PJSC Magnitogorsk Iron & Steel Works ("MMK", or the " Group") (MOEX: MAGN; LSE: MMK) notifies of removal of its global depository receipts (the "GDRs") from the London Stock Exchange Official List (the "Official List").

On 27 June 2022, MMK was notified by the Financial Conduct Authority ("FCA") that it has removed the following MMK’s securities from the Official List effective from 27 June 2022:

• Global Depositary Receipts (each representing 13 Ordinary Shares of RUB 1 each), fully paid; (Regulation S) (ISIN US5591892048); and

• Global Depositary Receipts (each representing 13 Ordinary Shares of RUB 1 each), fully paid; (Rule 144A) (ISIN US5591891057).

The cancellation follows to the termination of MMK’s depository receipts program ("DR program") due to the recent amendments to Russian laws for Russian issuers to commence the termination of circulation outside the Russian Federation of the depositary receipts representing shares in the Company of which MMK notified the GDR holders earlier in due course.

On 25 May 2022, MMK notified Citibank, N.A. about the termination of the Depositary Agreement in accordance with its terms and conditions and requested Citibank, N.A. to notify the GDR holders of the DR program’s termination and to take all necessary actions under the Deposit Agreement. However, MMK did not receive any official replies from Citibank, N.A. in these regards.

As far as MMK is aware, the Book for Issuance and Cancellation of GDRs is closed at the moment.

Given the information outlined above, MMK encourages the GDR holders to liaise with Citibank, N.A. directly in accordance with the relevant agreement with the Depositary and to discuss with Citibank, N.A. the possible options for exercising their rights, including the right to convert the GDRs into the MMK ordinary shares.

Citibank, N.A. contact details are available at 

https://mmk.ru/en/investor/information-for-shareholders/registar-and-depositary/