About Our Investment in Stillwater Mining Company

On June 23, 2003, Stillwater Mining Company ("Stillwater") issued 45,463,222 new shares of common stock to a wholly-owned subsidiary of MMC Norilsk Nickel (collectively with its subsidiaries "Norilsk Nickel"). Norilsk Nickel paid Stillwater $100,000,540 in cash and approximately 877,000 ounces of palladium, metal for those shares. The total value of the deal is approximately $257 million.

On September 3, 2003, Norilsk Nickel completed an agreement to acquire an additional 4,350,000 shares of Stillwater common stock for $7.50 per share. Following completion of that deal, Norilsk Nickel owns 49,813,222 shares or 55.5% of the outstanding common stock of Stillwater.

Norilsk Nickel and Stillwater remain independent producers and world competitors in the mining and marketing of metals. Both companies mine and produce palladium and platinum group metals.