NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS NOTICE.

PJSC Magnitogorsk Iron & Steel Works (MOEX: MAGN; LSE: MMK) notifies on the meeting of the holders of its outstanding U.S.$500,000,000 4.375% Guaranteed Notes due 2024.

On 5 September 2022, PJSC Magnitogorsk Iron & Steel Works (the “Guarantor”) announces a consent solicitation in relation to outstanding U.S.$500,000,000 4.375% Guaranteed Notes due 2024 (the “Notes”) issued by MMK International Capital DAC and unconditionally and irrevocably guaranteed by the Guarantor (ISIN: XS1843434959 (Regulation S) / US553142AA88 (Rule 144A); Common Code: 111730628 (Regulation S) / 111730628 (Rule 144A Common code)) on the terms and subject to the conditions set forth in the Consent Solicitation Memorandum dated 5 September 2022 (the “Memorandum”).

The Guarantor notifies holders of the Notes (the “Noteholders”) of the meeting of the Noteholders which is being convened by the Guarantor (the “Meeting”) for the purpose of considering and, if thought fit, passing extraordinary resolutions to approve, inter alia, the resignation of the trustee and appointment of a new trustee, and a simplified procedure for cancellation of the Notes. The Meeting will be held at 1:00 p.m. (London time) on 27 September 2022 via teleconference (using a video enabled platform) with dial-in details to be provided by or on behalf of Advocates Bureau of the City of Moscow “Rybalkin, Gortsunyan, Dyakin and Partners” (“RGD”).

Noteholders may obtain a copy of the Memorandum from the Guarantor via RGD with the contact details set out below. The full notice of the Meeting is available at the link.

Noteholders should contact the following for further information:

Rybalkin, Gortsunyan, Dyakin and Partners Advocates Bureau

Email: MMKconsentsolicitation2022@rgd.legal

Investor Relations Department

Veronika Kuznetsova
+7 (915) 380-62-66

kuznetsova.vs@mmk.ru

Ilya Nechaev
+7 (909) 093-08-98

nechaev.ia@mmk.ru

Communications Department

Dmitriy Kuchumov  
+7 (499) 238-26-13

kuchumov.do@mmk.ru