Investor Presentaiton

DISCLAIMER K IMPORTANT: You must read the following before continuing. The following applies to the management presentation (the "Management Presentation") following this important notice, and you are, therefore, advised to read this important notice carefully before reading, accessing or making any other use of the Management Presentation. In accessing the Management Presentation, you unconditionally agree to be bound by the following terms, conditions and restrictions, including any modifications to them any time that you receive any information from OJSC "Kuzbasskaya Toplivnaya Company" (the "Company") as a result of such access. The information contained in this Management Presentation has been prepared by the Company. This Management Presentation is an information document presenting information on the Company. This Management Presentation (i) is not intended to form the basis for any investment decision and (ii) does not purport to contain all the information that may be necessary or desirable to evaluate the Company fully and accurately and (iii) is not to be considered as a recommendation by the Company or any of its affiliates that any person (including a recipient of this Management Presentation) participate in any transaction involving the Company or its securities. The Company has not independently verified any information contained herein and does not undertake any obligation to do so. This Management Presentation is not directed to, or intended for distribution to or use by, any person or entity that a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require registration of licensing within such jurisdiction. Neither the provision of this Management Presentation, nor any information in connection with the analysis of the Company constitutes or shall be relied upon as constituting, the giving of investment (or other) advice by Company, or any other shareholders, employees, representatives or affiliates thereof. Neither the Company nor its respective subsidiaries, associates, directors, employees, agents or advisors (such directors, employees, agents or advisors being hereafter referred to as "representatives"), makes any representation or warranty (express or implied) as to the adequacy, accuracy, reasonableness or completeness of the information contained in this Management Presentation or of any additional information, and such parties or entities expressly disclaim any and all liability (other than in respect of fraudulent misrepresentation) based on or relating to any representations or warranties (express or implied) contained in, or errors or omissions from, this Management Presentation or any additional information or based on or relating to the recipient's use or the use by any of its associates or representatives of this Management Presentation or any additional information, or any other written or oral communications transmitted to the recipient or any of its associates or representatives or any other person in the course of its or their evaluation of an investment in the Company. FORWARD-LOOKING STATEMENTS This Management Presentation includes statements that are, or may be deemed to be, "forward looking statements". These forward looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Management Presentation and include statements regarding the intentions, beliefs or current expectations of the Company. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances, which may or may not occur in the future, are difficult or impossible to predict, and are beyond the Company's control. Forward-looking statements are not guarantees of future performance. The Company's actual performance, results of operations and financial condition may differ materially from the impression created by the forward-looking statements contained in this Management Presentation. Subject to its legal and regulatory obligations, the Company expressly disclaims any obligation to update or revise any forward-looking statement contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based. Any recipient of this Management Presentation is solely responsible for assessing and keeping under review the business, operations, financial condition, prospects, creditworthiness, status and affairs of the Company. In no circumstances shall the provision of this Management Presentation imply that no negative change may occur in the business of the Company after the date of provision of this Management Presentation, or any date of amendment and/or addition thereto. ROUNDING AND ERRORS Certain numerical figures included in this presentation have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that preceded them. Calculations of change in % are made after rounding of figures converted to USD. We make every effort to check and verify the materials, but if you find any errors or inaccuracies please report it to [email protected] and we will provide you with the correct data and publish any correction notes on the website www.oaoktk.ru. 2/22

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