RELEASE: PT Inco is proposing a stock split to the shareholders

Jakarta, May 24, 2004 ? PT International Nickel Indonesia Tbk. (?PT Inco? or ?the Company?) today announced that the Board of Commissioners of the Company had approved a 4 for 1 stock split of its common shares. The implementation of the stock split is subject to the approval of the shareholders at the upcoming Extraordinary General Meetings of Shareholders to be held on July 6, 2004 as well as certain regulatory approvals.

The intention of this stock split is to broaden the opportunity for the public to own PT Inco?s shares and provide increased trading activity of the Company?s stock. (end of release)

For further information, please contact:
Indra N. Ginting, Telephone: (62)21 524 9001
Ray Westall, Telephone: (62)21 524 9001