Russian Miner: Global Player

MoscowSeptember 18th 2007

Morgan Stanley Institutional Equity –Russian Metals and Mining

2

DisclaimerThe information contained herein has been prepared using information available to MMC Norilsk Nickel at the time of preparation of the presentation. External or other factors may have impacted on the business of MMC Norilsk Nickel and the content of this presentation, since its preparation. In addition all relevant information about MMC 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 MMC 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 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 MMC Norilsk Nickel, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.

3

MMC Norilsk Nickel Today

• Leading Russian mining and metals company with a growing

international business

• Lowest cost producer of refined nickel with largest amount of

nickel in attributable reserves and resources

• Proven history of value creation and returns to shareholders

• Highest combined credit rating amongst Russian private

companies

• Recognized leader in corporate governance and transparency

amongst Russian companies

4

Norilsk Nickel’s Global Presence

KOLA MMCKola Peninsula

KOLA MMCKola Peninsula

POLAR DIVISION Taimyr PeninsulaPOLAR DIVISION Taimyr Peninsula

CORPORATE CENTER Moscow

CORPORATE CENTER Moscow

GIPRONICKEL INSTITUTE

St. Petersburg

GIPRONICKEL INSTITUTE

St. Petersburg

STILLWATER MINING COMPANY (55%)

Montana, USA

STILLWATER MINING COMPANY (55%)

Montana, USA

TALVIVAARA Project(~7.5%) Finland

TALVIVAARA Project(~7.5%) Finland

NORILSK NICKEL HARJAVALTA OY

Finland

NORILSK NICKEL HARJAVALTA OY

Finland

NORILSK NICKEL CAWSE PTY LTD

NORILSK NICKEL CAWSE PTY LTD

MPI NICKEL PTY LTD (BLACK/SILVER SWAN

and HONEYMOON WELL project)

MPI NICKEL PTY LTD (BLACK/SILVER SWAN

and HONEYMOON WELL project)

WATERLOOWATERLOO

AVALONAVALON

LAKE JOHNSTONLAKE JOHNSTON

TATI NICKEL (85%)Botswana

TATI NICKEL (85%)Botswana

NKOMATI (50%)South Africa

NKOMATI (50%)South Africa

NORILSK PROCESS TECHNOLOGY

NORILSK PROCESS TECHNOLOGY

NORILSK NICKEL EUROPE

London, UK

NORILSK NICKEL EUROPE

London, UKNORILSK NICKEL

USA Pittsburgh, USA

NORILSK NICKEL USA

Pittsburgh, USA NORILSK NICKEL ASIA

Hong Kong, China

NORILSK NICKEL ASIA

Hong Kong, China

METAL TRADE OVERSEAS

Zug, Switzerland

METAL TRADE OVERSEAS

Zug, Switzerland

NORILSK NICKEL ASIA

Beijing, China

NORILSK NICKEL ASIA

Beijing, China

International PGM asset

Norilsk Nickel operations in Russia

Norilsk Nickel international nickel assets Research centers

Global distribution network

Norilsk Nickel Corporate Center

5

Largest Nickel Producers (% share of 2006 world refined production)

Largest Palladium Producers (% share of 2006 world mined production)

Largest Copper Producers (% share of 2006 world mined production)

Largest Platinum Producers (% share of 2006 world mined production)

Leading Producer of Base & Precious Metals

40.0

15.3 13.5 12.6

05

1015202530354045

Angloplat Impala Lonmin NorilskNickel*

8.0

6.15.6 5.2

4.43.4 3.4 3.0 2.9

0

2

4

6

8

10

11.8

Codelco BHPBilliton

PhelpsDodge

RioTinto

Xstrata AngloAmerican

KGHM Freeport GrupoMexico

NorilskNickel

18.016.0

10.08.1 7.2

02468

101214161820

Norilsk Nickel

CVRDInco

BHPBilliton

XstrataNickel

Jinchuan

49.6

21.1

6.4 6.0

0

10

20

30

40

50

60

NorilskNickel*

Angloplat Impala Lonmin

Source: Company data, Brook Hunt, CRU; Norilsk Palladium and Platinum share include Stillwater Mining Company (SWC)

6

164.

299

.886

.774

.355

.139

.432

.732

.130

.530

.127

.818

.318

.316

.516

.214

.113

.911

.711

.110

.5

(76%

)(1

73%

)(1

61%

)(2

3%)

(35%

)

(175

%)

(164

%)

(4%

)(1

41%

)(1

00%

)(1

95%

)(3

18%

)(3

4%)

(354

%)

(175

%)

(215

%)

(111

%)

(84%

)(1

63%

)(8

7%)

0

20

40

60

80

100

120

140

160

180

200

BHP Biliton

CVRD³Rio Tinto

Anglo America

nXstr

ata³

Norilsk N

ickel

Freeport³Alco

a

Southern Copper

Angloplats

Barrick

Teck C

omincoNew

montIm

palaGoldco

rp³

Camec

o

Antofagas

ta

Kazak

hmysPea

bodyAnglogold

(US$

bn)

A Growing Mining & Metals Company

Market capitalisation1

2005 Current2

Source: DatastreamNotes:1 Market capitalisation 2005 as of 27 August 2005, and current as of 27 August 20072 Percentage increase since 2005 in brackets3 Company has completed major acquisition during the observation period

87.8

47.2

37.9

35.2

23.9

17.5

14.5

14.3

13.9

12.4

10.2

10.2

9.0

8.0

7.8

7.8

7.6

7.3

7.2

6.8

0

10

20

30

40

50

60

70

80

90

100

BHP Biliton

Rio TintoCVRD

Anglo America

nAlco

aNew

montXstr

ata

Norilsk N

ickel

Barrick

Alcan

Phelps D

odge

Angloplats

Peabody

Camec

oInco

AngloGold

Teck C

ominco

Southern C

opperFree

port

Falconbrid

ge

(US$

bn)

7

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

Aug-02 Aug-03 Aug-04 Aug-05 Aug-06 Aug-07

Reb

ased

at 1

00

Norilsk Nickel Diversifieds Index¹

1,032%

378%

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

Aug-02 Aug-03 Aug-04 Aug-05 Aug-06 Aug-07

Reb

ased

at 1

00

Norilsk Nickel RTS Index

1,032%

437%

Norilsk’s Share Price Over Past 5 Years

Source: DatastreamNote:1 Index: BHP Billiton, CVRD, Rio Tinto, Anglo American and Xstrata

Share price performancevs. Diversified vs. Russian peers

8

Leading EBITDA Margin

19

373946474749

5753565859

7681

17

3027

4144

51

36

50

585150

7368

54

20062005

Norilsk Nickel

Antofagasta Xstrata/ Falconbridge

TeckCominco

CrupoMexico

Rio Tinto

Anglo Platinum

Freeport-McMoRan

CVRD/ Inco

BHP Billiton

Kazakhmys Phelps Dodge

Anglo American

Southern Copper

EBITDA MarginPercent

Source: Company reports

9

Strong Financial Performance

Note: MMC Norilsk Nickel without Polus Group

Metal sales revenues*USD million

Net profit and net profit margin*USD million, percent (line)

+75%+75%

6,5917,169

11,550

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2004 2005 2006

1,8572,352

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2004 2005 20060%

10%

20%

30%

40%

50%

60%

1,8652,278

4,972

32%

43%

28%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2004 2005 20060%

10%

20%

30%

40%

50%

60%+168%+168%

10

Revenue Breakdown

By metal

2006total USD million 11,550

2005total USD million 7,169

Europe

RussiaAsiaAmerica

NickelCopperPalladiumPlatinumGold

By destination

23%

13%

12% 1%

51%

15%

13%

9%

63% 16%

16%

8%

60%

11%

24%

10%

54%

1%

11

Leading Credit Rating of Russian Blue Chips

B+ BB- BB BB+ BBB- BBB BBB+

Alrosa SUAL MTS Sistema Severstal

MMK Megafon

Novolipetsk TNK-BP Vimpelcom

Lukoil

B2 B1 Ba3 Ba2 Ba1 Baa3 Baa2

Severstal Sistema Evraz MMK SUAL MTS

Alrosa Vimpelcom

Lukoil TNK-BP

B+ BB- BB BB+ BBB- BBB BBB+

Sistema

Severstal Evraz MMK

Megafon

Lukoil TNK-BP

S&P

Moody’s

Fitch

Upgraded to BBB-from BB+ in Aug 2006

Rating confirmed in September 2007

Upgraded to Baa2 from Ba2 in Oct 2006

Maintained BBB-rating since Dec 2005

Rating confirmed in August 2007

Source: S&P, Moody’s, Fitch ratings

12

80

90

100

110

120

130

140

150

160

170

Aug-06 Oct-06 Dec-06 Mar-07 May-07 Aug-07

Reb

ased

at 1

00

Norilsk Nickel Diversifieds index¹

61%

43%

Norilsk Performance in Last 12 Months

Source: DatastreamNotes:1 Index: BHP Billiton, CVRD, Rio Tinto, Anglo American and Xstrata2 Replicating the MICEX Metals & Mining Index excluding Norilsk Nickel

Share price performancevs. Diversified vs. Russian peersvs. Russian peers

80

90

100

110

120

130

140

150

160

170

Aug-06 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07R

ebas

edat

100

Norilsk Nickel Russian M&M index² RTS Index

49%

31%

16%

13

Norilsk Resilience in Turbulent Markets

Source: DatastreamNotes:1 Index: BHP Billiton, CVRD, Rio Tinto, Anglo American and Xstrata2 Replicating the MICEX Metals & Mining Index excluding Norilsk Nickel

What is interesting, however, is that Norilsk Nickel has managed to withstand the storm of collapsing nickel prices and its share price has actually gained 10% since 15 May. Despite the drastic decline in nickel prices, the YTD average of $42,040/tonne is still higher than DB's FY07 forecast of $40,798/tonne.

Deutsche UFG, 15 August 2007

40

60

80

100

120

140

16-May 2-Jun 19-Jun 6-Jul 23-Jul 9-Aug 26-Aug

Reb

ased

at10

0

Norilsk Nickel LME Nickel spot Diversifieds Index¹Russian M&M Index² RTS Index

16-May-07Nickel price reaches highof US$54,150/t

25-Jun-07Increasing concerns overUS sub-prime mortgage market

29-Jun-07Norilsk acquirescontrol of LionOre

25-Jul-07Fears of "global creditcrunch" affect equity markets

16-Aug-07FTSE suffersworst one-day lossin 4 years06-Jun-07

LME modifies nickel inventoryregulations

7%10%

3%2%

(51%)

14

Leadership in the Global Nickel Industry

Refined nickel production1

… in a changing industry landscapeSource: Brook Hunt, AME, Company informationNote:1 Includes refined production from Norilsk Nickel Harjavalta Oy

2002 2007E

218

183

136

6956 50

0

50

100

150

200

250

Norilsk N

ickel

IncoBHP B

illiton

Falconbrid

ge

WMCJin

chuan

(kt)

267248

139116 110

63

0

50

100

150

200

250

300

350

Norilsk N

ickel

CVRDBHP B

illiton

Xstrata

Jinch

uan

Eramet

(kt)

1

15

-8-6-4-202468

10

0 20 40 60 80 100Production percentile

2002 2006 (E)C1 cash costs, 2007c/lb

Norilsk Nickel

Lowest Cash Cost Nickel Producer

Source: Brook Hunt and Norilsk Nickel

16

The Newly Created Norilsk Nickel International Nickel Business

• Acquisition of LionOre and OMG’s Nickel Business combine to create a significant International Nickel Business

– Added benefit of proprietary Activox® hydrometallurgical processing technology• International Nickel Business represents the world’s 6th largest nickel producer—and largest pure-play producer

– Vertical integration through Harjavalta refinery and Activox® refineries– Geographic diversity with operations in Europe, Africa and Australia

• Strong growth profile of brownfield and greenfield development projects– Some of the world’s largest undeveloped nickel deposits in Honeymoon Well

and Talvivaara– Early-stage exploration assets in Western Australia and Africa

• Combination unlocks operational synergies– Secured long-term concentrate feed sources for Harjavalta refinery– Consolidation of MPI Nickel ownership and increased presence in Western

Australia

17

Specialties segment (Cobalt)

Nickel

Lubumbashi KokkolaRefinery

Cawse Pty Ltd

HarjavaltaNickel Oy

MPI NickelPty Ltd (80%

LionOre)

TalvivaaraKaivososa-

keyhtiő(public

shareholders)

55%

Cobalt refining

100%100% 20%

Silver/Black Swan

Honeymoon Well Project

Refinery 60,000 mtpa nickel

capacity

Nickel bioleaching

project

Nickel mine Nickel project

Nickel mine and laterite leaching

operation

Cobalt slag project + smelter

100% ~7.5%

Finland Finland Australia Australia

Australia Australia

100% 100%

Research

USA,Malaysia

KuchingBellevilleFranklin

Sales offices

USA, Malaysia,

Japan,Taiwan,

Singapore

FinlandDRC

100% 100% 100%

100% 100%

MalaysiaCanadaUSA

Organic chemicals

Organic chemicals

Nickel chemicals

OM Group Nickel Business AcquisitionAssets purchased by Norilsk Nickel:

• 100% Norilsk Nickel Harjavalta Oy (Harjavalta nickel refinery in Finland)

• 100% Norilsk Nickel Cawse Pty Ltd (Cawse nickel mine and leaching facility in Western Australia)

• 20% of MPI Nickel Pty Ltd (ownerof Silver/Black Swan nickel mine, Honeymoon Well nickel project)

• ~7.5% of TalvivaaranKaivososakeyhtiő Bio-Heap Leach Nickel Project (post-IPO) in Finland

Purchase price: US$ 493 mln cash, cash free/debt free

Acquisition timeline:• Sale and Purchase Agreement

signed on 17 November 2006• All necessary regulatory

approvals received on time• Transaction closed on March 1,

2007• Major elements of integration

completed as of today

Assets purchased by Norilsk Nickel

18

Creation of International Nickel Business

• Acquisition of OM Group’s nickel business completed in March 2007– Norilsk Nickel Harjavalta Oy (nickel refinery)– Norilsk Nickel Cawse Pty Ltd (Cawse nickel mine & leaching facility) – 20% of MPI Nickel Pty Ltd, which owns:

• Black/Silver Swan nickel mine• Honeymoon Well nickel project

– ~ 7.5% of Talvivaara nickel heap leach project• Major elements of integration completed• Increased nickel production with platform for growth

– Immediate ~35,000 mt/year increase attributable nickel production– Current capacity of 60,000 mt/year, ready to expand– Best in class operations efficiency and skills

• Diversification of geography and product mix– Operations in Europe and Australia– More diverse product offering

• Nickel briquettes for stainless industry• Entry into nickel salt products• Expansion in attractive nickel plating and electro-forming

segments• Strategic opportunities

– Nickel sales & marketing synergies– Streamline Norilsk cobalt sales operations– Build knowledge of laterite leaching & heap leaching technologies– Transfer of best practices between group production sites

Norilsk Nickel Harjavalta (Finland)

Norilsk Nickel Cawse (Australia)

19

Transportation and Logistics Integration

Nikel Smelter

Monchegorsk(KMMC)

Arkhangelsk Port (53%)

DudinkaPort (100%)

Norilsk

Enisey River Shipping (52%)

Norilsk Nickel Harjavalta

FINLAND RUSSIA

Norilsk Railroad (100%)

Asset (Norilsk ownership in %)

NorilskAirport (100%)

TaimyrEnergo(100%)

Murmansk Pelyatka Gas Deposit (100%)

Pechenga mines(Zapolyarny)

Talvivaara

20

LionOre Transaction Overview

• Largest ever international acquisition by a Russian company

• First contested bid by a Russian company offshore

• Largest Russian metals & mining acquisition financing

– US$6.0 billion of acquisition debt

– Syndicate of more than 25 international banks

– Investment grade credit rating maintained

• Transaction completed within just three months of initial bid

• Successful effort to again promptly receive all required regulatory approval

21

Logical Business Combination

• Strengthens internationally diversified portfolio of metal production assets in

attractive mining regions

− Complementary technology for a “reserve rich” sulphide based

nickel producer

− Complementary asset base of mining and processing operations that fit with

Norilsk Nickel’s refining capabilities

• Strong management team experienced in mining and processing operations in the

southern hemisphere, and with strong capabilities in building new operations in

remote areas

• Further enhancement of an already strong commodity mix

• Builds portfolio of shorter term growth projects combined with long life reserves

22

Norilsk Nickel Assets in Australia, South Africa and Botswana

Australia

• LionOre is a major nickel producer in Western Australia

• LionOre intends to develop largest sulphidenickel project in Western Australia -Honeymoon Well

• LionOre cooperates with a global mining major BHP Billiton in processing Waterloo ore and in JV on Jericho/ Albidon Downs project. Moreover, an exploration alliance with BHP Billiton in Russia, created in 2006, opens new prospects for cooperation in Australia

• Growing presence in Australia helps Norilsk Nickel to optimize its current domestic cooperation with Australian companies Mincom (enterprise resource planning) and ALS (analytical laboratory services)

• Nkomati is the only focused nickel miner in South Africa

• Nkomati deposit also contains major chrome resources thus expanding Norilsk Nickel commodity portfolio

• Nkomati operates in 50/50 partnership with a major South Africa “Black Economic Empowerment” company African Rainbow Minerals, controlled by a well-known businessman Patrice Motsepe

• In LionOre’s 10 year history inBotswana, over $1 billion ofrevenue generated with majorcapital invested over thisperiod

• LionOre successfully collaborates with Botswana Government – 15% owner of Tati Nickel, majority owner of BCL Smelter and 15% owner of the Activox Plant being constructed

23

International Nickel Assets in AustraliaNorilsk Nickel International Nickel Business includes the following

assets in Western Australia:

• Norilsk Nickel Cawse – an open pit mine for laterite ore mining, a concentrator and a high pressure laterite leaching operation. Cawse was commissioned in 1998 and one of the three “first generation” nickel laterite operations

• Black/ Silver Swan – underground and open pit sulphide ore mining and a concentrator. Concentrator capacity was expanded in 2006

• Lake Johnston – underground sulphide ore mining and a concentrator. Concentrator capacity allows for toll processing of third-party ore. Fly-in, fly-out operations

• Waterloo/ Thunderbox – an underground nickel mine Waterloo and an open pit gold mine Thunderbox (currently being closed), sharing operational infrastructure

• Honeymoon Well project – a major sulphide nickel project also containing laterite resources. Sample ore is currently tested by LionOre Technology (after acquisition – Norilsk Process Technology)

• Jericho/ Albion Downs project – joint venture with BHP Billiton

• Avalon laterite project

Cawse

LionOre assets in Australia

24

International Nickel Operations in Botswana –Tati Nickel (85%)

Mining and concentration• Phoenix open pit mine and Selkirk underground mine• Commissioned in 1988• Major expansion projects in 2002 and 2006• In 1989-2002 rich ore mining was in progress at Selkirk, after that the mine

was put on care and maintenance. Open pit mining options are being investigated

• Dense media separation plant - Stage 1 complete in 2006-2007- Stage 2 and full-scale operations expected in 2008

Hydrometallurgy• Activox Stage 1

- Demo Plant commissioned in 2004- Technology contractors - Hatch and EPCM- Full-scare commercial operations expected in 2009/10- Potential expansion of annual nickel production by over 90%- Opportunity to create a vertically integrated refined nickel producer in

Botswana (the only hydrometallurgical nickel producer in Africa)

Activox trial operations

25

800

900

1,000

1,100

1,200

1,300

1,400

Aug

-05

Dec

-05

Apr

-06

Aug

-06

Dec

-06

Apr

-07

Aug

-07

(US$

/oz)

050100150200250300350400450

(US$/oz)

Platinum Palladium

3,000

4,0005,000

6,000

7,0008,000

9,000

Aug

-05

Dec

-05

Apr

-06

Aug

-06

Dec

-06

Apr

-07

Aug

-07

(US$

/t)

10,000

20,000

30,000

40,000

50,000

60,000

Aug

-05

Dec

-05

Apr

-06

Aug

-06

Dec

-06

Apr

-07

Aug

-07

(US$

/t)

Highly Attractive Commodity Portfolio with Strong Financial Returns

Combined Group1 2007E LionOre1 2007ENorilsk Nickel1 2007E

Source: Datastream, company informationNote: 1 Norilsk Nickel estimates. Estimates are based on full-year revenues

Nickel64%

Copper16%

Others5%Palladium

7%

Platinum8%

Copper Platinum/PalladiumNickel

Nickel66%

Others6%

Copper14%

Palladium6%

Platinum8%

Nickel87%

Others4%

Gold5%

Copper4%

26

Further Geographic Diversification

Pro forma 2007E revenue1

Norilsk Nickel 2007E revenue1

LionOre 2007E revenue1

LionOre Operation LionOre ProjectNorilsk Nickel

Stillwater Mining (55%) NN Harjavalta

Talvivaara (~11%)

Kola MMC

GipronickelResearch Institute

NN Corporate Headquarters

Polar Division

NN CawseTati Nickel

Nkomati Nickel Lake Johnston

Waterloo Thunderbox

Black/SilverSwan

Avalon

Honeymoon Well

Russia87%

Finland9%

Australia1%

USA3%

Finland8%

Botswana3%

Australia7%

Russia79%

S.Africa1%

USA2%

Australia62%

S.Africa6%

Botswana32%

Note: Norilsk Nickel estimates. Estimates are based on full-year revenues

27

Norilsk Nickel International Nickel Business —Asset Overview

International Nickel Operations

Norilsk Nickel Finland Oy

Norilsk Nickel Africa TechnologyNorilsk Nickel

Australia

MPI Nickel Pty

Nkomati(ARM 50%)

Nickel mine 5,000 mtpa

Expansion (Phase 2) 16,000 mtpa

Expansion (Activox) 22,000 mtpa

Tati Nickel

Nickel mine 14,000 mtpaBFS¹:22,500 mtpa

BCL smelter

Smelter60,000 mtpa

Lake Johnston

Nickel mine 15,000 mtpa

Cawse Pty

Nickel mine 6,500 mtpa

Jericho Albion

Downs JV (50% BHP)

Nickel exploration

project

Waterloo

Nickel mine 3,000 mtpa

Silver/Black Swan

Honeymoon Well

Nickel mine

12,000 mtpa

Nickel project under

development

100%

Activox® processing technology

85% 50% 28.75%

100%100%

100%100% 100% 50%

Nickel project 35,000 mtpa

7.4%

Talvivaara Project

Norilsk Nickel

Harjavalta Oy

Nickel refinery 60,000 mtpa

Source: Company informationNote:1 Bankable feasibility study