Novolipetsk Steel (NLMK): NOTICE TO NOTEHOLDERS

LOAN PARTICIPATION NOTES ISSUED BY STEEL FUNDING DAC (THE ISSUER) FOR THE PURPOSE OF FUNDING LOANS TO NOVOLIPETSK STEEL (NLMK) DUE 15 JUNE 2023, 21 SEPTEMBER 2024, 30 MAY 2026 AND 2 JUNE 2026 (THE NOTES)

19 July 2022

Being fully committed to perform its obligations towards all noteholders, the Issuer is currently considering ways to address uncertainties that some holders of, and persons involved in, servicing the Notes (the Servicing Parties) may be facing as a result of sanctions targeting Russia which have been imposed by a number of countries, including the U.S., the EU, the UK, and as a result of certain measures taken by Russian authorities to stabilize and support Russian financial and currency markets. The Issuer, therefore, intends to have discussions with both the noteholders and the Servicing Parties.

In order to facilitate the above discussions and the implementation of solutions that may be based on them (which may include, among others, amendments to the Note documentation), the Issuer kindly requests noteholders to identify themselves by providing their and their brokers contact details, the Note issuance and the principal amount of the Notes currently held by them to the following e-mail address: ir@nlmk.com.

Questions in connection with the above should be directed to:

Corporate finance and

IR department of NLMK Group

ir@nlmk.com

+7 495 504 0 504 (ext. 227)

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 information about NLMK Group, please visit our website https://nlmk.com/en/about/governance/share-capital-structure/.