1. NORILSK NICKEL A leader in platinum group metals Peter Holodny, President Norimet Limited London, May 22, 2003

2. NORILSK NICKEL

3. Background – Norimet Limited Incorporated March 13, 1997 Incorporated March 13, 1997 100 % subsidiary of Norilsk Nickel 100 % subsidiary of Norilsk Nickel Exclusive sales and marketing arm of Norilsk Nickels base metals Exclusive sales and marketing arm of Norilsk Nickels base metals Since May 2002 – exclusive sales and marketing arm of Norilsk Nickels PGMs Since May 2002 – exclusive sales and marketing arm of Norilsk Nickels PGMs

4. Periodic Table of Elements 13%18%3% >40 % 1% 16% Market Share Metal

5. A Leading World Producer of Palladium Largest primary palladium producers in 2002 (Estimated share of world production) 19%19% 11%11% 8% 6% >40% Norilsk Nickel Anglo Platinum Impala Platinum StillwaterLonmin 0% 10% 20% 30% 40% 50% Source: HSBC market research

6. 0% 10% 20% 30% 40% 50% A Leading World Producer of Platinum Largest primary platinum producers in 2002 (Estimated share of world production) 38% 22%22% 13% 12% 3% Anglo Platinum Impala Platinum Norilsk Nickel LonminInco Source: HSBC market research

7. PGMs Sales Strategy Independence in marketing of palladium and other PGMs Independence in marketing of palladium and other PGMs Focus on relations with end-users Focus on relations with end-users Establish long-term contracts with end- users Establish long-term contracts with end- users Sales to intermediaries for distribution to end-users Sales to intermediaries for distribution to end-users

8. One Year PGMs Signed contracts with end-users of palladium and other PGMs in various industries: car manufacturers, dental alloys producers, chemical, pharmaceuticals and electronics companies Signed contracts with end-users of palladium and other PGMs in various industries: car manufacturers, dental alloys producers, chemical, pharmaceuticals and electronics companies Over 75 per cent of what the market believes is Norilsk Nickel annual production of palladium is contracted with end-users Over 75 per cent of what the market believes is Norilsk Nickel annual production of palladium is contracted with end-users

9. Breakdown of Pd Customers by Industries Auto Industry – 34 % Auto Industry – 34 % Dental Industry – 30 % Dental Industry – 30 % Electronics Industry – 19 % Electronics Industry – 19 % Chemical Industry – 10 % Chemical Industry – 10 % Jewellery and others – 7 % Jewellery and others – 7 %

10. 2003 Objectives – PGMs Further expansion of client base of palladium and other PGMs users Further expansion of client base of palladium and other PGMs users Continued palladium supply reliability Continued palladium supply reliability Promotion of use of palladium as an efficient technical precious metal among traditional consumers of the metal Promotion of use of palladium as an efficient technical precious metal among traditional consumers of the metal

11. 2003 Objectives – PGMs (continued) Promotion of use of palladium in new industries Promotion of use of palladium in new industries Expansion of marketing effort in gold Expansion of marketing effort in gold Completion of acquisition of Stillwater Mining Company Completion of acquisition of Stillwater Mining Company