2. Disclaimer
This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or
acquire securities of Evraz Group S.A. (Evraz) or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of
this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment
decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness,
accuracy, completeness or correctness of the information or the opinions contained herein. None of Evraz or any of its affiliates, advisors or
representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its
contents or otherwise arising in connection with the document.
This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth
companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this document or any of its contents.
This document contains “forward-looking statements”, which include all statements other than statements of historical facts, including, without
limitation, any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”,
“anticipates”, “would”, “could” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond Evraz’s control that could cause the actual results, performance or achievements of Evraz to be
materially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others, the
achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability to obtain
necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock
markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions.
Such forward-looking statements are based on numerous assumptions regarding Evraz’s present and future business strategies and the environment in
which Evraz Group S.A. will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which
they are made, and Evraz expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements
contained herein to reflect any change in Evraz’s expectations with regard thereto or any change in events, conditions or circumstances on which any
such statements are based.
Neither Evraz, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the
forward-looking statements contained in this document.
The information contained in this document is provided as at the date of this document and is subject to change without notice.
1
3. Evraz Highlights
n Vertically integrated steel and mining business, among the 15 largest
steel producers in the world
n 2005 Production of 13.9 million tonnes of crude steel
and 12.1 million tonnes of rolled products
n 2005 EBITDA Margin of 28.6% is in the Top 10 globally
n Leader in Russian long products market with 30-100% market share
n High level of vertical integration and self-sufficiency in iron ore and
coal
n One of the lowest cost producers of steel in Russia and CIS with mines
located close to steel production sites
n Strong commitment to high standards of corporate governance
2
4. Top Russian Steel Producer
Evraz Group’s main locations Top Russian steel producers
Output of Russian assets
Russian (mt) Main
ranking Company 2003 2004 2005 products
Vitkovice Steel
1 Evraz Group 13.9 13.7 13.8 Long
Palini e Bertoli 2 MMK 11.5 11.3 11.3 Flat/long
Stratcor 3 Severstal 9.9 10.4 10.8 Flat/long
4 NLMK 8.9 9.1 8.4 Flat
5 Mechel 4.6 5.5 4.6 Long/flat
Source: Chermet, Evraz
Note: Crude steel output
Stratcor
Highveld
St. Petersburg
Moscow
N.Novgorod
Kiev Lipetsk KGOK
VGOK Surgut
Steel mills Perm
Stary Oskol Neryungri Ugol
Samara NTMK
Iron ore mining Penza
Yekaterinburg
Tomsk
Omsk
Coal mining Chelyabinsk Bratsk
Kemerovo Krasnoyarsk
Novosibirsk
Sea ports Novokuznetsk Mine 12 Nakhodka
Yuzhkuzbassugol Raspadskaya
Irkutsk Sea Port
NKMK ZapSib
Service Centres
EvrazRuda
Vanadium
3
5. Vision and Strategic Goals
Evraz Group’s Vision is to be a world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the Global player Lowest cost Global leader
construction with strong producer of in Vanadium
and railway position in crude steel in with market
steel product attractive flat Russia and CIS share over
markets in product markets through 30%
Russia and complementing superior
CIS its world-class efficiency and
semis export vertically
business integrated
mining
platform
4
6. Vision and Strategic Goals
Evraz Group’s Vision is to be a world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the Global player Lowest cost Global leader
construction with strong producer of in Vanadium
and railway position in crude steel in with market
steel product attractive flat Russia and CIS share over
markets in product markets through 30%
Russia and complementing superior
CIS its world-class efficiency and
semis export vertically
business integrated
mining
platform
5
7. Well-positioned
in High Growth Domestic Market
n Exposed to high growth markets
n Russian and CIS steel consumption remains below global benchmarks
n Key sectors have shown very robust demand growth in 2005
n Russian sales remain high at more than 60% in revenue
n Stable favorable domestic pricing environment supports sustainability of earnings
n Evraz’s market share remains stable or growing
Forecast of GDP growth and Prices for Major Products Y2005
steel consumption, 2005-2010
GDP % USD/tonne
Steel Consumption Mt
750
140 50
+6.0%
600
+6.0%
GDP
120 growth +5.8% 40 450
39,9
+5.7%
37,3
300
+6.1%
35,1
+6.4% 33,4
100 31,6 30
150
30,5 Jan Feb Mar Apr May Jun Jul Aug Sep O ct Nov Dec
2005 2006 2007 2008 2009 2010
H-be a ms, Russia n price Re ba rs, Russ ia n price
C ha nne ls, Russ ia n price Re ba rs, Export price , FO B (Fa r Ea s t)
Sources: The RF Ministry of Economic development and Trade, Sla bs , e xport price (FOB, Bla ck Se a )
Bank of Russia, Chermetinfo, Metal-Expert, Metal Bulletin
6
8. Capitalising on the Growing
Construction Market
n Reinforcing long product leadership in Russia and CIS
n Construction growth in Russia and CIS continues to
outperform GDP
Construction Output Forecast
Russian Sales Product Mix 2005, '000 tonnes
to Exceed GDP Growth
400 2002 =100%
350 GDP 6.34 mt = 100%
Construction:
300 Rebar consumption 255 295
1,277
259
250
200
1,537
150 2,716
100
2002
2008
2009
2004
Sem i-finished steel Railw ay secto r Co nstructio n secto r
2006
2010
2003
2005
2007
Mining secto r Plates Other
’06-’10F Construction Output CAGR: 6,7%
’06-’10F GDP CAGR: 5,6%
’06-’10F Rebar Consumption CAGR: 9,5%
Source: Evraz, EIU, Chermet, Metall Expert
7
9. Strengthening Dominant Position
in Railway Products
n Strengthening strategic Russian market share by volume, 2005
partnership with Russian
Railways 100%
100%
84%
n Rail product growth driven by US$21 billion #1
75%
investment in railway infrastructure and #1
rolling stock 49%
50%
n Increasing market share in #1 30% 28%
commercial segment of Russia 25%
#1
#2
and CIS 0%
Rails H- Channels Rebars Wheels
n Penetrating export markets Beams
Steel Consumption Growth Structure EVRAZ share in railway products
100%
Steel Consumption 39,9 mt
100% 37,3
33,4 35,1 75%
31,6 18%
80 30,5
Pipes 50%
21%
60 43%
25%
40
42% Long Products
0%
ls
e
s
s
39%
r
20
t
el
xl
er
ai
n
ne
h
io
e
A
ig
R
en
Flat Products
e
h
38%
ct
pr
st
W
st
e
U
a
Fa
S
lF
ar
Z
0
il
ai
lc
a
R
ai
R
2005 2006 2007 2008 2009 2010
R
op
T
8
10. Vision and Strategic Goals
Evraz Group’s Vision is to be a world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the Global player Lowest cost Global leader
construction with strong producer of in Vanadium
and railway position in crude steel in with global
steel product attractive flat Russia and CIS market share
markets in product markets through over 30%
Russia and complementing superior
CIS its world-class efficiency and
semis export vertically
business integrated
mining
platform
9
11. Export Markets
Non - Russian Sales Product Mix 2005 2005 Non-Russian Revenue Mix
Others
‘000 tonnes 4,680 15% Taiwan
20%
USA
3%
W Europe
7%
50 109 Korea Thailand
431 6%
1,252 18%
China
Se mi-finishe d ste e l Railw ay se ctor Construction sector
7%
Plates Othe r Philippines
Iran Vietnam
8% 8%
8%
Slab/Billet Portfolio Flexibility Portfolio Management Opportunity
5.7 5.7
6
500 US$ per tonne
5
Slab 450 Slab
4 3
4.5
400 Billet
3
350
2
2.7 1.5 m tonnes 300
1
Billet 1.2
250
0
Min slab Max slab
05
05
05
5
06
06
5
5
Ju 05
Ju 5
O 5
5
Ja 5
Fe 6
Ap 6
Ju 06
6
Au 5
-0
-0
-0
-0
-0
-0
0
-0
-0
-0
-0
-
-
b-
r-
g-
b-
r-
n-
pt
ct
ay
ov
ay
ar
ar
ne
ne
ly
n
ec
Ap
Fe
Ja
Source: Metal Bulletin, Metal Courier, Evraz
Se
M
M
M
M
D
N
10
12. Establishing Presence
in Flat Markets
n Expand presence in the attractive flat product markets through
selective M&A
n Build a flexible world-class semis export business reaching
100% penetration in key clients segments and 50% long-term
contracts share of slab sales
Palini e Bertoli Vitkovice Steel
n Evraz acquired 75% in Aug 2005 n Evraz acquired 98.96% and remaining
n Target markets – Middle East, Western 1.04% of Vitkovice Steel in Nov, 2005 and
Europe and North Africa Aug, 2006 correspondingly
n Total sales – ca 350,000 tonnes of rolled n Target markets – the Czech Republic and
products in 2005 Central Europe
n Secure customer base for low-cost slab n Total sales in 2005 > 853,000 tonnes of
produced in Russia, internal slab supply can rolled products
cover 100% slab requirement n Access to premium plate market
n Access to premium and standard plate
market
11
13. Global Player With Growing Focus
on Flat Markets
n Semis export markets remain volatile
n Flat product market presence provides exposure to the benefits and a possible platform
for regional consolidation process
n Strong position in growing Central and South European plate markets
Slab pricing vs. plate pricing Evraz position in European plate production
1000 US$/t
‘000 tonnes
2,847
900
800
700
600
500
1,361
400
1,090
1,000950
300 919 900 900
848 839
762
680 632
200 600
500 454
432 400
100 300 300
100 49
0
03
03
04
04
05
05
06
06
03
04
05
06
S
va
B
i
ni
s
co
er
ir
kk
i
an a
)
er
l
ia
TK
ts
e
e
ru
A
ti
Ar r
ee
er
an e)
co
r
m
a
z
Ri
no
in
ic
id
SS
er
oh
tt
gl
V i a la
n
n
n
n
v o Ru u
ay
ay
ay
ay
al
ov
w
p
p
p
p
Co
de
c
ng
st
os
lp
Ja
Ja
Ja
Ja
ls
gi
Se
Se
Se
Se
uf
ac
sm v i
ho
ga
de
nr
ik
M
M
M
M
ta
lG
Er
Va
lz
lK
i
o
il l
D
al
ce
em
to
Si
tk
Sa
es
D
D
ee
M
ee
es
ar
a
(+
Kr
St
an
St
M
C
B+
ne
r
D
om
al
S
lo
&
IU
an
it t
U
ce
(P
EU export fob plate US dom estic plate Black Sea slab
St
M
M
Ar
z
ra
Ev
Source: Evraz Group analytical and controlling departments, SBB
12
14. Vision and Strategic Goals
Evraz Group’s Vision is to be a world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the Global player Lowest cost Global leader
construction with strong producer of in Vanadium
and railway position in crude steel in with market
steel product attractive flat Russia and CIS share over
markets in product markets through 30%
Russia and complementing superior
CIS its world-class efficiency and
semis export vertically
business integrated
mining
platform
13
15. Integrated Business Model
n One of the lowest cost producers of steel in Russia and CIS
n High level of vertical integration and self-sufficiency in iron ore and coal
n Vertically integrated business model of Evraz ensured that Evraz’s feedstock costs rose only
by 13% against 33% rise in steel sector in Y2005
Feedstock Coverage Benefit of Vertical Integration
160% 300 $/t
140%
+ 33% 19
Externaly 29
1 9
120%
149% Internaly 200 12
100% + 13%
14%
1)
80%
1) 220 277
100 208 195
60%
40% 86%
0
20% 2004 2005
0% Benefit from vanadium slag sales 3)
Benefit from integration into mining 4)
Iron ore Coal
Pro forma benefit from YuKU consolidation 5)
Consolidated steel products cost per tonne 2)
1) Steel segment cost per tonne estimated as (Revenue from steel products only – (Steel segment EBITDA - Vanadium slag sales) - Transport expense in Steel segment COS (export) -
Steel segment Selling and Distribution costs) / Total steel products shipments
2) Consolidated steel products cost per tonne estimated as steel segment cost per tonne less benefits from vanadium slag sales, integration into mining and YuKU consolidation
3) Estimated as vanadium slag sales over total steel products shipments
4) Estimated as (Mining segment EBITDA + Profit from associates (coal assets)) / Total steel products shipments
5) Assumed additional profit from associates due to pro forma consolidation of YuKU from January 1, 2005, actual consolidation effective December 30, 2005
* Calculated as of December 31, 2005. Data do not include recent acquisitions
Source: Evraz
14
16. Cost Structure
§ Evraz’s consolidated cost of revenues amounted to US$4,160 million and
US$3,514 million in 2005 and 2004, respectively
Steel Segment, 2005 Mining Segment, 2005
7%
20%
7%
28%
4%
9%
63% 24%
10%
21%
7%
Ra w ma teria ls Transpo rtation Sta ff cos ts Raw materials Staff costs Depreciation
De precia tio n Ene rgy Othe r
Energy Other
15
17. Vision and Strategic Goals
Evraz Group’s Vision is to be a world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the Global player Lowest cost Global leader
construction with strong producer of in Vanadium
and railway position in crude steel in with market
steel product attractive flat Russia and CIS share over
markets in product markets through 30%
Russia and complementing superior
CIS its world-class efficiency and
semis export vertically
business integrated
mining
platform
16
18. Growing Vanadium Business
n Best strength to weight ratio of common engineering materials
n With 0.1% addition of vanadium in structured steel, strength can be increased by 10 to 20%;
structures’ weight can be reduced by 15 to 25%
n Steel industry (90%)
n High strength low alloy (HSLA) Steels World Vanadium Market
n Full Alloy Steels
n Tool Steels / Stainless Steel Chemicals,
Carbon Steels 3%
n Alloys, 7%
Sheet,
n Airspace industry (7%) 27%
Bars, 9%
n Titanium alloys for jet engine parts,
airframes, rockets, nuclear
n New alloys for modern aircrafts
Sections,
and jets totals 20% of the weight 14%
(A380 and B787)
n Chemicals and Batteries (3%)
n Catalyst for sulphuric acid and plastics
n Dietary, glasses, pigments
Plate, 40%
Source: CRU
17
19. Recent acquisitions
n In June Evraz acquired 24.9 % in Highveld
n In August Evraz acquired 72.84% in Strategic Minerals Corporation (Stratcor)
n Acquisitions
give access to finished vanadium market, bring significant technical
know-how, and allow Evraz to capitalise on strong trends in vanadium market
Stratcor Highveld
n Strategic Minerals Corporation, is one of n Highveld Steel and Vanadium is a leading
the world's leading producers of vanadium producer and also produces
vanadium alloys and chemicals for the steel, ferroalloys, and carbonaceous
steel, chemical, and titanium industries products
n 2005: Revenues – $258m , EBITDA - n Evraz acquired 24.9 % in Highveld from
$108m Anglo American
n Plant in Arkansas, USA with total capacity n 2005: Revenues – $1,124m , EBITDA -
of 12 mln pounds of V2O5 equivalent per $510m
year. Main products are Vanadium
n In 2005 Highveld sold 735 thousand
Chemicals and FeV
tonnes of steel products, 4,407 tonnes (in
n Plant in South Africa with total capacity V2O5) of Vanadium Pentoxide 1,750
of 14 mln pounds of V2O5 equivalent per tonnes (in V) of FeV and FeV Nitride,
year. Main product is Nitrovan 1,117 tonnes (in V2O5) of Vanadium
Chemicals and 263 thousand tonnes of
alloys
18
20. Vision and Strategic Goals
Evraz Group’s Vision is to a be world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the Global player Lowest cost Global leader
construction with strong producer of in Vanadium
and railway position in crude steel in with market
steel product attractive flat Russia and CIS share over
markets in product markets through 30%
Russia and complementing superior
CIS its world-class efficiency and
semis export vertically
business integrated
mining
platform
19
21. Financial Results 2003 - 2005
n Proven Ability to Generate Strong Free Cash Flows
n Internally-generated cash flows and liquidity steadily improving
Growing profitable business Cash Flow Generation
US$m 6,508 40%
5,933
6,000 34% 35% 1,600 1,496
2.2x
2.5
30% 1,400 2.0
29%
4,500 1,200 1.8x
25% 1.5
1,000 946
22%
20% 67% 801 1.0
3,000 800 0.2x 641
2,168 15% 0.5
($m)
2,017 1,860 600 27%
(x)
1,345 34% 413 0.0
1,500 10% 400
1,043 293
196 (0.5)
476 253 5% 200 43
0 0% 0 (1.0)
2003 2004 2005 (200) (1.5)
(177)
(400) (2.0)
Revenue EBITDA*
2003 2004 2005
Net Income** EBITDA (margin, %)
Cash Flow From Operations Free Cash Flow
Cash & Equivalents CFO/Capex
ROCE***
* EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets and loss (gain) on disposal of PP&E
** Net Income includes minority interests
*** ROCE represents profit from operations plus profit from equity investments less income tax over total equity plus interest bearing loans and lease average for
the period
20
22. Projected Capex Programme
n Capex to increase the share of higher margin products
n Capex programme to reduce costs, improve process flows and
expand the product range
High degree of scalability and
Focused on steel segment efficiencies
comfortably self-funded
700
450
600
400
500 350
300
400
250
300
200
150
200
100
100
50
0 0
2006B 2007 2008 2009 2010 2011 2006B 2007 2008 2009 2010 2011
Development Maintenance
Steel Segment Mining Segment
21
23. Stronger Financial Position
§ Low-levered company with Net Debt/EBITDA below 1.0x
§ Share of Unsecured Debt increased to 60% in 2005 vs. 48% in 2004
§ Multiple upgrades:
§ Ba3 by Moody’s
§ BB- by Fitch
§ BB-/Stable Outlook by S&P
Total Debt and Net Debt/EBITDA Significantly Improved Debt Maturity Profile
US$m 900
3,000 1.0
31-Dec-04 31-Dec-05
0.9 800
0.9
2,500
($m, Debt amortizing)
0.8 2,350 700
0.8
0.7 600
2,000
0.5 0.6 (x) 500
1,500 1,318 0.5 400
0.4 0.4
300
1,000
0.3
582.29 200
0.2
500 100
122 0.1
0 0.0 0
2002 2003 2004 2005 1yr 1-3yrs 3-5yrs 5-7yrs 7-
Total Debt Net Debt/Adj. EBITDA 10yrs
* total debt represents long-term loans, net of current portion, plus short-term loans and current portion of long-term loans
** net debt represents long-term loans, net of current portion, plus short-term loans and current portion of long-term loans less cash
*** net debt/EBITDA calculated as net debt at the end of period over EBITDA
22
24. Q2 Y2006 Trading update
Product Q2 2006, Q2 2005, Q2 2006 / Q2 2006 / H1 2006 H1 2005 H1 2006/
thousand thousand Q2 2005 Q1 2006 H1 2005
tonnes tonnes change, % change, % change, %
Steel division
Pig Iron 3,310 2,920 +13.4% +7.8% 6,381 5,951 +7%
Steel 4,159 3,467 +20.0% +8.3% 7,999 7,008 +14%
Incl. VS 244 n/a n/a +24.5% 440 n/a n/a
Rolled products1 3,721 2,953 +26.0% +9.3% 7,126 6,003 +19%
Incl. PeB 111 n/a n/a +4.7% 217 n/a n/a
Incl. VS 246 n/a n/a +22.4% 447 n/a n/a
Mining division2
Iron ore (saleable products)
Concentrate 585 666 (12.2)% +17.2% 1,084 1,290 (16)%
Sinter 2,249 2,322 (3.2)% +9.9% 4,295 4,632 (7)%
Pellets 1,484 1,281 +15.9% +0.7% 2,957 2,757 +7%
Coal (mined)
Coking coal 194 156 +24.5% (5.6)% 400 156 n/a
Steam coal 15 24 (36.5)% +26.9% 27 24 +14%
Equity investments3
Coking coal (Raspadskaya) 1,851 1,327 +39.5% +16.1% 3,446 3,314 +4%
Coking and steam coal 4,173 n/a n/a +18.8% 7,687 n/a n/a
(Yuzhkuzbassugol)2
1 Operational results of Palini e Bertoli are consolidated into the Group since September 2005 and of Vitkovice Steel since December 2005.
2 Operational results of Yuzhkuzbassugol are consolidated into the Group since December 31, 2005.
3 Evraz Group holds 45.75% interest in Raspadskaya Mine and 50% interest in Yuzhkuzbassugol.
23
25. Strong Commitment to High
Standards in Corporate Governance
Objectives Evraz initiatives
ü International audits by E&Y
n Transparency ü Commitment to higher levels of disclosure
ü Increased corporate transparency with easy
information access
ü Evraz Group S.A. operating as a profit centre
n Integrity of
ü Independent Auditor + 3 Committees
P&L
ü LSE listing
n Shareholder rights
ü Independent directors (3 out of 9 members)
protection and
ü Corporate Governance Policies and Procedures,
compliance compliance procedures in place
ü Focus on downstream business and corporate
n Efficient capital reorganization
allocation ü Dividend policy to balance investment
opportunities with returning cash to shareholders
n Minimization of ü Depository receipt programme: The Bank of New
infrastructure risks York
24
26. Environmental Initiatives
n Introduction of new technologies to reduce energy consumption and to meet
environmental protection programme
n Equipment upgrade in order to reduce emissions
n Within the 6 year period 2004 – 2010, Evraz is intending to spend approximately
$134 million on replacing outdated machinery and equipment
n Major mills comply with international standard ISO14001:2004
Total Air Emissions Air Emissions per tonne of production
‘000 tonnes Kg/tonne
600 26 25.478
530.576 525.468
502.202 25.5
500 25
24.5
400 359.7417 23.858
24
300 23.5
23 22.654
200
22.5
100 22
21.5
0 21
2003 2004 2005 2010 (est) 2003 2004 2005
25
27. Corporate Social Responsibility
n Evraz goes well beyond regular working practices in CSR
– Every site of the Group has developed a health programme for employees,
including additional health services provided by both local and the Group’s
medical centres
– The Company established an pension fund for the employees
n Evraz supports communities’ initiatives and programs for children as
well as provides equipment for teaching computer literacy and supports
local schools and colleges
n Evraz actively participates in community initiatives for safer
environment
26
28. Expanding Interest in Coal
n Evraz owns 46.3% beneficial interest in OAO Raspadskaya, the second-largest coking coal
company in Russia
n In June 2006, OAO Raspadskaya completed acquisition of two mining assets:
Mezhdurechenskaya Coal Company-96 and Razrez Raspadsky with fair value of $769 mln
n Evraz provided $225 mln in cash plus $300 mln. in short-term financial guarantees for OAO
Raspadskaya
Proved and Probable Reserves, mln tonnes Target Output, mln tonnes
18
16
CAGR = 12%
14 6.0
M UK-96 and 12
10
Razre z
304 Old 8 3.3
6
Raspadskaya 11.0
4
478 6.4
2
0
2005 2010
Raspadskaya MUK-96 & Razrez
Source: IMC Reserve Audit Report 2006 Source: OAO Raspadskaya
27
