share of Norilsk Nickel has been successfully completed. We have become a shareholder in one of the worlds largest producers of nickel, palladium, copper and platinum and have laid a solid foundation for the development of UC RUSAL as a diversified metals and mining corporation with huge growth potential. UC RUSAL has a positive track record of managing metals assets worldwide and intends to play an active role in implementing Norilsk Nickels development strategy. We will establish our relationship with the companys management and other shareholders based on the principles of partnership and contribute to the growth of the companys value in the interests of all shareholders.



UC RUSAL has nominated four candidates to the Board of Directors of Norilsk Nickel Victor Vekselberg, Oleg Deripaska and Alexander Bulygin, as well as Tye Burt, as an independent director. The knowledge, experience and professionalism of the nominees will contribute to the adherence to best practice corporate governance and observance of the rights and interests of all shareholders. The election of these candidates to the Board of Directors will be considered at the annual shareholders meeting of Norilsk Nickel in June 2008.



ONEXIM has received, under the terms of the deal, a 14% stake in UC RUSAL and a cash component. ONEXIM will also gain representation on the UC RUSAL Board of Directors. The stakes of other UC RUSAL shareholders are changed proportionally.



The acquisition of a stake in Norilsk Nickel by UC RUSAL has been approved by the antimonopoly authorities of seven countries, including the RF Antimonopoly Service.



The cash component of the deal has been supported by a syndicated loan provided by ABN Amro, Barclays Capital, BNP Paribas, Calyon, Credit Suisse, Goldman Sachs, ING, Merrill Lynch, Morgan Stanley, Natixis and UniCredit Group.




About UC RUSAL:



United Company RUSAL (www.rusal.com) is the global leader in the aluminium industry, accounting for approximately 12% and 15% of global production of aluminium and alumina respectively. The company was founded in March 2007 through the merger of RUSAL, SUAL, and the alumina assets of Glencore. UC RUSAL sells its products in 70 countries worldwide and employs 100,000 people in 19 countries, across 5 continents.



About ONEXIM Group



ONEXIM Group, a private investment fund with over USD 25 billion in assets, was founded in 2007 and has a diversified portfolio of investments in the metals and mining sector, energy, including fuel cell and nanotechnology, financial services, media and real estate.
About Norilsk Nickel



MMC Norilsk Nickel (www.nornik.ru) is the largest public metals and mining company in Russia and the world's largest producer of nickel and palladium and one of the world's largest producers of platinum and copper. Production assets of the company are located in Russia, Australia, Botswana, Finland, South Africa and the United States. The shares of MMC Norilsk Nickel are traded on MICEX and RTS in Russia, and the companys ADRs are traded in London, New York and Berlin.




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