June 2, 2004.


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MMC Norilsk Nickel Bunch Examined Merged Yearly Money related Explanations 31 December 2003. June 2, 2004. Premise of presentation.
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MMC Norilsk Nickel Group Audited Consolidated Annual Financial Statements 31 December 2003 June 2, 2004

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Basis of presentation The solidified yearly money related proclamations have been readied in consistence with International Financial Reporting Standards (IFRS) and reviewed by Deloitte & Touche as per ISA The presentation coin - the United States of America Dollar

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Consolidated pay articulation

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Consolidated accounting report

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Consolidated income explanation (In a large number of US dollars) 2 000 (616) 1 500 603 (464) 1 653 (486) 1 000 25 (625) 788 500 781 (97) 205 0 Cash at the Cash stream Cash stream Cash stream Effects of Net money start of from working from contributing from financing swelling toward the end of the year* the year movement action - 2002 information * - Cash is demonstrated net of bank overdraft

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Metal costs for joint items Nickel ( Ni) Copper (Cu) Platinum (Pt) Palladium (Pd) Gold (Au) Cu US dollars per ton ( Cu ); US dollars per ounce (Pt, Pd, Au) Ni US dollars per ton (Ni) Pt Au Pd 1 July 2002 1 July 2001 1 January 2001 1 July 2003 1 January 2002 1 January 2003 1 January 2004 Source: Bloomberg; LME; LPPM

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Revenues Sales volume (In a huge number of US dollars) +68% - 29% 5 196 4 382 3 094 2001 2002 2003 38% 54% 55% Nickel 23% 16% 19% Copper 6% 12% 30% Palladium 13% 10% 12% Platinum 4% 7% Gold 1%

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Sales volumes (In a great many US dollars) TO BE UPDATED Nickel Copper Palladium Platinum Gold Including household deals 60 68 133 47 131 171 1 - 1 - 3 27 113 356

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Sales by locale Sales volume (In a great many US dollars) 2002 2003 Russia 13% Other s 10% 1% Others 0% North America 9% North America 100% = 5 196 100% = 3 094 Asia 13% Europe 8% 62% Europe Asia 72% 12%

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1500 1200 966 900 600 301 300 0 2002 2003 Physical volumes deals Nickel deals (Tons in thousand) Copper deals (Tons in thousand) Gold deals ( In ths ounces ) 70 from inventories Norimet & trade s beers Norimet & send out deals Domestic deals Domestic deals

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Cash working expense

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Cash cost per unit Polar Division Polar Division Polar Division Polar Division Kola Division Kola Division Kola Division ZAO Polyus Production expense of Nickel (In US dollars per ton) Production expense of Copper (In US dollars per ton) Production expense of gold (In US dollars per ounce)

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Social Costs Social costs* (In a great many US dollars) 300 - 4 2 % 252 200 - 1 % 1 46 100 1 31 0 2001 2002 2003 Note: (*) Social expenses incorporate costs on upkeep of social circle offices and gifts

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Change in working capital (In a great many US dollars) - 13% - 19% - 39% - half +23% +14% NOTE: 2002 information incorporates combination of most recent two months consequences of ZAO Polyus 2003 information incorporates union of last two quarters aftereffects of Stillwater Mining Company and entire year consequences of ZAO Polyus

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Debt structure (In a large number of US dollars) Current segment of long haul borrowings Short-term borrowings Long-term borrowings NOTE: 2002 information incorporates solidification of most recent two months aftereffects of ZAO Polyus 2003 information incorporates union of last two quarters consequences of Stillwater Mining Company and entire year consequences of ZAO Polyus

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Capital use in 2003 ( In a great many US dollars) 2002 2003 NOTE: 2002 information incorporates union of most recent two months consequences of ZAO Polyus 2003 information incorporates union of last two quarters consequences of Stillwater Mining Company and entire year aftereffects of ZAO Polyus

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