Leading Producer of Base and Precious Metals Russian Economic Forum London April 2004

2 GIPRONIKEL HEADQUARTERS STILLWATER MINING COMPANY POLAR DIVISION KOLA DIVISION LENZOLOTO ZAO POLYUS MATROSOV MINE Montana USA Magadan Irkutsk Krasnoyarsk Norilsk Murmansk London Moscow Saint Petersburg Norilsk Nickel Overview 13%20%3% ~40% 1.3% 12% Market Share Metal Distribution Network London, UK Zug, Switzerland Hong Kong, China Pittsburgh, USA Distribution Network London, UK Zug, Switzerland Hong Kong, China Pittsburgh, USA

3 Source: Company reports Leading Market Positions in 2003 Largest Nickel Producers (% share of world production) Largest Palladium Producers* (% share of world production) Largest Platinum Producers* (% share of world production) Note: (*) Analysts’ estimate for Norilsk Nickel Largest Copper Producers (% share of world production) Largest Gold Producers (% share of world production, proforma for NN) ~ ~ Codelco Phelps Dodge BHP Billiton Rio Tinto Grupo Mexico Norddeutsche Aff KGHM Norilsk Nickel Newmont AngloGold Barrick Gold Fields Placer Dome Harmony Gold Rio Tinto Norilsk Nickel

4 Industry Leading Profitability EBITDA Margin (%) Key Financials* (USD in millions) Note: (*) The previously reported figures for 2001 have been restated to account for changes in the purchasing power of the Rouble (the measurement currency) and are stated in terms of the measurement unit current at the date of the balance sheet. For comparison purposes 2001 financial statements were restated to reflect asset revaluation, new accounting policies, and the introduction of some best practices in financial disclosure. Net profit was adjusted to exclude the non-cash-flow changes in fair value of an embedded derivative of USD 269 million ( USD 824 millions) Source: Company reports

5 Breakdown of Revenues ( % = USD million; management estimates) By metal By geography Nickel Copper Platinum Palladium Gold E Europe America Asia Russia

ARP (2003E) = Average Metal Prices in 2003 Nickel (USD per ton) Copper (USD per ton) Palladium (USD per ounce) Platinum (USD per ounce) Note: (*) Realized price of 60 tons pledged against the loan has been excluded from calculations * ARP (2003E) = ARP (2003E) = 693 ARP (2003E) = 197 Source: Bloomberg

7 PGM Markets Auto manufacturers started switching back from platinum to palladium in autocatalyst production boosting demand Automakers continue to destock palladium The palladium market is currently in a material surplus The platinum market is in deficit for the fourth consecutive year, and is expected to move into balance in 2005 as South Africa increases production Palladium Platinum & Palladium Price (LPPM) (in USD per ounce) Platinum/Palladium Price Ratio 3-year average Platinum Source: Bloomberg

8 Stillwater Acquisition Stillwater Mining Company In 2002 Stillwater produced 476,000 ounces of palladium and 141,000 ounces of platinum Transaction Norilsk Nickel acquired 55.5% of Stillwater’s common stock Consideration consisted of two parts: – USD 132 MM in cash – approximately 877,000 ounces of palladium Creating Value Provides a solid distribution platform for PGMs in the US, improving access to the key end-users Increased reliability and supply in the palladium market preempting the substitution effect and promoting the use of palladium Geographical diversification of the mineral resource base/reduction of country risk Stillwater Adjusted Share Performance Exchange Ratio (Ounces per share) 3-year average Source: Bloomberg

9 Palladium Sales in 2003 Contracts signed for 100% of annual production plan –95% of the sales contracts are for 1-year or longer –75% of the contracts are with end-users –Signed up many consumers from the dentistry industry in Europe Plan active promotion campaign to increase palladium usage Sales of PGMs in the US increased in the 2nd half of 2003 after closing of Stillwater transaction Sales Palladium Sales in North America (USD in millions) Platinum Sales in North America (USD in millions) 8.5x 7.5x

10 Nickel Market Overview Nickel Price ( LME, in USD per ton) Record year for nickel producers –Stainless steel demand growth of 6% in 2003 –Growing nickel consumption in China –Stainless steel production reached approximately 1 million tons –Reduction in production (-25 thousand tons) as a result of Inco strike –Market price reached 14-year high Tight nickel market in the next 2-3 years –No major expansion projects until 2006 (Voisey’s Bay) –Low volumes of available scrap Source: Bloomberg

E2004F Norimet and Exports Sales in Russia 2004 Sales/Production Forecast Nickel Sales Production rose to 238,800 tons in 2003, up 19,000 from 2002 level 70,000* tons delivered to the market from inventory Sales to Asia rose to 25% of overall export sales volume from 12% in 2002 May release additional 15,000 tons out of inventory** Nickel Sales (In thousand tons) Note: (*) Including 60 tons pledged against the loan; (**) forecast. * 15**

12 The Leading Gold Producer 100% stake acquired in Russia’s largest gold producer in October 2002 for USD 226 million One of the largest gold deposits in Russia - Olimpiadinskoye ZAO Polyus OAO Matrosov Mine OAO Lenzoloto A controlling stake of 50.7% acquired in August 2003 for RUR 1,033 million (~USD 34 million) Natalkinskoye deposit with proven reserves of 250 tons Feasibility Study underway 44.9% (58.6% voting) acquired in September 2003 for RUR 4,665 million (~USD 153 million) Reserves of 200 tons and resources of 100 tons “Key” to Sukhoi Log deposit With current annual production of 1.3 MM ounces, Norilsk Nickel is one the world’s 10 largest gold producers Norilsk Gold production as a by-product in the process of Nickel production in Taimyr Peninsula E Production

13 Acquisition of 20% stake in Gold Fields Ltd Gold Fields The 4-th largest gold producer Over 4.3 million ounces of attributable annual gold production 84 million ounces of mineral reserves Primarily operations in South Africa, Ghana and Australia Transaction Norilsk Nickel acquired approximately 98.5 million ordinary shares (20% stake) of Gold Fields from Anglo American Plc Total consideration USD 1,160 MM in cash –USD 400 MM – own cash –USD 800 MM – 6 months unsecured financing provided by Citigroup Global Markets at Libor plus 1.5% Creating Value Consistent with the strategy to increase Norilsk Nickel position in the gold mining industry Exploratory discussions on a broader alliance between Norilsk Nickel and Gold Fields Geographical diversification Attractive valuation – acquired at 7% discount to market price

14 Polyus Polar Division Gold has rallied steadily since the beginning of 2001, settling at the current level of above $400/tr.oz. Dollar weakening and risk aversion among investors and speculators are the key drivers Mine gold supply is likely to fall in the near term due to declining grades Liberalization of the Chinese gold sector is likely to result in long-term demand growth from this potentially important consuming nation Gold Market Gold Price & NN Group Production (USD per ounce(lhs); in millions of ounces(rhs)) Source: Bloomberg * Note: (*) Excluding Lenzoloto and Matrosov Mine

15 Further Development of Gold Business Acquisition of the mining rights for the Sukhoy Log deposit (reserves of 33MM ounces) would increase annual production by a further 0.9MM In December 2003 Polyus won the rights for geological survey and development of the Titimukhta gold field (reserves of 0.6MM ounces) Continuing geological exploration in existing mining areas Exploratory discussions with Gold Fields on a broader alliance Largest Gold Producers (in millions of ounces, proforma for NN) Source: Company reports Newmont AngloGold Barrick Gold Fields Placer Dome Harmony Gold Rio Tinto Norilsk Nickel

16 Payout of interim dividends Russian Parliament and President signed amendments to the law lifting the secrecy regime from PGM production and reserves data Election of further independent directors to the Board Awards and Recognitions Standard & Poor’s: improvement to 5 th position in 2003 from 13 th in 2002 in the Russian transparency and disclosure survey of Russia’s 45 largest companies –Survey based on three blocks of criteria: –Ownership structure and investor relations –Financial and operational information –Board and management structure and processes RTS and “Securities Market” magazine: Winner of the nomination for best annual report and #1 in “best information disclosure” in the sixth annual reports and websites contest featuring 85 Russian leading companies (December 2003) Investors Protection Association of Russia: most significant improvement in corporate governance (2002) Euromoney: Norilsk Nickel named “a leading company in Russia for corporate governance” in 2002 Corporate Governance Achievements

17 Transparency –Publish base metal reserves audit in accordance with international standards (Q1, 2004) –Publish PGMs production and complete PGMs reserves audit (Q4, 2004) Distribution –Further increase long-term contracts and share of direct sales to end-users –Enter into long-term agreements with major car producers Improve financial management –Continue reducing labor costs by reducing number of employees –Cut social costs 2004 Objectives

18 Optimize production –Implement development strategy released in 1Q 2003 –Finalize renovation of flash smelters at Nadezhda to increase efficiency and capacity (to increase recovery rate and cut costs of production) –Research collective flotation and high-grade matte leach refining technologies –Put Pelyatka natural gas field into operation as a major step towards implementing the long-term energy strategy Corporate Development –Evaluate domestic opportunities in gold and titanium –Consolidate gold assets into one company –Exploit opportunities in the restructuring of Russia’s power sector –Evaluate further opportunities 2004 Objectives (continued)

19 The Leading Mining Company Norilsk Nickel shares are traded on:  RTS (GMKN$ RU) and MICEX (GMKN4(5) RM) in Moscow  ADRs in New York (NILSY US), London (MNOD LI) and Berlin (NNIA GR) Norilsk Nickel Share Price Performance vs. Mining Indexes (in US dollars for NN; indexes adjusted to NN share price) Source: Bloomberg