NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS NOTICE.

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

On 27 September 2022 at 1:00 p.m. (London time), PJSC Magnitogorsk Iron & Steel Works (the “Guarantor”) held the meeting of the Noteholders (the “Meeting”) via teleconference in relation to Consent Solicitation on its outstanding U.S.$500,000,000 4.375% Guaranteed Notes due 2024 (the “Notes”) issued by MMK International Capital DAC and unconditionally and irrevocably guaranteed by the Guarantor (ISIN: XS1843434959 (Regulation S) / US553142AA88 (Rule 144A); Common Code: 111730628 (Regulation S) / 111730628 (Rule 144A Common code)) on the terms and subject to the conditions set forth in the Consent Solicitation Memorandum dated 5 September 2022 (the “Consent Solicitation Memorandum”).

The Guarantor expresses its gratitude to all Noteholders for their support of the Proposals.

A total of USD 233,741,000 principal amount of the Notes representing 46.7% of the total outstanding amount were represented at the Meeting. The quorum required to vote on the Guarantor’s Proposals was not present at the Meeting and in compliance with Clause 4 (Quorum and Adjournment) of Schedule 3 (Provisions for Meetings of the Noteholders) of the Trust Deed the chairman adjourned the Meeting for 14 days from 27 September 2022, to 12 October 2022, at 1:00 p.m. (London time) (the “New Meeting”).

The Guarantor hereby notifies the Noteholders that the Voting Deadline was extended from 23 September 2022 (4.00 p.m. London time) to 10 October 2022 (4:00 p.m. London time) (the “New Voting Deadline”). All other terms of the Consent Solicitation will remain the same.

Noteholders who have already delivered Voting Instructions for the Consent Solicitation will be deemed valid at the New Meeting.

Noteholders that have not yet participated in the Consent Solicitation may obtain a copy of the Memorandum from the Guarantor via Rybalkin, Gortsunyan, Dyakin and Partners Advocates Bureau via email: MMKconsentsolicitation2022@rgd.legal.

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