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.

Nickel 50%

Copper 25%

Platinum 9%

Gold 1%

3

Norilsk Nickel At a Glance

Source: Norilsk Nickel

Mining operationsDevelopment projectsSmelting/refining operationsHeadquarters and sales offices

NN USA

Harjavalta

NN Europe, UK

Overseas,Switzerland

NN Corporate Headquarters

Chita Copper Project

Polar DivisionKola MMC

NN Beijing

NN Shanghai

NN Hong Kong

Nkomati Nickel

Tati Nickel Black SwanLake Johnston

CawseWaterloo

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

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

Extensive worldwide operations Revenue mix by products & destinations

Key financials

Source: Company dataNote: * Financial results of discontinued operations (OGK-3 and Stillwater) were deconsolidated for 2009-2010

Palladium15%

US$ mln 2006 2007 2008 2009* 2010* 2011

Revenue 11,923 17,119 13,980 8,542 12,775 14,122

EBITDA 7,736 10,253 5,807 4,198 7,209 7,239

margin (%) 65 60 42 49 56 51

Net income 5,965 5,276 -555 2,504 5,234 3,626

margin (%) 50 31 nm 29 41 26

Net debt -1,388 4,064 4,445 1,685 -2,608 3,514

Net debt/ EBITDA

-0.2 0.4 0.8 0.4 -0.4 0.5

Europe55%

Asia23%

North Amer-ica

13%

Russia10%

$ 13,297

mln

Norilsk Nickel – Market Positions by Production

4

Norilsk Nickel is a world leader in nickel and palladium production with strong positions in platinum, copper, cobalt and rhodium

Source: GFMS, Brook Hunt, CRU, companies’ results announcements, Norilsk Nickel Marketing Department, estimates from company reportsNotes:1 Cobalt metal

18%14%

8% 7%5% 4%

0

100

200

300

NN

Val

e

Jin

chu

an

Xst

rata

BH

P

SM

M

(kt)

(ko

z)

41%

16%12% 6% 5%

0500

1,500

2,500

3,500

NN

An

glo

pla

ts

Imp

lats

Sti

llw

ater

Lo

nm

in

11%

15%13%

12% 10%

8%

01,0002,0003,0004,0005,000

Jin

chu

an NN

Sh

erri

tt 

Ch

amb

ish

i

Cat

ang

a

 Mu

rrin

(to

nn

es)

21%11% 11%

5%

32%

0

1,000

2,000

3,000

An

glo

pla

ts

Imp

lats

Lo

nm

in NN

Aq

uar

ius

(ko

z)

Co

del

co

Fre

epo

rt

BH

PX

stra

ta

Rio

Tin

to

A.A

mer

ican

S.C

op

per

KG

HM NN

11% 9%

6%5%

4% 4% 4% 3%2%

0

500

1,000

1,500

2,000

(kt)

35%

23%15% 12% 6%

4%0

100

200

300

An

glo

pla

ts

Imp

lats

Lo

nm

in

NN

Aq

uar

ius

No

rth

am

(ko

z)

Nickel Palladium Platinum

Rhodium Cobalt 1 Copper

Xst

rata

6%

1Q 2011 1Q 2012

652 612

29

37

1Q 2011 1Q 2012

164 156

6

10

1Q 2011 1Q 2012

90 85

4

4

5

Nickel 295-305kt including 235-240kt from Russia

Copper 365-370kt including 355-360kt from Russia

Palladium 2.7-2.75mln oz incl 2.6.-2.65mln oz from Russia

Platinum 675-685koz including 650-660koz from Russia

Production Update

Nickel, ‘000 tones Copper, ‘000 tones Palladium, ‘000 ounces Platinum, ‘000 ounces

Norilsk Nickel International

Source: Company data

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

Russian operations

1Q 2012 production results 2012 production outlook

233 236 237 235-240

1Q 2011 1Q 2012

57 59

14 17

7176

17094

88681

649 166

1. 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

Russian Operations: Key Investment Priorities2012 total capital expenditures budget for Russian operations is more than US$ 3 bn

Source: Norilsk Nickel data

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

4. Support and development of the mineral resources Geologic prospecting of areas adjacent to operating mines in

Taimyr and Kola Peninsula

6. Other

Development of polymetallic deposits 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

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

2011 CAPEX Breakdown

Mineral re-

source

base

30%

Concen-tra-tion1%

Metal-

lurgy

8%

Power

en-gi-

neering8%

Aux-il-

iary fa-cili-ties16%

Non-in-dus-trial fa-cili-ties6%

Equip-

ment not incl. in

the construction

ex-pense

budgets26%

Other in-

vestmen

ts5%

Financial Results

8

Solid Financial PerformanceStrong financial performance driven by efficient cost management

Revenue EBITDA EBITDA margin

Source: Company dataNote: * Financial results of discontinued operations (OGK-3 and

Stillwater) were deconsolidated for 2009-2010

2008 2009* 2010* 20110

2

4

6

8

10

12

14

16

13.98

8.542

12.775

14.122

$ m

ln.

2008 2009* 2010* 20110

1

2

3

4

5

6

7

8

5.807

4.198

7.209 7.239

$ m

ln.

2008 2009* 2010* 20110

10

20

30

40

50

60

42

49

56

51

%

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

EBITDA 2010 Metal sales Cost of metal sales SG&A expenses D&A Other EBITDA 2011

7209 7239

1171

- 744 - 578

88 93

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 dataNote: 1 Before netting by-product sales for metal divisions

Cash costs 2010 Labor Cost of metals bought from 3d

parties

Materials 3d parties services Utilities Transportation Cash costs 2011

244307 98

-52

54

-224417

5046

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

11

Debt & Liquidity Position

Cash & debt dynamics, US$ mln

Source: Company data

2008 2009 2010 2011

6440

5317

2797

5141

4445

1685

-2608

3514

1995

3632

5405

1627

Total debt Net debt Cash & cash equivalents

Strategic Update

13

Strategy Goals

Become a TOP-5 major international miner by market capitalization and EBITDA

… allowing the management to move the Company to a strategically new level

Source: Norilsk Nickel Strategy

1

.

2

6

7

3

4

5

Implement upside potential through organic and M&A growth at world class deposits in regions of core competitive advantage

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

Ensure stability and security of core Russian operations by warranting infrastructure and services’ costs at levels competitive to any third party suppliers

Safeguard Company's key competitive advantage as the lowest cash-cost nickel producer

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

363

546

0

250

500

2011 2025

(00

0s

t)

14

Key Strategic Pillars

Source: Norilsk Nickel Strategy

.

287342

0

150

300

2011 2025

(00

0s

t)

106

150

0

100

200

2011 2025

(to

nn

es)

Nickel

PGMs+41%

+19%

Copper+49%

Product diversification 3 International expansion

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

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

1 Growth of output in Russia and Finland

2

50

60

70

80

90

100

110

120

130

140

150

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Russian Divisions own production

100

150

200

250

300

350

400

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Russian Divisions own production NNH production Total

15

Metal Production by Russian Divisions & NNHNickel production outlook, kt

Source: Norilsk Nickel Strategy

Copper 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

300

350

400

450

500

550

600

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Russian Divisions own production Chita project

16

Maslovskoe Deposit: Emergence of New Mining District Mineral resource base of Maslovskoe deposit comprises

215 mln tonnes of ore

Construction includes:

— mine – over 7 mln tonnes ore pa

— enrichment plant – 6 mln tonnes 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 Reserves under

categories С1 +С2 Metal grades

Palladium (‘000 ounces) 35 462 4.56 g/t

Platinum (‘000 ounces) 12 475 1.78 g/t

Copper (‘000 tonnes) 1 122 0.51 %

Nickel (‘000 tonnes) 728 0.33 %

Cobalt (‘000 tonnes) 34 0.016 %

Gold (‘000 ounces) 1 318 0.19 g/t

Mineral resource base of Maslovskoe deposit

Source: Norilsk Nickel Strategy

Map of Maslovskoe deposit

Norilsk-1 deposit

Maslovskoe deposit

In-depth ore-bearing intrusion contourExploration and prospecting wells

17

Maslovskoe Deposit: Delivering Growth of Production

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Nickel, ‘000 tonnes Copper, ‘000 tonnes PGMs, tonnes

Development timeline

Projected metals’ output

Source: Norilsk Nickel Strategy

Geological exploration Feasibility study Mine construction Construction of concentrator

Construction of tailings dump

Commissioning & ramp-up

Construction documentation

Mine

Enrichment plant

Tailings pit

18

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 8.06 bln RUR

railroad construction, as well as 72.3 bln 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

Chita Project: Development of World Class Mining District

Bystrinsky plant Bugdainsky plant Railroad construction

2012 2013 2014 2015 2016

8,726

13,356 13,439

17,247

6,706

Norilsk Nickel’s capex under Chita project, mln RUR1

Source: Norilsk Nickel Strategy Notes:1 Not including VAT

Preparing for full scale construction works in region…

19

Chita Project: Snapshot on Deposits Mineral reserves of Bystrinskoe deposit under categories

B+С1+C2 – 292 mln tonnes of ore, including: — copper 2 073k tonnes @ 0.71%— gold 236 tonnes @ 0.81 g/t— iron ore 68 mln tonnes @ 23.2%— silver 1.1k tonnes @ 3.63%

Mineral reserves of Bugdainskoe deposit under categories B+С1+C2 – 813 mln tonnes 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 mln tonnes

(16 mln t – Bugdainskoe, 10 mln t – Bystrinskoe)— copper in concentrate 66k tonnes— molybdenum in concentrate 12k tonnes— iron ore concentrate @ 61% 2 136k tonnes— gold 7 tonnes

Mine life – over 30 years

Map of south-eastern part of Zabaikalsk Region

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Bystrinsky plant

Bugdainsky plant

Railroad construction

Electricity grids

Exploration works Prefeasibility study Feasibility study Construction Commissioning

Source: Norilsk Nickel Strategy

21

Key Infrastructure Development Areas

Source: Norilsk Nickel Strategy

.

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

Utilities

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

Gas supplies

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

Transport

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

Auxiliary infrastructure

Metal Markets

2010 2011E 2012E 2013E

14491629

17891923

23

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 Market Outlook

Source: Deutsche Bank, Macquarie research

2010 2011E 2012E 2013E

15331633

17531855

Nickel consumption, ‘000t

24

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

NPI: Key Swinging Factor in Nickel Market Equation

2011 nickel industry cost curve

Cash cost composition BF vs EAF

Source: Brook Hunt, HSBC

Nickel ore imports to China

Japan19%

EU23%

North America

24%China16%

Other

18%

25

Palladium Market BalanceGlobal supply & demand balance

Source: Johnson Matthew, Renaissance Capital, Deutsche Bank, HSBC, Macquarie research

Pt to Pd ratio in European autocats in 2009-2011

Other1%

Dental9%

Jewelry8%

Autocats57%

Chemicals

5%Electronics

20%

Palladium consumption by industry & regions

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

26

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

Palladium Demand: ConsumptionUS car sales are holding up well…

Source: Norilsk Nickel Marketing Department, VTB Research, Renaissance Capital, Deutsche Bank, Macquarie research

… and car ownership in China is yet to catch up

Car

ow

ners

hip

per

1,0

00

peop

le

(un

its)

27

Investments: Source For Additional Growth In Palladium Demand

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

Source: Norilsk Nickel Marketing Department, Bloomberg, VTB Capital

New surge of investor interest to palladium

Bounce back of Nymex speculative net longs

28

IR Contact Details

Alexey IvanovInvestor RelationsMMC Norilsk Nickel

Sergey BelyakovInvestor RelationsMMC Norilsk Nickel

Tel: +7 495 786 83 20Fax: +7 495 797 86 13e-mail: ivanovavl@nornik.ru, belyakovSS@nornik.ru, ir@nornik.ru

22, Voznesensky Pereulok,Moscow, Russia, 125993