Severstal’s announcement in relation to coupon payment for Eurobond 2024

Severstal (MOEX: CHMF) announces that the regular coupon payment in the amount of US$12,600,000 under its U.S.$800,000,000 in aggregate principal amount of 3.15 per cent. Series 6 Loan Participation Notes due 2024 (ISINs: XS2046736919; US85805RAE80) (the "Notes") is due on 16 March 2023.

PAO Severstal hereby reminds that on 3 November 2022 the Extraordinary Resolution was duly passed by the qualified majority of the Noteholders with respect to the Notes. The Extraordinary Resolution approved the terms and conditions set forth in the Consent Solicitation Memorandum dated 12 October 2022 (the "Memorandum") (link to the press-release regarding the Extraordinary Resolution). Capitalized terms used, but not defined herein, shall have the meaning given to them in the Memorandum.

15 March 2023 is the record date in relation to the coupon payment due on 16 March 2023. In accordance with the above-mentioned Extraordinary Resolution dated 3 November 2022:

• The Noteholders holding the Notes as of 15 March 2023 through the Russian National Settlement Depository or the Other Russian Custodians will receive payments in Roubles via respective Russian custodians;
• The Noteholders holding the Notes as of 15 March 2023 through foreign nominee holders and seeking to receive direct payments from PAO Severstal in Roubles shall (i) contact PAO Severstal at svs24@severstal.com to obtain the form of application for the direct payment and the list of required documents, and (ii) provide to the Company the required documents in due form within 30 calendar days from the said record date for the processing of payments .

The schedule and the procedure for making coupon payments are determined by the original issue documentation with respect to the Notes and the Extraordinary Resolution dated 3 November 2022. Hence, PAO Severstal does not plan to publish such notifications for the purposes of subsequent payments in relation to the Notes. To receive the subsequent coupon payments the Noteholders wishing to receive direct payments from PAO Severstal in Roubles should also contact PAO Severstal at svs24@severstal.com .