| PJSC Magnitogorsk Iron & Steel Works (MOEX: MAGN; LSE: MMK) notifies on initiation of bondholders’ consent solicitation process ("Consent Solicitation"). PUBLIC JOINT STOCK COMPANY MAGNITOGORSK IRON & STEEL WORKS (the “Guarantor”) with respect to the U.S.$500,000,000 4.375 per cent. Guaranteed Notes due 2024 issued by MMK INTERNATIONAL CAPITAL DAC (the “Issuer”) (the “Notes”) (ISIN: XS1843434959 (Regulation S) / US553142AA88 (Rule 144A); Common Code: 111730628 (Regulation S) / 111730628 (Rule 144A Common code)) issued by the Issuer and unconditionally and irrevocably guaranteed by Public Joint Stock Company Magnitogorsk Iron & Steel Works Due to blocking restrictions introduced by the EU and UK, breakdown in transaction functionality between the EU and Russian clearing systems and currency controls introduced by the Russian authorities, payments of interest made by the Guarantor for the benefit of the Noteholders may get blocked, frozen or delayed for an uncertain period of time by the clearing systems or other entities processing those payments. The Guarantor assures that: it has sufficient financial resources and is making every effort to effect payment of interest due to the Noteholders as soon as processing of payments could be assured; for the purposes of receiving the licenses from the relevant US, UK and Irish authorities which are required to ensure the due exercise of rights and obligations in relation to the Notes compliant with all applicable sanctions, it is now preparing documents for filings with the relevant authorities. Considering the foregoing, the Issuer and the Guarantor are initiating a Consent Solicitation and invite Noteholders to agree to certain amendments and/or waivers to the terms of the Notes for the purposes of ensuring the due and punctual performance in relation to the Notes and in order to protect the rights and interests of the Noteholders. The Guarantor encourages the Noteholders to liaise 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. 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. | 
