AVELLUM acted as the Ukrainian legal counsel to Metinvest B.V. on:

10-year tranche at 7.75% per annum and a EUR300 million 5-year

tranche at 5.625% per annum; and

in 2023 to purchase for cash up to USD440 million of the paper.

This transaction is truly remarkable for the following reasons:

longest to date with the lowest yield ever secured by Metinvest Group. The

10-year USD financing until recently was only available to the sovereign

borrower in Ukraine

lowest yield ever achieved by any Ukrainian issuers in euros (including

the sovereign)

Deutsche Bank, Natixis and UniCredit acted as joint bookrunners

of the Eurobond issue and joint dealer managers for the tender offer.

Metinvest Group is a vertically integrated group of steel and mining companies that manages every link of the value chain, from mining and

processing iron ore and coal to making and selling semi-finished and finished

steel products. It comprises steel and mining production facilities located in

Ukraine, Europe, and the US, as well as a sales network covering all key global

markets.

The AVELLUM team was led by senior partner Glib Bondar with support from associates Anastasiya Voronova, Oleg Krainskyi, Orest Franchuk, and Anna Mikhalova and tax support from partner Vadim Medvedev, associates Anton Zaderyholova, and Yelyzaveta Kravtsova.