MMK Notifies on Additional Extension of Consent Solicitation Process

PJSC Magnitogorsk Iron & Steel Works (MOEX: MAGN; LSE: MMK) notifies on the further extension of the Consent Solicitation for its outstanding U.S.$500,000,000 4.375 per cent. Guaranteed Notes due 2024.

On 6 June 2022, PJSC Magnitogorsk Iron & Steel Works (the "Guarantor”) announced a consent solicitation in relation to the outstanding U.S.$500,000,000 4.375% Notes due 2024 issued by MMK International Capital DAC (the "Issuer”) ISIN: XS1843434959 (Regulation S) / US553142AA88 (Rule 144A); Common Code: 111730628 (Regulation S) / 111730628 (Rule 144A Common code)) (the "Notes”) on the terms and subject to the conditions set forth in the Consent Solicitation Memorandum dated 6 June 2022 (the "Consent Solicitation Memorandum”). On 9 June 2022, the Guarantor extended the Consent Deadline from 9 June 2022 (4 p.m. (London time)) to 16 June 2022 (4 p.m. (London time)), and on 17 June 2022, the Guarantor further extended the Consent Deadline from 16 June 2022 (4 p.m. (London time)) to 30 June 2022 (4 p.m. (London time)). Capitalized terms used, but not defined herein, shall have the meanings given to them in the Consent Solicitation Memorandum.

In response to requests received from several Noteholders for additional time needed to complete internal procedures the Guarantor hereby notifies the Noteholders that it has decided to further extend the Consent Deadline from 30 June 2022 (4 p.m. (London time)) to 13 July 2022 (4 p.m. (London time)) (the "New Consent Deadline”).

Amendments to the Consent Solicitation are limited to the New Consent Deadline, as outlined above. All other terms of the Consent Solicitation will remain the same.

The Guarantor strongly encourages those Noteholders that have not yet participated in the Consent Solicitation to liaise at their earliest convenience with its Investor Relations department and/or Rybalkin, Gortsunyan, Dyakin and Partners Advocates Bureau ("RGD”) directly to obtain a copy of the Consent Solicitation Memorandum and to discuss other related matters. Noteholders who have already delivered Consent Instructions in the Consent Solicitation will be deemed to have consented to the Amendments unless they validly revoke their Consents prior to the earlier of the Effective time and the New Consent Deadline.

All documentation relating to the Consent Solicitation, together with any updates, will be available upon request to RGD at MMKconsentsolicitation2022@rgd.legal. In your communique, please also confirm the aggregate notional amount of the Notes that you hold and the location of the depository.

Noteholders may contact RGD via email at MMKconsentsolicitation2022@rgd.legal if they require assistance.

Should the Noteholders have any additional questions, please contact with the Guarantor’s Investor Relations department via email at: ir@mmk.ru.

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