Moscow, June 16, 2003 – The Federal Trade Commission (FTC) today granted early termination of the Hart-Scott-Rodino Act waiting period for the stock purchase transaction between the Norilsk Nickel and Stillwater Mining Company clearing the way for the acquisition to become final.

Additionally, the stockholders of Stillwater Mining Company voted in favor of the proposed transaction with Norilsk Nickel at a special meeting of stockholders today.

At the closing of the transaction, Norilsk Nickel will acquire 51percent of Stillwater in newly issued shares in exchange for $100,000,540 in cash and approximately 877,000 ounces of palladium. Norilsk Nickel expects that the transaction will close later this month.

Mikhail Prokhorov, general director of Norilsk Nickel, said, “We strongly believe that the Stillwater transaction is in the best interests of our shareholders and customers. The transaction represents an investment in an excellent mining and metallurgical assets and an opportunity to increase our palladium sales in North America. This transaction is our first investment in North America and we are committed to making it a success”.

Norilsk Nickel is one of the world’s leading mining companies and is the world’s largest producer of nickel and palladium. Norilsk Nickel is also one of the leading producers of copper, platinum and gold. More information on MMC Norilsk Nickel can be found at its Web site: www.nornickel.ru.

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