Moscow, November 3, 2023 — The Board of Directors of Nornickel, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper, has set the Extraordinary General Meeting of shareholders (EGM) date on December 7, 2023 and the EGM record date (the list of shareholders eligible to vote) on November 13, 2023.

The Board of Directors has recommended for the EGM approval a split of ordinary shares with a ratio of 100 to 1 to improve their attractiveness to Russian investors and increase their liquidity on Moscow Exchange.

The Board of Directors has also recommended for the EGM approval an interim dividend for the nine months of 2023 in the amount of RUB 915.33 per ordinary share and proposed to set the dividend record date (the list of shareholders entitled to the dividend) on December 26, 2023.

Sergey Malyshev, Senior Vice President — Chief Financial Officer of the Company, said,

“The management consistently reported that essential pre-requisites to dividend payment were adequate free cashflow and conservative level of debt. Solid results for 9 months of 2023 allow the Board of Directors to recommend an interim dividend. I would also like to highlight that next year we are facing new challenges related both to costs (inflation and new export tax) and to revenue (capital repair of a furnace at Nadezhda Plant and uncertain situation on metal markets). In these circumstances maintaining financial stability of the Company remains our top priority”.

Andrey Bougrov, Chairman of the Board of Directors of Nornickel, added,

“The dividend comes up to expectations of 400 thousand of our shareholders and tens of thousands of participants of our corporate programme ‘Digital investor’. Another step to make the share ownership is more accessible for retail investors is the recommendation to split shares. We believe that these actions will contribute to the development of the Russian capital markets in general”.

The Board of Directors has also approved the ESG strategy of the Company till 2030.

Nornickel’s Board of Directors recommends share split and interim dividend for 9M2023