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26

Norilsk Gold Subsidiary Sold Its Gold Fields Stake

Polyus intends to spend the net proceeds from the sale on various corporate projects

Norilsk Nickel's gold producing arm Polyus has sold its entire stake in South African firm Gold Fields, consisting of 98,467,758 ordinary shares, at a price of $20.50 per share, on an agency basis through Goldman Sachs and Citigroup.

The sale is subject to conditions customary for transactions of this type and is scheduled to close on March 10, 2006.

Polyus intends to spend the net proceeds from the sale on various corporate projects, including the development of its significant Russian resource base.