JSC MMC Norilsk Nickel http://www.alacrastore.com/company-snapshot/JSC_MMC_Norilsk_Nickel-1091198 Thursday, July 24, 2008 3:16:46 PM 1091198 JSC MMC Norilsk Nickel en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/393870_report_framefitch/393870_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Alcoa Aluminio S.A.Aluminum Corporation Of China LtdAmericas Mining CorporationAnglo American plcClarendon Alumina Production Ltd.Companhia Vale do Rio DoceCorporacion Nacional del Cobre de ChileFreeport-McMoRan Copper & Gold Inc.Grupo Mexico S.A. de C.V.Hindalco Industries Ltd.JSC MMC Norilsk NickelMinera Escondida Ltda.Molibdenos y Metales S.A.Rio Tinto plcSouthern Copper CorpZinifex Limited8009045280090466800906988009148180360953803613698041717980624800809610318204234782330514826250938340006383455061835830678394046784980473863577027/22/2008 2:11:00 PM01000000010300000103120001031202275Special Report500440601600AALFCXGMEXICO.BGMKNMOLYMETPCURIOVALE3393870_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/ccbn/T1873458ccbn/T1873458norm...of the call [there] is a brief overview of our recent achievements, Oleg Lobanov will provide you with more details on Norilsk's financial performance in #### and, after that, we will conclude with a Q&A session. I should say that #### was successful and a difficult year at the same time. On the one hand, the market was very favorable and commodity prices were higher for almost all the metals produced by Norilsk Nickel. The traditional foreign Group Nickel business and LionOre Mining International, in ####, attributed the Nickel sales increase. As a result, the financial performance for #### was the best in the Norilsk Group's history. The total sales revenue for the year amounted to $##b, which is ##% more than in ####. EBITDA for #### hit an historical record, rising by ##% (sic - see Press Release), up to more than $##b. Profit from operations before non-cash write-offs grew in #### up to $#.#b. Taking into account the good interim financial results for ####, we continue the practice... 6/10/2008 4:09:00 PMJSC MMC Norilsk Nickel54.0000FinalQ4 2007 JSC MMC Norilsk Nickel Earnings Conference Call TranscriptNILSY4:00pm MSKTranscriptT1873458Credit & Investment ResearchThomson Street EventsAUSTRALIA - White Cliff Nickel Mining Ltd agreed to acquire the Lake Johnson Project of LionOre Mining International Ltd, a gold and nickel mining company.5/31/2008 9:38:52 AM96355W53594H96355W65602IWhite Cliff Nickel LtdLionOre Mining International Ltd-Lake Johnson ProjectWhite Cliff Nickel LtdOAO MMC Norilsk Nickel Grouphttp://www.alacrastore.com/storecontent/Thomson_M%26A/White_Cliff_Nickel_Ltd_acquires_LionOre_Mining_Intl_Ltd_Ast_from_OAO_MMC_Norilsk_Nickel_Group-1982196040sdc/19821960401982196040Copyright © 2008, Thomson Financial, All Rights ReservedAustraliaMiningAustraliaMiscellaneous metal ores, nec1099FFForeignPublicWCN1099:Miscellaneous metal ores, nec1099:Miscellaneous metal ores, necMiningAustraliaFerroalloy ores, except vanadium1061FFForeignSubsidiary385118002Nickel miningMnfr metal prodUnspecifiedAssets1013301001May 31 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.00000White Cliff Nickel Ltd is anickel mining companyheadquartered in West Perth,Western Australia. Itsexploration undertakings arecentered on the south-eastarea of Laverton, withparticular focus on nickel andgold mines. Its main projectsinclude the White Cliff Nickeland Causeway Nickel Projects.The company was incorporatedin July 2, 2007.White Cliff Nickel Ltd is a nickel mining companyheadquartered in West Perth, Western Australia. Itsexploration undertakings are centered on the south-east areaof Laverton, with particular focus on nickel and gold mines.Its main projects include the White Cliff Nickel andCauseway Nickel Projects. The company was incorporated inJuly 2, 2007.White Cliff Nickel Ltd is a nickel mining company headquartered in West Perth, Western Australia. Its exploration undertakings are centered on the south-east area of Laverton, with particular focus on nickel and gold mines. Its main projects include the White Cliff Nickel and Causeway Nickel Projects. The company was incorporated in July 2, 2007.1.000002.000003.000004.000005.000006.00000The Lake Johnson Project,located in Greenstone Belt,Western Australia, is thenickel and gold mining projectof LionOre MiningInternational Ltd.The Lake Johnson Project, located in Greenstone Belt,Western Australia, is the nickel and gold mining project ofLionOre Mining International Ltd.The Lake Johnson Project, located in Greenstone Belt, Western Australia, is the nickel and gold mining project of LionOre Mining International Ltd.0.000000.000000.000000.00000N29 May 08Thu, 29 May 2008 00:00:00 ESTDate Announced: 05/29/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000001.920000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000AUSTRALIA - White Cliff NickelMining Ltd agreed to acquirethe Lake Johnson Project ofLionOre Mining InternationalLtd, a gold and nickel miningcompany.AUSTRALIA - White Cliff Nickel Mining Ltd agreed to acquire the Lake Johnson Project of LionOre Mining International Ltd, a gold and nickel mining company.AUSTRALIA - White Cliff Nickel Mining Ltd agreed to acquire the Lake Johnson Project ofLionOre Mining International Ltd, a gold and nickel mining company.AUSTRALIA - White Cliff Nickel Mining Ltd agreed to acquire the Lake Johnson Project of LionOre Mining International Ltd, a gold and nickel mining company.AUSTRALIA - White Cliff Nickel Mining Ltd agreed to acquire the Lake Johnson Project of LionOre Mining International Ltd, a gold andnickel mining company.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001041:Gold ores1061:Ferroalloy ores, except vanadium385118002AustraliaAustralia1099ForeignPublicWCN3339:Primary nonferrous metals, except copper, aluminum3341:Secondary nonferrous metals3356:Rolling, drawing, & extruding of nonferrous metals3366:Copper foundries3369:Nonferrous foundries186512003SEAQRussian Fed3356ForeignPublicMNOD0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/633812spcred/633812normThe latest News from S&P3/4/2008 1:22:35 PMNews100global633812RussiaDiversified Metals & MiningEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsNewsMOSCOW (Standard&Poor's) March 4, 2008--Standard&Poor's Ratings Services affirmed its 'BBB-' long-term corporate credit rating on the Russian mining and metals group OJSC MMC Norilsk Nickel (Norilsk). At the same time, the 'ruAA+' national scale rating was also affirmed. The outlook is stable. "The affirmation follows Norilsk's board of directors' approval of the management's plan to analyze a potential merger with Russian iron ore and steel group OJSC Gazmetall (not rated)," said Standard&Poor's credit analyst Elena Anankina. We believe that although the company's financial policy is becoming less predictable on the back of ongoing shareholding changes, merger prospects currently look quite remote and uncertain. Moreover, Norilsk's robust operational and financial performance in the currently favorableRUS15104020 151040 1510 15OJSC MMC Norilsk Nickel380874EMERGINGEUROMIDAFRNEWSGLOBISSCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/633813spcred/633813normThe latest Research Update from S&P3/4/2008 1:22:35 PMResearch Update175global633813RussiaDiversified Metals & MiningEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsResearch UpdateOn March 4, 2008, Standard&Poor's Ratings Services affirmed its 'BBB-' long-term corporate credit rating on the Russian mining and metals group OJSC MMC Norilsk Nickel (Norilsk). At the same time, the 'ruAA+' national scale rating was also affirmed. The outlook is stable. The affirmation follows Norilsk's board of directors' approval of the management's plan to analyze a potential merger with Russian iron ore and steel group OJSC Gazmetall (not rated). We believe that although the company's financial policy is becoming less predictable on the back of ongoing shareholding changes, merger prospects currently look quite remote and uncertain. Moreover, Norilsk's robust operational and financial performance in the currently favorable commodity price environment should continue to support the ratings. InRUS15104020 151040 1510 15OJSC MMC Norilsk Nickel380874EMERGINGEUROMIDAFRRESUPDGLOBISSCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600065113moodys/COP_600065113htmlCredit Opinion1/4/2008 1:44:26 AMGlobal Credit Research Credit Opinion ## OCT #### Credit Opinion: OJSC MMC Norilsk Nickel OJSC MMC Norilsk Nickel Russia Ratings Category Moody's Rating Outlook Stable Corporate Family Rating Baa# Issuer Rating Baa# NSR Corporate Family...OJSC MMC Norilsk Nickel600065113150.0000NewshtmlOJSC MMC Norilsk NickelCOP_600065113Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/622268spcred/622268normThe latest News from S&P12/21/2007 1:23:16 PMNews100global622268RussiaDiversified Metals & MiningEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsNewsLONDON (Standard&Poor's) Dec. 21, 2007--Standard&Poor's Ratings Services said today that its 'BBB-' rating and stable outlook on the Russian metals and mining group OJSC MMC Norilsk Nickel (Norilsk) are unchanged following the announcement that the Russian aluminum company RUSAL (unrated) has agreed to buy a 25% stake. The rating on Norilsk continues to reflect its strong market position, low cost profile, and healthy credit ratios, offset by exposure to industry cycles and the risks of operating in Russia. Our base case is that the shareholding change will not affect Norilsk's moderate financial policy (notably regarding the target 25% dividend payout), as RUSAL will not have majority control and Norilsk's governance system should help mitigate any pressure.RUS15104020 151040 1510 15OJSC MMC Norilsk Nickel380874EMERGINGEUROMIDAFRNEWSGLOBISSCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/362622_report_framefitch/362622_report_framepdfAlcoa Aluminio S.A.Alcoa Inc.Aluminum Corporation Of China LtdAnglo American plcCorporacion Nacional del Cobre de ChileFreeport-McMoRan Copper & Gold Inc.Grupo Mexico S.A. de C.V.JSC MMC Norilsk NickelPhelps Dodge CorporationPT International Nickel IndonesiaRio Tinto AlcanRio Tinto plcSouthern Copper CorpValeZinifex Limited8008993380090452800904668009069880091130800914818041717980624800814152548180347082330514826250938345506183583067839404678498047312/17/2007 2:06:00 PM01000000010300000103120001031202010322000700000007020000250Special Report601600AAAALFCXGMEXICO.BGMKNINCOPCURIOVALE3ZFXFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.362622_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/608010spcred/608010normThe latest Summary from S&P10/17/2007 8:35:23 AMSummary175global608010RussiaDiversified Metals & MiningEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsSummaryThe ratings on Russia-based metals and mining group OJSC MMC Norilsk Nickel (Norilsk) are supported by the group's position as global leader in the nickel and palladium production markets (18% and 50%, respectively), fourth place in platinum production (13%), and a considerable copper production presence (3%). Unique, substantial, high-grade reserves support large-scale operations, a very low cost profile, and good product diversification. The ratings are constrained by the cyclical nature of the mining industry and operating risks in Russia. Norilsk benefits from a satisfactory financial profile. Given very low costs and extremely high metal prices, in the first half of 2007, Norilsk's EBITDA was $5.4 billion (70% margin on sales), and free operating cash flow was $3.1 billion. Although RussianRUS15104020 151040 1510 15OJSC MMC Norilsk Nickel380874EMERGINGEUROMIDAFRSUMMARYGLOBISSCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1663175ccbn/T1663175norm10/5/2007 4:11:00 PMJSC MMC Norilsk Nickel54.0000FinalInterim 2007 JSC MMC Norilsk Nickel Earnings Conference Call TranscriptNILSY5:00pm MSK...Ladies and gentlemen, welcome to the MMC Norilsk Nickel interim consolidated financial results for the six months ended June ##, ####. At this time, all participants are in a listen-only mode. Later we will conduct a question and answer session. (OPERATOR INSTRUCTIONS). I would now like to turn the conference over to our host, Mr. Denis Morozov, Chief Executive Officer of Norilsk Nickel. Please go ahead. ... TranscriptT1663175Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/fitch/339470_report_framefitch/339470_report_framepdfJSC MMC Norilsk Nickel826250939/4/2007 2:08:00 PM010300000103120001031202385Full Rating ReportGMKNFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.339470_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/599392spcred/599392normThe latest Full Report from S&P9/4/2007 8:35:18 AMFull Report400global599392RussiaDiversified Metals & MiningEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsMetals & MiningFull ReportUnique, substantial, high-grade reserve base, supporting large-scale production, diversification by metals, and low costs Strong market positions in nickel, platinum, and palladium Favorable metal market fundamentals, which should support healthy prices and cash flow generation in the near future Comfortable credit protection metrics, despite recent acquisitions Risks from operating in Russia's emerging market environment, where the group has most of its cash-generative assets Exposure to volatile commodity prices Concentration of key operations above the Arctic Circle, with related operational and logistical challenges The rating on OJSC MMC Norilsk Nickel reflects the group's position as global leader in nickel and palladium (18% and 50%, respectively), fourth place in platinum production (13%), and considerable production of copper (3%). Unique, substantial, high-grade reservesRUS15104020 151040 1510 15OJSC MMC Norilsk Nickel380874EMERGINGEUROMIDAFRFULLLUXNorilsk Nickel Finance Luxembourg S.A.381666EMERGINGEUROMIDAFRGLOBISSCORPCapitalMetalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/599393spcred/599393normThe latest Summary from S&P9/4/2007 8:35:18 AMSummary175global599393RussiaDiversified Metals & MiningEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsSummaryThe rating on OJSC MMC Norilsk Nickel reflects the group's position as global leader in nickel and palladium (18% and 50%, respectively), fourth place in platinum production (13%), and considerable production of copper (3%). Unique, substantial, high-grade reserves support large-scale operations, a very low cost profile, and good product diversification. Norilsk also benefits from a satisfactory financial profile. Given very low costs and extremely high metal prices, Norilsk's 2006 EBITDA doubled to $7.8 billion (68% margin on sales), and free operating cash flow reached a record $4.9 billion. At year-end 2006, the group had $1.3 billion on-balance-sheet debt, adjusted for pensions and asset-retirement obligations, versus $2.2 billion in cash. Although Norilsk's debt increased after the 2007 acquisitions of LionOre forRUS15104020 151040 1510 15OJSC MMC Norilsk Nickel380874EMERGINGEUROMIDAFRSUMMARYGLOBISSCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/366116_pr_framefitch/366116_pr_framehtmlJSC MMC Norilsk Nickel826250938/23/2007 10:08:00 AM01030000010312000103120275Press ReleaseGMKNFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.366116_pr_frameCredit & Investment ResearchFitchResearch