NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.

THIS ANNOUNCEMENT IS IMPORTANT AND REQUIRES IMMEDIATE ATTENTION OF HOLDERS. IF HOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD IMMEDIATELY CONSULT THEIR OWN INDEPENDENT PROFESSIONAL ADVISERS.

THIS ANNOUNCEMENT CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS ANNOUNCEMENT ARE REQUIRED TO EXPEDITE TRANSMISSION HEREOF TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER. IF HOLDERS OR BENEFICIAL OWNERS OF THE NOTES ARE IN ANY DOUBT AS TO THE MATTERS REFERRED TO IN THIS ANNOUNCEMENT, THEY SHOULD CONSULT THEIR STOCKBROKER, LAWYER, ACCOUNTANT OR OTHER PROFESSIONAL ADVISER WITHOUT DELAY.

If you have recently sold or otherwise transferred your entire holding(s) of Notes referred to below, you should immediately forward this announcement to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

3 November 2022

PAO "SEVERSTAL" (the "Company")

ANNOUNCEMENT OF CONSENT SOLICITATION RESULTS

Programme for the Issuance of Loan Participation Notes issued by Steel Capital S.A. (the "Issuer") for the purpose of funding loans to the Company (the "Programme")

U.S.$800,000,000 in aggregate principal amount of 3.15 per cent. Series 6 Loan Participation Notes due 2024 issued by the Issuer pursuant to the Programme on 16 September 2019 for the purpose of funding a U.S.$800,000,000 loan to the Company (the "Loan")

of which U.S.$800,000,000 is currently outstanding

ISINs: XS2046736919; US85805RAE80 (the "Notes")

On 12 October 2022, the Company announced a consent solicitation in relation to the Notes (the "Consent Solicitation") on the terms and subject to the conditions set forth in the Consent Solicitation Memorandum dated 12 October 2022 (the "Memorandum"). Capitalised terms used, but not defined herein, shall have the meanings given to them in the Memorandum.

The Company hereby announces that at the Meeting held on 3 November 2022 with respect to the Notes in connection with the Consent Solicitation, the Extraordinary Resolution has been duly passed and has become effective.

As the Extraordinary Resolution is duly passed and has become effective, the March 2022 Coupon and the September 2022 Coupon shall be paid in accordance with the Amended Payment Mechanics on the Business Day immediately following the date of the Extraordinary Resolution being passed (the "2022 Coupon Payment Date"), i.e. 7 November 2022, with the relevant record date being one Clearing System Business Day (as defined in the relevant Global Certificate) before the 2022 Coupon Payment Date, i.e. 4 November 2022. The grace period for the payment of principal, interest and other amounts under the Loan and the Notes has been extended to 45 calendar days.

The Noteholders holding the Notes as of 4 November 2022 through 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 4 November 2022 through foreign nominee holders and seeking to receive direct payments from the Company in Roubles shall (i) contact the Company at to obtain the form of application for the direct payment and (ii) provide, within 30 calendar days, to the Company the signed application  accompanied or subsequently followed by the Payment CPs as set out in the Memorandum.

Questions and requests in connection with the Consent Solicitation should be directed to the Company:

PAO "Severstal"

Mira street, 30,

162608, Cherepovets, Vologda region, Russia

Email:

Phone: +7(495)9610195 (ext. 21521)

Website:

The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required by the Issuer, the Company, the Trustee and the Information and Tabulation Agent to inform themselves about, and to observe, any such restrictions.

This announcement must be read in conjunction with the Memorandum. This announcement and the Memorandum contain important information which should be read carefully. If any Noteholder is in any doubt as to the action it should take or is unsure of the impact of the adoption of the Extraordinary Resolution, it is recommended that such Noteholder seeks its own financial advice, including in respect of any tax consequences, immediately from its stockbroker, bank manager, solicitor, accountant or other independent financial or legal adviser.