The Appelate chamber of Swiss Federal Criminal Court confirmed decision of Swiss Federal Prosecutor Office not to start investigation pursuant to the criminal complaint filed by Mr Oleg Deripaska against Mr Potanin, his Interros and Norilsk Nickel. Swiss legal system looked into claimant arguments and considered them unsustainable. Interros welcomes this decision. For the past several years Mr Deripaska and his RusAl filed approximately 20 claims in various forums against Interros and Norilsk Nickel. In almost all cases the claims were not supported or taken into examination. Some foreign courts even ruled that RusAl claims were abuse of legal process. Interros believes that Swiss Federal Criminal Court decision demonstrates once again that RusAl claims are baseless despite of unprecedented PR campaign which may have been seen as an attempt to affect Swiss legal system.

This is not the first time that Mr. Deripaska tries to discredit Vladimir Potanin, Interros company and Norilsk Nickel in courts of various jurisdictions. Every businessman is free to choose his own style of conducting business even up to a corporate blackmail and builds himself a reputation. We do regret that such businessmen put their own ambitions higher than reputation of Russian business and Russian Federation.

The AGM of MMC Norilsk Nickel took place June 21st. Four Interros representatives were elected to the Board of Directors: Sergei Barbashev, Andrei Bougrov, Marianna Zakharova, Larissa Zelkova. The rest of the Interros votes were given to the independent directors B.Mills and E.N.Banda, recommended by ISS/Risk Metrics, who also were elected to the Board. On the first Board meeting Interros representatives supported the proposal of independent directors to elect A.Bourgov as Chairman of the Board. The unique professional experience and many years of Norilsk Board membership give reason to believe that under Mr.Bougrovs leadership the Board will concentrate on the Norilsk Nickel strategy.

Today the EGM of MMC Norilsk Nickel took place. The agenda of the shareholder meeting included two items: pre-term termination of powers of the Board members and election to the Board of Directors of MMC Norilsk Nickel. Interros, the largest shareholder in Norilsk, voted to terminate the current Board and supported its candidates to the new Board: S.Barbashev, A.Bougrov, M.Zakharova, L.Zelkova. The rest of the Interros votes were given to the independent directors B.Mills and G.Holden recommended by ISS/Risk Metricsas well as to A.Klishas. Lately Interros has increased its holding of shares in Norilsk Nickel. At present it is less than 30%.

Vladimir Potanin, president of Interros, has sent a proposal to Rusal chairman Viktor Vekselberg to start negotiations on buying of Norilsk Nickel shares owned by the aluminium company. Vladimir Potanin is ready to head a pool of investors which may include on board Interros, Norilsk Nickel Pension Fund, MMC itself, as well as a number of Russian and western financial investors. In the address to Mr. Vekselberg the sum of $9 bn is presented as a market price of the above-mentioned shares.