An extraordinary general meeting of MMC Norilsk Nickel shareholders, held in Moscow on December 29, 2003, has approved the level of interim dividends at 42.1 RUR per share.

The interim dividends are to be paid in accordance with an offer made by the company's Board of Directors based on results for 9 months of 2003. The Board of Directors took into account the exceptionally successful results of the company's activities, which reflected the favourable condition of the metals markets during the course of the 9 month period in question. The decision to pay interim dividends is in line with the company's general policy, which is aimed at increasing the income of its shareholders. The total sum of the dividends to be paid on ordinary nominal undocumented MMC Norilsk Nickel shares comes to 9 billion RUR.

Payment of the dividends will be carried out by February 28, 2004.