Investor Presentation

1. Investor Presentation July 2012

2. Disclaimer 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.

3. Norilsk Nickel At a Glance Key highlights Key financials • 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 • Strong portfolio of growth opportunities both domesticallyand internationally • Solid financial standing and balance sheet supported by hefty free cash generation ability • Committed to returning capital to shareholders Source: Company data Note: * Financial results of discontinued operations (OGK-3 and Stillwater) were deconsolidated for 2009-2010 Extensive worldwide operations Revenue mix by products & destinations Kola MMC Polar Division Harjavalta Palladium15% NN Corporate Headquarters NN Europe, UK Chita Copper Project Overseas,Switzerland NN Beijing NN USA NN Shanghai $ 13,297 mln NN Hong Kong Mining operations Development projects Smelting/refining operations Headquarters and sales offices Tati Nickel Black SwanLake JohnstonCawseWaterloo Nkomati Nickel Source: Norilsk Nickel 2

4. Palladium Copper Cobalt 1 Rhodium Nickel Platinum 3,000 18% 3,500 300 32% 41% 14% 2,000 2,500 8% 200 7% (koz) (kt) (koz) 21% 5% 4% 11% 16% 11% 1,500 1,000 5% 100 12% 6% 5% 500 0 0 0 NN NN Vale BHP SMM Xstrata Implats Implats Lonmin Lonmin NN Aquarius Jinchuan Stillwater Angloplats Angloplats 35% 11% 5,000 2,000 300 15% 9% 4,000 13% 1,500 (tonnes) 12% 6% 200 11% 3,000 10% (koz) 5% (kt) 23% 8% 1,000 4% 4% 4% 15% 2,000 3% 12% 100 6% 2% 500 1,000 4% 0 0 0 NN NN NN BHP KGHM Xstrata Lonmin Implats Sherritt  Codelco  Murrin Northam Aquarius Rio Tinto Catanga Freeport S.Copper Jinchuan Angloplats Chambishi A.American Norilsk Nickel – Market Positions by Production • Norilsk Nickel is a world leader in nickel and palladium production with strong positions in platinum, copper, cobalt and rhodium 6% Xstrata Source: GFMS, Brook Hunt, CRU, companies’ results announcements, Norilsk Nickel Marketing Department, estimates from company reports Notes: 1 Cobalt metal

5. Production Update 1Q 2012 production results 2012 production outlook • Nickel output increased by 7% q-o-q due to superior performance of Russian divisions (+3%), launch of Lake Johnston in Australia and better loading rate of Harjavalta refinery in Finland • Copper production decreased by 6% q-o-q due to anticipated decline of output at Russian divisions • Palladium output was lower by 5% q-o-q as a result of accumulation of unfinished metal at Russian operations • Nickel 295-305kt including 235-240kt from Russia • Copper 365-370kt including 355-360kt from Russia • Palladium 2.7-2.75mln ozincl 2.6.-2.65mln ozfrom Russia • Platinum 675-685koz including 650-660koz from Russia Platinum, ‘000 ounces Nickel, ‘000 tones Palladium, ‘000 ounces Copper, ‘000 tones 76 94 681 71 170 88 166 649 236 233 237 235- 240 Russian operations Norilsk Nickel International Source: Company data

6. Russian Operations: Key Investment Priorities 2012 total capital expenditures budget for Russian operations is more than US$ 3 bn • 5. Social obligations • Continue implementation of the incentive program for acquiring continental property for employees on beneficial terms • Continuing of construction of “Arena - Norilsk Sports and Entertainment Center” in Norilsk • Key industrial assets • Construction, expansion and launch of facilities • Reduction of sulfur dioxide emissions and improving utilization of sulfur by Polar Division • Shift to roasting-free briquetting of concentrates • 6. Other • Development of polymetallicdeposits in Zabaikalsky Territory • Finalization of design of Bystrinsky mining and processing works and go forward with design of Bugdainsky mining and processing works • Continue construction of rail road to Bystrinsky mining and processing works, complete design and begin construction of road to Bugdainsky mining and processing works • 2. Provision of reliable energy supply • Development of Pelyatkinskoye gas condensate field and construction of new gas and condensate pipe lines • Reconstruction of power generation • Creation an emergency power supply control system • 3. Company’s transport autonomy improvement • Construction of proprietary transshipment terminal in Murmansk 2011 CAPEX Breakdown • 4. Support and development of the mineral resources • Geologic prospecting of areas adjacent to operating mines in Taimyr and Kola Peninsula Source: Norilsk Nickel data 5

7. Financial Results

8. Solid Financial Performance Strong financial performance driven by efficient cost management Revenue EBITDA EBITDA margin Source: Company data Note: * Financial results of discontinued operations (OGK-3 and Stillwater) were deconsolidated for 2009-2010

9. Adjusted EBITDA increased up to US$ 7,239 mln in 2011 Growth of cost metal sales largely explained by: absolute growth of labor expenses increase of cost of raw materials bought from 3d parties due to growth of purchased volumes Export customs duties mostly on nickel and copper increased by US$ 469 mln accounting for major part of growth of SG&A expenses Depreciation & amortization charge amounted to US$ 761mln (-5% y-o-y) CAPEX amounted to US$ 2,232 mln EBITDA Analysis Adjusted EBITDA bridge, US$ mln Source: Company data

10. In 2011 cash costs increased by US$ 629 mln mostly due to following: US$ 307 mln – growth of purchased semiproducts to enhance loading rates at Company’s plants US$ 88 mln – spike of social security tax rate (from 26% in 2010 up to 34% in 2011), growth of wages Proprietary fleet and improvements in logistics contributed to decrease in transportation expense by US$ 22 mln 3d parties services cost decreased by 9% due to shift to in-house services instead of third party services Costs Analysis Bridge of cash costs1, US$ mln Source: Company data Note: 1 Before netting by-product sales for metal divisions

11. Debt & Liquidity Position • As of 2011 year-end, total debt equaled US$ 5.1 bn, on back of US$ 1.6 bn cash pile • Erosion of cash pile in 2011 was due to buy backs implemented in order to return capital to shareholders • Current level of leverage below 0.5x Net debt/EBITDA is comfortable • Recommended annual dividend for pay-out in 2012 is US$ 6.2 per share Cash & debt dynamics, US$ mln Source: Company data 10

12. Strategic Update

13. Strategy Goals … allowing the management to move the Company to a strategically new level . 1 Become a TOP-5 major international miner by market capitalization and EBITDA 2 Implement upside potential through organic and M&A growth at world class deposits in regions of core competitive advantage 3 Ensure growth of production while maintaining EBITDA margin for current assets and obtaining EBITDA margin similar to top-5 peers at new projects with average margin of 50% at mid cycle prices 4 Ensure stability and security of core Russian operations by warranting infrastructure and services’ costs at levels competitive to any third party suppliers 5 Safeguard Company's key competitive advantage as the lowest cash-cost nickel producer 6 Diversify through expanding in Russia and internationally at assets that either industry Tier 1 assets (first cost quartile, first quartile in terms of annual production), or meet Company’s investment goals Distribute capital to shareholders in amounts exceeding Company's investment and funding requirements while preserving robust balance sheet 7 Source: Norilsk Nickel Strategy 12

14. Key Strategic Pillars +41% +19% +49% Growth of output in Russia and Finland . International expansion Product diversification 1 2 3 Nickel • Strong existing footprint forming a firm base for future development • International expansion as function of product diversification (Australia, Indonesia, etc.) • International growth to be driven by high return projects • Adding new metals to current basket: iron ore, coal, molybdenum, etc • Lowering revenue volatility and diversifying revenue mix • Creating additional shareholder value through implementation of new projects Copper PGMs Source: Norilsk Nickel Strategy 13

15. Metal Production by Russian Divisions & NNH 400 600 350 550 300 500 250 450 200 400 150 350 100 300 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Russian Divisions own production NNH production Total RussianDivisionsownproduction Chitaproject 150 140 130 120 110 100 90 80 70 60 50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Russian Divisions own production Copper production outlook, kt Nickel production outlook, kt PGMs production outlook, t • Growth of metal output will be achieved through: • growth of mined ore tonnages at existing mines and brownfield projects • launch of Chita Project (copper) • development of Maslovskoe deposit (PGMs) • improvements of enrichment and smelting technologies • efficient smelting and refining capacity loading of Polar Division and Kola MMC Source: Norilsk Nickel Strategy

16. Maslovskoe Deposit: Emergence of New Mining District Map of Maslovskoe deposit Norilsk-1 deposit • Mineral resource base of Maslovskoe deposit comprises 215 mlntonnes of ore • Construction includes: • mine – over 7 mlntonnes ore pa • enrichment plant – 6 mlntonnes ore pa • tailings’ infrastructure • other infrastructure • Total construction period including additional exploration works – ca 12 years • Capital budget – ca $2.0 bln • Potential for partial use of existing infrastructure of Zapolyarny mine In-depth ore-bearing intrusion contour Exploration and prospecting wells Maslovskoe deposit Mineral resource base of Maslovskoe deposit Source: Norilsk Nickel Strategy

17. Maslovskoe Deposit: Delivering Growth of Production Development timeline Mine Enrichment plant Tailings pit Geological exploration Feasibility study Mine construction Construction of concentrator Construction of tailings dump Construction documentation Commissioning & ramp-up Projected metals’ output Nickel, ‘000 tonnes Copper, ‘000 tonnes PGMs, tonnes Source: Norilsk Nickel Strategy

18. Chita Project: Development of World Class Mining District 17,247 13,439 13,356 8,726 6,706 2012 2013 2014 2015 2016 Bystrinsky plant Railroad construction Bugdainsky plant • Chita project is being implemented as public private partnership – Norilsk Nickel is responsible for development of deposits, government – for railroad construction • Partnership Passport after amendments envisages 80.4 bln RUR Norilsk Nickel’s investments, including 8.06bln RUR railroad construction, as well as 72.3bln RUR deposits’ development and construction of plants • Railroad to be commissioned by 2011 year-end, construction works have started • NPV – ca 7bn RUR, discounted payback period – less than 15 years Norilsk Nickel’s capex under Chita project, mln RUR1 Preparing for full scale construction works in region… Source: Norilsk Nickel Strategy Notes: 1 Not including VAT

19. Chita Project: Snapshot on Deposits Map of south-eastern part of Zabaikalsk Region • Mineral reserves of Bystrinskoe deposit under categories B+С1+C2 – 292 mlntonnes of ore, including: • copper 2 073k tonnes@0.71% • gold 236 tonnes@0.81 g/t • iron ore 68mlntonnes@ 23.2% • silver 1.1k tonnes @ 3.63% • Mineral reserves of Bugdainskoe deposit under categories B+С1+C2 – 813 mlntonnes of ore, including: • molybdenum 600k tonnes@ 0.08% • gold 11 tonnes@0.28 g/t • silver 194 tonnes@ 4.96 g/t • Estimated annual production: • ore 26 mlntonnes(16 mln t – Bugdainskoe, 10 mln t – Bystrinskoe) • copper in concentrate66k tonnes • molybdenumin concentrate12k tonnes • iron ore concentrate@61%2 136k tonnes • gold 7 tonnes • Mine life – over 30 years Source: Norilsk Nickel Strategy

20. Chita Project: Implementation Timeline • In 2H 2011 active construction works have started at Bystrinsky plant • Comprehensive engineering roadmap is being finalised for Bugdainsky plant with construction works to be launched in 2012 • Bystrinsky mining and enrichment plant to be commissioned in 2015 • Bugdainsky mining and enrichment plant to be commissioned in 2016 Construction Exploration works Prefeasibility study Feasibility study Commissioning Source: Norilsk Nickel Strategy

21. Key Infrastructure Development Areas Gas supplies • Ramp-up of Pelyatkinskoe gas condensate field to secure energy raw materials supplies to Norilsk region • Construct gas condensate pipeline from Pelyatka and Dudinka • Planned investments till 2025 – US$ 4 billion Transport • Construct Arctic sea fleet to enhance transport independence • Upgrade sea and river fleet • Build logistics hub in Murmansk region • Build fuel terminal in Arkhangelsk for proprietary ice breaking tanker • Planned investments till 2025 – US$ 3.2 billion Auxiliary infrastructure Utilities • Modernise generating facilities in Norilsk region (Thermal Power Plants – 1, 2, 3 and Ust-Khantayskaya Hydro Power Plant) • Upgrade electricity grid to increase throughput from Kureyskaya and Ust-Khantayskaya Hydro Power Plants • Planned investments till 2025 – US$ 2.1 billion • Modernise facilities and equipment of supporting subsidiaries: Polar Construction Company, Norilsk Support Facility, Norilsknikelremont, Norilsk Industrial Transport, etc. • Planned investments till 2025 – US$ 5.7 billion Source: Norilsk Nickel Strategy 20 .

22. Metal Markets

23. Nickel Market Outlook 3 key areas to watch out: • Level of Chinese nickel pig iron production: • potential additions of new pig iron capacity in next 1-2 years with lower operating costs • appreciation of RMB against US Dollar and rising costs for energy, labor and transport to push high cost operations to $9-12/lb in the medium term • Indonesia’s taxes on raw materials exports and introduction of export ban starting from 2014 • Ramp-up of new big greenfield projects: • Looming oversupply as a result of successful commissioning of up to 300ktpa additional capacity • Strong track record of persistent delays and technical failures, reconfirmed by recent force-majeure at Vale’s flagship Goro project • Demand outlook: • Macroeconomic instability is taking its toll • Likely pick-up in stainless steel production in US • Continuing growth in global consumption from non-stainless steel applications, namely non-ferrous alloys (superalloys) in aerospace sector due to increase in aircraft build rates Nickel supply, ‘000t Nickel consumption, ‘000t Source: Deutsche Bank, Macquarie research

24. NPI: Key Swinging Factor in Nickel Market Equation Cash cost composition BF vs EAF • 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 • 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%) • 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 2011 nickel industry cost curve Nickel ore imports to China Source: Brook Hunt, HSBC

25. Chemicals Other 1% NorthAmerica 5% China 24% Electronics 16% 20% Other Dental 18% 9% Autocats EU 57% Jewelry 23% Japan 8% 19% Palladium Market Balance Global supply & demand balance • Primary palladium consumption exceeds its production due to a number of fundamental factors • Gap in consumption and production has been mitigated by deliveries from the Russian state stockpile • In recent years, oversupply was absorbed by strong emergence of investment demand • Since 2011, no influence on the market is expected to come from deliveries of Russian palladium reserves • In long run, consumption growth rate should continue to exceed production growth rate and move palladium market into sustained deficit Palladium consumption by industry & regions Pt to Pd ratio in European autocats in 2009-2011 Source:Johnson Matthew, Renaissance Capital, Deutsche Bank, HSBC, Macquarie research

26. Palladium Demand: Consumption US car sales are holding up well… Palladium consumption is projected to grow driven by the auto industry (66% of gross palladium demand): • continuing growth of palladium demand in autocats as EM and US car markets have favorable outlook • 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) • Wider recognition of palladium as a metal of choice by high-end jewellery • Modest increase in palladium demand for electronics, chemical, and glass industries … and car ownership in China is yet to catch up Car ownership per 1,000 people (units) Source: Norilsk Nickel Marketing Department, VTB Research, Renaissance Capital, Deutsche Bank, Macquarie research

27. Investments: Source For Additional Growth In Palladium Demand New surge of investor interest to palladium • In 2010-2011 number of palladium ETPs increased from 2 to 9 • After reaching historic highs in Jan 2011 palladium ETP holdings declined to 1.6 moz by year-end • Despite this, fundamentals for palladium remain robust – stagnating supply, evaporation of sales from Russian state stockpile vs continuing growth of car production especially in EM • Net long positions have recently bounced sharply due to combination of factors – short covering and new inflows • Since beginning of 2012, palladium ETF demand has already partially recovered and is expected to continue growing • In long run price gap between palladium and platinum is envisaged to further narrow Bounce back of Nymex speculative net longs Source: Norilsk Nickel Marketing Department, Bloomberg, VTB Capital

28. Alexey Ivanov Investor Relations MMC Norilsk Nickel Sergey Belyakov Investor Relations MMC Norilsk Nickel Tel: +7 495 786 83 20Fax: +7 495 797 86 13e-mail: ivanovavl@nornik.ru, belyakovSS@nornik.ru, ir@nornik.ru 22, VoznesenskyPereulok,Moscow, Russia, 125993 IR Contact Details