On February 17, 2004, the Federal Commission on Securities Markets of Russia granted an approval to MMC Norilsk Nickel to issue additional depositary receipts. The permission has been given for 30.4 million shares in addition to the 50 million shares, which have been already approved. As result, the total number of MMC Norilsk Nickel shares allowed for circulation outside Russia will not exceed 40 per cent of the total number of the Company’s shares outstanding. American Depositary Receipts for the shares of MMC Norilsk Nickel are issued by the Bank of New York and traded over-the-counter in the USA, UK and Germany.