Loan participation notes issued by Steel Funding DAC (the “Issuer”) for the purpose of funding loans to Novolipetsk Steel (“NLMK”) due 15 June 2023, 21 September 2024, 30 May 2026 and 2 June 2026 (the “Notes”).

Being fully committed to perform its obligations towards all noteholders, the Issuer is currently considering ways to address uncertainties that some holders of, and persons involved in, servicing the Notes (the “Servicing Parties”) may be facing as a result of sanctions targeting Russia which have been imposed by a number of countries, including the U.S., the EU, the UK, and as a result of certain measures taken by Russian authorities to stabilize and support Russian financial and currency markets. The Issuer, therefore, intends to have discussions with both the noteholders and the Servicing Parties.

In order to facilitate the above discussions and the implementation of solutions that may be based on them (which may include, among others, amendments to the Note documentation), the Issuer kindly requests noteholders to identify themselves by providing their and their broker’s contact details, the Note issuance and the principal amount of the Notes currently held by them to the following e-mail address: ir@nlmk.com.

Questions in connection with the above should be directed to Corporate finance and IR department of NLMK Group: ir@nlmk.com, +7 495 504 0 504 (ext. 227).