The Board of EVRAZ plc (LSE:EVR) announced the spin-off of 90.9% stake in Public Joint Stock Company Raspadskaya (MISX:RASP) on January 26, 2021. It is proposed that the Demerger will be effected by EVRAZ making an interim in specie distribution of the shares it directly holds in RASP. If the Demerger proceeds, EVRAZ shareholders are expected to receive an entitlement to 0.4255477880 of a RASP share for each EVRAZ share held on February 15, 2022. EVRAZ and RASP will operate as separate, independent companies following the Demerger. Evraz co-owner and Chief Executive Officer, Alexander Frolov plans to remain a shareholder of Raspadskaya. The Company intends for a mechanism to be made available to EVRAZ shareholders, providing them with the opportunity to sell, for cash, the shares in Raspadskaya which they would be entitled to receive pursuant to the Demerger Dividend. It is the Company's intention that such mechanism will not be dependent on funding from the post-demerger EVRAZ group or its major shareholders. In the event that the Board decides to proceed with the Potential Demerger, the precise mechanics and timing of the Potential Demerger will be communicated to shareholders in due course. Regardless of whether the Potential Demerger is undertaken, it is intended that Raspadskaya will continue to be listed on the Moscow Exchange and EVRAZ will continue to be listed on the Premium Segment of the London Stock Exchange. If undertaken, the Potential Demerger would be subject to regulatory, shareholder, and other third-party approvals. The Board of EVRAZ approved the deal on April 15, 2021. On December 9, 2021, PJSC Raspadskayan approved the transaction. A general meeting of EVRAZ will be held on January 11, 2022. As of December 15, 2021, EVRAZ has received approval from approval from the Financial Conduct Authority and Board of Directors. Transaction is expected to close by the end of 2021. As of October 15, 2021, the transaction is expected to complete by December 2021. It is currently expected that the settlement date for the transfer of RASP shares to EVRAZ shareholders pursuant to the Demerger will be on April 7, 2022. As of January 11, 2022, shareholders of EVRAZ plc has approved the transaction. EVRAZ plc announces that the Capital Reduction has been confirmed by the UK Court. The demerger of EVRAZ's coal business is currently expected to complete in late March and planed settlement date is April 1, 2022. As on March 11, 2022, Evraz plc has indefinitely suspended demerging its coal assets consolidated at PJSC Raspadskaya, pending clarification from the UK's sanctions enforcement regulator as well as Russian authorities. The clarifications from the UK'sOffice of Financial Sanctions Implementation will deal with possible regulatory restrictions.

Konstantin Akimov, Fraser Jamieson and James Robinson of J.P. Morgan Securities plc and Irackly Mtibelishvily and Sergey Kurdyukov of Citigroup Global Markets Limited acted as financial advisors and Hugo Stolkin of Linklaters LLP acted as legal advisor to EVRAZ.

The Board of EVRAZ plc (LSE:EVR) cancelled the spin-off of 90.9% stake in Public Joint Stock Company Raspadskaya (MISX:RASP) on April 1, 2022. Unprecedented sanctions against Russia and Russian special economic measures in response to sanctions, which were outside of control of the EVRAZ plc, execution of the transaction became technically impossible and the decision has been taken not to proceed with the Demerger. As a result, EVRAZ Shareholders registered on the EVRAZ Share Register at the Demerger Record Time will not receive their RASP Shares, the RASP Group will not separate from the EVRAZ Group and will continue to form a part of the EVRAZ Group.