1. Corporate PresentationNovember 2010

2. Disclaimer02This 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 oracquire securities of Evraz Group S.A. (Evraz) or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No partof this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment orinvestment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placedon, 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 thisdocument 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) investmentprofessionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order) or (iii) highnet worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all suchpersons together being referred to as relevant persons). Any person who is not a relevant person should not act or rely on this document or anyof its contents.This document contains forward-looking statements, which include all statements other than statements of historical facts, including, withoutlimitation, 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 Evrazs control that could cause the actual results, performance or achievements of Evraz to bematerially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others, theachievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability toobtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatilityin stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economicconditions.Such forward-looking statements are based on numerous assumptions regarding Evrazs present and future business strategies and theenvironment in which Evraz Group S.A. will operate in the future. By their nature, forward-looking statements involve risks and uncertaintiesbecause they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speakonly as at the date as of which they are made, and Evraz expressly disclaims any obligation or undertaking to disseminate any updates or revisionsto any forward-looking statements contained herein to reflect any change in Evrazs 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 theforward-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. 3. Evraz Group in Brief 03 World-class steel and mining company, 14-th largest steel company globally in 2009 Leader in the Russian and CIS construction and railway products markets A lead player in the European and North American plate and large diameter pipemarkets One of the worlds lowest cost steel producers due to production efficiency and highlevel of vertical integration One of the leading producers in the global vanadium market In 2009, Evraz produced 15.3 million tonnes of crude steel and sold 14.3 milliontonnes of rolled products 2009 consolidated revenue amounted to US$9.8 billion; EBITDA was US$1.2 billion GDRs listed on London Stock Exchange; market capitalisation over US$13 billion 4. Evrazs Global Business 04 5. 1H 2010 Financial Highlights 05Consolidated Revenue and EBITDAIn 1H10 Group revenue rose by 38% vs. 1H09, largely US$ mln driven by increase in sales volumes of steel products and10,723 higher average prices 10,0009,6571H10 Group EBITDA advanced by 147% reflecting8,0006,379 revenue expansion and cost control 6,000 4,6395,1331H10 Mining segment EBITDA more than quadrupled, 4,000 3,706 2,509 largely due to the growth in iron ore and coal prices2,000 1,154769 468 EBITDA margin improved from 10% in 1H09 to 18% in 0 1H101H082H081H092H091H10 Revenue EBITDA Revenue Drivers in 1H10 vs. 1H09Consolidated Adjusted EBITDAUS$ mln US$ mln7,000 1,121 6,3791,4001,1546,0006191,200 85815,0004,3691,0003904,000800 4683,000 600702,000 400 947381,000 200 389 00(34)(51) (140)1H09 Revenue Volumes Prices1H10 Revenue-200 1H091H10 Steel Mining VanadiumOther operations Unallocated subsidiaries & eliminations 6. Cost Dynamics 06 Growth in scrap, coking coal and iron ore prices in 1H Cash Cost*, Slabs & Billets2010 increased steelmakers costs US$/t This cost increase was significantly offset by Evrazs450400 402 430high level of vertical integration into iron ore and coking394 420 341350coal 285300 Consolidated cost, approx. 65% of which is Rouble 250 253324denominated, was negatively impacted by 10% Rouble200 224 268appreciation vs. US dollar compared to 1H09150 Increase in cash cost of coking coal concentrate 1H08 2H081H092H091H10resulted from lower production volumes due to SlabBilletpostponed longwall repositioning at the Ulyanovskayamine* Average for Russian steel mills, integrated cash cost of production, EXW Consolidated Cost of Revenue, 1H 2010 Cash Cost, Russian Coking Coal and 7%Iron Ore Products13% US$/t10% 7515%696312%65 56 55 55616% 5%475% 4311%4550 7% 47 4% 5%43 35Iron oreCoking coalScrap1H08 2H081H092H091H10Ferroalloys Purchased semisAuxilliary materialsElectricity Natural gasStaff costs Coal concentrateIron ore products, 58% FeTransportationDepreciation OtherSource: Management accounts 7. Steel: Product Mix Improvement07 Recovery in demand for construction and railway products in Russian market raised the proportion of finishedproducts in the portfolio Share of construction products increased from 25% to 32% Share of semi-finished products fell from 40% to 29% Share of Groups sales volumes in the Russian market increased from 29% to 33% following recovery in domesticdemand Domestic sales of Russian and Ukrainian operations advanced from 44% to 53%Steel Product Sales Volumes by OperationsSteel Product Sales Volumes by Operations Steel Sales Volumes by ProductSteel Sales Volumes by Product000 tonnes 000 tonnes 6,000 5,532 5,1873,000 2,704 5,000 2,4702,500 2,262export 4,000 1,8342,00047% 3,000 56%1,5001,304 974 887 2,0001,000821 1,27653%944 391 436 1,00044% 603500413 279 303 186268domestic00 Russian & North American EuropeanSouth AfricanSemi-Construction RailwayFlat-rolledTubular Other steel Ukrainian finished1H091H10 1H091H10 8. 3Q 2010 Operational Results 08In 3Q10, consolidated crude steel output was 3.9 mt, -9% vs. 3Q09 and -10% vs. 2Q10, mainly due to scheduled repairs and modernisation at Russian production facilitiesCrude steel volumes to be recovered in 4Q as scheduled works are overProduct mix improvement: increase in the finished products volumes construction products: Russia: +3%, Ukraine: +21% railway products: Russia: +34%, NA: +20% flat-rolled products: Europe: +18%, NA: +79% tubular products: NA: +103%.Volumes of semi-finished products decreased by 43% vs. 3Q09 and -22% vs. 2Q10, because of the temporary decline in crude steel output, increasing demand for higher margin products and increase in intercompany consumption of Russia-produced semis for re-rolling at non-Russian mills000 tonnesProduction of Rolled Products1,600-43%+2%1,4001,2001,000 1,229 -4%1,208 1,210+31%8001,433600+103% +29% 1,046400 636589 567 814 525 448200 216 237 342 173117135 1740Semi-finished productsConstruction products Railway productsFlat-rolled products Tubular products Other steel products3Q09 2Q103Q10% - year-on-year comparison 9. Benefiting from Rising Prices for Iron Ore and Coal09Raw Material Prices (Domestic Markets)Raw Material Prices (Domestic Markets)Volumes of coking coal mined decreased due theUS$/t400 repositioning of longwall at Ulyanovskaya mine300 Mining segment revenue doubled and EBITDA200 quadrupled reflecting the growth in pricesA decline in coking coal supplies, following the100 Raspadskaya mine explosion, led to lower external 0Jan- Mar- May-Jul-Sep- Nov- Jan- Mar- May-Jul- Sep- sales of coke and a negative EBITDA effect of approx. 09 09 090909 09 10 10 10 1010 US$5 million per monthScrap, Russia, CPT Scrap, USAIron ore concentrate, Russia, ExWCoking coal concentrate, Russia, FCAIron Ore and Raw Coal Production Mining Segment Revenue* and EBITDA000 tonnesUS$ mln18,0002,01515,0002,1312,3511,1201,20012,0004,9985,301 3,655 1,000 9,000800 652600 6,0003908,809 9,955 9,608 400 3,000200940 01H092H09 1H10 1H09 1H10 Iron ore products Raw coking coal Raw steam coal Revenue EBITDA* Includes intersegment sales 10. Recent Market Developments10 US$/tEvraz Selling Prices Overall growing trend in steel prices is driven by900demand recovery and increases in input costs800 International prices for semi-finished steel declined in700May-June due to seasonal and regulatory factors but 600stabilised in July500 Russian domestic demand for construction steel is400300expected to be approx. 10% higher in 2010 than in2009200Jan-09Apr-09 Jul-09 Oct-09Jan-10 Apr-10 Jul-10Oct-10 Anticipated steelmaking capacity utilisation in 4Q10:Slabs, Russia, export*Billets, Russia, export* Rebars, Russia, FCA Plate, North America, FCA Russia to remain >95% * Weighted average contract prices North America >95% Czech Republic temporarily closed since July South Africa >95%Vanadium Prices, FeV, LMB Russian mining assets are running at 75% capacity in US$/kg Vcoal and 90% in iron ore40 Vanadium expected to perform better than steel as 35vanadium usage rates in the emerging markets steel 30production sector approach the levels of industrially 25developed countries2015Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 11. Consumption of construction steel in Russia 1112100mln.t. mlm sq.m.9010 1,01,1 0,81,0 800,9 1,681,6 1,31,60,8 1,3 70 1,4 1,1 0,61,31,1 1,36 0,5 1,1 60 1,00,9 0,9 0,80,7 504 5,8 6,25,8 6,1 405,5 4,54,92 4,1300 202007 200820092010B2011F 2012F 2013F 2014FRebar ChannelsAnglesBeams Buildings completion, mln.m2 Recovery of construction steel product consumption began in 2010 Increase of shaped sections demand vs. rebar might be greater in the next years due to infrastructure projects development Sources: Rosstat, Railway statistics, Customer service statistics, Metal Courier, Rusmet 12. Capital Market Developments 12RUB15bn (equivalent to US$500 million) 3-year bonds issued in March 2010, swapped into US dollars to minimise Rouble currency exposureIn May 2010, Evraz drew down US$950 million 5-year Gazprombank loan and repaid US$1,007million VEB loanIn June-July 2010, Evraz refinanced US$357 million Nordea Bank loan due 4Q10 with new 4-year Nordea loan facilities in the amount US$404 millionIn the process of syndication of 5-year pre-export financing facility for up to US$1 billionIn the process of 5-year RUB 15 billion (approx. US$500 million) bond issue Proportion of Short-term Debt to Total Debt Proportion of Short-term Debt to Total DebtUS$ mln10,000 100%8,4827,923 7,873 8,000 80% 6,000 46% 60% 4,000 25% 40%22% 2,000 20%00% 30-Jun-0931-Dec-0930-Jun-10 Total DebtShort-term Debt, % of Total Debt 13. Balanced Debt Maturity Profile 13 Total debt of approx. US$7.9bn, net debt of US$7.2bn as of 30 June 2010 Consolidated cash balance of not less than US$500 million constantly maintained Liquidity (defined as cash and cash equivalents, amounts available under credit facilities and short-term bankdeposits with original maturity of