PJSC Magnitogorsk Iron & Steel Works notifies on the second extension of the Consent Solicitation for its outstanding U.S.$500,000,000 4.375 per cent. Guaranteed Notes due 2024. On 9 June 2022, PJSC Magnitogorsk Iron & Steel Works (the “Guarantor”) announced extension of consent solicitation in relation to the outstanding U.S.$500,000,000 4.375% Notes due 2024 issued by MMK International Capital DAC (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 out in the Consent Solicitation Memorandum dated 6 June 2022 (the “Consent Solicitation Memorandum”).

Capitalized terms used, but not defined herein, shall have the meanings given to them in the Consent Solicitation Memorandum. The Guarantor announced that significant progress has been made in obtaining support from investors and thanks those Noteholders, who have already submitted their Consent instructions. In response to requests from a number of accounts requiring additional time in order to pass internal approvals and submit their signatures, the Guarantor announces further extension.

The Guarantor thanks all investors who have provided their feedback on the terms of Consent and amendments sought. The Guarantor hereby notifies the Noteholders that it has decided to further extend the Consent Deadline period from 16 June 2022 (4 p.m. (London time)) to 30 June 2022 (4 p.m. (London time)) (Updated Consent Deadline). Amendments to the Consent Solicitation are limited to the Updated Consent Deadline, as outlined above.

All other terms of the Consent Solicitation will remain the same.