Investor Presentaiton

Sustainable Financial Performance Strong cash generation through the cycle Financial Strength > Sustainable Financial Performance Historical performance 2001-2007 EBITDA USD, bn . EBITDA CAGR of 50% 4 -53% 60% 48% 44% 44% Average EBITDA margin above 40% Average ROE of ~35% 41% 3 -36% 45% 3.4 25% 2 2.4 30% 2.1 2.6 1 15% 0.3 0.6 1.0 0 0% • 2007 financial highlights. 2001 2002 2003 2004 2005 2006 2007 EBITDA -Margin Sales revenue of USD 7,719 m • EBITDA of USD 3,366 m, margin of 44% EBITDA per tonne, 2007 Operating cash flow of USD 2,524 m USD million t • Net income of USD 2,247 m 18 367 17.5 380 -16.4 340 15 13.3 EPS USD 0.375 (+9%) 12 300 9.2 261 9 Operating cash flow: USD 2,524 million 260 6 204 188 220 3 0 180 NLMK Severstal MMK Evraz Steel USD 22

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