MNOD.L Regulatory News (MNOD)

PRESS RELEASE

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

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

PJSC MMC NORILSK NICKEL SUCCESSFULLY PLACES A USD 500 MILLION EUROBOND OFFERING MATURING IN SEPTEMBER 2025

Moscow, September 11, 2020 - Nornickel, the world's largest producer of palladium and high-grade nickel and a major producer of platinum and copper, announces today the closing of its USD 500 million Eurobond offering maturing in September 2025 with an annual coupon rate of 2.55%. The proceeds from the issue will be used for general corporate purposes, including capital investments and refinancing.

The transaction becomes the first corporate issuance out of CEE & CIS in the post-summer window, and results in the lowest coupon ever achieved by a corporate or sovereign issuer out of Russia and CIS for any USD-denominated Eurobond public placement. The offering was successfully executed with a solid oversubscription exceeding USD 2 billion at peak and over 90 accounts allocated in the final order book across Europe (30%), Switzerland (26%), Russia (17%), Asia & ME (14%) and US & UK (13%).

Sergey Malyshev, the Company's Senior Vice-president and Chief Financial Officer, commented: "We are delighted with the successful placement of our Eurobond offering not only because this has set a new record but also because this has demonstrated investors' strong confidence in Nornickel in these challenging times".

Citigroup Global Markets Limited, Société Générale and UBS AG London Branch acted as Global Coordinators of the offering ("Global Coordinators"). Bank GPB International S.A., Merrill Lynch International, Sberbank CIB (UK) Limited, UniCredit, 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

MMC Norilsk Nickel is a diversified mining and metallurgical company, the world's largest producer of palladium and high-grade 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 Zabaykalsky Krai in Russia as well as in Finland and South Africa.

MMC Norilsk Nickel shares are listed on the Moscow and on the Saint-Petersburg Stock Exchanges, 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

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. No 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)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The Notes to which this announcement relates 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 release is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 or any applicable implementing measures in the United Kingdom under such regulation. Investors should not subscribe for any notes referred to in this document except on the basis of information contained in the prospectus. The prospectus, when published, will be available at https://www.ise.ie/products-services/quoted-companies/. 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.

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.