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Norilsk Nickel MMC

March 29, 2003

Norilsk Nickel submits nominees to the Board of Directors of Stillwater Mining Company

In accordance with the Stock Purchase Agreement signed between MMC Norilsk Nickel and Stillwater Mining Company, Norilsk Nickel nominated the following five candidates to the Board of Directors of Stillwater:

1. Mr. Craig L. Fuller – President and CEO, National Association of Chain Drug Stores;
2. The Honorable Donald W. Riegle Jr. – Chairman of Governmental Relations, APCO Inc.;
3. Mr. Todd D. Schafer – Partner, Hogan & Hartson LLP;
4. Mr. Jack E. Thompson – Director, Barrick Gold Corp. and Phelps Dodge Corp.
5. Mr. Steven S. Lucas - a partner in the California law firm of Nielsen, Merksamer, Mueller, Parrinello & Naylor.

All of Norilsk Nickel’s nominees, except for Mr. Schafer, will meet the independence requirements of the New York Stock Exchange.


MMC Norilsk Nickel signed the definitive agreements to acquire 51% of Stillwater Mining Company on November 20, 2002.

In December 2002, the Committee on Foreign Investments of U.S. Department of Treasury approved the transaction in accordance with the Exon-Florio Amendment to the Defense Production Act.

On January 27, 2003 the Ministry of Economic Development and Trade of the Russian Federation granted to Norilsk Nickel its approval of the transaction. Norilsk Nickel has also applied for the permission of the Central Bank of the Russian Federation.

On March 4, 2003 MMC Norilsk Nickel completed the delivery of approximately 877 thousand ounces of palladium into its account with JPMorgan Chase Bank in London established for the delivery of the palladium consideration under the Stock Purchase Agreement.

As was stated in a press release by Stillwater on March 20, 2003, Stillwater has completed negotiations with a syndicate of banks and received an amendment to its credit agreement that allows the transaction to proceed subject to shareholder approval, completion of review under the Hart-Scott-Rodino Antitrust Improvements Act and other conditions.

Norilsk Nickel is in the process of providing information to the U.S. Federal Trade Commission in response to a request for additional information issued by the Federal Trade Commission as part of its review of mergers and acquisitions reported under the HSR Act.

The definitive agreements anticipate the transaction to close no later than September 30, 2003.

Biographies of the Norilsk Nickel Nominees

Craig L. Fuller, age 52, has been the President and Chief Executive Officer of the National Association of Chain Drug Stores, a national and international trade association representing the chain pharmacy industry, since 1999. Mr. Fuller was the Chairman of the Global Board Services Practice and Managing Director of Korn/Ferry International, an executive recruiting firm, from 1996 to 1999. From 1981 to 1985, he served as assistant for Cabinet Affairs to President Ronald Reagan and from 1985 to 1989 he served as the Chief of Staff to Vice President George Bush. Mr. Fuller is a director of Capital Automotive, the United States Chamber of Commerce and the National Association of Chain Drug Stores.

The Honorable Donald W. Riegle Jr., age 65, has been the Chairman of Government Relations at APCO Worldwide Inc., a global public affairs and communications company, since April 2001. Mr. Riegle was the Deputy Chairman of Shandwick International, a public relations and communications management firm, from 1995 to 2001. He also served as a United States Senator from 1976 to 1994 and in the House of Representatives from 1975 to 1977. Mr. Riegle is a director of Anthem Inc. and Tri-Union Development Company.

Todd D. Schafer, age 41, is an attorney at Hogan & Hartson L.L.P., a law firm based in Washington D.C. He joined Hogan & Hartson L.L.P. in December 1995 and has been a partner since January 1998. Prior to joining Hogan & Hartson, Mr. Schafer worked at another leading law firm, Covington & Burling, from 1989-1995. Mr. Schafer has graduate degrees fromHarvard Law School (J.D. 1989) and Oxford University (M. Phil. 1986).

Jack E. Thompson, age 53, has been the Vice Chairman of Barrick Gold Corporation, a multi-national gold mining company, since December 2001, and an independent mining consultant since December 2001. From 1981 to 2001, he held various positions with Homestake Mining Company, a gold mining company, before it was acquired by Barrick Gold, including President from August 1994 to April 1999, Chief Executive Officer 1996 ? 2001 and Chairman of the Board 1998 ? 2001. Mr. Thompson is a director of Barrick Gold Corporation and Phelps Dodge Corporation, a copper mining company.

Steven S. Lucas, before joining Nielsen Merksamer in 1995, was a litigation associate at Sullivan & Cromwell in Los Angeles; and served as a law clerk to Chief Justice Malcolm M. Lucas at the California Supreme Court. He is a graduate of Harvard Law School.



Copyright © 2002 JSC MMC "Norilsk nickel"




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