Today, on March 3, 2006 the first General Meeting of shareholders of Polyus Gold, OJSC has taken place. Polyus Gold is being created within the spin-off from MMC “Norilsk Nickel” of its gold mining assets.

The Agenda of the meeting included:

1. Election to the Board of Directors of Polyus Gold, OJSC.
2. Formation of a single-person executive body of Polyus Gold, OJSC (General Director).
3. Election to the Revision Commission of Polyus Gold, OJSC.
4. Approval of the Charter of Polyus Gold, OJSC.
5. Approval of the Regulations on the General Meeting of shareholders of Polyus Gold, OJSC.
6. Approval of the Regulations on the Board of Directors of Polyus Gold, OJSC.
7. Approval of the Auditor of Polyus Gold, OJSC.

The Board of Directors of MMC Norilsk Nickel recommends to support the election of Mr. Evgueni Ivanov as General Director of Polyus Gold, OJSC.

 Eleven candidates have been nominated to be elected to the Board of Directors, which has nine seats.

•     Brayko Valery Nikolaevich, Chairman of Gold Mining Association
•     Ivanov Evgeny Ivanovich, President, CJSC Polyus
•     Klishas Andrey Aleksandrovich, General Director, Interros Holding Company
•     Lord Gillford, Director and Founding partner of The Policy Partnership Limited
•     Morozov Denis Stanislavovich, Deputy General Director, member of the Management Board of MMC Norilsk Nickel
•     Prokhorov Mikhail Dmitrievich, General Director – Chairman of the Management Board, MMC Norilsk Nickel
•     Rodney B. Berens, Founding partner of Berens Capital Management, LLC
•     Rudakov Valery Vladimirovich, Chairman of the Board of Directors, CJSC Polyus
•     Salnikova Ekaterina Mikhailovna, Deputy Director of Finance Department (corporate governance), Interros Holding Company
•     Kostoyev Dmitry Ruslanovich, Deputy Director of Finance Department, Interros Holding Company
•     Parinov Kirill Yuryevich, General Director, CJSC HC Invest

In accordance with international corporate governance standards, 3 independent directors have been nominated to the Board, namely Lord Gilford, Mr. Rodney B. Berens and Mr. Valery Braiko.

The shareholders meeting is one of the final stages in the process of creating “Polyus Gold”, OJSC, Russia’s largest public gold mining company. All gold mining assets of MMC “Norilsk Nickel” including ZAO “Polyus” and its subsidiaries will be transferred into the new company.