PJSC Magnitogorsk Iron & Steel Works (MOEX: MAGN; LSE: MMK) notifies on the further extension of the Consent Solicitation for its outstanding U.S.$500,000,000 4.375 per cent. Guaranteed Notes due 2024.

On 6 June 2022, PJSC Magnitogorsk Iron & Steel Works (the “Guarantor”) announced a consent solicitation in relation to the outstanding U.S.$500,000,000 4.375% Notes due 2024 issued by MMK International Capital DAC (the “Issuer”) ISIN: XS1843434959 (Regulation S) / US553142AA88 (Rule 144A); Common Code: 111730628 (Regulation S) / 111730628 (Rule 144A Common code)) (the “Notes”) on the terms and subject to the conditions set forth in the Consent Solicitation Memorandum dated 6 June 2022 (the “Consent Solicitation Memorandum”). On 9 June 2022, the Guarantor extended the Consent Deadline from 9 June 2022 (4 p.m. (London time)) to 16 June 2022 (4 p.m. (London time)), and on 17 June 2022, the Guarantor further extended the Consent Deadline from 16 June 2022 (4 p.m. (London time)) to 30 June 2022 (4 p.m. (London time)). Capitalized terms used, but not defined herein, shall have the meanings given to them in the Consent Solicitation Memorandum.

Given the vast number of requests from the holders of the Notes (the "Noteholders"), the Guarantor has extended the Consent Solicitation period to 13 July 2022 ("New Consent Deadline").

At the same time, any payments in relation to the Notes by the Guarantor or the Issuer for the benefit of the Noteholders may get blocked, frozen or delayed for an uncertain period of time by the clearing systems or other entities processing those payments due to continuing blocking restrictions introduced by the EU and UK authorities, breakdown in transaction functionality between the EU and Russian clearing systems and the new currency control rules introduced by the Russian authorities.

Considering the foregoing, the Guarantor hereby notifies that it is technically not in the position to make the payment of the coupon due on 13 June 2022 and along with this assures that:

• it has sufficient financial resources to service the debt under the Notes and is making every effort to effect the payment of coupon due on 13 June 2022 to the Noteholders as soon as processing of payments would be legally and technically possible;

• to ensure the receipt of the sums due under the Notes by the Noteholders, the Guarantor filed the applications to the relevant US, UK and Irish authorities for the purposes of receiving the licenses from those authorities which are required to permit the making of payments under the Notes and the exercise of rights and obligations by all parties in relation to the Notes in compliance with all applicable sanctions.

For any inquiries please contact with the Guarantor’s Investor Relations department via email at: ir@mmk.ru.