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MMK

June 14, 2024

Mmk redeems the replacement notes and provides information on further actions in relation to Eurobonds

PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MOEX: MAGN) announces that on 13 June 2024 it successfully has redeemed notes series ZO-2024, ISIN: RU000A105H64 (the “Replacement Notes”) in the amount of U.S. $307,636,000 4.375%.

In 2019 MMK issued U.S. $500,000,000 4.375% guaranteed notes due 2024, ISIN: XS1843434959 / US553142AA88 (the “Guaranteed Notes”).

Blocking restrictions imposed by unfriendly countries on MMK and its key shareholder, breakdown in transaction functionality between the EU and Russian clearing systems, negatively affected the availability of payment of principal amount and interest on the Guaranteed Notes in compliance with the transaction documentation.

In 2019 MMK issued U.S. $500,000,000 4.375% guaranteed notes due 2024, ISIN: XS1843434959 / US553142AA88 (the “Guaranteed Notes”).

Due to existing external restrictions and in compliance with the requirements of the Order of the President of the Russian Federation No. 430 dated 5 July 2022 “On the repatriation by residents participating in foreign economic activity of foreign currency and the currency of the Russian Federation”, on 8 December 2022 MMK issued the Replacement Notes in favour of the holders of the Guaranteed Notes in the amount of 307,636 for the aggregate principal amount of U.S. $307,636,000. MMK's obligations under the Replacement Notes have been duly fulfilled.

Concurrently, ongoing external restrictions continue to have a negative impact on payments to the holders of remaining part of the Guaranteed Notes. For updates on the payments to the remaining holders of the Guaranteed Notes, please contact MMK at notes@mmk.ru.

MMK is a reliable capital markets player and has a strong balance sheet with a solid financial position to duly fulfill its payment obligations in respect of the Guaranteed Notes.



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