PJSC Magnitogorsk Iron & Steel Works (“MMK”, the “Group”) (MOEX: MAGN, LSE: MMK) announces that it has initiated the automatic Global Depositary Receipt (“GDR”) conversion process.

On 15 August 2022, MMK sent a conversion notice (the “Notice”) to JSC Citibank, the depository bank managing the depository programme’s custody account, regarding the automatic conversion of MMK GDRs into MMK shares in line with Article 4 of 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, which specifies the period and procedure for the automatic conversion of GDRs into shares (the “Automatic Conversion Procedure”).

Based on the Automatic Conversion Procedure and the date of the Notice, MMK believes, but does not guarantee, that the automatic conversion process will take place by 5 September. As a result of the process, holders who meet the requirements of Law 319-FZ and the Automatic Conversion Procedure will have MMK GDRs written off from their securities accounts by depositary banks, which is currently managing these accounts, and the equivalent number of MMK shares will be deposited.

Please follow the link below to find additional information regarding Automatic Conversion Procedure in the Bank of Russia’s announcement dated 15 August 2022: https://cbr.ru/press/event/?id=14089.