Investor Presentaiton

Palladium 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

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