On October 8, 2004, the MMC Norilsk Nickel’s (Company) Board of Directors has recommended to Extraordinary General Meeting (EGM) of shareholders to pay interim dividend of RuR 41.4 per share for the first 9 months of 2004. The Board of Directors has called the EGM of shareholders in the form of voting by ballot to be held on November 23, 2004. The record date for the shareholders entitled to interim dividend shall be October 8, 2004. The Board of Directors has proposed to the EGM to pay the dividends by December 31, 2004.

The decision to pay interim dividend is in line with the Company’s mission aiming at maximising shareholder returns and reflects strong results of MMC Norilsk Nickel due to high metals prices during the first 9 months of 2004. The Board of Directors expects that the total dividend payment for the year 2004, including interim dividend for the first 9 months of 2004, will be in line with the dividend policy of MMC Norilsk Nickel approved by the Board of Directors (20%-25% of the net profit calculated in accordance with international financial reporting standards).