Norilsk Nickel 2020 Financial Results Presentation February 2021 Disclaimer

The information contained herein has been prepared using information available to PJSC MMC Norilsk Nickel (“Norilsk Nickel” or “Nornickel” 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 major risk factors. There may be other factors, both known and unknown to Norilsk Nickel, which may have an impact on its performance. This presentation should not be relied upon as a recommendation or forecast by Norilsk Nickel. Norilsk Nickel does not undertake an obligation to release any revision to the statements contained in this presentation.

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Certain market share information and other statements in this presentation regarding the industry in which Norilsk Nickel operates and the position of Norilsk Nickel relative to its competitors are based upon information made publicly available by other metals and mining companies or obtained from trade and business organizations and associations. Such information and statements have not been verified by any independent sources, and measures of the financial or operating performance of Norilsk Nickel’s competitors used in evaluating comparative positions may have been calculated in a different manner to the corresponding measures employed by Norilsk Nickel.

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2 2020 Financial Performance Highlights Consolidated Revenue Free Cash Flow Realized metal prices (Pd, Rh) High operating cash flow Ramp-up of Bystrinsky Project bn Decreased income tax payments $15.5bn Production volume $6.6 up 15% vs 2019 up 36% vs 2019 Higher CAPEX Inventories build-up (Ni, Pd)

EBITDA CAPEX Revenue Mining projects Depreciation of RUB against USD Sulfur programme – active $7.7bn Environmental provision $1.8bn construction phase Social expenses Increased spending towards down 3% vs 2019 up 33% vs 2019 improvement of industrial safety COVID-related effects EBITDA margin Net Debt/EBITDA ratio

Investment grade credit ratings One of the global leaders reiterated by all three major 49% 0.6x international rating agencies down 9 p.p. vs 2019 Environmental provision down 0.3x vs Dec’31 2019

Net Working Capital Dividends Interim 9M19 of USD 9.91 per share (1) paid in January 2020 Change in income tax payable Final 2019 of USD 7.99 per Depreciation of RUB against USD share(1) paid in June 2020 $0.7bn Cash advances from customers $4.2bn Interim 9M20 of USD 8.46 per down 28% vs Dec’31 2019 Inventories build-up share(1) paid in December 2020

Note: 1. At the exchange rate as of dividend payment date 3 Sustainable Development Health & Safety Update: Steady Improvement of Safety Records

LTIFR Reduced to Record Low Levels Accident Statistics Improved Significantly

LTIFR (1*10-6) Employees

~ 75% ~ 72% Fatal 0.80 Lost time injury 0.62 12 0.48 0.44 ~ 38% 14 ~ 32% 0.36 0.32 8 0.23 8 0.20 94 13 74 9 56 52 6 8 43 35 26 22 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020

Health & Safety KPIs Strategic Objectives

. 20% of the Group’s KPIs are linked to TRI . Zero-fatality on production sites – zero tolerance (total recordable injuries) policy towards workplace fatalities

. Bonuses of COO and heads of production units are . Continuous improvement – average annual reduction conditioned upon fatalities of occupational injuries by c.15% since 2016

Source: Company data 5 Health & Safety: Strong Performance Relative to Industry

LTIFR Remains Below the Global Mining Industry Average Assessment of Occupational Safety Culture: Score Significantly Improved Since 2014

LTIFR(1) per 200k Hours As of 1H 2020 Bradley Curve Indicator

0.69

Industry average 3.0 2.8 Industry average 2.5 2.6 2.3 0.29 1.4 0.22 0.19

0.04 0.04

Platinum Gold miners Diversified Russian Nornickel Nornickel 2014 2015 2016 2017 2019 2020 miners miners steelmakers 1H 20 2020

. Improvements in safety culture driven by a . LTIFR remains well below the global mining industry complex strategy, including risk mitigation standards, average safety communication campaign and dedicated risk mitigation programmes

Source: Company data, public filings for 1H 2020 Notes: 1. Latest reported LTIFR data. Platinum Miners includes Sibanye-Stilwater, Implats, Northam Platinum, Royal Bafokeng Platinum, Anglo- 6 American Platinum; Gold Miners includes Polyus, Barrick, Newmont, Agnico Eagle, Newcrest. Diversified Miners includes Anglo-American and Vale; Russian Steelmakers includes by Evraz, MMK, Severstal and NLMK. Environmental Program: Reduction of SO2 Emissions on Track Polar Division: Sulphur Dioxide Emissions Decreased Against 9% Growth of Processed Kola Division: Sulphur Dioxide Emissions More Ore Volumes Since 2015 Than Halved Since 2015

SO2 Emissions, kt SO2 Emissions, kt -4% -53% 160 1,950 -1% 140

1,850 120

100 1,750 80

1,650 60

40 1,550 20

1,450 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

. In 2020, a 2% increase in SO2 emissions at Polar . In 2020, SO2 emissions at Kola Division decreased 26%, Division was driven by an increase in processed feed with emissions in Nickel town and Zapolarny сity down volumes 71% (1) . In December 2020, the smelting shop in the town of . Since the closure of Nickel Plant in 2016, SO2 Nickel in Russia’s Murmansk region was shut down leading emissions within the boundaries of the city of Norilsk to emissions in the cross-border area down 58% (1) have been down 30-35% . Copper refining line is scheduled for shutdown in 1H 2021

Source: Company data Note: 1. 2020 vs. 2015 7 HPP-3 Incident: Key Milestones of Clean-Up and Rehabilitation 2020 2021+ Phases 1&2: Clean-up completed Phase 4: (May 29th – June) Rehabilitation (in-progress) Phase 3: Collection of the residues, transportation and utilization (June – October)

2021+  Over 90% of leaked fuel was collected and contaminated soil removed, including 35k • Installation of booms ahead of the flooding cubic meters of water-fuel mixture and (snowmelt, ice melting, ice drift) 189kt of contaminated soil removed • Washing of river shores and treating  Collected water-fuel mixture was contamination residues on the land with sorbents transported to an industrial site near Nadezhda and separated from water • Rehabilitation of the collected contaminated soil using microbiological remediation method  Contaminated soil was placed into sealed- off hangars to prevent further risk to the • Land reclamation, grass seeding environment • Monitoring of water bodies, soil and flora and  River shores treated with sorbents and fauna washed off 2021-2022  Fuel residues in soil and water collected • Reproduction of aquatic bio-resources (sorbent bons)  Almost 700 people and 300 equipment items were involved in the clean-up

Source: Company data Lean more on fuel spilll clean-up: https://www.nornickel.com/sustainability/cleanup/ 8 Great Norilsk Expedition to Norilsk Region – Assessing the Impact of Fuel Spill Incident

Expedition results:

 Report published in December 2020

 Research focus: geophysics and geochronology, permafrost soils, hydrobiology, surface waters, soil and vegetation cover, bottom sediments, and bio and zoological diversity

 The thawing of permafrost at the base of reservoirThe researchNo. 5 resultsand confirmsubsidence that theof Norilskthe pile foundationindustrial regioncould is ahave major geochemicalbeen caused anomalyby undergroundwhere the naturaldrainage geochemical, the source backgroundof which is is anomalous for nickel and copper in all parts. 30 selected a lake located near the destroyed object locations > 1,000 km for sampling examined have been covered by expedition  No material negative impact of the incident from the Bezymyanny Stream to the on the ecosystems of Lake Pyasino and the Kara Sea Pyasina River

30 scientists 2,000  The flow of a significant volume of oil samples from 14 research institutes of the products into the Arctic Ocean and the collected during field trip Russian Academy of Sciences’ central and northern parts of Lake Pyasino Siberian Branch supervised by was “practically impossible” Valentin Parmon, Chairman of the Siberian Branch of the Russian Academy of Sciences

Source: the report of the Great Norilsk Expedition https://www.nornickel.com/files/ru/media-library/presentation/Great_Norilsk_Expedition_ENG.pdf 9 Climate Change: Maintaining Industry Lowest GHG Footprint

Scope 1&2 GHG Emissions Reduced in 2020 2030 Strategic Objectives:

mt CO2e

10.3 10.0 10.0 9.7 10 • Maintain absolute GHG emissions from operations (1) (Scope 1,2 of 10 Mt CO2e) at one of the lowest levels among global diversified metals & mining peers while growing metal production by ∼25-30% vs 2017

• Maintain Scope 1&2 GHG emissions per t of 2017 2018 2019 2020 2030 Ni-equivalent in the bottom quartile of Scope 1 Scope 2 global nickel industry GHG intensity curve (2)

Norilsk Maintains By Far the Lowest Scope 1&2 • Increase low-carbon energy usage and 3 (3) Footprint Among Global Peers • Manage climate-related risks by building mt CO2e 563 565 resilience strategies and helping communities in 491 the Norilsk industrial and Murmansk regions

• Encourage the shift to a low carbon future 28.0 by using R&D to help develop new solutions and 226 17.7 by engaging in cross-industry climate dialogue 14.7 9.7 12.6 2.6

NN Peer 4 Peer 3 Peer 2 Peer 1 Learn more on our Climate Change Strategy web-page: https://www.nornickel.com/sustainability/climate-change/strategy/ Scope 1&2 Scope 3

Source: Company's estimates, Peers data as for 2019, Nornickel data as of 2020; Note: 1. 2019 Assessment under GHG Protocol Corporate Accounting and Reporting Standards. Nornickel GHG emissions include amount of emissions that come from providing Norilsk with electricity 10 by NTEK, and reserve for CO2 emissions from Sulphur Programme 2.0; 2. Based on Wood Mackenzie global nickel industry GHG intensity curve (CO2e per tonne of Ni equivalent; 3. Incl. only downstream part of the supply chain Lowest Quartile Emissions Intensity Base Metals Producer

Nornickel’s CO2 Nickel Emissions (per tonne of Ni-eq.)

25% 50% 75% Combined leadership of Nornickel on both cost

and GHG intensity eq.)

curves to ensure unique - competitive advantage Ni in the economy of “Tomorrow”

Long-term target to sustain industry-leading NN strategic positions in the 1st threshold quartile of the GHG EmissionsCO2e/t (t Intensity emissions intensity Norilsk curve

Production (cumulative centile)

Source: Wood Mackenzie, Company’s estimates. Norilsk figure includes reserve for CO2 emissions from Sulphur Programme 2.0 execution 11 Managing Carbon Footprint

• Strong starting point: large share of renewable energy in total energy consumption in the Norilsk region (55%) and the Group as a whole (46%) in Maintaining Low 2020 Carbon Intensity • Increasing energy efficiency: replacement of turbines at Ust-Khantayskaya Power Generation HPP, replacement of power units at Norilsk HPP-2 and HPP-3 • Switch to alternative fuels: replacing diesel fuel as a source of emergency fuel for Norilsk Heat and Power Plants

• Modernization of the electric grid complex, gas transmission and gas distribution systems of the Norilsk industrial region Upgrading the Energy Infrastructure • Construction of gas transmission infrastructure linking Pelyatka and Messoyakha gas fields to increase the system’s reliability and facilitate replacement of emergency diesel fuel at Norilsk’s HPPs

• Construction of a LNG production plant in Norilsk by 2023 Decarbonizing Transport • Switch moving heavy equipment and trucks from diesel to compressed natural gas (CNG) and hybrid, with pilots scheduled for 2H 2021

Source: Company data 12 Selected Social Initiatives: Safeguarding Employees and Supporting Local Communities

Shutdown of Renovation Response to Engagement with smelting operations program in Norilsk Indigenous People Coronavirus in Nickel Town in region Kola

• №1 rated by Forbes- • Employment Centre • Renovation of • Ethnological expedition Russia in terms of COVID- was launched housing, communal 19 corporate spending to Norilsk and survey of in 2020 and social indigenous peoples • Full support to employees infrastructure • Development of urban • New 5-year cooperation • Support of local environment • Urban redevelopment agreement communities, incl. of public spaces • Creation of new tourist • 42 initiatives: support of purchases of 412 medical opportunities for the • Construction of a ventilators, 15 mobile labs, traditional way region hospital and of life, educational and 7 emergency care vehicles, educational facilities >500k COVID-19 tests etc. culture, housing • Joint program with the projects, sports and • Vaccination in the regions government, 4-parties infrastructure, of operations launched agreement being healthcare, tourism prepared $157 mln 660 employees 80 RUB bln 2 RUB bln Coronavirus-related spending of the smelting shop and support Allocation towards the program by 5-year in 2020, including purchases functions will be affected 2035 agreement of medical supplies and equipment by the closure of operations

Source: Company data 13 Social Case Study: Shut Down of Smelting Operations in Nickel Town at the Norwegian Border

Employment Centre was launched in 2020 660 employees • Informing employees of the smelting shop and support • Career guidance and training functions will be affected by the closure • Providing new career opportunities of operations • Partnership with government and local municipals

Development of urban environment 900 RUB mln Social aspect • Creation of a citywide recreational will be spend by the company for Shut Down territory, places for recreation social programmes for the smelting of Smelting Shop • Developing of public spaces shop employees in 2020-2022 at Nickel Town

Creation of new tourist opportunities in the region 185 RUB mln

• Development of extreme tourism will be provided in the form of interest-free loans to local • Development of pilgrimage tourism entrepreneurs to develop business • Organization of international sport projects in the Pechenga district and cultural events

Source: Company data Lean more on shutdown of smelter in Nickel town: https://www.nornickel.com/news-and-media/press-releases-and-news/nornickel- shuts-down-smelter-in-nikel-town/?dateStart=46800&dateEnd=1613509199&type=releases 14 Most Recent ESG Agencies’ Actions (1/2)

• ESG rating 61/100 as of June’20 • ESG rating «B» confirmed as of (33% score improvement since 2015) December’20 in line with peers (improvement from CCC since 2015) • ESG Risk Rating «High» Reiterated • Industry average – «B» • Industry position -27/57, Average performer reiterated

69 67 58 63 61 B B B B 46 49 CCC CCC

2015 2016 2017 2018 2019 Apr-20 Jun-20 2015 2016 2017 2018 2019 Dec-20

• Reiterated as an index constituent in June 2020 • ESG score 44/100 • Overall ESG score 4/5 (63% score improvement since 2018) (improvement from 2.4 since 2017), • Industry average – 39/100 which puts NN in the top percentile • Industry average – 2.2/5

44.0 4.0 34.0 33.0 37.0 33.0 3.1 3.0 27.0 2.4

2017 2018 2019 Jun-20 2016 2017 2018 2019 2019 2020 (June'20) (Nov'20)

Source: Company and public data Lean more on Norilsk Nickel ESG assessment: https://www.nornickel.com/sustainability/esg-highlights/assessment/ 15 Most Recent ESG Agencies’ Actions (2/2)

7 • ESG score «C»/medium (improvement from «C-» since October 2019) 4 • Environmental score 3/10 (1) 3 3 3 3 • Social score 3/10 (1) • Governance score 4/10 (1)

June 2020 February 2021

Governance Environment Social

• Norilsk Nickel joined United Nations Global Compact in • Norilsk Nickel joined Responsible • Disclosure to CDP launched in 2020 November, 2016 sourcing blockchain network in • Climate Change score - “D” (M&M • Level of Engagement – Signatory 2021 sector - “C”) • СОP (Communication on Progress) – • Water Security score – “C” (M&M Active Level sector - “B-”)

Source: Company and public data Note: 1. where 1 – low risk, 10- high risk 16 Lean more on Norilsk Nickel ESG assessment: https://www.nornickel.com/sustainability/esg-highlights/assessment/ Advancing ESG Agenda Towards Best Practices

Progress in 2020 2021 Targets

• New long-term sustainable development strategy with specific targets announced • Management KPIs for 2021 to include zero • New climate change strategy with specific targets environmental accidents announced • Develop long term ESG KPIs • Corporate governance systems and environmental risk • Roll-out of ad-hoc strategies at the divisional level management instruments redesigned • Setting environmental 2030 targets, development of • Board oversight of ESG matters and strategy increased key initiatives and capital investment plans • Self-assessment for IRMA and ICCM launched • Continue with execution of Sulphur Programme 2.0 • Independent assessment of environmental impacts • Launch waste collection and land reclamation conducted: ERM, Big Norilsk Expedition, Ethnological programme in Norilsk Expedition • Continue with full rehabilitation of the impacted • Nickel smelter shut, SO2 emissions at Kola Division reduced environment following the diesel spill incident • Design and roll-out of permafrost-based foundations Disclosure improved monitoring in Norilsk • Applications to ICMM and IRMA • Scope 1 & 2, and Scope 3 CO2 emissions in line with GHG protocol • Upgrade of internal procedures in line with ICMM, • Disclosure on Climate Change and Water Security to CDP IRMA principles • Tailings dams' management • Prepare TCFD compliance roadmap • Engagement with indigenous people • Publish audited Scope 3 (1) emissions report

Note: 1. Incl. only downstream part of the supply chain 17 Markets Update COVID-19: Major Distortion to Commodity Markets in 2020

Global Supply: PGMs Impacted the Most due to Global Demand: PGMs Down Sharply on a Major Quarantine in SA, Little Impact on Base Metals Contraction of Autos, Base Metals More Resilient

Supply 2020E vs 2019 Consumption 2020E vs. 2019 Low grade Ni +9%

5% 2% 0%

-1%

-11%

-13% -15% High grade Ni -13% -21%

Pt Pd Cu Ni Pt Pd Cu Ni

Source: Company estimates 19 Global Economy on Track with a “V-shape” Recovery

Quarterly GDP Growth: Strong Rebound Ongoing COVID-19 Impact on Global Economic Growth: a through 1H 2021 One-off

GDP Growth, % Y-o-Y IMF Forecast for 2021-2022 GDP Growth, %

Consensus forecast 20 8.1 15 5.6 5.1 5.2 5.2 10 4.2 3.1 5 2.3 2.5

0

(5)

(10) -3.4 -4.4

(15)

(20) -8.3

China United States World Euro area

Jun-19 Jun-20 Jun-21 Jun-22

Sep-19 Sep-20 Sep-21

Mar-20 Mar-22 Mar-19 Mar-21

Dec-18 Dec-19 Dec-20 Dec-21 2020 2021 2022 USA Euro Zone China

Sources: Bloomberg, IMF 20 Macro Environment: After a Sharp Contraction in Industrial Production in 2020, a Strong Recovery Under Way

Sharp Contraction in Global Industrial Production, China – the Largest Consumer of Base Metals, Euro Zone Leading the Recovery Europe and US – Main PGM Consumers

Manufacturing PMI, Monthly Data Breakdown of global consumption of metals by geography

60 Americas 5% Other Other 12% 18% 13% 55 EMEA Other 33% Japan 11% Japan 15% 50 Asia 23% Japan 4% (ex. China) North 19% Germany 5% America North America 20% USA 8% 45

EU 25%

40 EU 20%

China 59% China 50%

35 China 28% China 31%

30 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 Ni Cu Pt Pd

USA Euro Zone China

Source: Bloomberg Note: Metals breakdown as of 2020 21 Metal Markets Outlook — View on Fundamentals

Metal Ni Cu Pd Pt

4% Share of 21% Nornickel metal sales 2020 21% 42%

Stocks, kt +60 kt +400 moz -0.6 moz +0.5 days of Other consumption Non- Non- elastic exchange exchange Other Other non-elastic Exchange 35 40 28 Exchange ETF ETF 164 5 5 4 25 23 18 115 162 Dec18 Dec19 Dec20 Dec18 Dec19 Dec20 Dec18 Dec19 Dec20 Dec18 Dec19 Dec20

Market Balance Surplus Sustained Balanced Market Small Deficit Sustained (1) Surplus Re-Emerging (1) Forecast kt kt moz moz 87 90+ 544 >1,0 55 0.5 (0.2) (0.2) 0.0 (0.4) (28) (138) 2019 2020 2021E 2019 2020 2021E 2019 2020 2021E 2019 2020 2021E Medium-term     Fundamentals Long-term  Fundamentals

Source: Company estimates Notes: 1. Excluding investments 22 Figures may not sum up due to rounding Nickel Exchange Stocks Back to Elevated Levels

Exchange Inventories Restored on Stock Nickel Exchange Inventories Rising on Market Reallocation and Market Surplus Surplus kt Ni Days of consumption

+40kt

92

262 222 36 (2) 37

15-25 (1) 94 4

Jan-19 LME SHFE Nov-19 LME SHFE Feb-21 Cu Ni Normal Ni Spot Ni Nickel High Spot Level Historical Average

Sources: LME, SHFE, SMM, Company estimates Notes: 1. According to markets participants, customers 23 2. As of February 05, 2021 Nickel in Stainless: Sustainable Recovery of 300 Series Production in China and Indonesia

China: Growth in 300s Driven by Stimulus Package, Stainless Stocks in China: Significant Decline in 200s Impacted by Weak White Goods Demand(1) Since Q2 Due to the Recovery of Consumer Demand kt +7% Y-o-Y % kt STS 1,600 3,000 1,400 1,200 2,000 1,000 800 1,000 600 -3% 400 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-18 Oct-18 Jul-19 Apr-20 Jan-21 300 series 2019 300 series 2020 Produsers' STS Stocks Wuxi & Foshan STS Stocks 200 series 2019 200 series 2020

Indonesia: 300s Production Growth Driven by the The Rest of the World: Stainless Output Severely Launch of Delong Mill and Recovery of Tsingshan Impacted by COVID-19 Disruption of End Demand kt Y-o-Y % Stainless melt output, Mt Y-o-Y % -10% 350 +23% 7.5 -3% 6.7 300 -30% 53.5 -18% -18% 250 4.0 -8% 2.8 2.7 3.0 -14% 51.7 200 2.2 2.4 2.3 2.2 150 1.0 0.9 100 Global Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec EMEA India USA Japan South Taiwan Korea 300 series 2019 300 series 2020 2019 2020

Sources: Nieba, Zljsteel, Company estimates Note: 1. Comparison among the 27 largest producers with 97% market share in 300 series production 24 Nickel in Batteries: Europe Leading the Growth, China Is Recovering

Global BEV Equivalent Sales(1) Rebounded Strongly China: LFP Surged on Higher Offtake by Chinese in 2H20 Primarily Owing to Europe and China Automotive and Stationary Applications (5G), NCM Increased on the Recovery of NEV Sales `000 units Y-o-Y % t Y-o-Y % 500 +26% China Battery Materials Production 400 40,000 300 +13% 200 35,000

100 30,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 25,000

2019 2020 +15% 20,000 BEV Sales(1) in 2H20 Up in All Regions, Europe Surged, China Just Recovered 15,000

`000 units Y-o-Y % 10,000 200 +2% +114% 150 5,000 +103% 100 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 50 +5% 0 LFP 2019 LFP 2020 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec NCM PCAM 2019 NCM PCAM 2020 China 2019 China 2020 Europe 2019 NCM CAM 2019 NCM CAM 2020 Europe 2020 USA 2019 USA 2020

Sources: SNE Research, CAAM, Company estimates Note: 1. BEV equivalent – HEV and PHEV are recalculated according to the relative battery capacity ratio: HEV 2KWh vs PHEV 12KWh vs BEV 25 55KWh Nickel Supply: Ramp-Up of New NPI Production in Indonesia is Well Ahead of Reducing NPI in China

Chinese NPI: Lower Ore Availability and Rising Indonesian NPI: Significant Growth Due to the Ore Prices Drive NPI Output Lower Ramp-Up of Tsingshan, Delong Facilities and Weda Bay kt Ni Y-o-Y % kt Ni Y-o-Y %

60 70 +63% -13% 55 60

50 50 40 45 30 40 20 +101% 35 10

30 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

China NPI Production 2019 China NPI Production 2020 Indonesia NPI Production 2019 Indonesia NPI Production 2020 Indonesia NPI Export to China 2019 Indonesia NPI Export to China 2020

Sources: SMM, Felo, Mysteel, Nieba, Company estimates 26 Nickel Market Newly Emerged Surplus to Sustain Through 2021

Market Surplus in 2020 Exacerbated by COVID Global Demand: Recovery Will Depend on the Impact and Surge of Indonesian Supply Epidemic Impact on Consumer Demand in 2021 kt Ni Surplus kt Ni Y-o-Y %

• Low grade nickel (LG) +9% +8% • High grade nickel (HG) -13% 9 45 16 87 90+ 0% 137 45 (50) 24 (21) 2,648

2,443 2,441

STS STS

2019

2020E 2021E

Others Others

Batteries Batteries

Alloys / Alloys / Alloys

Special Steel Special Steel Special (28) Global Supply: Indonesian NPI Continues to Ramp-up Strongly in 2021 (+370 kt Ni units) kt Ni Y-o-Y % (118) (121) Deficit +8% 32 2017 2018 2019 2020E 2021E +5% (30) (14) 370 228 (192) 2,738 (72) • 2020 impact of COVID-19: market surplus forecast 2,528 increased by over 80 kt Ni 2,416 • 2021 major uncertainty: demand recovery and

further supply disruptions subject to epidemic situation,

2019

Other Other

2020E 2021E NPI

whereas NPI supply growth likely to continue NPI

Ni Ni metal

Indonesia Indonesia

NPI NPI China NPI China

Source: Company estimates 27 Copper: Marginal Impacts of COVID-19 on Demand and Supply

Global Consumption: Reduced Industrial Activity Had China Was the Main Driver of Global Consumption Only a Slight Impact on Cu Consumption in 2020 in 2020, Europe Should Lead in 2021 mt Y-o-Y % mt Y-o-Y % -1% +3% +4% +1% 12.5 12.6 24.0 China 12.0 -7% +6% 11.6 23.7 11.4

10.8 23.4 RoW

2019 2020 2021E 2019 2020 2021E Global Refined Production: Up on Concentrate and Imports of Copper Units to China Were Up Scrap, with Mined Output Down 1,5% in 2020 mt mt Y-o-Y % +2% +1% +5% 10.3 10.7 23.9 24.1 0.8 23.5 1.3 Copper in scrap 5.4 5.5 Copper in conc

4.5 3.4 Refined copper

2019 2020 2021E 2019 2020

Source: Company estimates, Wood Mackenzie 28 Copper Market Remains in Balance: Overall Resilience to Coronavirus-Related Turbulence

Copper Supply Disruptions: Refined Cu Inventories Reduced to 2020 Above Historical Average Multi-year Lows in 2020

kt USD/t 1,000 12,000 Copper mine disruptions (ex.cost related closures), Mt 800 10,000 8,000 600 % of original production target 3 7% 6,000 400 5.9% 4,000 2.5 Historical average 6% 200 2,000 5.0% 4.8% 0 0 4.4% 5.3% 5% 2 Feb-11 Feb-13 Feb-15 Feb-17 Feb-19 Feb-21 4% LME COMEX SHFE LME Cu price 1.5 3.0% 3% Market Balance: Balanced Market in 2021 After 1 1.2 1.2 2% Soft Demand in 2020 1.0 1.0 1.0 0.5 0.6 1% kt Surplus of less than 2% of Global Consumption 0 0% 2015 2016 2017 2018 2019 2020 544

160 150 • The volume of disruptions directly attributed to the 100 55 coronavirus in 2020 estimated at 1.2 Mt (5.3% of global supply), with over 50% contributed by the (70) mines in Latin America (120) (138) 2014 2015 2016 2017 2018 2019 2020E 2021E • Potential risk of disruption allowance persists

Source: Company estimates, Wood Mackenzie 29 29 Auto Industry Contraction Caused Sharp Reduction in PGM Demand

Global Auto Production to Rebound in 2021, Global Auto(1) Sales Down 14% in 2020 Full Recovery to Pre-epidemic Level in 2022

mln units Y-o-Y % mln units LMCA base case scenario(2) Potential loss of 600-700k vehicles due to a shortage in semiconductors +17% World -14%

(4.6) -16% (3.3) (1.0) (5.2) China -4%

89 88 92 75 Europe -20%

North -15% America 2019 Europe North China RoW 2020E 2021E 2022E America Asia -7% (ex. China) • 2020 – the worst downfall for the global auto industry in decades 0 20 40 60 80 100 • Tightening emission regulations will drive PGM Up 2020 2019 demand (China VI, Euro 6d, US Tier 3 legislations)

Source: LMC Automotive Note (1): Light-duty vehicles (up to 6 tonnes), North America – USA and Canada, Asia - Japan and Korea 30 Note (2): as of January 2021 Fleet Electrification Targets Still Implies Active Hybridization

Long Term Outlook for NEVs Improved Significantly Industry Expectations: Hybrids to Dominate in the in the LTM (NEVs mix, %) Electric Vehicles Mix in the Long-term

XX% Change in forecast mln units (%) share in global LV production

21%(1) 44 35 9% 40 30 34% 33% +15% 25 30 28 20 30% 29% +13% +20% 8%(1) 15 0% 3% 4% (1) 10 +5% 52% 55% 2% 61% 60% 5 +6%

- 2019 2020 2019 2020 2018 2019 2020 2021 2022 2023 2024 2025 Forecast Forecast 2025 2030 Hybrids PHEV BEV HEV PHEV BEV

Source: Company estimates, announcements by OEMs, LMCA Note: 1. Hybrids and PHEV share in global LV production 31 PGMs ETF Holdings

Palladium ETF Holdings decreased by 124koz in Platinum ETF Holdings increased by 500koz in 2020 on Market Running a Deficit 2020 as Investors Were Buying Platinum Lows

koz USD/oz koz USD/oz

1,000 3,000 4,000 1,500

750 2,500 3,000 1,250

500 2,000 2,000 1,000

250 1,500 1,000 750

0 1,000 0 500 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21

ETF Holdings Pd Price ETF Holdings Pt Price

Source: UBS 32 Palladium Deficits Reduced as Demand from Auto Industry is Experiencing the Biggest Contraction in Decades

Global Palladium Market: Re-emergence of Deficits Demand: Palladium Among the Metals Disrupted after Value Chain Destocking in 2020 the Most by COVID-19 Moz Moz Y-o-Y % +12% -13% 11.1 10.9 0.1 (1.3) 9.7 1.1 Stock adjustment by (0.1) end-users

2019 Auto Other 2020E Auto Other 2021E

(0.2) (0.2) Supply: Major Contraction in 2020 Due to Lower (0.3) (0.4) South African Supply and Recycling

(0.6) Moz Y-o-Y %

(0.9) -11% +13%

(1.1) (1.1) 10.7 10.7 (0.6) 0.4 (0.5) 9.5 0.7

(1.6)

2013 2014 2015 2016 2017 2018 2019 2020E 2021E

2019

Other Other

Africa Africa

2020E 2021E

Recycling Recycling

Source: Company estimates Note: 1. Excluding ETF 33 Platinum Major Surpluses Mitigated by Reviving Investment Demand

Global Platinum Market Balance: Demand: Sharp Reduction on Weak Global Car Sales Apparent Surpluses Expanding in 2021 and Chinese Jewelry in 2020 Moz Y-o-Y % Moz -15% +8% 7.6 Forecasted investment 7.1 demand will ease the (0.6) 6.5 0.2 surplus (0.4) 0.3

>1,0 Substantial investors’ demand drive platinum market into deficit

2019 Auto Jewellery Other 2020E Auto Jewellery Other 2021E 0.5 0.5 Supply: Decline in 2020 on Amplats ACP Outages, SA 0.0 0.0 0.0 Lockdown, ESKOM Interruptions and Low Recycling

Moz Y-o-Y % (0.1) (0.2) +32% 8.6 -21% Growing investors’ interest 8.2 0.3 (0.9) decreased the market (1.3) 1.8 surplus 6.5 (0.4)

2013 2014 2015 2016 2017 2018 2019 2020E 2021E

2019 Africa Recycling 2020E Africa Recycling 2021E

Source: Company estimates Note: 1. Excluding ETF 34 Global Decarbonisation per IEA Sustainable Development Scenario: Implied Electrification of Light Vehicles via Hybridisation

SDS Targets for the Reduction of CO2 Emissions by Light Implied Autos Mix by 2040: BEVs – 30%, ICE Containing Vehicles: 20% by 2030 and 60% by 2040 (1) Vehicles (Including Hybrids) – 70%

Light duty road transport direct CO2 emissions, Gt Light duty vehicles sales, m units

42 15 1.7 9 4.5 2 6 20 30 68 70 -140m 83 67 65 ICEs in 24 use 2019 2020 2025 2030 2040

ICE Hybrids (incl. PHEV) BEV

-480m Carbon footprint: Emission Regulations for ICE-containing Cars to Continue ICEs in Tightening, Driving PGM Loadings Higher BEV=0 use 1ICE=1.2HEV=2PHEV Car exhaust emission standards 2020 2025-2027 2030+

Euro 6d Euro 7 (exp.) Euro 8 (exp.)

China 6a China 7 (exp.) China 8 (exp.)

US Tier III BIN 70 BIN 50 BIN 30 (exp.)

EM markets Catch-up with DM Catch-up with DM old rules markets markets

Source: IEA, EPA, LMC Automotive, IHS Markit, NN estimates Note: 1. SDS – Sustainable Development Scenario of IEA (as of November 2020) 35 Global Decarbonisation – Risk Assessment for Nornickel’s Metals

2040: Ni PGMs Cu

Growth of market share of BEVs   

Growth of hybrids   

Fuel cells 

Growth of renewables/low carbon fuel in power    generation

Storage and grid expansion to support   growth of xEVs

Net impact  

36 A New Era in Metal Trade

Nornickel staged for the new era of digital transactions, which will optimize supply chain efficiency and transparency

• Nornickel, has joined the Responsible Sourcing Blockchain Network (RSBN), an industry collaboration among members across the minerals supply chain using blockchain technology to support responsible sourcing and production practices from mine to market. With Nornickel joining the RSBN, a series of its supply chains will be audited annually against key responsible sourcing requirements by RCS Global

• In January, the Global Palladium Fund, founded by Nornickel, launched Exchange Traded Commodities (ETC) for metals on Deutsche Börse and London Stock Exchange giving markets low-cost access to commodity investment opportunities

• In December, the Global Palladium Fund issued the first tokens involving metal contracts to its major industrial partners Traxys SA and Umicore SA. Digital instruments have been issued via the global tokenization platform Atomyze, backed by a pool of international investors

We envisage offering a part (up to 20%) of our sales to industrial customers in 2021 through digital transactions

37 2020 Financial Results Metal Sales Volumes and Realized Prices Base Metals Sales: Copper Up on the Ramp-up PGM Sales: Reduced on Weak Demand Due to of Chita Project, Ni Down on Weak Demand COVID-19 Epidemic Impact

Nickel [kt] Copper(1) [kt] Palladium(3) [koz] Platinum [koz] -5% +4% -12% -4%

486 506 3,062 244 231 7 6 3 14 46 73 74 2,696 746 714 14 3 11 98 32 19 63 30 16 25 5

213 198 433 427 2,890 2,603 698 684

2019 2020 2019 2020 2019 2020 2019 2020 rd Russian feed International 3rd party feed Russian feed International 3 party feed Resale of Nkomati concentrate Semi-products (Russian feed)(2) Resale of Nkomati concentrate Semi-products (Russian feed)(2) Realized Prices: Practically Unchanged Despite Sales Breakdown by Metal: Weaker Demand, Palladium Up Strongly Combined PGMs (Pd, Pt, Rh) >50% of Sales [USD mln] Nickel Copper Palladium Platinum +17% [USD/t] [USD/t] [USD/oz] [USD/oz] 14,677 • Au sales increased from 3% to 5% -3% +3% +43% +2% Other 12,851 12% 4% • Rh sales increased 8% Platinum 5% form 2% to 5% 21% 2,176 Copper 14,355 13,916 22% 862 882 Nickel 6,047 6,221 21% 1,524 Palladium 26%

42% 39%

2019 2020 2019 2020 2019 2020 2019 2020 2019 2020

Note: 1. Includes ore concentrates, produced by GRK “Bystrinskoe”, from September 2019 when GRK Bystrinskoe was fully commissioned 2. Metal contained in semi-products, including nickel and copper matte 39 39 3. Excluding sales of metals purchased from third parties 4. Including Rhodium Metals Revenue: Mixed Performance Except for Strong Palladium Rally Nickel Revenue: Down 7% on Lower Prices and Copper Revenue: Up 7% on Higher Prices and Sales Volumes Sales Volumes

[USD mln] [USD mln] -7% +7% 128 3,388 3,144 2,877 3,078 -77 -167 78 123

2019 Realized Sales 2020 2019 Realized Sales 2020 price volume price volume Palladium Revenue: Up 26% on Higher Prices and Platinum Revenue: Down 1% on Lower Sales Re-sale of Metals Volumes [USD mln] [USD mln] +26% -1%

-741 109 6,365 1,954 5,043 628 15 622 -21

2019 Realized Sales Resale 2020 2019 Realized Sales 2020 price volume price volume

40 40 Consolidated Metal Revenue Metal Revenue Up on Higher Pd & Rh Prices, Geographical Breakdown: Growing Share of Asia and Offset Negatively by Lower Sales America due to Decline of European Volumes [USD mln] [% of USD sales] 2019 2020 Company Macro performance factors USD -493 mln 5% 4% 52% 45% Russia and CIS 109 14,977 12,851 -602 18% 2,619 16% 35% 25% 1Europe2 North and South America Asia

2019 Realized Sales Re-sales 2020 price volume of metals

Stronger palladium and rhodium prices owing to a  Europe remained the single largest market, but its share reduced very tight market in 1Q2020 to 45% of total due to reduction of Ni and Pd sales Re-sale of palladium to meet unprecedented spike  Sales to Asia increased to 35% mainly owing to higher palladium in demand and price rally in 1Q2020 sales Lower metal sales due to weak demand in nickel  Sales to North and South America reduced marginally to 16% and and palladium in the last 9 months of 2020 owing the Russian Federation and CIS to 4% to the COVID-19 impact

41 41 EBITDA – Negative Impact of Environmental Provision

EBITDA and EBITDA Margin in 2016-2020

58% Realized metal prices [USD mln] 53% 49% (+USD2,619 mln) 47% 44% -9 p.p. 7,923 7,651 11% depreciation of RUB against USD 6,231 -3% (+USD412 mln) 3,899 3,995 Ramp-up of Bystrinsky (Chita) project to 63ktpa of Cu in concentrate (+44% yoy) (+USD368 mln) 2016 2017 2018 2019 2020

Environmental provisions (mainly diesel 2020 EBITDA: Down on Environmental Provision, COVID- spill at HPP-3) (-USD2,242 mln) Related and Social Expenses, and Build-up of Metal Stock Impact of COVID: additional expenses [USD mln] and lower sales (-USD653 mln) Macro COVID Ecology Operating factors impact impact factors Lower sales mainly due to decrease in +2,937 -653 -2,242 -314 production (-USD432 mln)

2,619 412 Additional (non-COVID related) social 7,923 -94 -524 -123 -6 368 7,651 expenses (-USD240 mln) -2,242 -432 -240 -10 Domestic inflation of 4.9% (-USD94 mln)

2019 Realized Forex Domestic Build-up COVID- Other Environ- Chita Sales Social Other 2020 prices inflation of inven- related indirect mental project volume expenses tories expenses expenses provision related to COVID restrictions

42 Operating Cash Costs: Withstanding Inflation Pressure

Operating Cash Costs Increased 2% in 2020 2020 Cash Costs Breakdown

[USD mln] Macro One- Operating [%] factors offs factors Other -245 +55 +268 17% 3,886 Labour 3,808 97 156 34% 55 52 69 -37 7% Services -314 3,886

22% Materials 20% 2019 Forex Domestic COVID Production Metal Ramp-up Other 2020 inflation related factors &conc of Chita Metals and expenses purchase project semi-products Reported Cash Costs: Up on Additional Expenses Cash Costs Adjusted (1) for FX, Chita Project, Metals, due to Coronavirus and Consolidation of Chita Semi-products Purchased and COVID related expenses

[USD mln] +2% YoY change, % [USD mln] +8% YoY change, % 3,808 3,886 Other +10% 2,850 621 683 2,631 Other +16% 239 276 Services +15% 650 558 Services Materials and 233 +13% 813 840 +3% 206 supplies Materials and 714 762 +7% 840 Metals and supplies 780 -7% semi-products 1,295 1,307 1,153 1,205 Labour +5% Labour +1%

2019 2020 2019 2020 adjusted adjusted

Note: 1. Semi-products include Rostec concentrate and Nkomati, Chita project has been consolidated on 100% basis line-by-line into the Group’s financial statement since September 2019 43 Net Working Capital Changes in 2020

[USD mln] Macro factors Operating factors -594 +321

985 234

55 347 712

-290 -260

-359

31 Dec Forex Commodity Income tax Increase Accounts Other 31 Dec 2019 prices & payable in metal receivable/ 2020 inflation inventory payable

44 Allocation of Capital Investments (1) (1) CAPEX Allocation: Commercial and CAPEX Breakdown by Projects Stay-in-Business [USD mln] 1,760 [USD mln] 1,760 38 154

273 622 1,324 1,324 Talnakh enrichment plant 14 Environmental program 24 36 Mine development 206 98 114 Commercial 522 154 Kola commercial 108 Bystrinsky project (Chita) 103 219 South cluster 76 120 Environmental 24 program Energy projects 246

Other commercial 61 Stay-in- 984 business 778 708 Other stay-in-business 486

2019 2020 2019 2020

Increase in Stay-in-business CAPEX in 2020 was primarily driven by higher CAPEX into the improvement of the industrial safety

Note: 1. CAPEX in Cash flow statement, net of VAT 45 Financial Results Sensitivity to USD/RUB Exchange Rate

At USD/RUB rate of 73.9, 1% change in exchange rate translates CAPEX and OPEX Break Up by into EBITDA change of USD60.8 mln, FCF change of USD64.4 mln Currency

[USD mln] OPEX(1) 90

Non- Non- 12 RUB RUB 8% 79.3 % 80

73.2 2019 2020

74.8 68.0 88% 70 92%

69.1 64.4 RUB RUB

59.5 64.1 60 60.8 56.0 CAPEX FCF exchange rate 56.1 as at Non- Non- 52.8EBITDA 50 31.12.2020 RUB 14% RUB 15%

2019 2020 40 60.0 65.0 70.0 73.9 80.0 85.0 86% 85% USD/RUB RUB RUB

Note: 1. Cash costs (change in stock excluded), Cost of non-metal sales, SG&A; normalized by cost of refined metals for resale 46 Free Cash Flow Increased to USD 6.6bn

[USD mln]

606 6,640 1,673

4,889 436 92

2019 CAPEX Other Cash from Income tax 2020 investing activities(1) operations paid (2)

Note: 1. Mainly changes in bank deposits 2. Decrease in income tax payments due to lower taxable pretax profit 47 Balance Sheet Management Historical Leverage: Proactive Debt Management ND/EBITDA Reduced to 0.6x

[USD bn] 2.1x • In February 2020, terms of the December 2017 syndicated loan facility with a group of international banks were amended, increasing the limit from USD 2.5 billion to USD 4.15 billion, reducing the interest rate to Libor+1.40% and significantly 1.2x 1.1x increasing the maturity, with facility being fully drawn in 1H2020 0.9x 7 0.6x • In September 2020, the Company placed USD 500 million Eurobonds due 2025 at a record-low coupon for Russia and CIS issuers of 2.55% 8.2 • In November 2020, a bilateral loan of RUB 60 billion was repaid ahead of 7.1 7.1 maturity in full 4.5 4.7 • In 2H2020, a number of new committed credit lines were signed for the total 0 amount of RUB 55 billion 2016 2017 2018 2019 2020 • The Company maintains investment grade credit ratings from all three major Net debt/EBITDA Net debt international rating agencies as of the year-end

Liquidity and Debt Repayment Schedule(1) Change in Debt Structure(1) [USD bn] Debt Maturity Debt Currency Debt Type 8.5

3.3 FLOAT 39% 54% Non-RUB 3.6 LT 88% 3.2 99% 97% 97% 5.2 1.9 1.2 FIX 61% 0.1 46% Liquidity 2021 2022 2023 2024 2025+ RUB ST 12% 1% 3% 3% position 2019 2020 2019 2020 2019 2020 Committed credit lines Cash Debt repayments and overdrafts

Note: 1. Debt includes liabilities under lease agreements. RUB liabilities with currency swap applied disclosed as USD liabilities at the rate of swap initiation 48 Finance Costs Reduced Significantly

(1) Gross Debt and Net Debt Average Cost of Debt reduced… average for the period [USD bn] Gross Debt +22.2% . … by 2.2% starting from the year-end of 9.9 2016 by the end of 2020 8.7 9.1 8.1 8.5 . … well ahead of 0.6% reduction of base interest rates (LIBOR) over the same 7.6 Net Debt 7.1 period 6.4 5.9 4.4 . … despite an increase in the average gross debt 2016 2017 2018 2019 2020

Average Cost of Debt . … owing to constant restructuring of debt portfolio and gradual improvements of % Average cost of credit portfolio (2) terms with main debt providers -2.2% 5.1% 4.6% 4.7% . …. while balance sheet FX position has 4.3% been maintained neutral

% Libor 1m 2.9% -0.6% 1.6% 1.8% 2.5% 0.8% 0.2% at the end of the period

2016 2017 2018 2019 2020

Note: 1. In 2016-2018, gross and net debt includes only financial lease liabilities, starting from 2019 it additionally includes other lease liabilities recognized under IAS 16 2. The metric presented is based on all-in effective interest rate including all cost components of debt 49 instruments (without lease liabilities) as at the end of the relevant period (debt instruments denominated in currencies other than the US dollar are swapped for US dollar funding positions) Operations and Strategy Update South Cluster Project Update . Large-scale, long life (25+ years) brownfield asset at the bottom of the global PGM cost curve

. O/P and U/G operations leverage synergies from existing infrastructure

. FS and detailed engineering completed. Open-pit ore mining to commence in Q2, 2021

. Pre-stripping works estimated at 565.6k m3

Target Annual Capacity Ore Mt 9 PGMs koz 750-850 Ni kt 13+ Cu kt 20+

51 Bystrinsky Project: Target Capacity Achieved

. One of the largest greenfield projects in the Russian mining industry

. Ore reserves: 301 Mt @ Cu ~0.7%; Fe ~22.4%; Au ~0.84 g/t (1)

. Full ramp-up achieved in 2Q 2020

. 2020 EBITDA: USD 0.7 bn

Operating Performance Outlook

2021E 2022E

Ore Mt(2) 10 10

Cu in conc. kt 65—70 68-73

Au in conc. koz 230—240 245-255

Iron Ore conc. Mt 1.8—2.0 2.0-2.3

Notes: 1. According to the Russian classification (A+B+C1+C2), 52 2. Processed ore Kola Nickel Refinery Upgrade – Status Update

. Upgrade of Tankhouse-2 to a more efficient and environment- friendly electrowinning technology

. Construction completed

. Production of high quality nickel cathodes commenced

. 85% of design capacity achieved (145 ktpa). Technical retrofitting program under way to bring facility to full capacity

. Total CapEx: USD 0.5 bn

53 Energy Infrastructure Modernization: Interim Delivery and Plans

2013-2020 Delivery 1 Pelyatkinskoye Gas Condensate Field 2 Severo-Soleninskoye Gas Condensate Field TPP-2  Replacement of 6 power- 3 Yuzhno-Soleninskoye Gas Condensate Field 4 Messoyakhskoye Gas Field generating units at hydro power TPP-3 Dudinka plant (out of total 7) Norilsk 1  Replacement of 1 power TPP-1 generating unit at thermal power 2 plant 2 (out of total 2) 4 Power grid  Replacement of medium-pressure 3 turbines at thermal power plant 1 Ust-Khantayskaya HPP Kureyskaya  14 new natural gas wells HPP 60% 2021-2025 Development Plans . Industrial safety and physical risk NEW mitigation programme(1) by 2030 . 5 new power-generating units at thermal power plants 2 and 3 . Grid modernization . Gas pipeline extension, 4 new automated gas distribution stations CAPEX . Upgrade of gas booster stations $4+ bn . Gas wells drilling programme

Note: 1. https://www.nornickel.com/upload/iblock/b0b/nornickel_increases_investments_in_industrial_safety_full.pdf 54 Production Guidance for 2020-2023(1)

Ni Pt+Pd Cu Including Bystrinsky project kt t kt

Bystrinsky project

233 113 499 225 220-230 215-225 109 105-111 487 208 103 100-110 43 63 399 65-70 68-73 (2)

390-410 380-410

2016-2018 2019 2020 2021E 2022- 2016-2018 2019 2020 2021E 2022- 2016-2018 2019 2020 2021E 2022- 2023E 2023E 2023E

. Nickel and PGM volumes are expected to decline moderately subject to planned furnaces . Copper production to decline maintenance at Nadezhda smelter temporarily in 2021-2022 due to secondary feedstock depletion and expected to recover by ~2024-2025 driven by higher mined ore volumes

Note: 1. Metals produced from own feedstock (including metals in saleable semi-products), excluding production of Bystrinsky project and Nkomati 2. For Bystrinsky project for 2022 55 Sulphur Programme 2.0: Environmental Roadmap

Smelter  Nickel town Copper Plant Kola Division  Norilsk Copper line (Refinery) Monchegorsk Nadezhda Smelter

Polar Nickel Plant 2020  Division (Shut down in 2016) Optimization of smelting 2021 On track operations to cut SO2 emissions in Russia- Shutdown of Copper Norway border zone. refining line at Kola 2023 Smelting shop was shut in 1H 2021 Launch of anchor Sulphur down in Nickel town in 2025 Programme 2.0 project at December 2020 Nadezhda smelter to Launch of Sulphur (1) (1) 50% reduction in SO2 85% reduction in total capture furnace gases Programme 2.0 at Copper 2x emissions in Nickel town 7x SO2 emissions at Kola Strategic Aspiration 2030+ and city of Zapolyarny Division Plant to capture furnace Capturing of S0 45%(1) reduction in total and converter gases 2

c.2x SO2 emissions at Polar low-grade gases Division Nickel Town and Zapolarny City 90%(1) reduction in total (incl. converter gases) at 10x SO2 emissions at Nadezhda Smelter Emissions Reduced by 71% (2) Polar Division 95+%(1) reduction in Nickel Town Emissions near 20x+ total SO2 emissions at Russia’s Norwegian boarder Polar Division Reduced by 58% (2)

Notes: 1. As compared to “base” year (2015) 2. 2020 vs 2015. 56 Sulphur Programme 2.0: Construction Status . Nadezhda Smelter Flagship project to capture furnace gases and establish acid neutralization facilities CAPEX (1) and infrastructure: - ~85% contracts legally binding ~$3.6 bn - Project design allows for expansion of the smelter (3rd Furnace) - Piling, steel works, gypsum storage dam raising – in execution . Copper Smelter

Project to capture 99-99.5%+ SO2 (in line with global benchmarks); construction of continuous converting unit, preparatory works, design update: - Phase 1: Gas cleaning unit reconstruction initiated. ~45% contracts legally binding - Phase 2: Basic Engineering / Design in progress. Construction to commence in 2H2021 2023 2025

Nadezhda Phase 1 Smelter Phase 2 Copper Phase 1 Smelter Phase 2

Note: 1. Revised to accommodate additional neutralization lines and related infrastructure for the new 3rd furnace at Nadezhda, which is partially offset by ruble depreciation. 57 Modern Concentration Facilities: 3rd Stage of Talnakh Concentrator

Concentration Smelting Refining

Polar Division Talnakh

+8 Mtpa . Capacity expansion to Norilsk accommodate for ore production growth (“South Cluster”) +3 Mtpa . Additional capacity: +8 Mtpa

. Targeting higher recoveries for all key metals: +4% to +7% (~US$150 mn p.a. EBITDA impact)

. Construction started

. Ramp-up: 2023-2024

58 CAPEX Guidance

Growth projects Environmental projects Base investment program & other projects

USD bn 3.5-4.0 3.0-3.4

<2.0 1.8

2020 2021F average 2022F-2025F average 2026F-2030F

59 2021 Outlook

Metals market outlook  Neutral  Positive Negative 2021 Metal Production Guidance (1) Market to remain in surplus as the rapid expansion of Indonesian NPI will 65-70 Ni  outpace demand recovery driven by (Chita) growth of stainless in Indonesia and 2,715-2,843 battery sectors. The battery sector will 390-410 remain the major consumption driver 220-230 647-711 in the next 5-10 years Ni (kt) Cu (kt) Pd (koz) Pt (koz) Market to remain balanced as the Cu  post-COVID supply recovery will offset a rebound in consumption. Positive long- term outlook maintained as copper is critically important for the transition to the global carbon-neutral economy Financial Outlook for 2021

Market deficit to reduce as • Capex: additional metal demand will be offset USD3.0-3.4 billion (2) Pd  by the release of work-in-progress inventory by South African miners and • Working Capital: a recovery in recycling volumes mid-term guidance USD1.0bn • Final dividend for 2020: Market to remain in structural to be announced in May surplus as automotive and jewelry Pt  demand will remain weak

Note: 1. Metal production guidance from Russian feed including Bystrinsky GOK Note 2. Assuming 2021 average exchange rate USD/RUB 71.00 60 IR Contact Details

Vladimir Zhukov Mikhail Borovikov

Vice-President Investor Relations Head of Investor Relations Department Deputy Head of Investor Relations MMC Norilsk Nickel MMC Norilsk Nickel Tel: +7 495 797 8297 Tel: +7 495 787 7662 E-mail: [email protected] E-mail: [email protected]

61