Press release

19 April 2022

Notice on depositary receipts

NLMK Group hereby notifies about the 16 April 2022 publication of Federal Law No. 114-FZ "On changes to Federal Law 'On Joint-Stock Companies' and certain legislative acts of the Russian Federation" (hereinafter referred to as the "Law").

The Law obliges Russian issuers whose stocks are traded as depositary receipts at non-Russian stock exchanges to take action to terminate their depositary contracts within 5 days of the date when the corresponding provisions of the Law enter into force.

The holders of Russian issuers' depositary receipts that are registered as of the date when the corresponding provisions of the Law enter into force will have the right to convert their receipts into ordinary shares. Regular shares recorded in the securities accounts of depositary programmes will not provide voting rights, and dividends on such shares will not be paid.

The aforementioned provisions of the Law regarding depositary receipts enter into force 10 calendar days after the publication of the Law.

Russian issuers of securities whose stocks are traded as depositary receipts at non-Russian stock exchanges have the right to submit a request justifying the necessity of continuing the circulation of securities outside Russia (the "Request"). The Request will be considered by the Government Commission on Monitoring Foreign Investment in the Russian Federation. Russian issuers are given 5 business days from the date the provisions of the Law regarding depositary receipts enter into force to file a Request with the Government Commission.

NLMK Group plans to submit the Request to continue trading its depositary receipts on London Stock Exchange.

About NLMK Group

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

NLMK Group's 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 Company's steel production capacity exceeds 18 million tonnes per year.

NLMK's 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 RUB 1.

For more details on NLMK shareholder capital, please follow the link.