PJSC Magnitogorsk Iron and Steel Works: MMK appoints Citi as Depositary Bank for GDR Programme

MMK Appoints Citi as Depositary Bank

for GDR Programme

27 july 2021

Magnitogorsk, Russia

PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MICEX-RTS: MAGN; LSE: MMK), one of the world's largest steel producers, notifies about the change of depositary for its Global Depositary Receipts program.

MMK announces that Citibank, N.A. has replaced The Bank of New York Mellon as depositary for the MMK's Global Depositary Receipt ("GDR") program (the "GDR Program"), effective as of July 27, 2021.

The MMK's GDRs trade on London Stock Exchange under the symbol "MMK". Each GDR represents 13 (thirteen) ordinary shares of the company. MMK's underlying ordinary shares are listed and trade on Moscow Stock Exchange under the symbols "MAGN".

PJSC Sberbank will continue to act as the Custodian providing custody of the local underlying shares.

Holders of the Company's GDRs do not need to take any action in connection with this notice.

Information regarding the Depositary:

Citibank, N.A. is a national banking association organized under the United States federal law.

The registered office of the Depositary is located at 388 Greenwich Street, New York, New York 10013, USA.

For more information about Citibank, N.A.'s services relating to the ADRs please visit https://depositaryreceipts.citi.com/.

About MMK

MMK is one of the world's largest steel producers and a leading Russian metals company. The Group's operations in Russia include a large steel-producing unit encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products, with a predominant share of premium products. In 2020, MMK produced 11.6 mln tonnes of crude steel and sold 10.8 mln tonnes of commercial steel products.

ММK is an industry leader in terms of production costs and margins. Group revenue in 2020 totalled USD 6,395 mln, with an EBITDA of USD 1,492 mln. MMK boasts the industry's lowest debt burden. Net debt/EBITDA ratio was -0.06х at the end of 2020. The Group's investment-grade rating is confirmed by the leading global rating agencies Fitch, Moody's and S&P.

MMK's ordinary shares are traded on the Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 18.7%.

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