Moscow, July 19, 2022 — Nornickel, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper, notifies holders of American depositary receipts representing rights to the Company’s shares (“ADRs”) that certain amendments to Federal Law No. 114-FZ “On Amendments to the Federal Law on Joint Stock Companies and Certain Legislative Acts of the Russian Federation” dated April 16, 2022 (the “Law”) became effective on 14 July 2022.

The Law introduces automatic and forced conversions of ADRs into the Company’s shares underlying ADRs without the involvement of the depositary bank under the Company’s ADR program (BNY Mellon).

The automatic conversion means conversion of ADRs, the rights to which are recorded in Russian depositaries, without applications for conversion from the relevant ADRs holders. The automatic conversion will be made in accordance with the procedure, and within the period, set out by the decision of the Board of Directors of the Central Bank of Russia.

The forced conversion may be used for ADRs, the rights to which are recorded in foreign organizations and whose holders cannot receive the underlying Company’s shares due to foreign restrictive measures or unfriendly actions. In this case such ADRs holders may, within 90 days from the Law’s effective date (July 14, 2022), apply to the ADR program custodian (JSC Raiffeisenbank) for the forced conversion, attaching documents confirming ownership of ADRs and other documents. After the deadline for accepting applications for the forced conversion, the custodian shall open depo holder accounts for eligible applicants and credit the respective number of the underlying Company’s shares to such accounts.

According to the information disclosed by the depositary bank (BNY Mellon), in the event that any underlying Company’s shares are removed from the depositary program depo account in connection with the automatic or forced conversion, BNY Mellon plans to close the ADR program for cancellation of ADRs and suspend the processing of any corporate actions (including voting) until a complete reconciliation of the number of securities.

Limitation of Liability

This announcement does not constitute legal, accounting, tax or any other professional advice. This announcement is for informational purposes only and has been prepared based on the Company’s interpretation of the effect of the Law on the depositary receipt program. The Company shall not be liable if the interpretation of applicable laws and regulations by the relevant governmental authorities differs from the interpretation set out in this announcement. Depositary receipt holders should make their own decisions as to how to proceed in connection with this announcement and, if necessary, should consult their investment, legal and other advisors.

Information notice for holders of depositary receipts