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RTS Trading Rules Change In Connection With MMC "Norilsk Nickel" Future Spin-Off

Date 21/12/2005

On December 16th, 2005, the Board of Directors of NP RTS approved changes to the RTS Trading Rules.

The following paragraph 3.10 was added to the text of the Rules: Paragraphs 3.6, 3.6.1 and 3.6.2 do not apply to agreements on common shares of MMC "Norilsk Nickel" concluded from December 31st, 2005, to the date of registration of OJSC "Polyus Gold", the company formed as a result of the demerger approved by the shareholders at an extraordinary general meeting of shareholders on September 30th, 20005.

The need for this change is related to the procedure of the future spin-off.

The abovementioned change means that as of December 30th, 2005 common shares of JSC MMC "Norilsk Nickel" will be traded on RTS Classic Market on the condition that if a seller of MMC "Norilsk Nickel" shares receives "Polyus Gold" the seller is not obliged to pass these shares on to the buyer.

The change will take effect as of December 20th, 2005.

The new version of RTS Trading Rules is published on RTS web site.

From December 20th, 2005, to January 13th, 2006, inclusively, JSC MMC "Norilsk Nickel" shares will be traded non-anonymously.