Investor Presentaiton

The 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

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