Polyus Gold Shareholders Approve First Decision - press-release by MMC Norilsk Nickel.

In accordance with reorganization plan in the form of spin-off organizational General Meeting of Polyus Gold’s shareholders was held on March 3, 2006. Pursuant to the approved Procedure and conditions of the spin-off dated 30 September and the decision of MMC Norilsk Nickel’s Board of Directors dated December 16, 2006 the agenda of the General Meeting was as follows:

Thus the following members were elected to Polyus Gold’s Board of Directors:

1. Brayko Valery Nikolaevich	Chairman of Gold Mining Association Independent Director
2. Ivanov Evgeny Ivanovich	President, CJSC Polyus
3. Klishas Andrey Aleksandrovich	General Director, Interros Holding Company
4. Lord Gillford	Director, Founding partner of The Policy Partnership Limited Independent Director
5. Morozov Denis Stanislavovich	Deputy General Director, member of the Management Board of MMC Norilsk Nickel
6. Prokhorov Mikhail Dmitrievich	General Director, Chairman of the Management Board, MMC Norilsk Nickel
7. Rodney B. Berens	Founding partner of Berens Capital Management, LLC Independent Director
8. Rudakov Valery Vladimirovich	Chairman of the Board of Directors, CJSC Polyus
9. Salnikova Ekaterina Mikhailovna	Deputy Director of Finance Department (corporate governance), Interros Holding Company

Mr. Eugeniy Ivanov, President of ZAO Polyus since March 1, 2004, was elected to the post of General Director of Polyus Gold.

More detailed information on reorganization in the form of spin-off can be found:

http://www.nornik.ru/en/shareholders/goldseparation/

The next steps for the spin-off of gold assets:

March, 2006: State registration of Polyus Gold.
March - April, 2006: Registration of the report on results of the new share issuance, the shares of Polyus Gold are to be transferred to the shareholders and the Depositary of MMC Norilsk Nickel’s American Depositary Shares (ADS) - Bank of New York - for the owners of Norilsk Nickel’s ADS.
April, 2006: Polyus Gold will apply for listing at one or several Russian stock exchanges.
May, 2006: Registration of Level 1 ADR program for the shares of Polyus Gold if all necessary permits are obtained. Foreign investors will receive Polyus Gold’s ADS.