Metalloinvest announces changes to its Board of Directors

Moscow, Russia - 22 September 2017 - Management Company Metalloinvest ('the Company') announces the new composition of its Board of Directors, following the decision of its sole shareholder.

The Board of Directors now comprises the following members:

* Ivan Streshinsky, Chairman

* Galina Aglyamova, Independent Non-Executive Director

* Andrey Varichev, Executive Director

* Valery Kazikaev, Independent Non-Executive Director

* Nikolai Krylov, Independent Non-Executive Director

* Irina Lupicheva, Non-Executive Director

* Pavel Mitrofanov, Non-Executive Director

* Gleb Kostikov, Non-Executive Director

* Dmitry Tarasov, Independent Director

The Board of Directors also confirmed the composition of Committees.

Audit Committee:

* Galina Aglyamova (Chairperson)

* Irina Lupicheva

* Pavel Mitrofanov

Finance, Budgeting and Strategy Committee:

* Pavel Mitrofanov (Chairperson)

* Galina Aglyamova

* Andrey Varichev

* Valery Kazikaev

* Dmitry Tarasov

Remuneration Committee:

* Gleb Kostikov (Chairperson)

* Ivan Streshinsky

* Dmitry Tarasov

Gleb Kostikov was elected to the Board of Directors for the first time, and was elected as chairperson of the Remuneration Committee by the Board of Directors.

Ivan Streshinsky, Chairman of the Board of Directors of Management Company Metalloinvest, commented: "Improving Metalloinvest's corporate governance is one of the Board of Directors' key priorities. The ability to work with a highly-professional expert improves the quality of our work in this area. We are delighted to welcome Gleb Kostikov to the Board of Directors of Management Company Metalloinvest. I am confident that his broad experience and deep knowledge of production business processes will increase the efficiency of the strategic management of Metalloinvest."

"I would also like to express my sincere gratitude to Ivan Tavrin for his productive work on the Board of Directors and in his position as Chairperson of the Remuneration Committee. We value highly Ivan Tavrin's contribution to the improvement of Metalloinvest's corporate governance practices and wish him luck in all future endeavours."

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For more information, please contact:

Artem Lavrischev Director of Investor Relations and Corporate Ratings

E: ir@metalloinvest.com

T: +7 (495) 981-55-55

Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers.

Metalloinvest is wholly owned by USM Holdings. Alisher Usmanov is the major beneficiary of USM Holdings (49%), with other major beneficiaries being the companies of Vladimir Skoch (30%) and Farhad Moshiri (10%).