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

On 6 June 2022, PJSC Magnitogorsk Iron & Steel Works (the “Group” or 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”). Capitalized terms used, but not defined herein, shall have the meanings given to them in the Consent Solicitation Memorandum.

The Guarantor’s management expresses its gratitude for the significant support and cooperation demonstrated by the Noteholders in connection with the Consent Solicitation. At this stage the Guarantor has determined to put the Consent Solicitation on hold, pending the outcome of applications filed with regulatory bodies in relevant jurisdictions seeking to obtain licenses that would, if granted, enable the Guarantor, the Issuer, the Principal Paying Agent and the Clearing Systems to receive and process payments in relation to the Notes.

Meanwhile, the Guarantor continues to examine a number of potential options with respect to its ability to make the coupon payment due under the Notes. The Guarantor intends to provide further information to Noteholders as soon as practicable.

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