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

Metalloinvest Finance Designated Activity Company (the "Issuer") U.S.$1,000,000,000 5.625 per cent. guaranteed notes due 2020 (the "Notes") (Regulation S ISIN: XS0918297382; Common Code: 091829738; Rule 144A ISIN: US59125QAB41; Common Code: 091864827)

24 September 2019

Call Option Notice

The Issuer is giving notice (the "Call Option Notice") to the holders of the Notes that, pursuant to Condition 6.5 (Make-Whole) of the Terms and Conditions of the Notes, it is exercising its option to redeem all of the outstanding Notes on 31 October 2019 (the "Call Settlement Date"). The Notes will be redeemed at a redemption price equal to the principal amount thereof and the Make Whole Premium as of, plus accrued and unpaid interest and any additional amounts and other amounts due on the Notes but accrued and unpaid to, the Call Settlement Date. The amount of the Make Whole Premium and the accrued but unpaid interest will be separately communicated to Noteholders on or about the second Business Day prior to the Call Settlement Date.

Capitalised terms not otherwise defined in this notice will have the meanings given to them in the Terms and Conditions of the Notes.

For further information please contact Metalloinvest Investor Relations by emailing ir@metalloinvest.com.

In respect of any queries for the Principal Paying Agent:

Deutsche Bank AG, London Branch

Winchester House, 1 Great Winchester Street, London EC2N 2DB

tss-gds.row@db.com

___________

The notes referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or any relevant securities laws of any state or other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

This announcement is only being distributed to and is only directed at (i) persons who are outside the United Kingdom, (ii) persons in the United Kingdom who have professional experience in matters related to investments and who are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iv) any other persons to whom this announcement may otherwise be lawfully directed (all such persons together being referred to as "Relevant Persons"). The notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

This announcement is not an offer, or an invitation to make offers, to sell, exchange or otherwise transfer securities in the Russian Federation to or for the benefit of any Russian person or entity and does not constitute an advertisement or offering of securities in the Russian Federation within the meaning of Russian securities laws. Information contained in this announcement is not intended for any person in the Russian Federation who is not a "qualified investor" within the meaning of Article 51.2 of the Federal Law No. 39-FZ "On the Securities Market" dated 22 April 1996, as amended and must not be distributed or circulated into Russia or made available in Russia to any person who is not a Russian qualified investor, unless and to the extent they are otherwise permitted to access such information under Russian law.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy debt securities in the US or any other jurisdiction.