August 15, 2017Moscow

1H 2017 FINANCIAL RESULTS

Disclaimer

The information contained herein has been prepared using information available to PJSC MMC NorilskNickel (“Norilsk Nickel” or “NN”) at the time of preparation of the presentation. External or other factorsmay have impacted on the business of Norilsk Nickel and the content of this presentation, since itspreparation. In addition all relevant information about Norilsk Nickel may not be included in thispresentation. 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 whichmay prove to be incorrect. Forward looking statements, by the nature, involve risk and uncertainty andNorilsk Nickel cautions that actual results may differ materially from those expressed or implied in suchstatements. Reference should be made to the most recent Annual Report for a description of major riskfactors. There may be other factors, both known and unknown to Norilsk Nickel, which may have animpact on its performance. This presentation should not be relied upon as a recommendation or forecastby Norilsk Nickel, which does not undertake an obligation to release any revision to these statements.

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

This presentation does not constitute or form part of any advertisement of securities, any offer or invitationto sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in Norilsk Nickel, norshall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on inconnection with, any contract or investment decision.

2

Health & Safety: Focus on Critical Controls

LTIFR reduced by 13% y-o-y

1*10-6

Accident Statistics Improved in 1H 2017

LTIFR remains below the global mining industryaverage, down 13% y-o-y;

Total recordable fatal accidents and lost time injuresrates decreased 28%, respectively;

49 refusals to perform work were registered due toconcerns about safety, 44 employees were fired forviolation of safety regulations and rules;

18 internal audits of Occupational Safety and Healthmanagement system were conducted

120 internal audits with participation of managementwere scheduled for 2H 2017;

Life protection is a top management priority – target zero fatalities

0.76

0.47

0.75

0.390.34

1H 2013 1H2014 1H2015 1H2016 1H 2017

4431

46

23 20

6

5

4

61

1H2013 1H2014 1H2015 1H2016 1H2017

Lost Time Injury Fatal

-28%

employees Regretfully, the lifes of 4 miners were lost due to an

explosion related accident;

Full support and assistance have been provided to thefamilies of the employees;

The Company has launched a thorough internalinvestigation of the accident and is working closely withthe authorities on their formal investigation;

The Company reiterates its key objective to eliminateall fatalities and ensure that such tragedies will notrepeat in the future. Life protection remains our keypriority.

-55%

-13%

3

1H 2017 Highlights:

Tragic accident at Zapolyarny mine in July:

1H2017 Highlights

Consolidated revenue increased 11% y-o-y to USD4.2 billion owing to the increase in metalprices;

EBITDA was down 3% y-o-y to USD1.7 billion primarily owing to RUB appreciation against USDand one-off increase in social-related expenses. EBITDA margin maintained at an industry-leadinglevel of 41%;

CAPEX was almost flat y-o-y at USD0.7 billion;

Net working capital increased to USD0.8 billion driven mostly by the payment to Rostec for thecopper concentrate;

Free cash flow decreased by 17% y-o-y to USD0.5 billion primarily due to the increase ofworking capital resulting in FCF/revenue ratio of 12%;

Net debt/EBITDA ratio reached 1.5x as of June 30, 2017. Taking advantage of favourablemarket conditions two Eurobonds were issued: USD 1 billion with an annual coupon rate of 4.1% andUSD 0.5 billion with an annual coupon rate of 3.85% yielding the record low interest rates for theCompany’s issuances on international debt capital markets;

Annual 2016 dividends in the amount of USD1.2 billion (or USD 7.5 per share) were paid in July2017;

On 24 January 2017, the Company’s Board of Directors approved the sale of up to 39.32%stake in the Bystrinskiy (Chita) Project to CIS Natural Resources Fund. The closing of thetransaction is expected by the year-end 2017;

4

Markets Update

Metal Stocks, days of consumption Market Balance ForecastMedium-termFundamentals

Nickel

Palladium

Platinum

Copper

(2)

(45)(75)

2016 2017E 2018E

(0.3)

(1.0)

(1.8)

2016 2017E 2018E

Metals Markets Outlook

290

20 70

2016 2017E 2018E

moz

kt

kt

Deficit

Balanced

Source: Company data

Balanced

Deficit

81 51

Jan 2016 Aug 2017

ETF stocks Other non-elastic stocks Other elastic

-2.7moz

122 128

Jan 2016 Aug 2017

ETF stocks Other stocks

+260koz

8 10

Jan 2016 Aug 2017

Exchange stocks Non-exchange stocks

+300kt

93 78

Jan 2016 Aug 2017Exchange stocks Non-exchange stocks

-58kt

moz

(0.5)

(0.1)0

2016 2017E 2018E

6

Source: Company data

Nickel Market: Deficit ExpandingNi Supply: Increase Driven by Re-start of Indonesia Ore Exports and Philippines Recovery

Strong Growth of Ni Demand in Stainless Steel Expected in 2017E Across All Key Regions

Nickel Market: Deficit Expanding

kt

(2)

(75)

(97)

(53)

(45)

(166)

(137)

2016 Demand Supply 2017E Demand Supply 2018E

Deficit

Deficit

2,0022,055

2,20086

2029 51

31

2016

Indonesi

a N

PI

Chin

a N

PI

Fe-N

i

Refined N

i(R

uss

ia&

Chin

a)

Oth

er

2017E

2018E

+3% +7%

kt

2,0042,095 2,100

2,27528

22 17 17 7 5

2016

Indonesi

aSTS

Chin

a S

TS

Oth

er

Asi

aSTS

Batt

eries

Asi

a

Am

erica

STS&

Allo

ys

Oth

er

2017E

2018E

+5%

kt+8%

7 7

Source: Company data, BGRIMM

Mixed 1H17 Data in China: Strong Growth of 200 Series, Fall in 300 Series and Reduction of Ni Imports

mln t Y-o-Y

+10%

8.0 7.2 7.6 7.6

3.4 3.9

10.010.9 11.8

12.2

5.8 5.7

4.1 4.04.5 4.5

2.2 2.1

0

5

10

15

20

25

2014 2015 2016 2017E 1H 16 1H 17

200S 300S 400S

+13%

+0%

-5%

Increased STS Output in 2H 2017 as Market Strengthens and Delong Ramps Up Balances Out Supply Cuts of 300s in 1H 2017

138

298370

192102

69

145

154

72

112

2014 2015 2016 1H 16 1H 17

Refined Ni Fe-NI/NPI

+21%

>2x

-31%

Imports of Nickel to China Declined in 1H17 due to High Base in 1H16& Stock Reallocation, Fe-Ni/NPI Became the Main Source

Y-o-Y

+8%

+6%

+3%

+0%

+2%

+3%

+15%

-2%

kt, Ni units

8 8

Source: Wood Mackenzie; Companies official reports; Note: 1. Based of Wood Mackenzie sample of sulphide mines; 2. Including production of BHP Billiton, Vale, Jinchuan, Glencore, Anglo American, Sheritt, First Quantum; 3. Assuming adjustments in 2017E production guidance of all major high grade nickel producers;

Global Nickel Supply from Sulphide Ore is not Sustainable in Medium Term: Impact from Underinvestment

Underinvestments Impacting Ni Production from Sulphide Ores (1)

Production Cuts by All Major Ni Producers in 1H2017: Remove Over 50kt from Supply

600

650

700

750

800

850

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014 2015 2016 2017

Sulphides Capex Sulphide Production

kt Y-o-Y

-15%-16%

-13%

-10% -10%

-5% -5%

Norils

k N

ickel

Peer

1

Peer

2

Peer

3

Peer

4

Peer

5

Peer

6

1H 2017/1H 2016 (2)

Total production cuts (3) and shut-downs expected in the amount of circa 60kt in 2017E

9

<2

>2

-10%

Source: Company data, Chinese customs trade statistics

Diminished Uncertainty in the Philippines and Indonesia

mt of ore

Higher Nickel Ore Supply to China in 1H 2017

Y-o-Y

Ni Ore Export from Indonesia Has Resumed, +85kt Ni Units to the Market

42%

76%

100% 100%

86%0

20

40

60

80

2013 2014 2015 2016 1H2017

Indonesia Philippines Other

86%

71

48

3532

12

Company Ore export volumes (mt) Permit applied for Permit granted Ni units (kt)

PT Antam2.7 28

3.7 39

Zhenshi Group 1.0 11

PT Harita Group 2.1 22

PT Macrolink 2.5 26

Ifishdeco 0.5 5

Pt Ceria Nugraha Indotama 2.3 24

Total 14.8 8.1 85

508 489386 366 390 390

29 87

170270

2013 2014 2015 2016 2017E 2018E

China Indonesia

NPI Supply from China & Indonesia Expected to Grow

-32% -27% -9% +7%

kt, Ni Units

10 10

PGM Supply and Demand Balances: Diversing Fundamentals of Pt and Pd

Source: Company data

Palladium Market Balance: Higher Demand and Lower ETF & Stocks Sales to Spur Multiyear Structural Deficit

Palladium Mine Output in 2017: Expected Small Increase Y-o-Y

(310)

(1,020)

+70+190

(360)

(360)

(250)

2016 Minesupply

Recycling Demand Change inETF

Change instocks

movements

2017E

koz koz

Platinum Market Balance: Lower Demand is Moving the Market to The Balance

(480)

(150)

(60) +80

+230

+110(30)

2016 Mine supply Recycling Demand Change inETF

Change instocks

movements

2017E

Platinum Mine Output in 2017:Expected Small Decrease Y-o-Y

koz koz

37% 37%

38% 39%

10% 9%

0

2,000

4,000

6,000

8,000

2016 2017

South Africa Russia Canada Zimbabwe USA Other

+1%

72% 73%

11% 11%8% 7%

0

2,000

4,000

6,000

8,000

2016 2017

South Africa Russia Zimbabwe Canada USA Other

-1%

11

Key Auto Trends Impacting Metals Demand

Sustainable global automotive production growth;

Diesel substitution by gasoline vehicles;

Growth of hybrids market share;

Growth of SUVs market share and increase in

engine size;

Strengthening in emissions legislation;

Electric vehicles/batteries

1

2

3

4

5

6

Demand Implications

PGM

Pd Pt

Pd

PGM

PGM

Ni

12

Growing Autos Production in 2017 and in Long Term

Source: Company data, automakers associations, LMC Automotive

Strong Growth of Automotive Market in 1H 2017 (+4% Y-o-Y)

Y-o-Y growthTotal light vehicles production (up to 6 tons)

Global market share

+5%

+14%

+3%+2%

+9%

+4%+5% +5%

-1%

+10%

World China WesternEurope

NorthAmerica

India

2016/2015 1H 2017/1H 2016

28% 5%23% 19%

71 72 76

18 19 19 2 7

10

2016 2020E 2025E

Gasoline Diesel Hybrids BEV+PHEV Other

92101

111

77%

20%

68%

17%

71%

19%

Global auto production by type

Automotive Markets Expected to Grow by +20% by 2025

mln units

ХХ% ХХ% % of total production

13

Stricter Emission Regulations Positive for Pd Consumption

Source: Company data, ICCT, LMC Automotive, Thomson Reuters, ACEA, Wards-Auto, CAAM

New Regulations, Especially in China, Push Automakers to Increase PGM Loadings…

… which Should Boost Pd Consumption in Auto Industry by More than 30% by 2025

0.0

0.2

0.4

0.6

0.8

1.0

1990 1997 2004 2011 2018 2025

US EU-gasoline

EU-diesel China-gasoline

China-diesel

PGM consumption in automotive industry

NM

HC/N

MO

G+

Nox

Lim

its

(g/k

m)

Comparison of NMOG/NMHC+NOx emission requirements in China, the European Union and the USA during 1990-2025E

8.2

11.0

3.6 3.6

2016 2025

Pd Pt

0%

+34%

14

-

3

6

9

12

15

18

2016 2025E

Hybrids BEV PHEV

Hybrids contain more Pd per vehicle vs conventional gasoline engines with the same engine size

+14%

+3%

Changing Auto Industry Favors More Palladium Demand

Source: Company data, automakers associations, LMC Automotive

Rising Transport Hybridization Positive for Pd Demand

mln units

Falling EU Diesel Market Share Partially Offset by Increase in Heavy-Duty Vehicles: Still Negative for Pt Demand

Diesel share in Germany Global Heavy Commercial Vehicles Production

3

4

2016 2020E

+33%

48%

46%

41%

2015 2016 1H2017

mln units

15

Copper Market: Global Inventories Remain at Low Levels

LME Copper Price Stabilized While Inventories Are Up, But Still Running Tight

China Remains the Main Driver of Global Copper Consumption Growth in 2016-2017E

mt USD/t

Source: Company data, Bloomberg, as of August 7, 2017

Y-o-Y

21.9

22.5

22.90.5

0.3

2015 China Other 2016 China Other 2017E

+1.8%

mt

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

0

100

200

300

400

500

600

700

800

900

Aug-15 Feb-16 Aug-16 Feb-17 Aug-17

LME Copper Inventory

COMEX

SHFE

LME Copper Cash

+2.7%

16 16

Copper: Balanced Market, Supply Disruptions in Line with Historical Averages

Copper Supply Disruptions: Expected at 5% in 2017E in Line with Historical Average

Copper Supply / Demand Balance: Marginal Surpluses in 2017-2018E

kt

Source: Company data, Wood Mackenzie

mt

590

150120

30

290

2012 2013 2014 2015 2016 2017E 2018E

1.4

1.00.8

1.0 1.0

0.7

1.11.2

0.8

1.0

8%

6%

5%

6% 6%

5%

6% 6%

5% 5%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

2008

2009

2010

2011

2012

2013

2014

2015

2016E

2017E

Copper mine disruptions (ex.cost related closures)

% of original production target

17 17

Gasoline Diesel Hybrid BEV+PHEV FCEV

Market Share (2) 68% 17% 9% 5% 1%

Nickel 3-4 kg 3-4 kg 10-15 kg 20-80 kg 2-3 kg

Copper 20-25 kg 20-25 kg 45-50 kg 75-80 kg(3) 70-75 kg

Platinum

Group

Metals2-5 g 3-6 g 2-6 g - 25-35 g

Norilsk Nickel’s Metal Basket Content by Light Vehicle Type

+ batteries

+ electric motor, generator winding

Fuel cellCatalysts

Pt:Pd ratio 1:4 8:1 1:4

Source: Company estimates, LMC AutomotiveNote: 1. CAGR for 2015-2025E, 2. Expected market share in 2025 based on sales; 3. Without additional infrastructure demand 1-8 kg per charger; 4. Metal values calculated at average metal prices in 1H2017

Stainless steel & parts

Wires & parts

Metal value per vehicle, USD (4)

$200-330

$230-360

Up to$620

Up to $1,240

Up to $1,550

Hybridization is a major trend in powertrain development in the medium-term

Growth (1)

18 18

+1% +1% +18% +26% +41%

1H2017 Financial Results

Sales Breakdown by Metals: Palladium is the Largest Contributor to the Revenue

98 99

22

25

7

1H2016 1H2017

145

106

Nickel

-27%

kt

Russian feedMetal stock (Russian feed)

PGM Sales: Down on Reduction of 3d Parties Feed and Metal Stock Sales in 1H2016

36% 27%

24%26%

23% 30%

10% 8%2% 4%5% 5%

1H2016 1H2017

Other

Semi-product

Platinum

Palladium

Copper

Nickel

3,565 3,896+9%

Realized Metals Prices: Up on Strong Commodity Markets

Base Metals Sales: Down on Reduction of 3d Parties Feed and Metal Stock Sales in 1H2016

172 173

8 2

3

1H2016 1H2017

182 176

Copper

International 3rd party feed

kt

-3%

1,300 1,264

123 11

41

1H2016 1H2017

1,4341,305

Palladium (1)koz

Russian feedMetal stock (Russian feed)

-9%

333 299

32 5

12

1H2016 1H2017

370

311

Platinum

International 3rd party feed International 3rd party feed

koz

-16%

Nickel Copper

1H2016 1H2017

8,83710,067

4,7425,789

+22%

+14%

545

938

792

962

Palladium Platinum

1H2016 1H2017

+45%

+3%

Metal Sales Volumes and Realized Prices

Note 1. Excluding metals purchased from 3rd parties

USD mlnUSD/t USD/oz

2020

Platinum Revenue: Down 14% on Lower Sales

179

1,2781,063

(394)

1H2016 Realizedprice

Salesvolume

1H2017

USD mln

-17%

Copper Revenue: Up 18% on Higher Prices

190

8621,020

(32)

1H2016 Realizedprice

Salesvolume

1H2017

USD mln

+18%

354105

810

1,167

(102)

1H2016 Realizedprice

Salesvolume

Resale 1H2017

USD mln

+44%

8

347 299

(56)

1H2016 Realizedprice

Salesvolume

1H2017

USD mln

-14%

Palladium Revenue: Up 44% on Higher Prices

Nickel Revenue: Down 17% on Lower Sales

Metals Revenue: Driven Up by Strong Commodity Markets

2121

Metal Revenue Up on Higher Prices

Increase of metal sales 9% y-o-yto USD3.9 bn due to:

Increase of realized metal prices (positiveimpact of USD0.8 bn);

Lower metal sales volume due to thehigher base effect in 1H2016 owing to thesale of metal stocks (negative impact ofUSD0.6 bn);

Re-sale of metals (positive impact ofUSD149 mln);

791 (609) 149

3,565 3,896

1H2016 Realizedprice

Salesvolume

Re-salesof metals

1H2017

Macro

Environment

Company

performanceUSD mln

Metal Revenue Up on Higher Prices

57% 55%

22% 23%

7% 15%14% 7%

1H2016 1H2017

Russian Federationand CIS

North and SouthAmerica

Asia

Europe

3,8963,565USD mln

Consolidated Metal Revenue

Geographical breakdown of metal sales:

Europe remains the single largest marketaccounting for 55% of metal sales;

Reduction of Russia and CIS sales from14% to 7% of total, due to the relocation ofsales to international markets;

Increase of sales to North and SouthAmerica to 15%, mainly due to theincreased physical demand for palladium;

2222

EBITDA and EBITDA Margin

Higher realized metal prices had a positive impact on EBITDA of USD743 mln;

Appreciation of RUB against USD and domestic inflation contributed negatively to EBITDA by USD357 mln;

One-off factors: higher base effect in 1H2016 due to metal stock release of USD212 mln and increased social expenses in 1H2017 had a combined negative impact on EBITDA of USD352 mln;

Decrease in metal sales volume of USD106 mln was primarily driven by accumulation of metal stock (mainly copper) in 1H2017 owing to an extension of navigation break at the port of Dudinka;

2,708

1,5881,795

2,104

1,744

55%

44%47% 48%

41%

1H2015 2H2015 1H2016 2H2016 1H2017

1H2017 EBITDA Bridge vs. 1H2016

(277) (80)

(352) (106)

1,795 1,744

743 13 8

1H2016 Realizedprice

FOREX Domesticinflation

One-offfactors

Salesvolume

Disposalof non-

coreassets

Other 1H2017

Macrofactors:

386

Operating factors:

(85)

USD mln One-offfactors:

(352)

1H2017 EBITDA was down by 3% y-o-y to USD1.7 bn, EBITDA margin down by 6 p.p. to 41%:

EBITDA and EBITDA Margin

USD mln

2323

Operating Cash Costs Adjusted by FX & Refined Metal Purchase: Up +6%, in Line with Domestic Inflation

5%

19%

19%41%

16%

USD mln

Other

Services

Materials

Labour

Metals and semi-products

Operating Cash Changes in 1H2017

539 687

294

325 228

329 72

84 209

272

1H2016 1H2017

Other

3rd party services

Materials andsuppliesSemi-products andmetalsLabour

1,342

1,697+26%

651 687

219 192

273 329 83

84 247

272

1H2016 - adjusted byFX & metal purchases

1H2017 - adjusted bymetal purchases

Other

3rd party services

Materials andsupplies

Semi-products

Labour

1,4731,564

10%

1%

21%

(12%)

6%

+6%

Reported Operating Cash Costs: up by 26%

1H2017 Cash Costs Breakdown

Operating Cash Costs

USD mln

1,342

1,697

(76)(26) (6)

206

35 84

34 5648

1H2016 Forex Marketprice

Domesticinflation

Taxationchange

3rd partyfeed

Cost ofRostecfeed

Materials Headcount

reduction

Other 1H2017

USD mln Macro Factors Operating Factors

24

Working Capital in 2015-1H2017

Net Working Capital

24 23 11 57

144

170 (66) (1)

1,030

443

805

31 Dec 2015 31 Dec 2016 FOREX Marketprices

Seasonality Change inincome taxbalances

Changein metalinventory

Paymentfor copper

concentrateto Rostec

Accountspayablefor PP&E

Other 30 Jun 2017

Macro and markets factors:115

Operating factors:247

USD mln

25

FCF Reduction: Increase of Working Capital Was Partly Offset by Proceeds From Sale of Non-Core Assets

Free Cash Flow in 1H2017

(325)

(51)23

7 1

238

619 512

1H2016 Change inworking capital

Change inEBITDA

Non-cash itemsin EBITDA

CAPEX Income tax paid Other investingactivities

1H2017

USD mln

26

At the USD/RUB rate of 59.1, 1% change in exchange rate translates into:

EBITDA change of USD36.1 mln, FCF change of USD56.0 mln.

Currency Break Up of OPEX (1) Currency Break Up of CAPEX

Financial Results Sensitivity to USD/RUB Exchange Rate

Note: 1. Cash costs (change in stock excluded), Cost of non-metal sales, SG&A

75%

25%

RUB

Non-RUB

1H2016

85%

15%

RUB

Non-RUB

1H2017

72%

28%

RUB

Non-RUB

1H2016

78%

22%

RUB

Non-RUB

1H2017

42.638.8

36.132.8

30.5

66.2

60.256.0

50.947.3

USD mln exchange rate as at30.06.2017

65.0

Free cash flow

EBITDA

55.050.0 59.1 70.0

60.0

50.0

40.0

10.0

20.0

30.0

USD/RUB

27

CAPEX Breakdown by Projects CAPEX Forecast for 2017

Cash CAPEX(1)

Note: 1. CAPEX in Cash flow statement, net of VAT

296 321

44

6979

681163036

114 53

132 146

1H2016 1H2017

GRK Bystrinskoe (Chita)

Talnakh Concentrator

Skalisty mine

Projects related to the shutdown of Nickel Plant

Other mine development

Kola

Other stay-in-business and commercial

706 699

USD mln

0.8

0.6

0.6

2017

GRK Bystrinskoe (Chita)

Commercial

Stay-in-business

USD bn

2.0

28

Change in Debt Structure

4.63.5 4.2 4.6

5.6

1.1

0.6

1.01.2

1.5

2013 2014 2015 2016 1H2017

-0.40

0.10

0.60

1.10

1.60

2.10

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

2013 2014 2015 2016 1H2017

Net Debt Net Debt/EBITDA, (x)USD bn

Proactive Debt Management

0.31.2

0.61.2

5.0

2.6

2.2

Liquidityposition

2017 2018 2019 2020 2021+

Debt repayments

Cash

Available Credit Lines

USD bn

ST

7%

ST

16%

LT

93%

LT

84%

2016 1H2017

Debt Maturity

Liquidity and Debt Repayment Schedule

Leverage Reached 1.5 Net Debt/EBITDA

Long-term undrawn committed credit lines of USD2.2 bn availableas at June 30, 2017;

In order to decrease its funding costs the Company paid in advanceRuble denominated credit facilities in the amount of RUB60 bn;

In 2Q2017 two Eurobonds were issued: USD1 bn issue with anannual coupon rate of 4.1% and USD0.5 bn issue with an annualcoupon rate of 3.85%, yielding the record low interest rates for theCompany’s issuances on international debt capital markets;

Change of the terms on the project finance loan from Sberbankyielding reduction of interest cost by issuing guarantee on behalf ofPJSC MMC Norilsk Nickel;

Total savings on interest expenses expected at more than USD100mln on annualized basis;

RUB

29%RUB

15%

Non-

RUB

71%

Non-

RUB

85%

2016 1H2017

Debt Currency

Fix

63%Fix

67%

Float

37%

Float

33%

2016 1H2017

Debt type

Balance Sheet Management

29

Major Projects Update

Skalisty Mine Development Update

• Greenfield project

• Production capacity – 2.4Mtpa

• Ore reserves: 58Mt

• Estimated Project IRR > 30%

• Total Capex (up to 2025): ~ USD2.2 bn

• Increase in the annual ore output to 1.75 mt pa by 2017, 1.95 mt pa by 2018

and 2.4 mt pa by 2024

• Completion of ventilation shaft №10 in 2018

• Completion of skip-cage shaft (main shaft) in 2019

• 1H 2017 Capex: USD36 mln

• Capex 2017-2018: ~ USD470 mln

• Progress by June 30, 2017:

Shaft sinking:

1,785 m

1,484 m

Shaft №10 (90% complete)

Skip-cage shaft (main shaft)(72% complete)

Drifting:

2 085m

Source: Company dataNote: At the exchange rate of USD/RUB 60.06 as of August 9, 2017

Project overview

Project timeline

Project update

31

Talnakh Concentrator Upgrade – Successfully Completed

Phase 2 – Technology upgrade and capacity increase

Total Capex of USD780 mln(1)

Phase 3 (under review) –Сapacity expansion to 18.0 mtpa

Phase 1: Flotation upgrade

Overview

Replacement of flotation cells

Capacity of 7.7 Mtpa maintained

Status: Completed

Launched in January, 2015

Ramped-up by 1Q 2016

Impact:

Increased nickel recovery rate by 1 p.p.

Overview

Upgrade of technology

Capacity increased to 10.2 Mtpa

Status: Completed

Launched in May, 2016

Ramped-up by 2Q 2017

Impact:

Sulfur rejection to the tailings reached design parameters

The content of Ni in nickel-pyrrotiteconcentrate increased from 8,4% to 9,9% (implied increase of Ni in nickel concentrate from 8,6% to 13,5%)

Overview

Capacity increase to 18.0 Mtpa

Status

Project design, budget and construction schedule currently being updated

Feasibility and investment decision by the 1H 2018

Dependent project:

Development of South Cluster (Zapolyarny mine)

Source: Company dataNote: 1. At the exchange rate of USD/RUB 60.06 as of August 9, 2017, including tailing dam investments; 32

Re-launch of NiTankhouse-1

Kola Ni refining capacity, ktpa

Kola Nickel Refining Operations: Upgrade and Expansion of Capacity

Reconstruction of Ni Tankhouse-2: Technology upgrade and capacity expansion

Expected impactOverview:

Additional refining nickel capacity (+45ktpa) launched to offset idled Nickel Plant in Polar Division;

Total Capex USD15 mln;

Status: Completed

Construction completed in 2015;

Ramped-up to full capacity by 3Q 2016;

Overview: Addition of nickel refining

capacity (+25 ktpa) Upgrade to drum roaster

chloride leaching; Construction will be completed

in 2018; full capacity to be reached by 2019;

Total Capex of ~ USD300 mln

Status: Construction is in progress

Completion - 40%;

Construction with staged commissioning of new chloride leaching technology;

42 cells have been commissioned;

120145

4545

2016 2019

Tankhouse-1 Tankhouse-2

Increase of extraction rate;

Improvement of work-in progress turnover;

Decrease in unit cost at refining stage;

33

Current Status of Sulfur Project

Nadezhda smelter

Option №1:Elementary

Sulphur

Option №2: Sulfuric Acid

SO2

Technology Capital

Expenditures CompletionMain Risks

New SO2 capturing facilities

Final Product: elementary sulpfur in blocks or pellets• To be stored on

site or sold to third parties

New technology, high operational risk

Status/Timeline

New SO2 capturing facilities

Final Product: sulfuric acid

• To be further neutralized with limestone

• In part could be utilized to process tailings

Established technology, used

elsewhere (in Russia),

low operational risk

SNC Lavalin commissioned

Phase 1: preparation of engineering project documentation

Management investment decision expected in 4Q 2017

Phase 2: construction of SO2 facilities at Nadezhda Plant

2023

Low High

Low High

$

2023

USD1.7 billion for Nadezhda smelter(exc.VAT)

Circa USD2 billionfor Nadezhda and Copper smelterscombined

A Russian engineering firm has been commissioned

Pre-feasibility study is being prepared

Management investment decision expected in 4Q 2017

Status – update expected by year-end 2017

34

Chita (Bystrinsky) Project: 77% Complete

De-risking strategy

Transport and energy facilities

• Construction of 220kV (234 km) power line and substation grid is complete. Commissioning is scheduled in 2H 2017; Total investments of ~USD 130 mln; The energy facilities will be bought out by the Federal Grid Company;

• The railway link is being used in the commissioning mode. State-owned stake in the railroad will be transferred to the Company for further management and operation in 2018;

Current status

Source: Company data, as of August 2017

• Construction of main facilities is on schedule (enrichment plant, tailing facilities, auxiliary workshop site, water reservoir, water intake and etc.);

• Equipment delivery and installation. Completion - 77%;

• Launch: Scheduled by year-end 2017;

Resource Base Extension

• Geological exploration: The Bystrinskoye Field balance ore reserves have been increased by 17% up to 343 mln t of ore;

• Partnerships:

Consortium of Chinese investors (Highland Fund) acquired additional 2,66% stake in the project in 1H2017, thus raising their total interest to 13,3%;

The BoD approved the sale of 36,66% stake in the project to CIS Natural Resources Fund. The Transaction is expected to close by the end of 2017;

35

Chita (Bystrinsky) Project Construction Update

Floatation Section Grinding Mills

Source: Company data

ThickenerProject Site Overview

36

Production Guidance from Russian Feedstock

2017 Production Guidance Reiterated

Ni/Cu – kt, PGM – t (saleable metal)

Metal production growth(1) vs. 2015 by2% due to increased copper and PGMvolumes: Higher metals grade in ore; Processing of copper concentrate

purchased from Rostec, starting from2017;

2016: one-off decline due to build-up of work-in-progress inventory resulting from downstream reconfiguration and commissioning of upgraded Talnakh Concentrator;

221 197 206-211

353344

377-387

9997

100-105

2015 2016 2017E

Ni Cu PGM

42

Note: 1. In nickel equivalent calculated on the basis of average 2016 prices;

37

2H2017 Outlook

Neutral on nickel: the market to run small deficit on strong stainless steel demand absorbing increased supply of mined feed, with trending down exchange stocks still running well above historical averages;

Neutral on copper: market to remain fairly balanced, spot price persists above cost curve, upside risks dependant on further supply disruptions and stronger-than-expected Chinese consumption;

Positive on palladium: a major deficit persists on the back of continuing industrial demand growth;

Neutral on platinum: market has entered a moderate surplus owing to a weaker industrial demand as the European car industry is gradually shifting away from diesel engines;

2017 Metal production guidance(1) :

• Ni 206-211 kt

• Cu 377-387 kt

• Pd 2,636-2,732 koz

• Pt 581-645 koz

2017 Capex: USD2 billion (including approximately USD0.6 billion for Bystrinsky Project);

Working capital: USD1.3-1.5bn by 2017YE as capital structure is optimized towards lower-interest cost instruments and advances from customers being renegotiated;

Net debt/EBITDA: >1.8x by 2017YE(2);

Interim dividend: to be announced in August and payable by the year end 2017;

Note 1. Metal production guidance from Russian feed;2. Assuming spot commodity prices and FX rates as of the 1ST week of August;

38

Q&A Session