On November 23, 2004 MMC Norilsk Nickel (Company) extraordinary general shareholder meeting approved the distribution of interim dividend in the amount of 41.4 RUR per share.

The interim dividend is to be paid following the recommendation of the Board of Directors based on the performance of MMC Norilsk Nickel in the first 9 months of 2004. The Board of Directors took into account the exceptional financial results of MMC Norilsk Nickel for the period reflecting strong market fundamentals and pricing environment. The decision to pay interim dividend is in line with Company’s mission to increase shareholder value.

The Board of Directors expects that the total annual dividend in 2004, including interim dividend for the first 9 months of 2004, will be in line with the Company’s dividend policy (20%-25% of the net profit calculated in accordance with IFRS).

The interim dividend will be paid out by December 31, 2004.