Mining and Metallurgical Norilsk Nickel : Nornickel’s Board of Directors recommends not to pay dividends for FY 2023 to shareholders

Moscow, 23 May 2024 - Nornickel, the world's largest producer of palladium and Class I nickel and a major producer of platinum and copper, announces that in a majority vote the Board of Directors resolved to make a recommendation for the Annual General Meeting of Shareholders (AGM) not to pay dividends for the financial year 2023.

The Board of Directors has recommended not to pay dividends for FY 2023 owing to a number of reasons:

• In 2023, sanctions and geopolitical challenges significantly impacted Nornickel's financials. Revenue declined by 15% y-o-y to USD 14.4 billion, while EBITDA decreased by 21% y-o-y to USD 6.9 billion. Free cash flow was USD 2.7 billion, and free cash flow adjusted for interest, lease liabilities, and dividends to holders of non-controlling interests, came in at USD 1.3 billion. The Company has already paid USD 1.5 billion in interim dividends for 9M 2023.
• No dividend payment by increasing debt levels is considered expedient. According to Nornickel's current dividend policy, the cyclic nature of the metals market, as well as the need to keep a high level of the Company's creditworthiness, shall be taken into account when determining the dividend amount. Based on this, the management has proposed not to distribute the Company's 2023 earnings and not to pay dividends. The Board of Directors supported the proposal and recommended the Annual General Meeting of Shareholders to adopt the resolution not to pay dividends on the company's shares for FY 2023.

The Board has also approved the date of the AGM to be held on 28 June 2024. The record date has been set on 04 June 2024.