MNOD.L Regulatory News (MNOD)

Not for release, distribution or publication, directly or indirectly, into or in the United States, Canada, Australia, Japan or the Russian Federation

11 April 2017

Public Joint Stock Company 'Mining and Metallurgical Company 'NORILSK NICKEL'

(PJSC 'MMC 'Norilsk Nickel', 'Nornickel' or the 'Company')

PJSC MMC NORILSK NICKEL SUCCESSFULLY PLACES A USD 1 BILLION 6-YEAR EUROBOND OFFERING

Moscow - PJSC MMC Norilsk Nickel' (hereinafter, 'the Company'), the world's largest refined nickel and palladium producer, announces today the closing of its USD 1 billion 6-year Eurobond offering with an annual coupon rate of 4.10%. The proceeds from the issue will be used for general corporate purposes and capital investments.

The offering has attracted solid investors' interest both domestically and internationally and the book was well oversubscribed. As a result, the offering has been successfully executed inside the Company's outstanding Eurobonds' curve and allocated between the following regions: Russia (37%), Asia (20%), Switzerland (15%), other Europe (15%), US (8%), UK (4%) and other countries (1%).

Sergey Malyshev, the Company's Senior Vice-president and Chief Financial Officer commented: 'This Eurobond placement is fully in line with the main objectives of our financial strategy. We have further extended our debt maturities profile and increased the share of USD denominated debt in our portfolio. We are additionally proud that the coupon has been fixed at the lowest level ever for the Company's issuances on the global debt capital markets.

Barclays Bank PLC, J.P. Morgan Securities plc and Société Générale acted as Global Coordinators of the offering ('Global Coordinators'). Bank GPB International S.A., Citigroup Global Markets Limited, HSBC Bank plc, ING Bank N.V., London Branch, SIB (Cyprus) Limited, UniCredit Bank AG, VTB Capital plc and the Global Coordinators acted as Joint Lead Managers ('JLMs') and Bookrunners of the offering. Renaissance Capital - Financial Consultant Limited acted as Financial Advisor to the Company. Debevoise & Plimpton LLP acted as Legal Advisor to the Company and Linklaters LLP acted as JLMs' Legal Advisor.

ABOUT THE COMPANY

PJSC «MMC «NORILSK NICKEL» is a diversified mining and metallurgical company, the world's largest refined nickel and palladium producer and a leading producer of platinum, cobalt, copper and rhodium. The company also produces gold, silver, iridium, selenium, ruthenium and tellurium.

The production units of «NORILSK NICKEL» Group include Polar Division, located at the Norilsk Industrial District on Taimyr Peninsula, and Kola Mining and Metallurgical Company located on the Kola Peninsula in Russia as well as Harjavalta nickel refinery in Finland.

PJSC «MMC «NORILSK NICKEL» shares are listed on the Moscow and on the Saint-Petersburg Stock Exchanges. PJSC «MMC «NORILSK NICKEL» ADRs are traded over the counter in the US and on the London and Berlin Stock Exchanges.

Media Relations: Investor Relations:

Phone: +7 (495) 785 58 00 Phone: +7 (495) 786 83 20

Email: pr@nornik.ru Email: ir@nornik.ru

DISCLAIMER

The information contained herein is not for release, distribution or publication, directly or indirectly, into or in the United States (including its territories and possessions, any state of the United States and the District of Columbia), Canada, Australia or Japan. These written materials are not an offer to sell or a solicitation of an offer to buy securities (the 'Notes') of MMC Finance Limited or PJSC 'MMC 'Norilsk Nickel' in the United States, Canada, Australia or Japan or in any other jurisdiction where such offer or sale would be unlawful.

The Notes have not been and will not be registered under the US Securities Act of 1933, as amended (the 'Securities Act'), or with any securities regulatory authority of any state or other jurisdiction of the United States. Consequently, the Notes may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, into or within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. No public offering of the Notes is being made in the United States.

This document does not constitute an invitation or inducement to engage in investment activity within the meaning of the UK Financial Services and Markets Act 2000. This document is only being distributed to and is only directed at: (i) persons who are outside the United Kingdom; (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii) high net worth entities and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as 'relevant persons'). The Notes are available only to, and any invitation or offer may be directed at, or any agreement to subscribe for, purchase or otherwise acquire, any securities will be engaged in only with, in the United Kingdom, relevant persons and, in any other jurisdiction, persons to whom it can lawfully be communicated and who may lawfully engage in such investment activity. Any person in the United Kingdom who is not a relevant person should not act or rely on this announcement or any of its contents.

This document is an advertisement and not a prospectus for the purposes of applicable measures implementing EU Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the 'Prospectus Directive') and as such does not constitute an offer to sell or the solicitation of an offer to purchase securities. A prospectus prepared pursuant to the Prospectus Directive will be published, which, upon publication, can be obtained from the website of the Central Bank of Ireland. Investors should not subscribe for any securities referred to in this document except on the basis of the information contained in such prospectus.

This document or information contained herein is not an offer, or an invitation to make offers, to sell, exchange or otherwise transfer securities in the Russian Federation to or for the benefit of any Russian person or entity and does not constitute an advertisement or offering of securities in the Russian Federation within the meaning of Russian securities laws. Information contained in this document is not intended for any persons in the Russian Federation who are not 'qualified investors' within the meaning of Article 51.2 of the Federal Law no. 39-FZ 'On the Securities Market' dated 22 April 1996, as amended (the 'Russian QIs') and must not be distributed or circulated into Russia or made available in Russia to any persons who are not Russian QIs, unless and to the extent they are otherwise permitted to access such information under Russian law. Any securities referred to in this document have not been and will not be registered in Russia and are not intended for 'placement', 'circulation', 'offering' or 'advertising' in Russia (each as defined in Russian securities laws) unless and to the extent otherwise permitted under Russian law.