PJSC Magnitogorsk Iron & Steel Works (“MMK”, the “Group”) (MOEX: MAGN, LSE: MMK) notifies on the status of automatic and forced Global Depositary Receipt (“GDR”) conversion process.

According to the National Settlement Depository (“NSD”), the automatic conversion of GDRs was completed on 29 August 2022. As a result, holders who complied with the requirements of Article 4 of the Federal Law No. 319-FZ On Amendments to Certain Legislative Acts of the Russian Federation, dated 14 July 2022 (“Law 319-FZ”), and the Resolution of the Bank of Russia’s Board of Directors dated 22 July 2022 had MMK GDRs written off from their securities accounts by depositary banks, which managed these accounts, and the equivalent number of MMK shares were deposited.

At the same time, in line with the Law 319-FZ holders of MMK GDRs have the right to submit an application to convert their GDRs into MMK shares (“Application”) to JSC Citibank (“Citibank”), the depositary bank managing the depositary programme’s custody (“Forced Conversion”). The guidelines and Application form of the Forced Conversion can be found on Citibank’s website (in Russian). It is expected that the documents will be published in English in the near future.

MMK reminds that the Application deadline is 12 October 2022.

Given the information outlined above, MMK encourages GDR holders to contact Citibank directly as per Law 319-FZ.

Should you have any additional questions please contact with MMK’s Investor Relations Department via email: ir@mmk.ru.

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