29 August 2022

Notice on payment

Programme for the Issuance of Loan Participation Notes issued by Steel Capital S.A. for the purpose of funding loans to public joint stock company Severstal

U.S.$750,000,000 in aggregate principal amount of 5.90 per cent. Series 3 Loan Participation Notes

 due 2022

In line with the requirements of the Russian regulations presently in force and the provisions of the Written

Resolution, Public Joint Stock Company Severstal ("Severstal") has procured the payment on 29 August 2022 of the principal amount payable on 29 August 2022 (the "Early Redemption Date") and interest accrued until the Redemption Date (including the April 2022 Coupon) to the Noteholders holding their Notes through the Russian National Settlement Depository and other Russian custodians.

In addition, in line with para 5.1(ii) of the Written Resolution, Severstal has made the direct payments to the Noteholders which hold their Notes through foreign nominee holders, but have elected, by application to Severstal, for payments to be made to a Rouble account and delivered the Payment CPs prior to the Early Redemption Date.

Terms defined in the launch announcement dated 13 July 2022, the announcement of results dated 11 August 2022 and the Written Resolution shall have the same meaning herein unless the context requires otherwise.