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News

UC Rusal

UC RUSAL : 08 February, 2011  (New Product)
In relation to the press-release distributed yesterday by Corbiere Holdings Limited (
As it was announced yesterday, Rusal had obtained an interim order in the Nevis courts restraining Corbiere and Raleigh, which are both subsidiaries of MMC Norilsk Nickel, from voting quasi-treasury shares of Norilsk Nickel and prohibiting them from transferring or disposing of such shares.

Yesterday Corbiere made a public statement that allegedly the Nevis order prohibits it from taking action to complete the buyback of Common Shares and ADRs of Norilsk Nickel pursuant to the Offer Memorandum of 29 December 2010. Corbiereís announcement misconstrues the terms and scope of the Nevis order. The Nevis order does not prohibit Corbiere from completing the buyback, completion of which had been publicly announced by Corbiere on 24 January 2011. This was placed in evidence before the Nevis court.

Rusal has today written to Corbiere to make the position clear.
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