Content of Annual Report 2005

Overview of OJSC MMC Norilsk Nickel including its gold mining assets. Corporate mission and strategic objectives
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Operating and IFRS financial highlights of the Group
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Letter from the General Director - Chairman of the Management Board
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Letter from the Chairman of the Board of Directors
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2005 results and main tasks for 2006–2007
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Risk factors
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MMC Norilsk Nickel not including gold mining assets (Polus)

Review of market developments
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Description of key operating assets
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Management structure reform
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Mineral resources and ore reserves
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Review of operating performance
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Capital investments
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Review of sales performance
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Commitment to environmental protection
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Implementation of a quality and environmental management system in accordance with international standards
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Review of financial performance of Norilsk Nickel Group not including gold mining assets (Polus) in 2005
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Gold mining assets of MMC Norilsk Nickel (Polus)
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Overview of human resources and social policies
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Share capital and share prices
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Corporate governance report
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Audited consolidated annual IFRS financial statements of MMC Norilsk Nickel for the year ended 31 December 2005
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Audited consolidated annual IFRS financial statements of Polus for the year ended 31 December 2005
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Information for shareholders
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Appendix 1. Report on compliance with the Corporate Governance Code of the Federal Commission for the Securities Market
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Appendix 2. Interested party transactions of MMC Norilsk Nickel approved by the Board of Directors in 2005
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