The MMC Norilsk Nickel Annual General Meeting of shareholders took place in Moscow on June 24, 2004.

The meeting approved the company’s annual report, the accounts for the year, including the profit and loss account, the allocation of profits and losses made by MMC Norilsk Nickel in 2003. On the recommendation of the Board of Directors, the shareholders’ meeting approved a dividend on the results for the year in accordance with the dividend that had already been paid for the 9 months of 2003, which came to 42.1 roubles on each share.

As the General Director and Chairman of the Management Board Mikhail Prokhorov observed in his speech, the past year has been an outstanding one with regard to the company’s results. MMC Norilsk Nickel has made noticeable strides forward in realising its long-term strategy, which is aimed at increasing share value. The company’s market capitalisation grew by 68 % in comparison with the previous year and exceeded $12 billion.

Among others, the following achievements in 2003 were remarked upon:

× Improving financial results;
× The approval and inception of the programme for production and technical development to 2015;
× The reform of the distribution network and improved marketing results;
× The completion of the acquisition of Stillwater;
× The consolidation of gold assets in Russia
× The adoption of international environmental standards and the further reduction of harmful emissions;
× The completion of the labour dispute and preparation of the plan for socio-economic development to 2015.

MMC Norilsk Nickel continues to raise its level of transparency in its operations. For the first time in the history of the company, the annual report for 2003 included an audit of non-ferrous metal reserves in the Talnakh, Oktyabrski and Zhdanovski fields.

The meeting elected the following candidates to the Board of Directors:

Andrey Bugrov, Director of the Investment Department, Deputy Chairman of the Management Board of the Interrros Holding Company;
Guy de Selliers, member of the Board of Directors of Wimm Bill Dann and Solvay S.A.
Vladimir Dolgikh, Chairman of the Management Board of the Krasnoyarsk Friendly Society;
Andrey Klishas, General Director and Chairman of the Management Board of the Interros Holding Company;
Mikhail Prokhorov, General Director, Chairman of the MMC Norilsk Nickel Management Board;
Leonid Rozhetskin, Deputy Chairman of the MMC Norilsk Nickel Management Board;
Ronald Freeman, Honorary Co-Chairman of the International Centre for Tax and Investments;
Ekaterina Salnikova, Director of Corporate Structures for the Interros Holding Company;
Heinz Schimmelbusch, Managing Director of the Safeguard International Fund.

At the first meeting of the Board of Directors, Andrei Klishas, the General Director and Chairman of the Management Board of the Interros Holding Company, was elected as Chairman of the Board of Directors.

The meeting approved Rosekspertiza as its auditor.

The meeting also established the levels of remuneration and expense allowances for its independent directors – the members of the Board of Directors of MMC Norilsk Nickel.