Investor Presentation July 2010

2

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.

Disclaimer

3

Evraz Group in Brief

◦ World-class steel and mining company, 14-th largest steel companies in the world based on 2009 crude steel production volumes

◦ Leader in the Russian and CIS construction and railway products markets

◦ A lead player in the European and North American plate and large diameter pipe markets

◦ One of the world’s lowest cost steel producers due to production efficiency and high level of vertical integration

◦ One of the leading producers in the global vanadium market

◦ In 2009, Evraz produced 15.3 million tonnes of crude steel, 11.3 million tonnes of pig iron and 14.3 million tonnes of rolled products

◦ 2009 consolidated revenue amounted to $9.8 billion

◦ 2009 EBITDA was $1.2 billion

4

Evraz’s Global Business

5

Sound Long-Term Strategy

Long and railway product leadership in Russia and the CIS

Low cost leadership position

Strong presence in international flat and tubular markets

Vertical integration with competitive mining business

Leadership in vanadium business◦ The sole producer of vanadium-rich ore in Russia ◦ Global footprint: five operating units on four continents◦ Acquisition of Vanady-Tula, Russia’s largest producer of ferrovanadium, signals further expansion of

vanadium-processing capacity

* Including 40% equity stake in Raspadskaya coal company, accounted on pro rata basis. Excluding this stake, integration would have been 74%

◦ Maintained leadership in Russia’s construction steel market◦ Rail mill reconstruction designed to produce high-speed rail and increase rail production volumes

◦ Continuous integration of international assets◦ Full order book at Canadian tubular plant for 2010

◦ Cost of revenue reduced by 35% compared to 2008◦ Closure of inefficient production capacity◦ Ongoing implementation of cost reduction programs

◦ Iron ore self-coverage: 96%◦ Coking coal self-coverage: 117%*◦ Won tender for Mezhegey coal deposit to maintain coking coal self-coverage going forward

6

* Adjusted EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets and loss (gain) on disposal of PP&E.** As of the end of the period*** Here and further in this presentation steel segment sales data refer to third parties sales

Revenue 2,970 2,413 23%

305 39%Adjusted EBITDA* 424

Adjusted EBITDA margin 14.3% 12.6%

Cash and cash equivalents**

103Capex 160

1Q 2010 1Q 2009US$ mln unless otherwise stated Change

1Q 2010 Financial Summary

12%3,870 3,456

855

Total debt**7,953

Sales volumes*** (’000 tonnes)

793

9,041 (12)%

(7)%

55%

Source: Management accounts

2,4132,226

2,479

2,9702,654

305 163406 363 424

0

500

1,000

1,500

2,000

2,500

3,000

1Q09 2Q09 3Q09 4Q09 1Q10

Revenue EBITDA

508 565

379706288

336394

437392

2556269

0

500

1000

1500

2000

2500

1Q09 1Q10

Semi-finished products Construction products Railway productsFlat-rolled products Tubular products Other steel products

1,384 1,265

812 1,200418

455484645236

189121116

0500

1,0001,5002,0002,5003,0003,5004,0004,500

1Q09 1Q10

Semi-finished products Construction products Railway productsFlat-rolled products Tubular products Other steel products

7

1Q 2010 Performance◦ 1Q10 Mining Segment revenue amounted to

US$136m, Vanadium Segment – US$124m and Other revenues reached US$342m (incl. US$66m from rendering of services)

◦ Iron ore sales (incl. intersegment shipments) totalled 4 mln tonnes

◦ Coal sales (incl. intersegment shipments) were 3.8 mln tonnes, including 1.1 mln tonnes of raw coking coal, 1.4 mln tonnes of steam coal and 0.9 million tonnes of coking coal concentrate

Consolidated Revenue and EBITDAUS$ mln

Steel Sales Volumes

US$ mln‘000 tonnes

3,4563,870

2,0232,368

Steel Sales

* Average for Russian steel mills, integrated cash cost of production, EXW

8

Maintaining Cost Leadership

◦ Control of raw material costs through cost efficient vertical integration

◦ Constant review of product and resources flows to identify potential efficiency gains

◦ Approximately 75% of consolidated cost is rouble denominated

◦ In 2009, Russian-based assets have benefited from declines in utilities and staff costs

◦ In 2H09 costs were negatively affected by raising scrap prices

Consolidated Cost of Revenue, 2009 Cash Cost, Russian Coal and Iron Ore Products

US$/t

Cash Cost*, Slabs & Billets

US$/t

Source: Management accounts

4%3%11%

8%

6%

5%

10%

6%5%

8%

17%

17%

Iron ore Coking coal ScrapFerroalloys Purchased semis Auxiliary materialsElectricity Natural gas Staff costsTransportation Depreciation Other

420

268224

394

430

285253

402

150

200

250

300

350

400

450

1H08 2H08 1H09 2H09

Slab Billet

50

3530

46

63

4743

56

20

30

40

50

60

70

1H08 2H08 1H09 2H09

Coal products Iron ore products 58% Fe

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

2010 2011 2012 2013 2014 2015 2016 2017 2018

Q1 Q2 Q3 Q4

280

593 786

Syndicated loans Overdrafts Russian bilateral loans

US$ mln

Source: Management accounts

◦ Total debt of approx. US$8.1bn, net debt of US$7.4bn as of 30 June 2010

◦ RUB15bn (equivalent US$500m) 3-year bonds issued in March 2010, fully swapped into US$ to eliminate RUB currency exposure

◦ In May 2010, Evraz drew down US$950m 5-year Gazprombank loan and repaid US$1,007m VEB loan

◦ Adequate consolidated cash balance of ca.US$700m always maintained

Balanced Debt Maturity Profile

Debt Maturities ScheduleDebt Maturities Schedule

(as at 30 June 2010)(as at 30 June 2010)Breakdown of Short-term Debt

(as at 30 June 2010)

Breakdown of Short-term Debt (as at 30 June 2010)

9

US$ mln

1,085

1,778

1,4191,543

15 11

509

996

721

10

Increase in Export and Geographic Diversification

Steel Products Sales by MarketSteel Products Sales by Market

Steel Products Sales Volumes by ProductSteel Products Sales Volumes by Product◦ In 2009, sales to customers outside Russia increased from 61% to 71% of total revenues

◦ 2009 sales of steel products to Asia exceeded sales to Russia and the CIS, reflecting production flexibility and increasing cost competitiveness

◦ Geographical diversification of the business helped to stabilise operations in crisis environment

◦ Change in the product mix towards semi-finished products had limited effect on margins due to export parity pricing of Russian domestic finished steel products

’000 tonnes

Steel Products Sales by OperationsSteel Products Sales by Operations

5,314

2,367 2,647

919586

5,188 5,273

4,218

426667

2,1101,588

0

2,000

4,000

6,000

Semi-finished

Construction Railway Flat-rolled Tubular Other steel

2008 2009

’000 tonnes

712

1,8892,723

4,465

663642

5,665

564

6,569

1,2152,073

4,123

0

2,000

4,000

6,000

8,000

Russia CIS Europe Americas Asia Africa &RoW

2008 2009

12,393

2,6991,261 668 585885

2,075

10,737

0

4,000

8,000

12,000

16,000

Russian &Ukrainian

North American European South African

2008 2009

’000 tonnes

151

408406

139

9591,197

147193

632

451

1,197

941

173215

636525

1,210

977

0

200

400

600

800

1,000

1,200

1,400

Semi-finished products Construction products Railway products Flat-rolled products Tubular products Other steel products

2Q09 1Q10 2Q10

11

2Q 2010 Operational Results

Production of Rolled Products

‘‘000 tonnes

◦ In 2Q10, consolidated crude steel output was 4.3 mt, +26% vs. 2Q09 and +7% vs. 1Q10

◦ Consolidated production of semi-finished products was down 18% vs. 2Q09 and flat q-o-q while production of higher margin products grew, in particular (vs. 2Q09)

◦ construction products: Russia: +5%, Europe: + 192%, NA +44%◦ railway products: Russia: +51%◦ flat-rolled products: Europe: +63%, NA: +79%◦ tubular products: NA: +42%

-18% +26%

+29%+56%

+42% +24%

% - year-on-year comparison

34 50 62 48 4955

98 10798 85

615

68 7

0

50

100

150

200

250

300

2Q09 3Q09 4Q09 1Q10 2Q10

Construction products Flat-rolled products Other steel products

17 33 33 36 49

168226 246 205

2747

6 46

7

0

50100

150

200

250300

350

2Q09 3Q09 4Q09 1Q10 2Q10

Construction products Flat-rolled products Other steel products

65 108 92 104 94

121 79 71 90 94

115186 195

239 206

153117 139

193 215

0

100

200

300

400

500

600

700

2Q09 3Q09 4Q09 1Q10 2Q10

Construction products Railway products Flat-rolled products Tubular products

1,0841,497 1,455

1,106 1,282

798

936 868913

923285

263 321360

43071

907679

71

149128

125122

127

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2Q09 3Q09 4Q09 1Q10 2Q10

Semi-finished Construction Railway Flat-rolled Other steel

12

2Q10 Production of Rolled Products by Assets

‘000 tonnes

2,3642,897 2,845

2,596

Russia

2,856

454

609

490 498

627

North America‘000 tonnes

‘000 tonnes‘000 tonnes

South AfricaEurope

330

192

264 284248

141149 157175

154

13

Key Market Developments◦ Prices for semi-finished steel are driven by input

costs and by demand from emerging markets in Asia, the Middle East and North Africa

◦ International prices for semi-finished steel declined from May, having stabilised in July

◦ Russian domestic demand for construction steel in 2010 expected to be 5-10% higher than in 2009

◦ Expected steelmaking capacity utilisation in 3Q10:

◦ Russia – to remain >90%

◦ North America >90%

◦ Czech Republic – temporarily closed since July

◦ South Africa – 70%

◦ Russian mining assets are running at 85% capacity in coal and 90% in iron ore

◦ Vanadium expected to perform better than steel due to increase of vanadium usage rates in the emerging markets’ steel production sector closer to the levels of industrially developed countries

Evraz Selling PricesUS$/t

Vanadium Prices, FeV, LMBUS$/kg V

200

300

400

500

600

700

800

900

Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10

Slabs, Russia, export* Billets, Russia, export*Rebars, Russia, FCA Plate, North America, FCA

15

20

25

30

35

40

Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10

* Weighted average contract prices

Key Investment Projects◦ CAPEX in 2010 expected to be around US$800m (vs. US$441m in 2009)◦ Approximately US$450m of 2010 CAPEX to be directed to increasing productivity and

development projects, key projects being:

Project Total CAPEXCum CAPEX by 31.12.09

2010 CAPEX Project Targets

Reconstruction of rail mill at NKMK US$440m US$30m US$220m

◦ Capacity of 950k tonnes of high-speed rails, including 450k tonnesof 100 metre rails

◦ On-stream by 2013

Reconstruction of rail mill at NTMK US$55m US$28m US$27m

◦ Production of higher-quality rails ◦ 550k tonnes capacity◦ On-stream by 2012

Pulverised coal injection (PCI) at NTMK and ZSMK US$320m US$0m US$10m

◦ Lower coke consumption from 420 to 320 kg/tonne◦ No need for gas consumption◦ On-stream by 2013

BOF workshop reconstructionNTMK US$260m US$230m US$20m

◦ Modernisation of production◦ Increasing capacity from 3.8 to 4.2 mtpa◦ On-stream by 2010

Reconstruction of CCM Slab №3 NTMK US$60m US$5m US$40m

◦ Modernisation of production◦ Further increase in steelmaking capacity from 4.2 to 4.5 mtpa◦ On-stream by 2010

Reconstruction of wheel & tyre mill (heat treatment shop) NTMK

US$100m US$87m US$13m◦ Production of higher-quality wheels◦ On-stream by 2010

Development of Mezhegeycoal deposit TBD US$1m Less than US$50m,

including license cost

◦ Maintaining self-sufficiency in high-quality hard coking coal after depletion of existing deposits

◦ On-stream by 2015

14

15

Outlook for 2010

◦ Pricing affected by raw material costs, growth in emerging markets and moderate recovery in mature markets

◦ Russian and Ukrainian mills expected to continue running at high operating rates, utilisationof overseas assets increased in response to measured improvements in demand

◦ Steel sales redirected from export market to Russian domestic market following gradual demand improvement

◦ Market situation remains volatile

◦ Favourable fundamental trends being offset by lag effect between raw material price increase and delayed growth of steel sales prices

◦ Global demand for long products is expected to continue to strengthen on the back of infrastructure investments driven by various governments’ stimulus packages, designed to combat economic recession

◦ Outlook for 2Q 2010

◦ 2Q10 EBITDA is expected to be within the range of US$725-825m

+7 495 232-13-70 IR@evraz.com

www.evraz.com