Introducing Norilsk Nickel The Proud New Owner of LionOre Mining International

1. Introducing Norilsk NickelThe Proud New Owner of LionOre Mining International

2. Disclaimer The 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 their nature, involve risk and uncertainty and MMC Norislk 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 as well as the Information Statement dated 11 August 2005 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. Introducing Norilsk Nickel…. Leading Russian miner with global presence & +85,000 employees Primary metal is nickel World’s largest producer Lowest costs in the industry Largest amount of nickel in attributable reserves & resources International nickel business production ˜80,000t Leading palladium & substantial platinum & copper producer Focused on value creation and returns to shareholders Dividend yield 3.6% in 2006 +66% increase in ADR price in 2006 ˜ 46% freefloat, market cap ˜$45 billion Internationally quoted: Moscow: GMKN ADR: London (MNOD), New York (NILSY) & Berlin (NNIA)

4. Global Presence

5. Leading Producer of Base & Precious Metals

6. 2006 Production & Revenue

7. Focused on value creation Recognised Russian leader in corporate governance & transparency Highest credit rating among Russian privately-owned companies Financial performance is globally competitive compared to the majors 2006 EBITDA margin of 66% amongst highest compared to industry average of 49% Strong cash generator

8. Rationale for $6.8 billion LionOre transaction... Consolidates assets/position in Australia and gains exposure to southern Africa Further enhances an already strong commodity mix & diversifies portfolio of production assets Mining asset base fits with Norilsk’s processing & refining capabilities (Harjavalta & Cawse) Acquisition of Activox® technology brings optionality to Norilsk’s development of other sulphide resources in Russia Builds portfolio of shorter term growth projects combined with long life reserves Strong & experienced management team with robust capabilities in building new operations in remote areas

9. A Proud New Business Partner in Botswana A new chapter of growth is beginning in the Botswana nickel industry…. …. Backed by the largest nickel producer in the world with powerful resources Norilsk is taking on the mantle of good corporate citizenship in Botswana from LionOre Seamless integration & transition underway Norilsk committed to continuing LionOre’s active participation in the Botswana nickel industry $620 million growth projects at Tati & BMR are continuing as planned The future potential of the Botswana nickel industry is exciting Norilsk’s powerful resources (financial, specialist R&D department, etc) will help realise Botswana’s full nickel potential

10. The Competitive Advantages of Activox® The Activox® hydrometallurgical process Improves metal recoveries Lowers operating costs Unlocks marginal orebodies (Selkirk) Treats impurities (Honeymoon Well) Produces LME nickel & copper cathodes Competitive capital cost entry point for nickel On-mine vertical integration benefits: Better control of production pipeline Eliminates matte transport costs, third party smelter charges& price participation Increases economic net back of payable nickel by +21%

11. The Activox® Growth Projects

12. Impact of DMS & Activox® on Phoenix Open Pit

13. Botswana Metal Refinery (BMR) $482 million capital project to build the world’s first Activox® refinery Activox® refinery will be housed in the BMR Ownership of BMR: Norilsk 85% and GRB 15% Will optimise the metal production pipeline by turning concentrate into finished metal in-situ in Francistown Botswana chosen for the commercial plant due to: Tati nickel resources Government’s “Open for Business” attitude Skills BMR will offer: Opportunity to further enhance Botswana’s skills base with addition of hydrometallurgical knowledge Capture the “value-add” in the country Employment of ˜450 staff to run the refinery

14. Project Status of the Activox® Refinery Official opening by the His Excellency the President of Botswana in January 2007 Hatch are the EPCM contractors Site clearance and earthworks well advanced Construction on the power line and water pipeline have commenced 1st phase of camp construction completed Engineering progressing well, with autoclave contract signed Currently 469 people on site, increasing to 3,000 during 2008

15. Tati Nickel Mining Company DMS Phase 1a working well, implemented Phase 1b Milling volumes now 5Mtpa DMS Phase 2 construction on schedule High grade / low grade concentrates New open pit mining contract out on tender

16. Selkirk - Potential to Extend Life of Tati Nickel Low grade disseminated orebody Indicative PFS results: Potential 20,000 tpa nickel Estimated LOM ˜13 years Initial capex cost $160m Selkirk Feasibility Study underway Due for completion Q3 2007

18. Nkomati Expansion Projects BFS under review, decision Q3 2007 Phase 2 production 16,000tpa nickel Via conventional production Large scale open pit & underground 2 Concentrators

19. Summary Through the Activox® growth projects, Botswana is undergoing a fundamental transformation from intermediate supplier to producer of final finished nickel and copper metal Impact of the Activox® growth projects on the economy is substantial: 1% increase in GDP & 2.5% increase in export earnings 3% contribution towards economic diversification Impact on the country is tremendous: Introduces hydrometallurgy skills to Botswana Aids diversification away from diamonds Establishes a pool of high level industrial / minerals processing skills

20. Conclusion In LionOre’s 10 year history in Botswana, over $1 billion of revenue generated with major capital invested over this period Norilsk Nickel is committed to delivering the growth projects started by LionOre in Botswana Key to acheiving this is to be an active partner and good corporate citizen in the region …..Hold on for the ride

21. Norilsk Nickel…A Proud New Corporate Citizen in Botswana