Update on certain matters

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

FOR IMMEDIATE RELEASE

9 March 2022

EVRAZ plc ("EVRAZ" or the "Company") - Update on certain matters

EVRAZ is deeply concerned and saddened by the Ukraine-Russia conflict and hopes that a peaceful resolution will be found soon. In light of recent developments in Ukraine and the ever-developing regulatory environment both inside and outside of Russia, the Company wishes to provide an update.

The Russia (Sanctions) (EU Exit) Regulations 2019

The Company wishes to confirm the following points:

·    For the purposes of The Russia (Sanctions) (EU Exit) Regulations 2019 (the "Regulations"), the Company does not consider itself to be an entity owned by, or acting on behalf or at the direction of, any persons connected with Russia and thereby caught by such legislation. In relation to certain shareholders of the Company (namely, Mr Roman Abramovich, Mr Alexander Abramov and Mr Alexander Frolov), the Company cannot be certain as to whether such individuals are "connected with Russia" for the purposes of paragraph 16(4D) of the Regulations, but has reached the above view based on the information it has previously been provided with. Nevertheless, the Company can confirm that it has not granted any loans or credits to such individuals after 12:01a.m. on 1 March 2022, nor dealt directly or indirectly with a transferable security or money-market instrument issued after 12:01a.m. on 1 March 2022; and

·    The Company has not issued any transferable securities or money-market instruments since 12:01a.m. on 1 March 2022.

The Company will continue to monitor its position on the above points and, in the event that its analysis changes at any time, will make an announcement via RIS to inform the market before issuing any securities in the future. The Company notes that in the event that it becomes an entity owned by, or acting on behalf or at the direction of, a person "connected with Russia" under the Regulations, any further share issuance may be subject to the UK sanctions regime and hence may result in a suspension of the Company's listing on the London Stock Exchange's Main Market for listed securities.  

Operations of the Company

Although the imposition of international sanctions against Russia and the restrictions imposed by Russia are creating certain frictions in supply, logistics and financial flows, to date there has been no material direct impact on day-to-day operations, trading or the financial position of EVRAZ. The Company will continue to keep EVRAZ shareholders updated in accordance with its legal and regulatory obligations. 

Demerger of coal assets

Further to the Company's previous announcements regarding the potential demerger of its coal assets consolidated under PJSC Raspadskaya (the "Potential Demerger"), the Board of Directors of EVRAZ (the "Board") continues to monitor the implementation of the Potential Demerger in accordance with the anticipated timetable detailed in the shareholder circular published by the Company on 15 December 2021 (the "Shareholder Circular") and the Company's announcement on 1 February 2022.

The Board continues to believe that the separation of the two businesses, as described in the Shareholder Circular, will serve the long-term interests of EVRAZ's shareholders, employees, clients and other stakeholders and continues to support the Potential Demerger.

The Board will keep the implementation of the Potential Demerger under review and will update EVRAZ shareholders, including in relation to the expected timetable, through further announcements as appropriate. In the meantime, EVRAZ shareholders should continue to return their RASP Shares Information Form (as defined in the Shareholder Circular) to the Company's registrar by 15 March 2022 in accordance with the instructions set out in the Shareholder Circular.

Continuing obligations

The Board continues to be very mindful of its statutory and fiduciary duties in reaching its decisions, as well as the Company's legal and regulatory obligations. The Board continues to closely monitor the situation in Ukraine, as well as the sanctions and restrictions imposed, and will keep shareholders updated accordingly.

For further information:

EVRAZ plc                                                                    Moscow Tel: +7 495 232 1370

Investor relations                                                    London Tel: +44 207 290 1095