1. Mining in Russia March 2007 Data provided by Ivan Zavedeev SNC-Lavalin Interantional, Moscow Office

2.  Increasing degree of State control over business environment  New tax / legislative reform tends to increase transparency of local operations for investors  Economic boom due to increasing demand for the principal exported and locally used mineral resources (oil, gas, coal) and value added products (steel and steel made products, non-ferrous metals) – brought additional revenues to Russian business  Availability of investment resources and high degree of depreciation of the local plants assets (~70-80%) form steady grounds for development of the plants modernization and new construction Important highlights – Russia 2007

3.  Development of financial leasing of equipment  Partial tax exemptions for the new projects  Increasing activities of local and foreign financial institutions and State export promotion agencies Important highlights – Russia 2007

4. Mining in Russia Reference information

5. Mining in Russia Iron ores

7. COMPANYSUBSIDIARY INVESTMENTS, MLN. $ EURAZHOLDING 20042005 EURAZ RUDA 1543 Kachkanarskiy GOK 12,529,8 Vysokogorskiy GOK4,455,71 METALLOINVEST/GAZMETALL Mikhailovskiy GOK 28,535 Lebedinskiy GOK 50250* NLMK Stoilenskiy GOK 3545** KMA Ruda 2,86,2 SEVERSTAL Karelskiy Pellet 42,780 Olenegorskiy GOK 19,738 MECHEL Korshunovo GOK 70***40 MDMKovdorskiy GOK 15,716,4

12. Mining in Russia Copper

16. Mining in Russia Nickel

18. Mining in Russia Gold