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MMC Norilsk Nickel : MMC NORILSK NICKEL REPORTS FIRST HALF 2013 UNAUDITED INTERIM CONSOLIDATED IFRS FINANCIAL RESULTS

  MMC Norilsk Nickel : MMC NORILSK NICKEL REPORTS FIRST HALF 2013 UNAUDITED
                 INTERIM CONSOLIDATED IFRS FINANCIAL RESULTS

Moscow, August 29, 2013 - OJSC  MMC Norilsk Nickel ("MMC Norilsk Nickel",  the 
"Company" or the "Group"),  the largest nickel and  palladium producer in  the 
world, today reports unaudited financial results for the six months ended June
30,2013.

1H 2013 HIGHLIGHTS

  *Robust financial results despite turbulent macro environment and weakening
    commodity prices.

  *Revenue amounted to USD 5.6 billion,  down 6.1% y-o-y owing to weak  metal 
    prices and lower sales volumes of nickel and platinum.

  *EBITDA decreased 7.8%  y-o-y to  USD 2.3  billion driven  by lower  metals 
    revenue, which was  partially off-set by  improved sales and  distribution 
    performance and a substantial decrease in SG&A.

  *EBITDA margin demonstrated resilience reaching 41% (vs 42% in 1H 2012) due
    to effective cost controls.

  *Net profit of USD 545 million was down 63% y-o-y owing to USD 636  million 
    of  non-cash  write-offs;  net  profit,  excluding  non-cash   write-offs, 
    amounted to USD1.2 billion and was down 21%.

  *Despite substantial  revenue  contraction  net cash  flow  from  operating 
    activities of USD  1.6 billion  was practically unchanged  y-o-y owing  to 
    better management of working capital.

  *CAPEX decreased by 21% y-o-y to USD 0.9 billion as the management  adopted 
    more stringent  capital  allocation discipline,  with  expected  mandatory 
    CAPEX savings of at least USD 300 million for the full year 2013.

  *Annual  dividends  for  2012  were  paid  in  the  amount  of  RUB   400.8 
    (approximately USD  12.9)  per  ordinary share  underlying  the  Company's 
    commitment to shareholder returns.

  *The restructuring  of the  corporate head  office was  launched aiming  to 
    bring management practices in  line with global  industry standards and  a 
    new management team was appointed.

  *Strategic review on non-core businesses and selected international  assets 
    was launched.

RECENT DEVELOPMENTS

  *On August13, 2013 the Company reduced  its share capital by 8.08%  through 
    cancellation of  13,911,346 treasury  shares,  thus fully  completing  the 
    redemption of treasury stock announced in December 2012.

KEY HIGHLIGHTS

        USD million unless stated otherwise         1H2013 1H2012 Change y-o-y
Revenue                                              5,565  5,929       (6.1%)
Gross profit                                         2,432  2,875      (15.4%)
EBITDA                                               2,299  2,494       (7.8%)
EBITDA Margin                                          41%    42%     (1 p.p.)
Net profit                                             545  1,481      (63.2%)
Net profit adjusted for impairment of financial and  1,181  1,497      (21.1%)
non-financial assets
Net cash from operating activities                   1,615  1,658       (2.6%)
Net debt                                             5,065  3,986        27.1%
Net debt/EBITDA                                       1.1x   0.8x          n/a
Capital expenditures                                   884  1,115      (20.7%)

OUTLOOK

We expect  the  global  macro uncertainty  to  persist  in 2H13,  but  note  a 
stabilization of the  economic growth  in China and  some early  signs of  the 
economic recovery in  the developed  world. We  believe that  nickel price  is 
bottoming out, but a price recovery to be capped by market surplus. We  expect 
platinum and palladium to  remain in deficit owing  to supply issues of  mined 
material and a low volume of metal coming from inventory, with the discount of
palladium to platinum  reducing further.  The company is  currently running  a 
comprehensive strategy review, the results of  which we plan to reveal to  the 
public in 4Q 2013.

Commenting on  the results  Chief Executive  Officer of  the Company  Vladimir 
Potanin said, "These  are the  first results of  the new  management team  and 
while these  are  the early  signs,  I am  pleased  to see  that  the  Company 
delivered  a  strong   a  resilient  performance   against  the  backdrop   of 
unfavourable market conditions.  By implementing a  range of optimization  and 
fixed costs  reduction  measures we  achieved  a six-month  EBITDA  of  USD2.3 
billion - thus  recording the industry-leading  margin of 41%,  almost at  the 
same level as in a prior year, despite a material decline in our revenue base.
The focus for us for the coming months will be on finalizing our new strategy,
which will be presented to the investment community in the fourth quarter this
year. The new  strategy of Norilsk  will be built  around unleashing the  full 
commercial potential of  our unique  resource base  in Taimyr  and taking  the 
Company's capital  discipline and  return-based investment  governance to  and 
beyond the level of the global peer group. We are pleased to see that our new
initiatives on capital allocation have  already allowed the Company to  reduce 
its like-for-like capital  expenditures in the  first half of  2013 by c.  USD 
200-300 million without sacrificing the scope or the commercial results of our
investment projects.
Although our current performance  is strong, we remain  wary of the  continued 
macroeconomic uncertainty and downward price pressure on our core metals.  In 
these challenging conditions, we  believe that this  is utmostly important  to 
reiterate our commitment to shareholder  value, strict capital discipline  and 
continued optimization of our cost structure."

MANAGEMENT COMMENTS

METAL MARKETS

In 1H13  commodity  markets  were  dominated by  the  concerns  regarding  the 
slowdown of the economic growth in China,  the lack of firm recovery signs  in 
the developed  world, and  the  expectations of  QE3  tapering in  the  United 
States. These factors  along with  certain metal  specific fundamentals  drove 
down the prices of most of the metals produced by Norilsk Nickel.

Nickel had  a  good  start  of  the year,  when  on  the  back  of  investors' 
expectations of demand growth,  nickel price in  February exceeded USD  18,000 
per ton. However, the growth of demand turned out to be quite moderate and did
not meet the  expectations, while nickel  pig iron (NPI)  production in  China 
increased  significantly  thus  contributing  to  widening  of  nickel  market 
surplus. As a result,  nickel LME inventories surged  to 187 thousand tons  by 
the end of 1H13, while the price plummeted to USD13,500 per ton in the end  of 
June.

Copper price followed a  similar trend, peaking out  in February at USD  8,200 
per ton and  falling to  USD 6,600  per ton  by the  end of  June. This  price 
decrease  was  driven  by  disappointing  demand  in  China  and  expectations 
regarding the development of new large scale projects such as Oyu Tolgoi.

Palladium prices were quite volatile in 1H13, gaining support in the beginning
of the year on the back of  the expectations that palladium was shifting  into 
structural deficit. Following  USD 700 per  ounce level reached  in 1Q13,  the 
price fell in April along with other precious metals to USD 670 per ounce.  In 
June price volatility remained high with price fluctuating between USD 640 and
USD 760 per ounce.

In  January  2013  platinum   price  had  a   short-life  rally,  going   from 
approximately USD 1,550 to USD 1,730 per ounce after Anglo Platinum  announced 
its  restructuring  plan,  fueling  the  market  expectations  for  additional 
capacity closures. Starting from February, however, platinum price started  to 
come off owing to a combination of factors, including the resolution of Cyprus
banking crisis, feeding the fears of using Cyprus receipts in other struggling
EU economies, new record lows  of auto sales in  Europe and a postponement  of 
Anglo Platinum asset restructuring. By  April platinum prices declined to  USD 
1,500  per  ounce.  The  launch  of  a  new  platinum  ETF  in  South  Africa, 
accumulating over 400  thousand ounces  of platinum (13  tons) by  the end  of 
June, was not able to mitigate the pressure on platinum price coming from  the 
negative macroeconomic  environment,  including  the  revived  issues  in  the 
Chinese financial sector.  This led platinum  price falling to  USD 1,300  per 
ounce by the end of June, the lowest level since 2009.

FINANCIAL HIGHLIGHTS

REVENUE

USD million              1H2013 1H2012 Change y-o-y
Nickel                    2,222  2,680      (17.1%)
Copper                    1,266  1,307       (3.1%)
Palladium                   954    861        10,8%
Platinum                    489    527       (7.2%)
Gold                         97    108      (10.2%)
Revenue from metal sales  5,028  5,483       (8.3%)
Revenue from other sales    537    446        20.4%
Total revenue             5,565  5,929       (6.1%)

Metal sales revenue in 1H13 decreased 8% y-o-y to USD 5 billion owing to lower
prices for base and precious metals (except for palladium) coupled with  lower 
nickel and platinum sales volumes.

Metal sales, physical volumes, by origin of production^1,2)

Total Group, excluding SouthAfrica^3) 1H2013 1H2012 Change y-o-y
Nickel(thousand tonnes)                  134    143       (6.3%)
Copper (thousand tonnes)                 165    160         3.1%
Palladium (thousand ounces)            1,324  1,316         0,6%
Platinum (thousand ounces)               321    342       (6.1%)
Gold (thousand ounces)                    64     65       (1.5%)

Finished products

Russian entities and Finland 1H2013 1H2012 Change y-o-y
Nickel (thousand tonnes)
Russia                          109    115       (5.2%)
Finland                          19     21       (9.5%)
Nickel                          128    136       (5.9%)
Copper (thousand tonnes)        159    155         2.6%
Palladium (thousand ounces)   1,288  1,278         0.8%
Platinum (thousand ounces)      309    331       (6.6%)
Gold (thousand ounces)           61     61         0.0%

Semi-finished products

Australia                        1H2013 1H2012 Change y-o-y
Nickel(thousand tonnes)               2      2         0.0%
Botswana
Nickel (thousand tonnes)              4      5      (20.0%)
Copper (thousand tonnes)              3      4      (25.0%)
Finland
Copper cake (thousand tonnes)^4)      4      1       (300%)

Average realized  price of  metals  produced in  Russia, Norilsk  Nickel  own 
production

Metal                             1H2013 1H2012 Change y-o-y
Nickel (in USD per tonne)         16,401 18,650      (12.1%)
Copper (in USD per tonne)          7,743  8,234       (6.0%)
Palladium (in USD per troy ounce)    726    656        10.7%
Platinum (in USD per troy ounce)   1,541  1,550       (0.6%)
Gold (in USD per troy ounce)       1,515  1,651       (8.2%)

1) All information is presented on the basis of 100% ownership of subsidiaries
2) Sales of metals purchased from third parties are excluded
3) The operating results  of Nkomati Nickel Mine  (South Africa) are shown  in 
the financial statements based on the Group's 50% ownership and are  presented 
as operating results of associates
4) Copper cake is a semi-product with average copper content of 38-40%

Nickel

Nickel revenue in 1H13 decreased 17% y-o-y  to USD 2.2 billion owing to a  12% 
decrease in  the average  realized price  to USD  16,401 per  tonne and  a  6% 
decline in physical sales volume to  134 thousand tonnes. Nickel remained  the 
largest contributor  to the  Company's revenue  accounting for  44% of  metals 
revenue in 1H13.
Sales volume of nickel produced by the Company in Russia decreased 5% y-o-y to
109 thousand  tonnes almost  in line  with the  decline in  nickel  production 
reported in 1H13. The  decrease in nickel production  resulted from a  smaller 
volume of high-grade matte delivered from  the Polar Division to Kola MMC  due 
to earlier than usual  termination of the winter  navigation and lower  nickel 
grades in processed ore.
Sales volume of nickel produced at  Harjavalta was down 2 thousand tons  y-o-y 
to 19 thousand tons.
The  sales  volume  of  semi-finished   nickel  products  of  Norilsk   Nickel 
International (excluding Norilsk  Nickel Harjavalta and  Nkomati Nickel  Mine) 
decreased by 1 thousand tons due to  technical issues at BCL smelting site  in 
Botswana.

Copper

Copper revenue declined  3% y-o-y to  USD 1.27 billion.  The average  realized 
price of  copper decreased  6% y-o-y  to  USD 7,743  per tonne.  Copper  sales 
volumes were up 3% y-o-y to  165 thousand tonnes. Overall, the copper  revenue 
accounted for 25% of the Company's total revenue from metal sales in 1H13.
The physical  volume of  copper sales  produced by  Norilsk Nickel  in  Russia 
increased almost 3% to 159 thousand tonnes. The growth of sales was driven  by 
higher metal production  volumes owing to  increased share of  cuprous ore  in 
total amount of ore mined by the Polar Division.
Sales of semi-finished copper products  produced by Norilsk Nickel  Harjavalta 
almost tripled y-o-y to 4 thousand tonnes in 1H13 on the back of an  agreement 
with Boliden to sell  copper cake, which  was signed in  the first quarter  of 
2013. Sales of  copper concentrate produced  by Tati decreased  by 1  thousand 
tonnes y-o-y in line with the decline of output.

Palladium

Palladium revenue reached USD  954 million increasing 11%  y-o-y owing to  11% 
y-o-y increase of the average realized price to USD 726 per ounce and a  small 
(0.6% y-o-y) increase  of sales  volume to 1.3  million ounces.  The share  of 
palladium in total metals revenue increased to 19% in 1H13 from 16% in 1H12.

Platinum

In 1H13, platinum revenue was down 7% y-o-y to USD 489 million (or 10% of  the 
total metals revenue) owing to a  7% decrease in production volumes in  Russia 
driven by lower PGM grades in processed ore and lower average realized  price, 
down 1% y-o-y to USD 1,541 per ounce.

Gold

Gold revenue reduced 10% y-o-y to USD  97 mln (or 2% of total metals  revenue) 
owing to an 8% decrease in the average realized price in 1H13.

Other sales

USD million            1H2013 1H2012 Change y-o-y
Energy and utilities      74     67        10.4%
Transport                 278    227        22.8%
Other                     185    152        21.1%
Total                    537    446        20.4%

In 1H13, other sales increased 20% to USD 537 million.
The growth  in energy  and  utilities revenue  was  driven by  higher  revenue 
generated by  NTEK  and  consolidation of  Norilskgazprom.  Transport  revenue 
increased by  USD  54  million owing  to  growth  in volume  of  the  aviation 
services. Other  revenue climbed  21% y-o-y  due to  increased sales  of  fuel 
products and higher retail revenues.

cOST OF METAL SALES

Total cost of metal sales was almost unchanged (up 0.2%) y-o-y at USD 2.6
billion in 1H13. Cash operating costs after by-product credits decreased 6%
y-o-y to USD 2.3 billion.

The main reasons for the decline in the cash operating costs were a USD 227
million decline of expenses on acquisition of raw materials, semi-finished
products and scrap and the effect of the Russian Rouble depreciation against
US dollar of USD 32 million.

The allocation of cash operating cost  between main productions units in  1H13 
^*:

  *95% - Russia and Finland

  *5% - Norilsk Nickel International

USD million                                         1H2013 1H2012 Change y-o-y
Cash operating costs                                                         
Labour                                                 750    751       (0.1%)
Consumables and spares                                 638    607         5.1%
Expenses on acquisition of raw materials and semi-     406    633      (35.9%)
products
Outsourced third party services                        291    309       (5.8%)
Taxes directly attributable to cost of goods sold      144     99        45.5%
Utilities                                              102    104       (1.9%)
Transportation expenses                                 88     82         7.3%
Sundry costs                                            41     63      (34.9%)
Cash operating costs (before by-product credits)     2,460  2,648       (7.6%)
Less: sale of by-products                            (129)  (158)      (18.4%)
Cash operating costs                                 2,331  2,490       (6.4%)
Amortisation and depreciation                          394    333        18.3%
Increase in metal inventories                        (122)  (224)      (45.5%)
Total cost of metal sales                            2,603  2,599         0.2%

* Breakdown of total production costs by units is provided in Attachment D  to 
this press-release

Labourcosts

Labour costs were flat y-o-y and amounted to USD 750 million. The increase  of 
RUB-denominated salaries  in line  with  inflation was  fully off-set  by  the 
Russian Rouble depreciation against US dollar.
In 1H13 labour costs was the largest cash cost item, accounting for 30% of the
total costs.

Consumables and spares

Consumables and spare parts cash costs  increased 5% y-o-y to USD 638  million 
in 1H13 owing to the following:

  *USD 35 million  increase of  consumables and  spares costs  in Russia  and 
    Finland owing to inflation (USD 28 million) and increased maintenance  and 
    repairs  costs  (7  million)   including  the  effect  of   Norilskgazprom 
    consolidation.

  *USD 4 million increase  of consumables and spares  cost at Norilsk  Nickel 
    International.

The increase  in consumables  and spares  costs was  partly negatively  offset 
owing to the depreciation of the Russian Rouble (less USD 8 million).

Expenses on acquisition of raw materials and semi-finished products

The cash cost of  the acquisition of semi-finished  products decreased by  USD 
227 million or 36% y-o-y to USD 406 million owing to the following factors:

  *USD 187 million lower  cost owing to the  lower volume of metal  purchased 
    from third parties; 

  *USD 40 million lower  cost owing to the  lower prices of purchased  metals 
    and raw materials. 

Outsourced third party services

In 1H13, the cash cost of  services purchased from third parties decreased  by 
USD 18 million (or by 6%) to USD291 million owing to the following:

  *USD 1 million  cost reduction in  Russia and Finland  mainly due to  lower 
    cost for processing of stale pyrrhotite concentrate;

  *USD 13 million cost decrease at Norilsk Nickel International owing to  the 
    mothballing of Lake Johnston mine;

  *USD 4 million impact  from the depreciation of  Russian Rouble against  US 
    dollar.

Taxes directly attributable to cost of goods sold

Tax directly attributable to cost of goods sold increased 45% y-o-y to USD 144
million as a result  of a new methodology  for calculating mineral  extraction 
tax introduced by the government in  the beginning of 2013 and additional  tax 
charges for 2010-2012. 

Utilities

Utility costs in 1H13 were down 2 % y-o-y to USD 102 million. The cash cost of
utilities in Russia were up 6% y-o-y driven by higher electricity tariffs  for 
Kola MMC. This increase was fully offset by the decline of a utilities cost in
Australia resulting from Lake Johnston mine being put on care and maintenance.


Transportation expenses

Transportation costs in in 1H13 increased 7% y-o-y to USD 88 million owing  to 
an increase in shipment volumes of  copper to third party factories  producing 
copper wire rod, higher railway tariffs and consolidation of Norilskgazprom.

Sale of by-products

The revenue  from by-product  sales decreased  18% y-o-y  to USD  129  million 
driven by a decline of average realized prices of rhodium, cobalt and  silver, 
which in total accounted for 96% of all by-products produced by the Company.

Amortisation and depreciation

The depreciation and amortisation charges in 1H13 increased by USD 61  million 
y-o-y (or 18%) to USD 394 million owing mostly to higher charges in Russia as
new production assets were launched.  

Change of metal inventories

Metal inventories in 1H13 were up USD 122 million, twice less than in 1H12  as 
a result of a USD 110 million reduction in the cost of metal inventories  held 
by Norilsk Nickel Harjavalta  owing to lower volumes  and prices of  purchased 
semi-finished products.

COST OF OTHER SALES

USD million            1H2013 1H2012 Change y-o-y
Energy and utilities      74     58        27.6%
Transport                 259    207        25.1%
Other                     197    190         3.7%
Total                     530    455        16.5%

Cost of other sales in 1H13 increased by  USD 75 million y-o-y (or by 17%)  to 
USD 530 million as a result of increased volume of services provided to  third 
parties. In 1H13, the other sales generated a gross profit of USD 7 million as
compared to a USD 9 million loss in 1H12. 

SELLING AND DISTRIBUTION EXPENSES

USD million             1H2013 1H2012 Change y-o-y
Export customs duties      144    280      (48.6%)
Transportation expenses     13     18      (27.8%)
Labour                      10     10         0.0%
Other                        2      5      (60.0%)
Total                     169    313      (46.0%)

Selling and distribution expenses declined 46% y-o-y to USD 169 million  owing 
primarily to a USD  136 million reduction of  export custom duties,  resulting 
from a reduction of export sales revenues  (down 9% y-o-y) and a reduction  of 
nickel export tariffs by the Russian Government.
Transportation expenses decreased almost 28% y-o-y to USD 13 million owing  to 
the  lower  sales  of  nickel  concentrate  by  Australian  assets  after  the 
suspension of Lake Johnston.

General and administrative expenSES

USD million                                         1H2013 1H2012 Change y-o-y
Labour                                                 196    177        10.7%
Third party services                                    48     59      (18.6%)
Taxes other than those directly attributable to         57     56         1.8%
cost of goods sold and income taxes
Amortization and depreciation                           22     17        29.4%
Transportation expenses                                  8      8         0.0%
Other                                                   50     46         8.7%
Total                                                 381    363           5%

General and administrative expenses increased by USD 18 million (or by 5%)  to 
USD 381 million in 1H13  owing to a USD 19  million increase in labour  costs, 
which were a one-off  expense related to the  reorganization of the  Company's 
management and the consolidation of Nordavia and Norilskgazprom.
Costs related to third party services were  down almost 19% to USD 48  million 
as a  result of  a  significant cost  cutting  initiatives at  Norilsk  Nickel 
International.

FINANCE COSTS

USD million                                        1H2013 1H2012 Change y-o-y
          Interest expense on borrowings              135    114        18.4%
Unwinding of discount on environmental obligations     36     21        71.4%
Interest on obligations under financial lease           -      1       (100%)
Total                                                171    136        25.7%

Finance costs in 1H13 were up 26% to USD 171 million owing to the optimization
of the company's capital structure, new borrowings on prevailing market  terms 
aiming at the diversification of the debt portfolio.

Impairment of financial assets

Loss from  impairment of  financial assets  amounted to  USD 571  million  and 
comprised the following charges: a revaluation of Inter RAO UES shares held by
the Group  of USD  512 million  and a  mark-to-market valuation  of shares  of 
Talvivaara and other investments.

INCOME TAX

In 1H13, current income tax expense amounted to USD 344 million as compared to
USD 554 million in 1H12 as a result of a lower pre-tax profit for the  period. 
Effective tax rate increased to 39% in 1H13  from 27% in in 1H12, as a  result 
of recognition of certain non-deductible expenses such as impairment of  Inter 
RAO UES shares.

EBITDA RECONCILIATION

USD million                        1H2013 1H2012 Change y-o-y
Operating profit                    1 795  2 110      (14.9%)
Depreciation and amortisation         439    368        19.3%
Impairment of non-financial assets     65     16       306.3%
EBITDA                              2,299  2,494       (7.8%)
EBITDA Margin                         41%    42%     (1 p.p.)

In 1H13, EBITDA amounted to USD 2.3 billion, down 8% y-o-y with EBITDA margin
of 41%, marginally down from 42% in 1H12.

CASH FLOWS

USD million                                        1H2013  1H2012 Change y-o-y
Net cash generated from operating activities        1,615   1,658       (2.6%)
Net cash used in investing activities               (842) (1,275)      (34.0%)
Net cash generated (used) in financing activities      56 (1,021)          n/a
Net increase (decrease) in cash and cash              829   (638)          n/a
equivalents
Cash and cash equivalents at beginning of the       1,037   1,627        36.3%
period
Effect of foreign exchange differences on balances
of cash and cash equivalents and translation to      (57)       6          n/a
presentation currency
Cash and cash equivalents at end of the period      1,809     995        81.8%

Net operating  cash flow  amounted to  USD  1.6 billion,  down just  3%  y-o-y 
despite a significant decrease in operating profit, as the Company managed  to 
deliver a much lower increase in working capital as compared to 1H12.

Net cash outflow  from investing  activities decreased  34% y-o-y  to USD  842 
million, with capital expenditures amounting to  USD 884 million. Most of  the 
CapEx reduction came as  result of the new  more stringent capital  discipline 
adopted by the new  management team. As part  of the ongoing strategy  review, 
the Company is putting  efficient capital allocation on  the forefront of  the 
management agenda,  by  prioritizing  investment projects  based  on  IRR  and 
introducing a standard projects review  procedure by the investment  committee 
chaired by the CEO.

Net cash  inflow  from  financing  activities  amounted  to  USD  56  million, 
comprised by the following:

  *inflow from borrowings in the amount of USD 4.5 billion;

  *repayments of short term  loans and borrowings in  the amount of USD  2.5 
    billion;

  *payment of dividends for 2012 in the amount of USD 1.9 billion

Cash and cash equivalents amounted to USD 1.8 billion as of June 30, 2013.

DEBT MANAGEMENT AND LIQUIDITY

USD million         as of June 30, 2013 as of December 31, 2012  Change
Long-term                         5,624                   2,497  125.2%
Short-term                        1,250                   2,526 (50.5%)
Total Debt                        6,874                   5,023   36.9%
Net Debt                          5,065                   3,986   27.1%
Net Debt/LTM EBITDA                1.1x                    0.8x     n/a

In 1H 13 Norilsk Nickel issued the following debt securities:

  *February - RUR 35 billion Russian bond with a 3-year maturity

  *April - USD 750 million Eurobond with a 5-year maturity

  *June - Syndicated loan of USD2.1 billion with a 5-year maturity 

These facilities extended the Company's debt maturity profile in line with the
new Company's financing strategy aiming  at increasing diversification of  the 
lenders base,  extension of  maturity  profiles, while  also building  on  the 
relationships with its traditional partners.

As of June 30, 2013, the Company's short-term debt decreased by almost USD 1.3
billion to  USD 1.3  billion  from December  31,  2012, while  long-term  debt 
increased USD 3.1 billion to USD USD 5.6 billion.
Net debt as of  June 30, 2013  amounted to USD 5  billion, while net  debt/LTM 
EBITDA ratio was at a comfortable 1.1x level.
Norilsk Nickel  confirms  its commitment  to  retain investment  grade  credit 
ratings from Moody's and S&P.

CORPORATE GOVERNANCE

In the first quarter of 2013  the Company completed a comprehensive  strategic 
review of  its corporate  structure  with the  purpose  of ensuring  its  full 
alignment  with   the  best   international   practices  and   enhancing   the 
organisational focus on economic efficiency of the business. The new structure
was specifically designed to  strengthen the investment governance  principles 
and project  management,  to  enhance  the  development  of  cross-functional, 
project-centered competences  and to  nurture the  culture of  efficiency  and 
accountability throughout the Company.
In June the Annual General Meeting  of Shareholders (AGM) elected a new  Board 
of Directors including 4 independent members. One of the independent directors
Gareth Penny was  elected Chairman  of the Board.  The AGM  also approved  the 
cancellation of the rest of treasury  shares and the payment of dividends  for 
2012 in the amount of RUB 400.8 per ordinary share

                                *   *   *

The full version of the interim condensed consolidated financial statements of
the Group  for 1H13  prepared in  accordance  with IFRS  is available  at  the 
website of the Group (www.nornik.ru/en) in the Investors/Financial  Statements 
section.

Conference call and webcast

On Thursday August 29,  2013, MMC Norilsk Nickel  will host a conference  call 
and webcast for investors & analysts at 19:00 Moscow time (16:00  London/11:00 
New York).

The conference  call will  be  hosted by  the  Company's management  who  will 
present the  results and  answer questions  from conference  call and  webcast 
participants.

Webcast link: http://www.media-server.com/m/p/9p32jsw4

Conference call dial-ins:

Moscow  8 (499) 272-43-37
International  44 (0) 20-30-03-26-66

Toll Free:

Russia   8 10 800-24-90-20-44
UK       08 08 109-07-00
USA        1 866 966-53-35

Conference Call Password: Norilsk Nickel.

For further information, please, contact:

Media Relations:          Investor Relations:
Phone: +7 (495) 797 82 94 Phone: +7 (495) 786 83 20
Email: pr@nornik.ru       Email: ir@nornik.ru

ABOUT MMC NORILSK NICKEL

MMC Norilsk  Nickel, a  company incorporated  under the  laws of  the  Russian 
Federation, is the largest  diversified mining and  metals company in  Russia, 
the world's largest producer  of nickel and palladium  and one of the  world's 
largest producers  of platinum,  rhodium, copper  and cobalt.  In addition  to 
this, MMC  Norilsk  Nickel  produces  a large  number  of  other  by-products, 
including gold, silver, tellurium, selenium, iridium and ruthenium.
The key production units of the Company's group in Russia are at the Polar and
Kola Peninsulas. MMC Norilsk Nickel international assets include operations in
Finland, Australia, Botswana and South Africa.
MMC Norilsk Nickel's shares  are traded on the  Moscow Exchange. ADR's on  the 
Company's shares are traded on  the over the counter market  in the US and  on 
the London and Berlin stock exchanges.

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Source: MMC Norilsk Nickel via Thomson Reuters ONE
HUG#1725609
 
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