Investor Presentaiton

Financial Position Strong balance sheet and corporate ratings Highest credit ratings among Russian peers NLMK targets 30% gearing Appendices > Maxi-Group Financial Position Net Debt, 2007 USD, bn 6.5 6.3 4.5 • Strong financial position and cash flow provides flexibility for further growth 2.5 0.9 0.3 MMK 0.5 . Capex coverage ratio for 20071 is 2.6 NLMK Severstal -1.5 -0.5 Evraz Source: Bloomberg LP S&P BB- BB BBB- Net debt / EBITDA, 12M 07 Evraz MMK NLMK USD, bn Severstal 2 1.46 Moody's Ba3 Ba2 Ba1 1 MMK NLMK 0.24 Severstal 0.09 -0.21 Evraz 0 NLMK MMK Severstal Evraz Fitch BB- BB BB+ -1 Severstal Evraz MMK NLMK 1 12 Capex coverage ratio = Free cash flow from operations/Capex Free cash-flow = Cash flow from operations - total Capex Source: Bloomberg LP 37

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