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 NOTICE IS IMPORTANT AND REQUIRES THE 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 NOTICE 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 NOTICE 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 NOTICE, 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 notice 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.

PAO "SEVERSTAL" ("SEVERSTAL")

IMPORTANT NOTICE TO NOTEHOLDERS

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

U.S.$750,000,000 in aggregate principal amount of 5.90 per cent. Series 3 Loan Participation Notes due 2022 issued by the Issuer pursuant to the Programme on 15 October 2012 for the purpose of funding a U.S.$750,000,000 loan to Severstal (the "Loan")

of which U.S.$ 634,051,000 is currently outstanding

ISINs: XS0841671000; US85805RAB42 (the "Notes")

8 August 2022

Reference is made to Severstal's announcement with respect to the Notes dated 13 July 2022 (the "Original Notice"). Terms used, but not defined herein, shall have the meanings ascribed to them in the Original Notice.

Severstal hereby announces that, with a view to allow the Noteholders who have not yet had a chance to deliver a Written Resolution to do so, Severstal has decided to extend the Approval Deadline to 16 August 2022 (4 p.m. (London time)).

The Noteholders who have already submitted their Written Resolutions do not need to resubmit them following the publication of this notice. Other than as set out herein, the terms of the Original Notice shall remain unchanged.

Signed Written Resolution could be delivered by the Noteholders, or the Noteholders could arrange to have the Written Resolution delivered on their behalf, to Lecap at svs22@lcpis.ru by no later than 4:00 p.m. (London time) on 16 August 2022. Questions and requests for assistance in connection with the delivery of the Written Resolution may be directed to Lecap at svs22@lcpis.ru or at +7(495)1220517. Questions and requests for assistance in connection with the Written Resolution and the Proposals may also be directed to Severstal at ir@severstal.com (indicating "Written Resolution" as the subject) or +7(495)9610195 (ext. 21521).

The distribution of the this notice and the Written Resolution to which it relates in certain jurisdictions may be restricted by law. Persons into whose possession this notice and the Written Resolution to which it relates come are required by Severstal, the Issuer, the Trustee, the Principal Paying and Transfer Agent and Lecap to inform themselves about, and to observe, any such restrictions.

This notice must be read in conjunction with the Written Resolution. This notice and the Written Resolution contain important information which should be read carefully before any decision is made with respect to the Written Resolution. 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 Written Resolution, it is recommended to seek 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. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to sign the Written Resolution.

None of Severstal, the Issuer, the Trustee, the Principal Paying and Transfer Agent and Lecap or any director, officer, employee, agent or affiliate of any such person, is acting for any Noteholder, or will be responsible to any Noteholder for providing any protections which would be afforded to its clients or for providing advice in relation to the Proposals and/or the Written Resolution, and accordingly none of Severstal, the Issuer, the Trustee, the Principal Paying and Transfer Agent and Lecap or their respective directors, officers, employees, affiliates, advisers or agents makes any recommendation as to whether Noteholders should sign the Written Resolution, or refrain from taking any action, and none of them has authorised any person to make such recommendation.

This notice is for informational purposes only. The Written Resolutions are sought only in such jurisdictions as is permitted under applicable law.