MNOD.L Regulatory News (MNOD)

PRESS RELEASE

October 27, 2021

Public Joint Stock Company "Mining and Metallurgical Company "NORILSK NICKEL" (PJSC "MMC "Norilsk Nickel", "Nornickel" or the "Company")

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE RUSSIAN FEDERATION SUBJECT TO CERTAIN EXCEPTIONS. THESE WRITTEN MATERIALS ARE NOT, AND UNDER NO CIRCUMSTANCES ARE TO BE CONSTRUED AS, AN ADVERTISING OR AN OFFER OR AN INVITATION TO MAKE OFFERS TO SELL, PURCHASE, EXCHANGE OR OTHERWISE TRANSFER OR DISPOSE OF ANY SECURITIES OR OTHER FINANCIAL INSTRUMENTS IN THE RUSSIAN FEDERATION WITHIN THE MEANING OF RUSSIAN SECURITIES LAWS OR TO OR FOR THE BENEFIT OF ANY PERSONS OR ENTITIES RESIDENT, INCORPORATED, ESTABLISHED OR HAVING THEIR USUAL RESIDENCE IN THE RUSSIAN FEDERATION. INFORMATION CONTAINED HEREIN IS NOT INTENDED FOR ANY PERSONS LOCATED WITHIN THE TERRITORY OF THE RUSSIAN FEDERATION, WHO ARE NOT "QUALIFIED INVESTORS" (THE "RUSSIAN QIS") WITHIN THE MEANING OF ARTICLE 51.2 OF THE RUSSIAN FEDERAL LAW "ON THE SECURITIES MARKET" NO. 39-FZ DATED 22 APRIL 1996, AS AMENDED, AND MUST NOT BE DISTRIBUTED OR CIRCULATED INTO THE RUSSIAN FEDERATION, OR MADE AVAILABLE IN THE RUSSIAN FEDERATION, TO ANY PERSONS WHO ARE NOT RUSSIAN QIS, UNLESS AND TO THE EXTENT THEY ARE OTHERWISE PERMITTED TO ACCESS SUCH INFORMATION UNDER RUSSIAN LAW. THE SECURITIES HAVE NOT BEEN REGISTERED IN RUSSIA OR ADMITTED TO PLACEMENT AND/OR PUBLIC CIRCULATION IN THE RUSSIAN FEDERATION AND THE INFORMATION CONTAINED HEREIN IS NOT TO BE MADE PUBLICLY AVAILABLE IN THE RUSSIAN FEDERATION. THE SECURITIES ARE NOT INTENDED FOR "OFFERING", "PLACEMENT" OR "CIRCULATION" (EACH AS DEFINED IN RUSSIAN SECURITIES LAWS) IN THE RUSSIAN FEDERATION, EXCEPT AS PERMITTED BY RUSSIAN LAW.

PJSC MMC NORILSK NICKEL SUCCESSFULLY PLACES A USD 500 MILLION EUROBOND OFFERING MATURING IN OCTOBER 2026

Moscow - PJSC "MMC "NORILSK NICKEL", the world's largest producer of palladium and high-grade metal nickel and a major producer of platinum and copper, announces today the closing of its USD 500 million Eurobond offering with an annual coupon rate of 2.80% and maturing in October 2026. The proceeds from the issue will be used for general corporate purposes, including capital investments and refinancing.

Following several weeks of market volatility and diminishing risk appetite of international investors, Nornickel skillfully spotted an opportune issuance window and fixed the lowest ever spread to MS/UST rate in the history of its public offerings, with a very modest new issue concession compared to other recent deals from the CEE & CIS. The offering enjoyed healthy investor demand with the orderbook peaking at above USD 1.7 billion and final allocations distributed among 90+ accounts, representing high quality buy-and-hold institutional investors from Continental Europe (42%) and UK/US (17%), as well as Russia (25%), Switzerland (13%) and Asia (3%).

Sergey Malyshev, the Company's Senior Vice-president and Chief Financial Officer, commented: "We are satisfied with another strong result of a primary Eurobond placement, especially in these challenging market conditions, and are grateful for the investors' support and appreciation of Nornickel's strong credit profile as well as our progress with the most sensitive and significant items of ESG development agenda".

Citigroup Global Markets Limited, Société Générale and UBS AG London Branch acted as Global Coordinators of the offering ("Global Coordinators"). Goldman Sachs International, Mizuho International plc, Sberbank CIB (UK) Limited, SMBC Nikko Capital Markets Europe GmbH, VTB Capital plc and the Global Coordinators acted as Joint Lead Managers (the "Managers") of the offering. Debevoise & Plimpton LLP acted as Legal Advisor to the Company and Linklaters LLP acted as the Managers' Legal Advisor.

ABOUT THE COMPANY

PJSC «MMC «NORILSK NICKEL» is a diversified mining and metallurgical company, the world's largest producer of palladium and high-grade metal nickel and a major producer of platinum and copper. The company also produces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium, sulphur and other products.

The production units of «NORILSK NICKEL» Group are located at the Norilsk Industrial District, on the Kola Peninsula and Chita region in Russia as well as in Finland and South Africa.

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, Berlin and Frankfurt 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

This announcement is not an offer of securities for sale in the United States. 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.

The information contained herein is not for release, publication or distribution in whole or in part in or into the Russian Federation subject to certain exceptions. These written materials are not, and under no circumstances are to be construed as, a public offer or advertising or an invitation to make offers to sell, purchase, exchange or otherwise transfer or dispose of any securities, including securities of foreign issuers, or other financial instruments in the Russian Federation within the meaning of Russian securities laws or to or for the benefit of any persons or entities resident, incorporated, established or having their usual residence in the Russian Federation, or to or for the benefit of any person located within the territory of the Russian Federation, who is not a "qualified investor" within the meaning of Article 51.2 of the Russian Federal Law "On the Securities Market" No.39-FZ dated 22 April 1996, as amended and must not be distributed or circulated into the Russian Federation or made available in the Russian Federation, unless and to the extent they are otherwise permitted to access such information under Russian law. The securities have not been and will not be registered in Russia or admitted to placement and/or public circulation in the Russian Federation and the information contained herein is not to be passed on to third parties or otherwise be made publicly available in the Russian Federation. The securities are not intended for "offering", "placement" or "circulation" (each as defined in Russian securities laws) in the Russian Federation, except as permitted by Russian law.

The distribution of this document in other jurisdictions may be restricted by law and any person into whose possession this document comes should inform themselves about, and observe, any such restrictions.