Yuzhniy Stevedoring Company is a state-owned enterprise located in Yuzhniy port in Ukraine. The company handles cargo and provides port fleet services. Yuzhniy port is one of the largest ports in Ukraine and the Black Sea region. The company operates 7 berths and handles over 14 million tons of cargo annually, specializing in iron ore and coal. Financially, the company has been more profitable than its peers in Ukraine, with over $50 million in EBITDA in 2014 and no debt on its balance sheet.

1. Company Overview
June 2015
Yuzhniy Stevedoring Company

2. Company Overview | June 2015 |
Disclaimer
2
This document (“Document”) has been prepared by the management of the State Enterprise Sea Trade Port Yuzhny (“the Company”) solely for the information purpose. This overview
does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company or any
other securities, nor shall any part of it nor the fact of its publication form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it
constitute a recommendation regarding the securities of the Company.
The Company, including its officers, employees and advisers, makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained
herein, and of this Document usefulness in predicting the Company’s future performance, or in estimating its current or future value. In furnishing this overview, the Company reserves
the right to amend or replace this overview at any time, but does not undertake any obligation to provide the recipient with access to any additional information or to update or otherwise
revise the Document. Any estimates or projections contained herein involve significant elements of subjective judgment and analysis, which may or may not be correct; there is no
assurance that any of the projections will materialize.

3. Company Overview | June 2015 |
Yuzhniy Stevedoring Company at a Glance
3
 Yuzhniy Stevedoring Company (1) (the “Company”) is a state-owned enterprise located
in Yuzhniy port (the “Port”). Company’s major business activities are cargo handling and
port fleet services
Leading sea port in Black sea region with favorable location
 Yuzhniy port is the largest port in Ukraine and #3 in the Black Sea region, with a total
area of 4,800 ha, maximum depth of up to 19.5 meters, almost 30 berths, and 15
stevedores generating cargo turnover of 47.4 mt (33% market share in Ukraine)
 The Port is situated in the Small Adzhalyk estuary which is ice-free, allowing for year-
round navigation and protection for all Port facilities. The Port is located outside of the
town of Yuzhne and, therefore, has potential for expansion
Unique infrastructure with expansion capabilities
 The Company operates 7 berths in the Port with a total length of 1.7 km and handles
14.8 mt or c.31% of the Port’s cargo turnover
 The Company has room for expansion and can increase its cargo capacities. A short list
of its assets is provided on slide 4
 The Company is the only stevedore in Ukraine capable of accommodating capesize
vessels with deadweight of up to 200,000 t, thanks to an extensive dredging program
carried out in 2013-14 which increased the water depth at the berth to 19.5 m (vs.
maximum of 14.0 m for other companies in the Port and maximum of 13.5 m for other
12 ports in Ukraine)
Largest iron ore and coal terminal in Ukraine
 The Company’s berths #5 and #6 primarily handle bulk cargoes, namely iron ore (#1
terminal in volume terms in Ukraine) and coal (#2 in Ukraine). Other berths were built
to handle general cargoes and have potential for further turnover expansion
Strong financials and profitability leadership
 The Company has been continuously outperforming its main peers on profitability and is
by far the most efficient state-owned stevedore in Ukraine. The Company boosted 2014
EBITDA by 9% to US$54.5m, increasing the EBITDA margin from 36.5% in 2013 to
50.1% in 2014. The Company reported zero debt in 2014 and a significant outstanding
cash balance of c. US$25 m
Company Overview
Company Cargo Turnover by Client, mt
Source: USPA, Company data
Company Cargo Turnover by
Type (2014)
83%
17%
0%
Ore Coal Metal
14.8
mt
Yuzhniy Port Cargo Turnover by
Terminal, mt
Yuzhniy Port Cargo Turnover by
Type (2014)
51%
19%
11%
11%
2%6%
Ore Grain
Coal Chemicals
Oil Other
47.4
mt
(1) Legal name is State Enterprise Sea Trade Port Yuzhny
(2) Unaudited management data according to UAS
(3) The Company’s 2013 sales figure included port charges that after 1Q2013 were transferred to the newly created
Ukrainian Sea Ports Authority (USPA)
(4) Unaudited management according to UAS to be confirmed by the Big Four audit firms
FX rate: 2013 (av – 7.99, eop – 7.99), 2014 (av – 11.93, eop – 15.77)
Note: due to rounding, numbers presented throughout this document may not add up precisely to the totals provided
Company Sales by Segment
(2014)
66%
19%
15%
Cargo handling Portofleet
Other services
$108.7
million
Key financial indicators, US$m(2) 2013 (3) 2014 (4)
Sales 137,3 108,7
EBITDA 50,1 54,5
Net Debt -25,8 -24,9
2.5 3.2 4.2 5.5
8.2
10.6
12.2
2.2 2.0
1.7
4.5
3.7
3.0
2.3
6.0 5.7 3.9
2.8
1.6
0.7 0.3
0
4
8
12
16
2008 2009 2010 2011 2012 2013 2014
Other Metalinvest (Russia) SCM (Ukraine)
10.7 10.8
9.8
12.8
13.4
14.3
14.8
10.9 11.0 10.1 12.8 13.4 14.3 14.8
6.8 4.4 5.4
6.0 5.7 5.2 4.0
8.5 12.0 12.3
17.2 18.8 21.4 25.88.9 10.3
5.1
3.2 2.3
2.5
2.8
0
10
20
30
40
50
2008 2009 2010 2011 2012 2013 2014
Other TIS OPP Yuzhniy Stev. Company
34.9
37.4
32.6
39.2
40.2
43.4
47.4

4. Company Overview | June 2015 |
Yuzhniy Port Scheme
4Source: USPA, Company’s data
5
67
8
9
39
38
Yuzhniy Stevedoring
Company
(1) All the berths are owned by the Ukrainian State Ports Authority and are leased by the Company
(2) For berths #5, 6
Company infrastructure
Total area 206 ha Railway capacity 650 railcars / day
# of berths (1) 7 (№5,6,7,8,9,38,39) Storage capacity 1,000 ths t
Max. draft (2) 19.5 m # of port fleet 7 units
Max. deadweight 200 ths t # of dock cranes 41 units
Loading intensity (2) 40 ths t / day # of locomotives 8 units
Loading technology Grab # of vehicles 350 units
Berth Length, m Depth, m Nominal capacity, ths t # of portal cranes Storage capacity, sq m Specialization
5 348.5 19.5 12 55 000
6 348.5 19.5 10 55 000
7 215.0 14.3 1 000 6 22 000
8 285.0 14.8 1 100 7 26 200
9 293.0 15.0 1 200 4 25 800
38 200.0 6.3 200 2 1 060 Construction materials
39 120.0 5.7 n/a 0 3 600 Portofleet Parking
7 800 Bulk cargo
General cargo

5. Company Overview | June 2015 |
Ukrainian Port Industry Highlights
5
Yuzhniy
Odesa
Illichivsk
Bilgorod-Dnistrovsk
Ust-Dunaisk
Izmail
Reni
Mykolayiv Oktyabrsk
Kherson
Skadovsk
Mariupol
Berdyansk
Kerch
Feodosiya
YaltaSevastopol
Yevpatoria
Stevedores by ownership
(2014)*
34%
66%
State-owned stevedores
Private stevedores
142.8
mt
Cargo turnover by type
(2014)*
State-owned Private
48.6
mt
94.2
mt
Major ports
Small ports
Crimean ports
72%
11%
14%
3%
Exports Imports
Transit Cabotage
Cargo turnover by direction
(2014)*
142.8
mt
Odesa region Mykolayiv region Mariupol region
Izmail region
Azov Sea
Black Sea
Yuzhniy:
 Specialization: state-owned stevedores (“SOE”) – ore, coal;
Private stevedores (“Private”) – ore, grain, chemicals, coal
 Draft: 13.5-19.5m
 Vessel type: Capesize, Panamax
Odessa:
 Specialization: SOE – no operations;
Private – grain, containers, metals, oil
 Draft: 13.5m
 Vessel type: Panamax
Illichivsk:
 Specialization: SOE – ore, grain, auto;
Private – containers, grain, oil
 Draft: 13.5m
 Vessel type: Panamax
Mykolayiv:
 Specialization: SOE – no operations;
Private – grain, ore, metals
 Draft: 9.0-12.5m
 Vessel type: Panamax
Oktyabrsk:
 Specialization: SOE – metals, construction;
Private – grain, chemicals, coal
 Draft: 12.5m
 Vessel type: Handymax
Mariupol:
 Specialization: SOE – metals, coal;
Private – metals, grain
 Draft: 8.5-9.8m
 Vessel type: Handymax
Izmail:
 Specialization: SOE – coal, ore;
Private – no operations
 Draft: 4.0m
 Vessel type: Handy
BLACK SEA
AZOV SEA
Yuzhniy Stevedoring Company is an ideal point of entry into the port industry in the Black Sea region
Source: USPA
*Note: industry data excludes cargo turnover of the Crimean ports
36%
20%
14%
9%
21%
31%
19%
10%
9%
6%
6%
19%
Grain Iron ore
Metals Containers
Coal Petroleum products
Other
Cargo turnover by stevedores, mt
(2014)
1 1
3 3
1 2
12 10
0 0
152 1 2
5
1
7
21 25
33
0
10
20
30
40
50
Crimeanports
Other4ports
Izmail
Berdyansk
Kherson
Oktyabrsk
Mariupol
Illichivsk
Mykolayiv
Odesa
Yuzhniy
Private stevedores
State-owned stevedores