The document summarizes Bear Stearns' Commodities and Capital Goods Conference held in New York City from November 29-30, 2006. It provides an overview of Evraz Group, a vertically integrated steel and mining company, including its production levels, financial performance in 1H2006, cash flow generation, balance sheet strength, operations in the steel and mining segments, and capital expenditure plans. Key projects and the successful IPO of its coking coal subsidiary Raspadskaya are also mentioned.

1. BEAR STEARNS
COMMODITIES AND CAPITAL GOODS
CONFERENCE
November 29-30, 2006
New York City
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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 the 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 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 intend or have 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.
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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 1H06 Revenue grew y-o-y 5.3% to $3,825 mln reflecting 23% increase
in sales volumes to 8.3 million tonnes
n 1H06 EBITDA flat y-o-y at $1.1 bn, EBITDA margin remains strong at
29%
n Leader in Russian long products market with 30-100% market share
n High level of vertical integration and self-sufficiency in iron ore and
coal
n One of the lowest cost producers of steel in Russia and CIS with mines
located close to steel production sites
n Strong commitment to high standards of corporate governance
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4. EVRAZ GROUP’S MAIN LOCATIONS
KGOK VGOK
Raspadskaya Neryungriugol
YKU
Moscow Mine 12
London NTMK
EvrazRuda
Luxembourg NKMK
ZapSib
Vitkovice Steel
Nakhodka
Sea Port
Palini e Bertoli
Stratcor
Steel mills
Iron ore mining
Coal mining
Sea ports
Vanadium
Export countries
Stratcor Highveld (24.9%)
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5. VISION AND STRATEGIC GOALS
Our Vision is to be a world class steel and mining company
and one of the Top 5 most profitable steelmakers globally by
ROCE and EBITDA margin through:
n Leadership in CIS construction and railway steel product
markets
n Strengthened positions in global flat product markets
n Lowest costs secured by superior efficiency and 100% self-
sufficiency in raw materials
n Growing vanadium business
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6. 1H 2006 SUMMARY PERFORMANCE
Volumes (‘000 tonnes) 8,300 +23%
Revenue ($ mln) 3,825 +5%
EBITDA ($ mln) 1,096 (2)%
Net Profit* ($ mln) 571 (7)%
Percentages change year-on-year
*Net profit attributable to equity holders of Evraz Group S.A.
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7. CASH FLOW GENERATION
n Record net cash flow from operating activities of $904 mln
n Strong conversion of EBITDA to Net Operating Cash Flow at 82.4%
n Cash balance, including $287 mln in short-term deposits, grew 17%
to $769 mln
1H 2006 Cash Flow
1800
$ mln Short-term
1600 103 deposits
190 at banks
1400
611
1200
1000
800 769
657 772
16 287
600
264
400 45 18
641
482
200
0
C ash at Net Profit Adj. to C hanges in C F used in Short-term C F from Effect of C ash at end
beginning of reconcile WC investing deposits at financing exchange of period
period OpC F before activities banks activities rate changes
WC
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8. STRONG BALANCE SHEET
n Total Debt-to-EBITDA remains comfortably within stated target of 1.5x, while Net
Debt1/EBITDA equals 1.0x
n Current credit ratings: BB by Fitch; Ba3 by Moody’s; BB- by S&P
n Well-capitalised balance sheet to fund future growth
Net Debt-to-EBITDA Ratio Total Assets
3,000 1.2 8,000 80%
1.0 $ mln
$ mln 7,000 67% 70%
2,500 0.9 1
7,317
2,652 6,000 60%
2,394
6,663
2,000 0.8
5,000 50%
1,883
0.5 4,000 40%
1,500 1,736 0.6
4,253
1,374 3,000 27% 30%
1,000 0.4
1,094
2,000 20% 20%
500 0.2
1,000 10%
0 0 0 0%
2 2004 2005 LTM 2
2004 2005 LT M
3
1 Total Assets ROCE
Total Debt Net Debt Net Debt/EBITDA
1Net debt equals total debt less cash & cash equivalents and short-term bank deposits
2Evraz have not prepared audited or reviewed financial statements for the 12 month period ended 30 June 2006. Financial indicators presented under LTM (last twelve months)
are calculated as a sum of 1H06 financial results and FY05 less 1H05 financial results
3ROCE 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 8

9. STEEL SEGMENT
n Consolidated steel products sales volume up 23% to 8.3 mln tonnes
n 21% increase in semi-finished sales volumes driven by organic growth and
world steel market demand
n Excellent performance of the Russian construction market (sales volumes
grew by 23%)
n Sales into attractive European and US markets increased by a factor of 5
Steel Segment Sales by Regions Prices for Main Steel Products
$/tonne
North and
South CIS
3% 600
America
Russia Non-Russia
3%
500
Europe
16%
400
1H04
2H04
300 1H05
Russia 2H05
50% 1H06
200
100
Asia
28%
0
Rebars Sections Rails Billets Slabs
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10. RUSSIAN AND CIS MARKETS
n Russia remains key market contributing 50% to total steel segment
revenue
n Total sales volumes increased by 13.8% to 3.65 million tonnes
n Favourable pricing environment set to continue in 2H 2006 and beyond
Sales Mix Average Market Prices
‘000 tonnes $/tonne
950
714
+20%
597 800
871
+9%
879 650
541
+30%
499 500
+18% 784
663 350
+30% 744
573
200
1H05 1H06 Aug- Nov- Feb- May- Aug- Nov- Feb- May- Aug- Nov- Feb- May-
03 03 04 04 04 04 05 05 05 05 06 06
Rebars Sections Rails O ther finished Semis
H-beams (50B) Channels Angles Rebars
Source: Metall Courier
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11. NON-RUSSIAN SALES
n Steel sales volumes increased by 31.8% to 4.65 million tonnes
n European assets (Vitkovice Steel and Palini e Bertoli) successfully integrated
and contributed $454 mln to consolidated revenue while plates sales
volumes increased 843%
n Construction steel export volumes shifted to attractive Russian market
n Strong price recovery in 2Q 2006
Non-Russian Sales Product Mix Non-Russian Prices for Slabs & Billets
‘000 tonnes $/tonne
600
110
669
500
42 416
71
580
-28%
617 400
60%
380
1,342 300
27%
1,053
200
6%
1,491
1,412 100
0
1H05 1H06
Aug-03 Dec-03 Apr-04 Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06
Billets Slabs Other semis
Construction Plates Other finished Billet (FOB, Far East) Slab (FOB, Far East)
Source: SBB
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12. COST MANAGEMENT
n Consolidated cash cost per tonne increased by 6.8% to $235 t reflecting
mainly impact of European mills consolidation
n Benefits from integration in mining and vanadium slag sales were lower due
to softer raw materials pricing
n Transportation, staff and energy costs per tonne remain flat
n Risk of further cost increase concentrated in energy and labour expenses
Consolidated Costs Steel Cost Items
$/tonne 1) $/tonne 36.6 36.1
283
261 1)
43 16
10 28.0 26.9
20 24.9
24.4
220 235
1H05 1H06 Transportation Staff Energy
Benefit from integrat ion into mining 4)
1H05 1H06
Benefit from vanadium slag sales 3)
Consolidated steel produc ts cost per t onne 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 and integration into mining
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
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13. CAPEX
n Key focus on efficiency improvement at the front end of steel production
n Implementation of major projects on track
n Capital spending of $262 mln in 1H06 vs. $280 mln in 1H05
n FY2006 capex annual budget estimated at $550 mln
Project Status
Revamp of BF5 at NTMK Complete
Revamp of CB5 at NTMK Complete
Reconstruction of converter shop at NTMK On-going
Revamp of EAF at NKMK On-going
Revamp of BF3 at ZapSib On-going
Installation of ISSM at Vitkovice Steel On-going
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14. Successful IPO of Raspadskaya
§ One of the 10 largest producers of coking coal in
Russian
Financial Highlights leading
the world
coking coal
§ 781 mln tonnes of high quality coking coal proved
and probable reserves in Russia
541 producer
$ mln § Evraz interest remains at 40 %
421 § Cash cost of concentrate production in the bottom
quartile of the global cash cost curve (19$/t)
322 Efficiency
§ Operational efficiency on par with global peers
259
218
§ Compact integrated operating complex
165
Strong § EBITDA margin – c. 60% in each of the last two
127 120
financial years
51 performance § ROCE in 2005(1) – 31%
Banks-
2004 2005 1H 2006 n Credit Suisse, Deutsche UFG, Morgan Stanley
managers
Revenue EBIT DA Net inc ome
Listing § 18% of the capital placed on RTS and MICEX
Production Growth § $2.25 per share
Pricing § Implied market value of $1.76bn
‘mln tonnes
CAGR 2006-2010 - 12% § 2.1 times oversubscribed
17.0
§ Target production volume growth 2006-2010 –
12% CAGR
CAGR 2001-2005 - 10%
Growth
§ Projects under way to further strengthen
9.7
Raspadskaya’s positions in domestic market
potential
6.7 § Growth of market share in Ukraine and Eastern
Europe and access to rapidly growing markets of
2001 2005 2010T South East Asia
Source: Raspadskaya, IMC
14

15. Oregon Steel Mills
n Leading West Coast steel producer with total capacity of 2.3 million tonnes
n Leading commodity and specialty plate producer in the Western United States
n Leading rail producer in North America
n Leading large diameter line pipe producer in North America
2006E Sales by Product
Structural
Tubing 77,000
Ro d and Bar 5%
288,000 17%
Welded Pipe
265,000 16%
Camrose Seamless Tube
Pipe Mill 65,000 4%
Portland
Plate Mill Plate and Co il
Rail 448,000
Structural Tube Mill 516,000 31%
27%
Cut-to-Length Line
Large Diameter Pipe Mill
Pueblo
Steel Mill Rocky Mountain Oregon Steel
Rail Mill
Rod and Bar Mill
Steel Mill Mill Division
Steamless Pipe Mill 801,000 tonnes 858,000 tonnes
48% 52%
Source: Oregon Steel Mill
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16. Oregon Steel Financial Highlights
n Focused on key niche markets with high barriers to entry
n 9M06 EBITDA $265mln (213 $/t)
n For 2006 expected shipments up 12% to 1.66 million tones
n $17 mln Net Debt as of 9/30/06
Financial Highlights Sales, million tonnes
1,800 23% 25%
$ mln
1,600 19% 1,500 2,000
20%
16%
1,400
1,725
1,258 350 15% 1,635 1,660
1,200
1,185
229 1,486
238 10%
1,000
800
723
5%
9
600
0%
400
-5%
200
-8%
0 -10%
2003 2004 2005 2006E 2003 2004 2005 2006E 2007E
Revenue EBIT DA* EBIT DA Margin
Source: Oregon Steel Mill
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17. 9 MONTHS 2006 TRADING UPDATE
Pig Iron, ‘000 tonnes Rolled Products, ‘000 tonnes Steel, ‘000 tonnes
+22.3% 12,013
10,847 +17.6%
10,213
9,669 PeB+VS 992 4,013
8,868
8,498 +13.8% 987 organic
3,721 3,205
3,288 3Q
2,546 3Q 2,865
1H
1H
9M 2005 9M 2006 9M 2005 9M 2006 9M 2005 9M 2006
IRON ORE ‘000 tonnes COAL, ‘000 tonnes
(6.4)%
1 2 ,3 5 4
1 1 ,5 6 2
12,612 12,715
3,932 4,378 +30.8%
9M05
6,2 10
3Q 9M06
1H 4,7 47
+65.2%
38 5 63 6
9M 2005 9M 2006
Mine 12 Raspadskaya Y uzhkuzbassugol
* Mine 12 operational results are consolidated into the Group since April 2005.
Operational results of Yuzhkuzbassugol are consolidated into the Group since December 31, 2005.
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18. +7 495 232-1370
IR@evraz.com
www.evraz.com
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