OREANDA-NEWS. November 14, 2012. USD 750,000,000 8.25% Guaranteed Notes due 2015 issued by Evraz Group S.A. and unconditionally and irrevocably guaranteed without limitation for amount by Mastercroft Limited (ISIN: XS0234987153/US30050AAA16, CUSIP:30050AAA1) (the “Notes”) of which USD 576,700,000 in principal amount remains outstanding

Evraz Group S.A. (“Evraz” or the “Company”) today formally announces a proposal to remove a covenant in the Notes by way of consent solicitation (the “Consent Solicitation”) as set out in a solicitation memorandum dated 14 November 2012 (the “Solicitation Memorandum”).

The Company (with the agreement of Mastercroft Limited) is seeking approval by way of an extraordinary resolution (the “Extraordinary Resolution”) of the holders of the Notes to remove a covenant requiring the Company to maintain the Net Leverage Ratio at or below a specified level.

The Issuer is not in breach of any of the covenants, whether in respect of which the approval is being sought, or otherwise. The Issuer is seeking amendments to the existing covenant package to align the covenants under the Notes with the covenants under the Issuer's other series of notes. None of the other series of the Issuer's notes contain a covenant of the Issuer to maintain its Net Leverage Ratio at or below a specified level.

The Company has solicited holders of the Notes to consider the proposals upon the terms and conditions set out in the Solicitation Memorandum.

All capitalised but undefined terms used in this announcement shall have the meaning given to them in the Solicitation Memorandum.