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June 2, 2004

MMC Norilsk Nickel Group Audited Consolidated Annual Financial Statements 31 December 2003. June 2, 2004. Basis of presentation.

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June 2, 2004

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  1. MMC Norilsk Nickel Group Audited Consolidated Annual Financial Statements 31 December 2003 June 2, 2004

  2. Basis of presentation • The consolidated annual financial statements have been prepared in compliance with with International Financial Reporting Standards (IFRS) and audited by Deloitte & Touche in accordance with ISA • The presentation currency - the United States of America Dollar

  3. Consolidated income statement

  4. Consolidated balance sheet

  5. Consolidated cash flow statement (In millions of US dollars) 2 000 (616) 1 500 603 (464) 1 653 (486) 1 000 25 (625) 788 500 781 (97) 205 205 0 Cash at the Cash flow Cash flow Cash flow Effects of Net cash beginning of from operating from investing from financing inflation at the end of the year* the year activity activity activity - 2002 data * - Cash is shown net of bank overdraft

  6. Metal prices for joint products 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 tonne (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

  7. Revenues Sales volume(In millions 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%

  8. Sales volumes (In millions of US dollars) TO BE UPDATED Nickel Copper Palladium Platinum Gold Including domestic sales 60 68 133 47 131 171 1 - 1 - - 3 27 113 356

  9. Sales by region Sales volume(In millions of US dollars) 2002 2003 Russia Russia 13% Others 10% 1% Others 0% North America 9% North America 100% = 5 196 100% = 3 094 Asia 13% Europe 8% 62% Europe Asia 72% 12%

  10. 1500 1200 966 900 600 301 300 0 2002 2003 Physical volumes sales Nickel sales(Tons in thousand) Copper sales(Tons in thousand) Gold sales (In ths ounces) 70 from inventories Norimet & export sales Norimet & export sales Domestic sales Domestic sales

  11. Cash operating cost

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

  13. Social Costs Social costs* (In millions of US dollars) 300 -42% 252 200 -11% 146 100 131 0 2001 2002 2003 Note: (*) Social costs include expenses on maintenance of social sphere facilities and donations

  14. Change in working capital (In millions of US dollars) -13% -19% -39% -50% +23% +14% NOTE: 2002 data includes consolidation of last two months results of ZAO Polyus 2003 data includes consolidation of last two quarters results of Stillwater Mining Company and full year results of ZAO Polyus

  15. Debt structure (In millions of US dollars) Current portion of long-term borrowings Short-term borrowings Long-term borrowings NOTE: 2002 data includes consolidation of last two months results of ZAO Polyus 2003 data includes consolidation of last two quarters results of Stillwater Mining Company and full year results of ZAO Polyus

  16. Capital expenditure in 2003 (In millions of US dollars) 2002 2003 NOTE: 2002 data includes consolidation of last two months results of ZAO Polyus 2003 data includes consolidation of last two quarters results of Stillwater Mining Company and full year results of ZAO Polyus

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