On November 13, 2003, the MMC Norilsk Nickel’s Board of Directors has recommended to Extraordinary General Meeting of shareholders to pay extraordinary, interim dividend of RuR 42.1 per common share for the first 9 months of 2003. The Board of Directors has called the Extraordinary General Meeting of shareholders in the form of voting by ballot to be held on December 29, 2003. The Board of Directors has proposed to the EGM to pay the dividends by February 28, 2004.

The payment of extraordinary dividend is in line with the Company’s mission aiming at maximising shareholder returns and reflects strong operational and exceptional financial results of the Company due to high metals prices during the first 9 months of 2003. The Board of Directors will consider annual dividend for the year 2003 when consolidated annual financial results prepared under international accounting standards become available.