Корпоративное действие SEVERSTAL (REG S) — Exchange Offer

We have been advised by euroclear on the event details

Lybica holding b.v.is proposing to exchange 32,908,756 of the
Issued severstal securities for up to 17.06 percent of the
Issued and outstanding share capital of nordgold (in the form of
Nordgold gdrs).

Therefore, you can exchange your severstal gdrs at a rate of:
186 nordgold gdrs for every 100 severstal severstal held on
Record date.

Conditions:

The private exchange offers requires the minimum acceptance by
5 percent of severstal holders.

For the full terms and conditions of this offer, refer to
Exchange offer memorandum.

The exchange offer memorandum is available from the exchange agent
Only at the following website:
Tss.db.com/link
Password: northstar

Please contact the following for any other queries:
Xchange.offer(at)db.com
Tel: 0044 20 7547 5000

Restrictions:

For the full restricitons on this offer, refer to the exchange
Offer memorandum.

Pro-ration:

If lybica receives acceptances with respect to more than
32,908,756 of the issued severstal securities, severstal
Securities will be acquired by lybica on a pro-rata, or
Proportional, basis according to the number of severstal
Securities with respect to which valid tenders of severstal gdrs
And share forms of acceptance have been submitted prior to the
Expiration time (with downward adjustments where necessary to
Avoid acquisition of fractional severstal securities or the
Distribution of fractional nordgold gdrs). Any pro-rata allocation
Pursuant to the private exchange offers will not differentiate
Between severstal shares or severstal gdrs.

Fees:

There will be no issuance or cancellation fees charged by the
Company or the exchange agent in regards with this event

Results:

The results of the offer will be announced on 16/01/12

Instructions are irrevocable.

Record date:

The official record date is on 29/11/11.
However, holders with holdings resulting from transactions with
Trade date up to and including 29/11/11 which have settled up to
And including 02/12/11 are also eligible to participate in The offer.

Euroclear bank is currently investigating how to process it