Ferrexpo plc

Lucio Genovese, Executive Chair, Ferrexpo plc

End of year letter

Baar, Switzerland

28 December 2023

As we reach the end of a second year of war, I would like to express my gratitude to all those associated with Ferrexpo for their contribution and continued support over the past 12 months.

Thanks to the heroism of Ukraine's defenders and the resilience of our employees and local communities in which we operate, the company's assets remain intact and operational.

Together, we have continued to seek to preserve Ferrexpo's underlying value as well as the company's significance for the Ukrainian economy.

Our top priority is still to keep our employees safe and provide them as far as we reasonably can with the support they need at this critical moment in Ukraine's history.

We bow our heads in memory of our 34 employees who died in action to defend Ukraine. May they rest in peace and be remembered for their extraordinary courage and sacrifice.

We must also acknowledge the 754 Ferrexpo employees who are currently serving in the armed forces, risking their lives to uphold Ukraine's sovereignty and independence. In all cases, we are keeping jobs open for them. We must also continue to support their families as best we can. We will continue to support our veterans with reintegration to civilian life when they return to the workplace.

The main challenge to our business this year has once again been the limitations on our logistics corridors, which has again forced us to limit production levels. We have been able to operate one, sometimes two, of our four pellet lines to match the reduced export capacity available to us. The lack of access to Black Sea export routes has sharply reduced opportunities to ship significant product volumes to the Middle East and Asia.

There have recently been examples of other exporters using a route through certain Black Sea ports. Ferrexpo plans to resume this export route and start up an additional pellet line depending on the ability to export consistently sufficient volumes through this route on a reliable, safe and cost effective manner.

In view of the hugely challenging situation that we have continued to face during the past year, I believe that the company has performed exceptionally well and we should be proud of our achievements.

As we approach the second anniversary of Russia's full-scale war on Ukraine, I must thank each and every one of our employees as well as our local communities for the bravery and resolve they have continued to show in the face of such fierce adversity.

Slava Ukrainii.