#1NORILSK NICKEL Investor Presentation VTB Capital RUSSIA CALLING! May 21-23, 2013 London#2Disclaimer The information contained herein has been prepared using information available to OJSC MMC Norilsk Nickel ("Norilsk Nickel" or "NN") at the time of preparation of the presentation. External or other factors may have impacted on the business of Norilsk Nickel and the content of this presentation, since its preparation. In addition all relevant information about Norilsk Nickel may not be included in this presentation. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or reliability of the information. Any forward looking information herein has been prepared on the basis of a number of assumptions which may prove to be incorrect. Forward looking statements, by the nature, involve risk and uncertainty and Norilsk Nickel cautions that actual results may differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Report for a description of the major risk factors. This presentation should not be relied upon as a recommendation or forecast by Norilsk Nickel, which does not undertake an obligation to release any revision to these statements. This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in Norilsk Nickel, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. NORILSK NICKEL 1#3Norilsk Nickel At a Glance Key highlights World leader in nickel and palladium with top 5 positions in platinum, cobalt, rhodium and a strong presence in copper Long-life, low-cost, vertically integrated producer High-quality mineral base and production facilities in Russia Solid financial standing and balance sheet supported by robust free cash flow Committed to returning capital to shareholders Extensive worldwide operations Key financials US$ mln 2006 2007 2008 2009* 2010* 2011 2012 Revenue EBITDA margin (%) Net income margin (%) Net debt 11,923 7,736 65 10,253 17,119 13,980 5,807 8,542 12,775 14,122 12,065 4,198 7,209 7,239 4,932 60 42 49 56 51 41 5,965 5,276 -555 2,504 5,234 3,626 2,143 50 -1,388 31 4,064 nm 4,445 29 1,685 41 26 18 -2,608 3,514 3,986 Net debt/ EBITDA -0.2 0.4 0.8 0.4 -0.4 0.5 0.8 Source: Company data Note: Financial results of discontinued operations (OGK-3 and Stillwater) were deconsolidated for 2009-2010 Revenue mix from metal sales by products & destinations in 2012 ⚫ Mining operations • Development projects ⚫ Smelting/refining operations Headquarters and sales offices NORILSK NICKEL NN USA Gold 2% Kola MMC Polar Division Harjavalta Platinum 9% ● NN Corporate Headquarters Chita Copper Project NN Beijing Palladium 16% NN Shanghai NN Hong Kong $ 11 bn NN Europe, UK Overseas, Switzerland Source: Norilsk Nickel Tati Nickel Nkomati Nickel Black Swan Lake Johnston Cawse Waterloo Copper 26% Europe 55% Asia 25% Nickel 47% $ 11 bn Russia 9% North America 11% 2#4Unique Mineral Resource Base Norilsk Nickel possesses extensive mineral resources based on the deposits of the Norilsk industrial region, as well as the Kola peninsula, and international assets in Southern Africa and Australia Norilsk Nickel is one of the leading companies in the world in terms of quality and quantity of nickel sulphide ore resources ■The Talnakh ore deposit at Taimyr Peninsula has a unique geology with high grades of multiple metals ■ At current level of production, Norilsk Nickel's average mine life exceeds 60 years Nickel (mln t) Copper (mln t) 5.96 (c. 12% of global) 8.06 Proven and probable 13.25 Measured and indicated Proven and probable 16.65 Measured and indicated Palladium* (min oz) 56.59 Proven and probable 136.36 Measured and indicated Platinum* (mln oz) 15.02 Proven and probable 38.93 Measured and indicated P&P Reserves of Nickel Ore* 8 6.9 6.0 min tonnes CO 2 *Excludes international assets P&P Reserves by Geography Australia 13% South Africa 3.0 17% 1.8 1.1 Vale Norilsk Nickel Xstrata** SMM BHP Billiton Kola Peninsula 23% M&I Resources by Geography Polar Division 47% Polar Division 53% Source: Companies reports Source: Note NORILSK NICKEL Norilsk Nickel calculations, companies' reports, data from 2012 Data for Norilsk Nickel Group includes 4.5 mln tonnes of nickel attributable to Polar Division Proven and Probable Reserves and additional Measured, Indicated and Inferred resources are stated on 100% consolidated basis *Peer group dating back to 2012 **Xstrata figure dates back to 2011 Kola Peninsula 8% South Africa 10% Australia 19% Botswana 9% 3#5The Lowest Cash Cost Producer Norilsk Nickel benefits from a favourable cost position among large Nickel producers The only large Nickel producer with negative cash cost: costs are more than recovered through the sale of other metals produced -US$ 3.17 cash cost per lb of Nickel produced Vertical integration, rationalisation of existing assets, and selective development projects will contribute to maintain its position Cost Curve: Major Nickel Producers 8 6 + Cash Cost $/lb 2 0 -2 N NORILSK NICKEL MMC Norilsk Nickel Western Areas NL Cunico Resources N.V. Eramet SA Ni Price: 14,830$/tonne ($6.7/lb) Vale S.A BHP Billiton Limited Cubaniquel Glencore International AG Xstrata plc Anglo American plc First Quantum Minerals Ltd Jinchuan Group Ltd. PT Vale Indonesia ■PT Aneka Tambang Tbk -4 0 100 200 300 400 500 Production 000 tonnes 600 700 800 900 Source: AME, LME (Cash seller and settlement price 15/05/2013) NORILSK NICKEL 4#6Solid Financial Position vs. Peers Strong financial performance compared to largest global diversified miners EBITDA Margin* Interest Coverage BHP Billiton 42% BHP Billiton Net Leverage Ratio 35,5x BHP Billiton 0,7x Norilsk Nickel 41% Rio Tinto 23,0x Norilsk Nickel 0.8x Vale 37% Norilsk Nickel 20.8x Anglo American 1,0x Rio Tinto 31% Xstrata Anglo America 27% Vale 14,1x n Xstrata 26% Anglo American 9,6x Source: Note: NORILSK NICKEL 20,5× Rio Tinto 1,2x Companies' 2012 annual reports BHP Billiton financial year ended 30 June 2012 *Adjusted EBITDA for non-current or exceptional items Interest coverage is evaluated as a ratio of company/Group's adjusted EBITDA to interest expenses Net leverage ratio is evaluated as a ratio of company/Group's net indebtedness to adjusted EBITDA Vale Xstrata 1,5x 1,9x 5#7Norilsk Nickel's Shareholders Return1 Indexed Share Price Dynamic % 190 170 150 130 110 90 70 50 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Norilsk Nickel Nickel Peers Diversified Mining Peers TSR1 2009-2012 50 40% 30 10 (10) (30) (50) (70) (90) % Norilsk Nickel 18% 11% 9% Average: -1% BHP Billiton Rio Tinto Teck Resources Anglo American (27%) Vale -+- (17%) Xstrata 48% 15% 11% (0) Average: -17% First Quantum Independence Group (1) Total Shareholder Return includes (i) share price appreciation and (ii) cash dividends reinvested in security. Share buybacks are accounted for implicitly in share price appreciation. Western Areas (27%) (37%) (51%) (77%) Aneka Tambang Vale Indonesia Eramet Mirabela Nickel NORILSK NICKEL#8Norilsk Nickel - Market Positions by Production in 2012 Norilsk Nickel is world leader in nickel and palladium production with strong positions in platinum, copper, cobalt and rhodium Nickel 17% 300 200 100 0 NN 13% 7% = 100% 1,760 kt Palladium = 100% 6,653 koz Platinum = 100% 6,081 koz 3000 3000 41% 39% 6% 6% 1000 4% Vale Jinchuan Xstrata BHP Copper 2000 1000 10% 10% 6% 5% 4% 4% 0 Freeport Codelco BHP Source: Notes: Xstrata 1 Cobalt metal NORILSK NICKEL SMM 2000 2000 21% 15% 1000 6% 5% 4% 0 NN Angloplats Implats Stillwater Lonmin Vale 0 24% 12% 11% Angloplats Implats Lonmin 100% 16,720 kt Rhodium 100% = 703 koz Cobalt 1 13% 44% 300 4000 Antofag A.American NN 29% 200 2% 100 0 Angloplats Implats Lonmin 14% 13% 4% NN Northam GFMS, Brook Hunt, CRU, companies' results announcements, Norilsk Nickel Marketing Department, estimates from company reports 2000 NN 3% 2% Northam Vale = 100% 37,520 kt 7% 7% 6% 6% 6% 6% Chambishi Xstrata Jinchuan Sumitomo Minara NN Sherritt 7#9Production Update & 2013 Outlook Nickel, '000 tonnes Copper, '000 tonnes 300 389 297 295 275-285 378 364 23 14 360 - 366 5-6 62 58 67 11 45-50 355- 366 363 236 237 234 230 235 352 360 2010 2011 Palladium, '000 ounces 2012 2013F 2010 2011 Platinum, '000 ounces 2,861 693 2,806 2,731 139 102 103 2,625 - 2,640 25-30 30 2012 2013F 695 683 655-670 24 23 15-20 2,722 2,704 2,628 2,600- 2,610 663 671 660 640 650 2010 2011 Source: Company data NORILSK NICKEL 2012 2013F 2010 2011 Russian operations 2012 2013F Norilsk Nickel International Norilsk Nickel production outlook for 2013 8#10NORILSK NICKEL Metal Markets#11Nickel Market in 2012 and Outlook for 2013-2014 Nickel supply and consumption, '000 t 1,844 1,761 1,769 1,617 1,614 1,680 1,501 1,433 2010 2012 Consumption 2011 ■ Production Nickel prices cut deep into cost curve C1 cash costs + royalty + sustaining capital ($/t Ni) 40000 35000 30000 25000 20000 15000 10000 5000 0 -5000 0 500 Cumulative production (kt Ni) 1000 2013E 1500 Key potential drivers of Nickel market in 2013-2014: Price upside risk: - - Expected cuts of production, primarily NPI: at current prices around 40% of all nickel producers are below the water Expected growth of high-quality nickel usage by 6% in 2013, mainly driven by +10% in stainless steel production Appreciation of RMB against US Dollar and rising costs for energy, labor and transport to push high cost operations of NPI to $9-12/lb in the medium term - Indonesia's taxes on raw materials exports and introduction of export ban starting from 2014 Continuing growth in global consumption from non-stainless steel applications, namely non-ferrous alloys in aerospace sector - Strong track record of persistent delays and technical failures for new laterite HPAL projects and depleting sulphide deposits worldwide Price downside risk: - deterioration of macroeconomic environment - potential additions of new NPI capacities in China in the - next 1-2 years with lower operating costs ramp-up of non-Chinese new big projects NORILSK NICKEL Source: Company's estimates, Wood Mackenzie April Report 10 10#12NPI: Key Swinging Factor in Nickel Market Equation NPI emerged as response to nickel price escalation in mid- 2000s and is currently produced and consumed by China only NPI is high cost production due to significant energy intensity of process and transportation costs for ore sourced from Philippines and Indonesia and costs are expected to upward Key components of cash costs for BF - coking coal (58%), ore (15%), transportation (13%), for EAF - power (30%), ore (26%), coking coal (20%) and transportation (17%), for RKEF - power, ore, transportation (30% each) Majority of NPI producers' break even costs range from $17,000/t up to $20,000/t, but RKEF costs are ~$15,500/t Brook Hunt estimates that at price level $18.3k/t Ni, production of 110kt of Ni in form of NPI is uneconomic and cash burning Announced export taxes (25% in 2012, 50% in 2013) to be followed with export ban on nickel ore from Indonesia in 2014 (53% of Chinese ore import in 2011) provide efficient long-term floor to nickel price Source: Brook Hunt, VTB Capital, Macquarie Capital $/lb ex-VAT NPI costs forward trends 13 22 12 11 10 Cost pressures upwards 7 6 5- 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F 2016F 6% Ni 10% EAF Coast 10% EAF IM *12% EAF Source: Macquarie Capital 12% RKEF NPI production 168 2010 Source: Company estimates 335 320 270 2011 2012E 2013F NORILSK NICKEL 11#13mln oz Palladium Market Balance As of May 2013 no major supplies on the market from Russian state palladium reserves -11% decline in Pd supply in 2012 due to South African unrests and mines put on care & maintenance +7% growth in demand for autocatalysts mainly due to North American and Chinese vehicle production increase in 2012 In recent years, supply was absorbed by strong emergence of investment demand. Net investments in 2012 resulted in 430koz. In recent 6 months Pd ETFs are up by 21%. In the long run, consumption growth rate should continue to exceed production growth rate and move palladium market into sustained deficit ETF Pd holdings Global supply & demand balance Palladium Supply/Demand (koz) 8,750 8,500 8,250 8,000 7,750 7,500 7,250 7,000 6,750 6,500 6,250 6,000 חי 2010 2011 2012F 2013F 2014F 2015F 1,750 1,500 1,250 1,000 750 500 250 0 -250 -500 -750 -1,000 -1,250 Market Surplus/(Deficit) (koz) Market Surplus Market Deficit -Supply -Demand Palladium consumption by industry & regions 2,500 2,000 1,500 1,000 0,500 Other 1% Investment 6% Autocats 67% Other 18% China 16% North America 24% EU 23% Apr-07 Electrical 15% Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Japan Other funds Deutsche Bank Julius Baer ■ZKB ETF Securities Dental Chemical 6% 5% 19% NORILSK NICKEL Source: Johnson Matthew, Renaissance Capital, Deutsche Bank, HSBC, Macquarie research, VTB capital, Bloomberg, Reuters 12#14Palladium Demand: Consumption Palladium consumption is projected to grow driven by the auto industry (67% of gross palladium demand): ■ continuing growth of palladium demand in autocats as EM and US car markets have favorable outlook ■China revives subsidies to buyers of small vehicles boosting its auto sector ■ full implementation of Euro-V in light duty vehicles return to normal mode of operation by Japanese car industry post devastating earthquake in March 2011 continued growth of palladium content in diesel and heavy trucks engines end-user demand should continue to grow strongly over the medium term due to tighter emissions regulations ■ growth of car market in China, mostly represented by gasoline-powered vehicles whose catalysts tend to be more palladium intensive (70% of all light vehicles production globally) Car sales are holding up well... Car sales ('000 vehicles) 1,600 1,400 1,200 1,000 800 600 400 200 0 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Japan's vehicle sales Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 China's passenger car sales US light vehicle sales May-12 Jul-12 ... and car ownership in China is yet to catch up Car ownership per 1,000 people (units) 530 546 828 900 800 700 600 500 400 300 213 200 100 50 China Russia Japan Eurozone USA NORILSK NICKEL Source: Norilsk Nickel Marketing Department, VTB Capital Research, Reuters 13#15Copper Market Rising Supply and Uncertain Demand Copper Price Evolution (USD/t) Supply surpassed demand by some 1% in 2012, due to new capacities and weaker physical demand $11,000 $10,000 $9,000 Overall new capacities and ongoing projects may $8,000 accelerate supply growth (2.3% increase in refined $7,000 supply and a 3.6% growth in concentrate supply in 2012) $6,000 $5,000 $4,000 $3,000 $2,000 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 — As regards consumption growth, China remains structurally the key driver, while: IMF sees Chinese growth averaging 8.5% p/y in 2014- 2017 Rising government spending on infrastructure may support consumption in economic hard landing Overall consumption of copper may remain uncertain in the short to medium term given economic uncertainties in western and large emerging markets In this context, a decrease in capacities surplus and price tendency will depend on the resilience of demand in weakened economies Copper Consumption in 2012 Machinery 13% Consumer goods 9% Electronics 34% 20.2 mt Transport 13% NORILSK NICKEL Source: Norilsk Nickel Construction 31% 14#16NORILSK NICKEL FY 2012 Financial Update#17Revenue and EBITDA Dynamics Revenue սլա $ 8,542 12,775 649 14,122 825 12,065 1,004 467 13,297 12,126 11,061 8,075 2009 2010 Metal sales 2011 Other sales 2012 ◉ ■ ◉ Revenue decreased by 15% in 2012 y-o-y due to decrease in market prices of base and precious metals produced by the Group: Average Ni LME price down by 23% Average Cu LME price down by 10% Average Pd LPPM price down by 12% Average Pt LPPM price down by 10% EBITDA & EBITDA margin սլա $ 7,209 7,239 41% Metals sales volumes remained almost unchanged y-o-y: Ni sales went up by 1% Cu sales decreased by 3% Pt & Pd physical volume of sales decreased by 1% due to lower metal output EBITDA amounted to $4.9 billion with a healthy margin of 41% 51% 4,932 4,198 56% 49% 2009 2010 2011 2012 Source: Company data NORILSK NICKEL 16#18EBITDA Analysis Adjusted EBITDA decreased by 32% y-o-y mostly due to substantial decrease in metal prices Adjusted EBITDA margin remained at healthy 41% Cost of metal sales increased by 2% y-o-y mostly due to: increasing expenses on consumables and spares - growth of 3rd parties services Expenses on acquisition of raw materials and semis decreased by 23% y-o-y amounting to $918 mln Depreciation & amortisation charge amounted to US$789 mln (+4% y-o-y) Adjusted EBITDA bridge, $ mln 7,239 179 134 28 4,932 (2,236) (195) (157) (64) EBITDA 2011 Metal sales Other sales Cost of metal sales Cost of other sales SG&A expenses D&A Other EBITDA 2012 NORILSK NICKEL Source: Company data. 17#192012 Cash Costs Breakdown Cash costs before by-product credits remained flat at $5 billion y-o-y as a result of cost control measures, lower expenses on raw materials and rouble depreciation against US dollar Labour costs slightly increased by $ 24 mln (2%) y-o- y driven mainly by inflation-related adjustments for salaries and wages Consumables and spares are up by 13% y-o-y Labor $1,488 mln ($ 152 mln) due to increased purchases for repairs and maintenance and relaunch of operations at Lake Johnston Acquisition of raw materials & semis decreased by 23% y-o-y and amounted to $918 mln due to decrease in volumes and LME prices for metals Cash costs of Russian operations and Harjavalta continue to dominate in the cost structure accounting for 94% Consumables & Spares $1,309 mln 30% 26% 18% $ 5,040 mln 2% 3% 4% 5% Other $109 mln Transportation $156 mln Taxes $193 mln 13% Utilities $216 mln NORILSK NICKEL Source: Company data Acquisition of raw materials & semis $918 mln 3d parties services $651 mln 18#20Debt & Liquidity Position As of YE 2012 total debt amounted to US$ 5 bn with a US$ 1 bn cash pile Balanced debt portfolio comprising both bank and capital market instruments Strong liquidity reserve formed of available cash & cash equivalents and bank lines Comfortable Net debt/EBITDA remains below 1x The Highest Rating Among Peers NORILSK NICKEL Xstrata NLMK VALE Metalloinvest FREEPORT-MCMORAN MCOPPER & GOLD Severstal M Cash & debt dynamics, US$ mln 5,317 Baa2 Debt structure, US$ mln Baa3 Ba category 5,317 5,405 5,141 5,141 5,023 5,023 3,986 2,345 3,632 2,797 3,514 2,400 2,497 2,797 1,685 1,627 1,561 1,037 2,972 2,741 2,526 1,236 2009 2010 2011 2012 2009 2010 2011 2012 ■LT debt ■ST debt NORILSK NICKEL (2,608) ■Total debt Net debt Cash & cash equivalents Source: Company data 19#21CAPEX CAPEX amounted to $2.7 billion in 2012 Investments in mineral resource base of Polar Division and Kola MMC: mining of new sections of ore bodies; - increase of ore production; Hefty CF Generation 5,514 4,702 3,401 3,434 2009 (1,061) 2010 2011 2012 (1,728) (2,201) (2,713) OCF ■CAPEX - replenishment of retired facilities; and implementation of new mining technologies. Modernisation and upgrading of enrichment and smelting facilities of Polar Division and Kola MMC ■Lowering of environmental footprint through cutting emissions ■Securing reliable energy and gas supplies 2012 CAPEX Breakdown Other investments $374 mln Intern. assets $37 mln 1% Mineral resource base $558 mln 14% 21% Enrichment 2% $48 mln Expenses on replacement of equipment $771 mln 28% $2,713 mln 6% Metallurgy $172 mln 6% Utilities $172 mln 7% 15% Auxiliary facilities NORILSK NICKEL Non-industrial facilities $394 mln $186 mln#22Russian Operations: Investments in Production Ore extraction $558 mln $490 mln - key mines of Polar Division Enrichment $48 mln $40 mln Chita design project $28 mln Kola MMC >$36 mln - expansion of Talnakh enrichment plant; tailings storages and other projects of Polar Divison - (construction of Severny-Gluboky mine, etc) Smelting $172 mln $115 mln – upgrading Nadezhda Metallurgical Plant $24 mln - modernisation of production lines to reduce SO2 emissions Replacement of equipment $771 mln $230 mln non-core subsidiaries $442 mln Polar Division $99 mln Kola MMC - Non-Industrial Construction $394 mln Construction of non- industrial assets, health and recreational facilities, social programmes Energy and auxiliary facilities $358 mln $158 mln development of Pelyatka gas field ■$131 mln - construction of railroad for Chita project Geological exploration, IT, R&D etc. $119 mln >$84 mln - geological prospecting in Polar Division & Zabaikalsk region >$30 mln - IT projects of Polar Division and Kola MMC Source: Company data NORILSK NICKEL 21 24#23NORILSK NICKEL Strategic Priorities for 2013#24Strategic Priorities Rebalanced value-centered group strategy in place by the end of 2013 Reinforcement of Management Team Sharper Investment / Project Management Rationalisation of Non-performing / Non-core assets OPEX Savings Tighter Working Capital Management Greater Transparency and Accountability Enhanced Corporate Governance Sustainability Management Throughout the organisation - adding highly experienced professionals to improve in key competence areas and create a globally competitive team Reassessment of investment portfolio and project assessment / management practices Balanced investment policy with the selective stage-gate approach to each project Extraction of capital from non-core businesses and assets Business-minded approach to retained assets Ongoing work, first results expected in 6 months Ongoing work, first results expected in 6 months New management reporting system and IT initiatives Performance- and efficiency-centered culture Key new appointments to the Board and Committees, including independent Chairman Taking the dialogue with investors to a new level Sharpened, KPI-driven approach to environmental and social programs NORILSK NICKEL 23 23#25Focus on the Environmental Programmes Compliance with Environmental Standards Reduction of pollutant emissions with priority to sulphur dioxide and solid particles Reduction of polluted wastewater discharges ■ Arrangement of waste disposal sites Prevention of pollution from cargo shipping Performance indicators for last 5 years* -21% Wastewater discharge -17% Pollutants discharged with wastewaters -15% Overall waste generation -3% Air pollutant emissions * Data is represented for 2007 - 2011 Focus on Sulphur Dioxide Reduction ■Maximising sulphur recovery by renovation. of concentration capacities including implementation of modern technologies ■ Minimising the sources of sulphur containing gas by replacing obsolete process ■ Total investments aimed at reducing sulphur dioxide emission will be approx. USD 2.5bn through 2018 Environmental expenditures 2007 2012: $3,010 mln սլա $ 1 600 620 530 470 430 360 NORILSK NICKEL 2007 2008 2009 2010 10 : 2011 2012 24 24#26Enhanced Governance and Shareholder Consensus "The settlement of a dispute between major shareholders should provide the company with a solid platform for further improvement of strategic, operational and corporate governance issues" Gareth Penny, Chairman of the new Board of Directors The new elected Board of Directors includes 4 independent non executive directors out of 13 members, including the Chairman of the Board Several changes in the Management Board including the CEO and the CFO Shareholders agree not to take any action with respect to specified fundamental matters without the agreement of each of them Composition of the Board Governance Structure INEDS 4 Other 1 NORILSK NICKEL 13 members Interros 4 UC RUSAL 4 General Meeting of Shareholders Board of Directors Audit Committee Strategy Committee Management Board General Director Corporate Governance, Remuneration and Nomination Committee Budget Committee (CEO) 25 25#27A New Shareholder Structure From December 2012, Interros and UC Rusal have a signed agreement with Crispian Investment Limited Key Takeaways Crispian is to become a new significant shareholder of Norilsk Nickel by purchasing shares from Interros and UC Rusal Following redemption of all quasi-treasury shares (held by Norilsk Nickel), UC Rusal, Interros and Crispian will hold approximately 27.8%, 30.3% and 5.87% shares respectively Embedded mechanism limiting the risk of shareholder conflicts 1 Guidelines for future dividend distribution Before the Agreement Post-Agreement and Cancellation of Treasuries Treasury Shares 17% Free float 25% NORILSK NICKEL Other 5% Interros 28% UC Rusal 25% Other Crispian 6% 6% Interros 30% Free float 30% 1 Crispian Investment Limited - an affiliate of Mr. Roman A. Abramovitch - would exercise certain voting rights in respect of shares held by each Interros and Rusal. It was agreed that the maximum number of shares would represent 7.5% of the Company issued share capital for each of Interos and RUSAL. UC RUSAL 28% 26 26#28NORILSK NICKEL Sustainable Development#29Sustainability and Effective CSR Governance Economy Environment Air pollutant emissions reduction Strong Performance Rational water resource use Through Operational CSR Excellence Governance Contribution to regions of operations Society Stakeholders engagement Managing land and enhancing biodiversity. Keeping our staff safe and healthy Employing, developing and motivating Human rights and social partnership staff Personnel NORILSK NICKEL 28#30Working For Benefit Of The Country Being a significant player in Russian economy ■ A significant tax-payer: aggregate tax payments in 2011 amounted ca $3.4 bn A big employer: over 81,000 people work in Norilsk Nickel (96% in Russia). A major employer offering well-paid jobs for Norilsk, Monchegorsk, Zapolyarny and Nickel with the aggregate population over 285,000 people An owner and developer of infrastructural assets across the country: Arctic fleet, airlines, railroads A strategic partner of the Russian Federation in full scale projects of economic, social and environmental nature Company tax payments to region budgets, 2011 The Company's share 1% in Russia's GDP 2% of Russia's export 3% of Russia's industrial production 7% in Russia's non-ferrous metals industry Total tax payments, 2009-2011 $1.5 bn >30% > $0.3 bn >30% 3.4 2.7 1.2 Krasnoyarsk region Murmansk region 2009 9 2010 2011 NORILSK NICKEL 29 29#31Tackling The Key Challenge Of SO2 Emissions In Polar Division implements a system of measures aimed at reduction of SO2 emissions to Maximum Permissible Emissions which includes: ■ Development of the concentration facilities of the Talnakh Concentrator in order to maximize sulphur percentage in final tailings without losses of valuable metals Modernization of pyrometallurgical processing facilities of the Nadezhda Metallurgical Plant and shutdown of the main facilities of the Nickel Plant situated in the immediate vicinity of the residential areas being a source of weak sulfureous gas which is difficult to recycle In June 2012, MMC Norilsk Nickel signed contract with Techint S.p.A (Italy) to develop design documentation with simultaneous specification of technical parameters at pilot facilities and consequent construction of sulphur recycling and storage facilities with a total capacity of up to 950 thousand tons per annum. The total amount of CapEx for the project is USD1.7 bn SO₂ emissions at Polar Division 7 000, 2,011 2004-2011: - 5% 1,955 1,950 1,939 1,920 1,917 1,912 1,881 2004 2005 2006 2007 2008 2009 2010 2011 NORILSK NICKEL GREENPEACE 30 30#32Corporate Social Programmes for Personnel Budget of social programmes exceeds $176 mln Annual compensation of travel and baggage expenses (>$85 mln) Corporate housing programmes NORILSK NICKEL Corporate sport events ($1.4 mln) Non-governmental pension programmes ($27.2 mln) Vacation at health resorts ($54.5 mln) Mass cultural events and festivals, international corporate tourism ($10.2 mln) * Data is represented for 2011 31#33IR Contact Details Mikhail Borovikov Investor Relations Officer Elena Romanova Investor Relations Vera Timoshenko Investor Relations Tel: +7 495 786 83 20 Fax: +7 495 797 86 13 e-mail [email protected], [email protected], [email protected], [email protected] 11, Bolshaya Tatarskaya, Moscow, Russia, 115184 NORILSK NICKEL 32 32