Press release

9 August 2022

Notice to holders of depository receipts

NLMK Group hereby communicates that Federal Law N 319-FZ On Amendments to Certain Legislative Acts of the Russian Federation took effect on 14 July 2022 (the Law). The Law establishes two new mechanisms to convert depository receipts into ordinary shares that are applicable to depository receipts issued by PJSC NLMK, among others: automatic conversion and mandatory conversion.

The depository receipts in custody of Russian depositories can undergo the automatic conversion. As per the procedure provided for by the Law and guided by the interests of the receipt holders, NLMK Group intends to, between 15 and 19 August 2022, file an application with AO Raiffeisenbank to express its consent to undergo automatic conversion. The procedure and timeline of automatic conversion are set by the decision of the Bank of Russia Board of Directors, dated 22 July 2022, On adopting the procedure for automatic conversion into Russian-issuer shares of foreign-issuer securities that certify the rights to Russian-issuer shares.

Mandatory conversion applies to the receipts that are in custody of foreign depositories and to those holders that are, due to the imposed restrictions, unable to carry out the conversion in any other way. Any such holder wishing to make use of the mandatory procedure is entitled to file a request with AO Raiffeisenbank until 12 October 2022, attaching the documents to certify ownership of the receipts and information about the foreign nominee holder, as well as any other relevant information. If AO Raiffeisenbank has no justified reservations regarding the completeness and/or integrity of the information provided in the request, and if the total amount of DRs requested for conversion does not exceed the amount of DRs in circulation, the conversion of depository receipts into ordinary shares is to take place after 12 October 2022.

For more information, see the Guide to converting depositary receipts into ordinary shares for NLMK shareholders under the Investors section of the NLMK Group site or directly via this link.

Disclaimer

This communication does not constitute legal, accounting, tax or any other type of professional advice. This communication is for informational purposes only and has been prepared based on the Company's interpretation of the Law and its effects on the depositary receipt programme. The Company shall not be liable if the interpretation of applicable laws and regulations by competent public authorities differs from the interpretation offered in this communication. Depositary receipt holders should rely on their own judgement as to how to proceed in connection with this communication and, if necessary, should consult their investment, legal and other advisors.

NLMK Group notes that the regulator of the country where a foreign depositary is based may issue other rules or procedures for conversion that will become binding for such depositary.

About NLMK Group

NLMK Group is the largest steelmaker in Russia and one of the most efficient in the world.

NLMK Groups steel products are used in various industries, from construction and machine building to the manufacturing of power-generation equipment and offshore wind turbines.

NLMK operates production facilities in Russia, Europe and the United States. The Companys steel production capacity exceeds 18 million tonnes per year.

NLMKs ordinary shares with a 20.7% free-float are traded on the Moscow Stock Exchange (ticker NLMK) and its global depositary shares are traded on the London Stock Exchange (ticker NLMK:LI). The share capital of the Company is divided into 5,993,227,240 shares with a par value of RUB1.

For more details on NLMK Group, please visit our website.