Update on Bank F&C

21 December 2015

As previously reported on 18 September 2015, the National Bank of Ukraine declared Bank Finance and Credit JSC ('Bank F&C'), Ferrexpo's principal transactional bank in Ukraine and a related party ultimately controlled by Ferrexpo's largest shareholder Kostyantin Zhevago, insolvent.

The National Bank of Ukraine announced on 18 December 2015 that Bank F&C's banking licence will be revoked and that the bank will be liquidated in due course.

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Notes to Editors:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It has been mining, processing and selling high quality iron ore pellets to the global steel industry for over 35 years. Ferrexpo's resource base is one of the largest iron ore deposits in the world. The Group is the 4th largest supplier of pellets to the global steel industry and the largest exporter of pellets from the CIS. In 2014, it produced a record 11 million tonnes of pellets, a 2% increase compared to 2013. Ferrexpo has a diversified customer base supplying steel mills in Austria, Slovakia, the Czech Republic, Germany and other European states, as well as in China, India, Japan, Taiwan and South Korea. Ferrexpo is listed on the main market of the London Stock Exchange under the ticker FXPO. For further information, please visit www.ferrexpo.com