15.05.2012

Ticker: Mechel Benchmark:

Currency: New York: MTL, Currency: USD S&P 500 INDEX (SPX)

Sector: Materials Industry: Metals & Mining Year:

Telephone 7-495-221-8888 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)Website www.mechel.ru No of Employees Steel 5586 Russia 4819Address 1 Krasnoarmeyskaya Street Moscow, 125993 Russian Federation Mining 3051 Europe 1842Share Price Performance in USD Power 654 Asia 1258Price 6.79 1M Return -28.4% Ferroalloy 455 Middle East 90852 Week High 27.43 6M Return -43.1% CIS 62852 Week Low 6.77 52 Wk Return -72.8% Other Regions 19352 Wk Beta 2.17 YTD Return -20.1% USA 97Credit Ratings

Bloomberg -S&P - Date - Outlook -Moody's - Date - Outlook NEGFitch - Date - Outlook -

Valuation Ratios

12/07 12/08 12/09 12/10 12/11E 12/12E 12/13EP/E 1.4x - 18.3x 4.8x 4.2x 4.6x 3.2xEV/EBIT 2.9x 47.6x 12.6x 7.1x - - -EV/EBITDA 2.4x 18.9x 9.5x 5.3x 5.1x 5.6x 4.8xP/S 0.2x 1.2x 1.2x 0.3x 0.2x 0.2x 0.2xP/B 0.5x 1.7x 2.6x 0.7x 0.6x 0.5x 0.4xDiv Yield 29.0% 1.1% 0.1% - 3.3% 3.2% 4.1%Profitability Ratios %

12/07 12/08 12/09 12/10 12/11E 12/12E 12/13EGross Margin 47.1 31.2 36.9 34.5 36.6 34.6 35.1EBITDA Margin 30.4 11.7 21.1 19.6 19.4 17.8 19.9Operating Margin 25.7 4.6 15.8 14.7 14.6 14.9 15.7Profit Margin 11.5 1.3 6.7 5.8 5.5 5.0 7.2Return on Assets 10.7 -0.5 4.5 4.1 4.3 3.4 4.0Return on Equity 30.3 -1.5 15.2 15.2 14.3 12.5 15.6Leverage and Coverage Ratios

12/07 12/08 12/09 12/10Current Ratio 0.4 0.8 1.1 1.3 Current Capitalization in USDQuick Ratio 0.1 0.3 0.2 0.3 Common Shares Outstanding (M) 416.3EBIT/Interest 7.9 0.5 2.8 3.3 Market Capitalization (M) 2826.5Tot Debt/Capital 0.6 0.6 0.6 0.6 Cash and ST Investments (M) 643.4Tot Debt/Equity 1.3 1.4 1.5 1.8 Total Debt (M) 9869.0Eff Tax Rate % 8.8 19.8 28.6 30.9 Preferred Equity (M) 25.3

LT Investments in Affiliate Companies (M) 0.0Investments (M) 374.6Enterprise Value (M) 12452.0

Mechel is a Russian metals and mining company, uniting producers of steel, rolled products, hardware, coal, iron ore concentrate, and nickel. The Company's products are marketed domestically and internationally.

MTL US

12'54688'146

Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

MechelTarget price in USD

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Company Analysis - Analysts Ratings

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Mechel

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 416.3 Others 100.00%

Float 0.00%

Short Interest (M) 9.2 0.00%

Short Interest as % of Float 0.00%

Days to Cover Shorts 3.45 0.00%

Institutional Ownership 0.00%

Retail Ownership 0.00%

Insider Ownership Others 0.00%

Institutional Ownership DistributionOthers 100.00%

0.00%0.00%0.00%

Pricing data is in USD Others 0.00%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

ZYUZIN IGOR VLADIMIR 280'669'025 0 1'905'742'680 67.42% 16.04.2012 13D n/aMACKENZIE FINANCIAL 4'416'000 0 29'984'640 1.06% 31.03.2012 13F CANADAIVY MANAGEMENT INCOR 4'250'000 0 28'857'500 1.02% 31.12.2011 MF-AGG UNITED STATESBLACKROCK GROUP LIMI 3'766'806 1'749'619 25'576'613 0.90% 31.03.2012 13F BRITAINVANGUARD GROUP INC 3'499'929 54'000 23'764'518 0.84% 31.03.2012 13F UNITED STATESCREDIT SUISSE AG 3'259'209 945'851 22'130'029 0.78% 31.12.2011 13F SWITZERLANDNORGES BANK 2'879'301 2'879'301 19'550'454 0.69% 31.12.2011 13F NORWAYDEUTSCHE BANK AG 2'832'480 177'584 19'232'539 0.68% 31.12.2011 13F GERMANYVAN ECK ASSOCIATES C 2'351'304 301'998 15'965'354 0.56% 31.12.2011 13F UNITED STATESBLACKROCK FUND ADVIS 2'004'937 131'496 13'613'522 0.48% 31.03.2012 13F UNITED STATESNORDEA INV MANAGEMEN 1'858'053 -15'410 12'616'180 0.45% 31.03.2012 13F DENMARKDWS INVESTMENT SA 1'825'500 420'000 12'395'145 0.44% 29.02.2012 MF-AGG LUXEMBOURGSTATE STREET CORP 1'576'458 153'511 10'704'150 0.38% 31.03.2012 13F UNITED STATESBLACKROCK INSTITUTIO 1'432'266 152'999 9'725'086 0.34% 31.03.2012 13F UNITED STATESGRANTHAM MAYO VAN OT 1'284'780 13'000 8'723'656 0.31% 31.03.2012 13F UNITED STATESNORTHERN TRUST CORPO 1'179'304 17'120 8'007'474 0.28% 31.12.2011 13F UNITED STATESMORGAN STANLEY 1'160'586 594'784 7'880'379 0.28% 31.03.2012 13F UNITED STATESDIMENSIONAL FUND ADV 1'065'413 248'103 7'234'154 0.26% 31.03.2012 13F UNITED STATESSEB ASSET MANAGEMENT 1'052'604 -7'407 7'147'181 0.25% 31.12.2011 MF-AGG LUXEMBOURGSUSQUEHANNA INTERNAT 1'009'960 505'970 6'857'628 0.24% 31.03.2012 13F UNITED STATES

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

ZYUZIN IGOR VLADIMIRO 280'669'025 1'905'742'680 67.43% 16.04.2012 13D

67.43%

Company Analysis - Ownership

Ownership Type

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Geographic Ownership

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TOP 20 ALL

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

MechelFinancial information is in USD (M)

Periodicity: 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11E 12/12E 12/13E

Income Statement

Revenue 2'028 3'636 3'805 4'398 6'684 9'951 5'754 9'746 12'546 12'621 12'524 13'135

- Cost of Goods Sold 1'423 2'225 2'469 2'869 4'167 5'260 3'961 6'149 8'221

Gross Income 605 1'411 1'336 1'529 2'517 4'691 1'793 3'597 4'325 4'613 4'333 4'604

- Selling, General & Admin Expenses 407 660 807 801 1'119 2'130 1'527 2'054 2'482

(Research & Dev Costs)

Operating Income 198 751 528 728 1'398 2'561 267 1'543 1'843 1'844 1'866 2'062

- Interest Expense 49 51 41 38 99 324 499 558 561

- Foreign Exchange Losses (Gains) 3 -2 37 -59 -55 877 174 15 117

- Net Non-Operating Losses (Gains) -30 -844 -76 -116 -32 11 -502 1 1

Pretax Income 176 1'545 526 865 1'385 1'348 95 969 1'163 1'059 1'027 1'337

- Income Tax Expense 48 176 137 231 356 119 19 277 360

Income Before XO Items 128 1'369 389 634 1'029 1'229 76 692 803

- Extraordinary Loss Net of Tax 4 15 1 -1 -0 0 0 0 0

- Minority Interests -19 12 7 32 116 89 3 35 76

Diluted EPS Before XO Items

Net Income Adjusted* 147 1'358 382 603 913 1'141 74 657 816 698 627 942

EPS Adjusted 0.13 1.21 0.32 0.49 0.73 2.74 0.18 1.58 1.96 1.61 1.48 2.12

Dividends Per Share 0.25 1.12 0.18 0.03 0.23 0.22 0.28

Payout Ratio % 34.7 48.9 1.9 0.14 0.15 0.13

Total Shares Outstanding 1'099 1'209 1'209 1'249 1'249 498 416 416 416

Diluted Shares Outstanding 1'099 1'122 1'209 1'227 1'249 416 416 416 416

EBITDA 299 889 696 924 1'688 3'024 673 2'060 2'458 2'452 2'231 2'620

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year

Periodicity: 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11E 12/12E 12/13E

Balance Sheet

Total Current Assets 712.140991 2103.20508 1359 1635 2237 2745 2483 4191 6073

+ Cash & Near Cash Items 19 1'025 312 173 237 255 415 341 643

+ Short Term Investments 0 271 6

+ Accounts & Notes Receivable 85 136 141 191 342 407 348 529 825

+ Inventories 349 569 497 653 994 1'365 1'036 1'867 2'599

+ Other Current Assets 258 374 410 347 665 718 679 1'454 2'006

Total Long-Term Assets 1'122 1'575 2'241 2'814 6'991 9'264 10'700 11'585 13'234

+ Long Term Investments 15 67 16 44 59 473 24 15 14

Gross Fixed Assets 1'251 1'803 2'234 2'989 4'624 5'352 5'795 7'068

Accumulated Depreciation 210 362 483 706 922 1'074 1'334 1'655

+ Net Fixed Assets 1'041 1'441 1'751 2'283 3'702 4'278 4'461 5'413 7'076

+ Other Long Term Assets 66 67 473 487 3'231 4'514 6'216 6'157 6'143

Total Current Liabilities 860 889 969 755 1'991 6'341 3'020 3'700 4'739

+ Accounts Payable 141 186 210 183 223 689 474 647 976

+ Short Term Borrowings 342 349 390 173 1'147 5'164 1'959 2'127 2'748

+ Other Short Term Liabilities 377 354 369 399 622 488 588 925 1'015

Total Long Term Liabilities 341 517 292 666 3'431 1'347 5'832 7'125 9'202

+ Long Term Borrowings 122 216 55 374 2'395 274 4'133 5'371 7'121

+ Other Long Term Borrowings 219 300 238 292 1'036 1'073 1'699 1'754 2'081

Total Liabilities 1'201 1'406 1'262 1'421 5'422 7'688 8'853 10'825 13'941

+ Long Preferred Equity 0 0 0 0 25 25 25

+ Minority Interest 184 215 128 163 301 291 281 308 375

+ Share Capital & APIC 215 438 455 546 549 549 1'008 996 980

+ Retained Earnings & Other Equity 234 1'620 1'755 2'319 2'956 3'482 3'017 3'622 3'986

Total Shareholders Equity 633 2'272 2'338 3'028 3'805 4'322 4'331 4'951 5'365

Total Liabilities & Equity 1'835 3'678 3'600 4'449 9'228 12'010 13'183 15'776 19'306

Book Value Per Share 0.41 1.70 1.83 2.29 2.81 8.09 9.67 11.09 11.93 12.34 13.83 15.75

Tangible Book Value Per Share 0.40 1.66 1.79 2.25 0.36 -0.64 -4.84 -3.23 -2.21

Company Analysis - Financials II/IV

Periodicity: 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11E 12/12E 12/13E

Cash Flows

Net Income 144 1'343 381 603 913 1'141 74 657 728 688 493 797

+ Depreciation & Amortization 102 138 168 196 290 463 407 517 616

+ Other Non-Cash Adjustments 4 -795 3 -81 52 995 -529 101 199

+ Changes in Non-Cash Capital -129 -389 69 -163 -350 -369 610 -1'422 -654

Cash From Operating Activities 120 296 621 555 905 2'230 562 -147 888

+ Disposal of Fixed Assets 4 4 3 3 0 4 2 10 29

+ Capital Expenditures -117 -303 -428 -391 -830 -1'167 -610 -990 -1'806 -1'838 -1'189 -1'005

+ Increase in Investments 0 -28

+ Decrease in Investments 0

+ Other Investing Activities -97 755 -570 -165 -2'553 -2'138 -102 -139 -843

Cash From Investing Activities -210 456 -995 -553 -3'410 -3'301 -710 -1'119 -2'621

+ Dividends Paid -26 -5 -194 -190 -318 -468 -208 -23 -210

+ Change in Short Term Borrowings 34 13 -109 -233 891 1'737 -2'292 -1'153 2'354

+ Increase in Long Term Borrowings 113 75 15 415 2'005 99 3'023 3'652

+ Decrease in Long Term Borrowings -23 -52 -21 -120 -28 -70 -133 -1'248 -99

+ Increase in Capital Stocks 0 221 1

+ Decrease in Capital Stocks 0 -36

+ Other Financing Activities 7 1 -30 21 20 -210 -82 -35 -9

Cash From Financing Activities 104 254 -339 -142 2'570 1'089 308 1'193 2'035

Net Changes in Cash 14 1'005 -713 -139 64 18 160 -74 303

Free Cash Flow (CFO-CAPEX) 3 -7 193 163 75 1'063 -49 -1'137 -918 -1'369 -4 305

Free Cash Flow To Firm 38 38 224 191 148 1'358 351 -739 -530

Free Cash Flow To Equity 2'943 2'833 443 123 1'365

Free Cash Flow per Share 0.00 -0.01 0.16 0.13 0.06 2.55 -0.12 -2.73 -2.21

Company Analysis - Financials III/IV

Periodicity: 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11E 12/12E 12/13E

Ratio Analysis

Valuation Ratios

Price Earnings 1.4x 18.3x 4.8x 4.2x 4.6x 3.2x

EV to EBIT 2.9x 47.6x 12.6x 7.1x

EV to EBITDA 2.4x 18.9x 9.5x 5.3x 5.1x 5.6x 4.8x

Price to Sales 0.2x 1.2x 1.2x 0.3x 0.2x 0.2x 0.2x

Price to Book 0.5x 1.7x 2.6x 0.7x 0.6x 0.5x 0.4x

Dividend Yield 29.0% 1.1% 0.1% 3.3% 3.2% 4.1%

Profitability Ratios

Gross Margin 29.8% 38.8% 35.1% 34.8% 37.7% 47.1% 31.2% 36.9% 34.5% 36.6% 34.6% 35.1%

EBITDA Margin 14.8% 24.4% 18.3% 21.0% 25.3% 30.4% 11.7% 21.1% 19.6% 19.4% 17.8% 19.9%

Operating Margin 9.7% 20.6% 13.9% 16.6% 20.9% 25.7% 4.6% 15.8% 14.7% 14.6% 14.9% 15.7%

Profit Margin 7.1% 36.9% 10.0% 13.7% 13.7% 11.5% 1.3% 6.7% 5.8% 5.5% 5.0% 7.2%

Return on Assets 48.7% 10.5% 15.0% 13.4% 10.7% -0.5% 4.5% 4.1% 4.3% 3.4% 4.0%

Return on Equity 107.1% 17.9% 23.8% 28.7% 30.3% -1.5% 15.2% 15.2% 14.3% 12.5% 15.6%

Leverage & Coverage Ratios

Current Ratio 0.83 2.37 1.40 2.16 1.12 0.43 0.82 1.13 1.28

Quick Ratio 0.12 1.30 0.47 0.84 0.29 0.10 0.25 0.24 0.31

Interest Coverage Ratio (EBIT/I) 4.07 14.60 12.94 19.07 14.12 7.90 0.53 2.76 3.28

Tot Debt/Capital 0.42 0.20 0.16 0.15 0.48 0.56 0.58 0.60 0.65

Tot Debt/Equity 0.73 0.25 0.19 0.18 0.93 1.26 1.41 1.51 1.84

Others

Asset Turnover 1.32 1.05 1.09 0.98 0.94 0.46 0.67 0.72

Accounts Receivable Turnover 32.89 27.55 26.51 25.08 26.59 15.24 22.21 18.54

Accounts Payable Turnover 14.94 12.09 15.37 22.19 12.36 6.25 12.45 11.03

Inventory Turnover 4.85 4.64 4.99 5.06 4.46 3.30 4.24 3.68

Effective Tax Rate 27.1% 11.4% 26.0% 26.7% 25.7% 8.8% 19.8% 28.6% 30.9%

Company Analysis - Financials IV/IV

MECHEL-SPON ADR

SEVERSTAL NORILSK NICKEL ARCELORMITTAL NLMK OAO EVRAZ PLC VSMPO-AVISMA RASPADSKAYA MAGNITOGORSK NIPPON STEEL SALZGITTER AGRAUTARUUKKI

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POLYUS GOLD OJSC

12/2009 12/2011 12/2010 12/2011 12/2011 12/2011 12/2010 12/2011 12/2011 03/2012 12/2011 12/2011 12/2011 03/2012 12/201027.43 544.00 8'417.00 24.77 114.00 465.40 6'097.90 191.02 27.60 270.00 55.00 17.13 480'000.00 2'272.00 2'022.80

09.06.2011 01.08.2011 08.07.2011 08.07.2011 01.07.2011 26.01.2012 19.01.2012 12.07.2011 09.06.2011 08.07.2011 08.07.2011 17.05.2011 26.07.2011 06.07.2011 03.06.20116.77 280.00 4'047.00 10.47 50.58 303.00 3'419.90 62.00 10.11 165.00 32.43 5.91 341'000.00 1'217.00 856.00

14.05.2012 04.10.2011 27.12.2011 23.09.2011 07.05.2012 25.11.2011 17.05.2011 05.10.2011 15.05.2012 22.11.2011 23.09.2011 23.11.2011 05.10.2011 22.11.2011 06.12.20112'730'299 168'100 47'594 1'868'855 867'290 14'498 451 163'620 2'433'900 28'551'000 16'322 8'330 251'008 3'590'300 4'276

6.79 360.30 4'926.00 12.36 51.74 324.30 4'821.30 76.77 10.24 181.00 35.62 6.20 381'000.00 1'287.00 1'015.20

-75.2% -33.8% -41.5% -50.1% -54.6% -30.3% -20.9% -59.8% -62.9% -33.0% -35.2% -63.8% -20.6% -43.4% -49.8%0.3% 28.7% 21.7% 18.1% 2.3% 7.0% 41.0% 23.8% 1.3% 9.7% 9.8% 5.0% 11.7% 5.8% 18.6%

416.3 1'007.7 190.6 1'549.0 5'993.2 156.2 11.5 780.8 11'006.1 6'289.7 54.1 138.9 77.2 538.2 190.62'826 363'075 939'032 19'285 310'090 4'345 55'587 59'942 114'392 1'232'064 2'140 870 33'218'186 790'782 193'525

9'869.0 5'976.1 2'831.0 26'418.0 4'379.8 7'245.0 735.8 305.3 4'402.0 1'334'510.0 747.9 848.0 11'641'328.0 1'593'632.0 6'212.3 25.3 - - - - - - - - - - - - - -

374.6 387.8 598.0 3'787.0 (41.9) 236.0 - 4.5 159.0 518'440.0 9.0 2.0 - 42'084.0 1'737.0 643.4 1'874.0 5'405.0 3'821.0 1'024.4 801.0 228.9 260.3 471.0 65'790.0 1'023.2 41.0 2'187'300.0 50'382.0 15'396.9

12'452.0 16'478.1 30'303.7 52'260.6 13'552.2 13'674.8 2'340.3 2'026.5 7'862.9 3'019'223.6 1'874.1 1'679.8 42'672'214.0 2'376'116.2 186'077.7

LFY 12'546.3 15'812.4 12'775.0 93'973.0 11'728.6 16'400.0 977.8 726.1 9'306.0 4'090'936.0 9'839.5 2'798.0 39'171'703.0 3'166'511.0 53'108.9LTM 12'546.3 15'812.4 13'273.0 94'492.0 11'728.6 16'400.0 977.8 726.1 9'306.0 4'090'936.0 10'146.7 2'825.0 39'171'703.0 3'166'511.0 60'115.8

CY+1 12'621.1 16'566.1 14'253.9 93'074.2 13'355.7 15'793.8 979.7 900.5 10'075.9 4'185'699.3 9'855.8 2'845.7 38'153'635.7 3'219'514.6 65'880.1 CY+2 12'523.9 17'295.2 13'502.4 97'303.6 15'042.0 16'612.5 1'213.7 1'200.8 11'255.1 4'291'099.0 10'304.2 2'983.9 39'450'624.4 3'337'294.6 76'138.1

LFY 1.1x 1.0x 3.9x 0.6x 1.3x 0.5x - 3.4x 0.9x 0.8x 0.2x 0.7x 1.0x 0.8x 6.7xLTM 1.1x 1.0x 3.7x 0.6x 1.4x 0.5x - 3.4x 0.9x 0.8x 0.2x 0.7x 1.0x 0.8x 6.7x

CY+1 0.9x 1.0x 2.3x 0.5x 1.0x 0.9x 2.6x 2.5x 0.7x 0.8x 0.2x 0.6x 1.1x 0.7x -CY+2 0.9x 0.9x 2.4x 0.5x 0.8x 0.8x 2.1x 1.8x 0.6x 0.7x 0.2x 0.5x 1.1x 0.6x -

LFY 2'458.2 3'582.5 7'370.0 9'567.0 2'254.4 3'026.0 247.1 331.3 1'252.0 363'795.0 602.9 170.0 6'100'453.2 283'095.0 20'464.1LTM 2'685.3 3'586.4 7'738.0 9'339.0 2'388.0 3'026.0 247.1 331.3 1'252.0 363'795.0 602.9 - 6'100'453.2 283'095.0 20'464.1

CY+1 2'451.9 3'578.5 7'232.8 9'907.7 2'617.9 2'688.5 198.3 458.0 1'492.8 458'619.3 610.1 237.0 6'095'530.7 336'036.5 33'363.3 CY+2 2'230.9 3'636.3 6'479.3 11'656.1 3'094.4 2'998.7 282.3 647.3 1'888.2 507'192.5 718.9 332.5 6'965'474.9 385'512.8 -

LFY 5.6x 4.5x 6.7x 6.0x 6.8x 2.5x - 7.4x 6.6x 8.8x 3.0x 11.2x 6.4x 9.0x 17.5xLTM 5.1x 4.4x 6.4x 6.1x 6.4x 2.5x - 7.4x 6.6x 8.8x 3.0x - 6.4x 9.0x 17.4x

CY+1 4.8x 4.4x 4.6x 5.1x 5.0x 5.1x 12.7x 5.0x 5.0x 7.0x 2.8x 6.7x 6.8x 6.6x -CY+2 5.2x 4.2x 4.9x 4.2x 4.1x 4.4x 9.0x 3.3x 3.8x 6.1x 2.3x 4.7x 6.0x 5.6x -

LFY - - - 0.44 - 0.60 - - - - 4.40 - - - -LTM 1.75 1.83 29.78 0.78 0.22 0.36 2.27 0.17 -0.01 9.29 3.17 -0.27 41'279.00 -68.81 64.94

CY+1 1.61 1.82 26.77 1.89 0.23 0.58 4.99 0.32 0.02 17.29 2.83 0.31 40'728.79 134.32 77.36 CY+2 1.48 1.94 24.43 2.85 0.27 0.79 9.19 0.52 0.08 21.23 4.38 0.79 47'342.83 182.72 56.56

LFY 3.9x 6.5x 5.5x 20.4x 7.8x 14.7x 70.2x 14.6x - 19.5x 11.2x - 9.2x - 15.6xLTM - - - - - 8.7x - - - - 11.2x - - - -

CY+1 4.2x 6.6x 6.1x 8.4x 7.6x 9.0x 31.9x 7.9x 16.9x 10.5x 12.6x 20.1x 9.4x 9.6x 13.1xCY+2 4.6x 6.1x 6.7x 5.6x 6.3x 6.6x 17.3x 4.9x 4.5x 8.5x 8.1x 7.8x 8.0x 7.0x 17.9x

1 Year 28.7% 23.4% 49.6% 20.4% 40.4% 22.4% (19.8%) 2.9% 20.6% (0.5%) 18.5% 15.9% 20.2% (0.9%) 42.7%5 Year 24.4% - 23.5% 3.5% 14.3% - 16.2% 16.8% - (1.8%) 3.7% (2.0%) 15.6% (1.8%) 28.0%1 Year 19.4% 19.8% 69.3% 19.4% (2.9%) 37.4% (21.7%) (3.2%) (12.8%) (20.7%) 397.0% 15.6% (17.0%) (34.1%) 26.2%5 Year 21.6% 4.0% 13.5% (0.6%) (3.8%) - 16.6% 9.3% (9.0%) (14.0%) (10.5%) (24.1%) 2.3% (16.1%) 30.9%

LTM 19.6% 22.7% 57.7% 10.2% 19.2% 18.5% 25.3% 45.6% 13.5% 8.9% 6.1% 6.1% 15.6% 8.9% 38.5%CY+1 19.4% 21.6% 50.7% 10.6% 19.6% 17.0% 20.2% 50.9% 14.8% 11.0% 6.2% 8.3% 16.0% 10.4% 50.6%CY+2 17.8% 21.0% 48.0% 12.0% 20.6% 18.1% 23.3% 53.9% 16.8% 11.8% 7.0% 11.1% 17.7% 11.6% -

Total Debt / Equity % 198.8% 89.5% 16.3% 46.6% 43.2% 130.7% 71.5% 28.9% 47.4% 73.0% 18.7% 66.7% 31.0% 112.7% 6.4%Total Debt / Capital % 64.8% 45.8% 13.6% 30.4% 30.2% 55.6% 41.7% 22.3% 31.8% 36.2% 15.8% 40.0% 23.6% 52.3% 5.9%Total Debt / EBITDA 4.015x 1.668x 0.384x 2.761x 1.943x 2.394x 2.978x 0.921x 3.516x 3.668x 1.241x 4.988x 1.908x 5.629x 0.302xNet Debt / EBITDA 3.753x 1.145x -0.349x 2.362x 1.488x 2.130x 2.052x 0.136x 3.140x 3.487x -0.457x 4.747x 1.550x 5.451x -0.446xEBITDA / Int. Expense 4.378x 8.214x 84.713x 4.919x - 4.274x 4.280x 11.776x 4.424x 20.399x 9.555x 4.722x 14.506x 18.750x 20.857x

S&P LT Credit Rating - BB BBB- BBB- BBB- - - - NR BBB+ - - A- NR -S&P LT Credit Rating Date - 14.06.2011 26.09.2011 02.11.2010 23.07.2008 - - - 20.01.2010 22.03.2012 - - 31.10.2011 10.04.2009 -Moody's LT Credit Rating - Ba2 - Baa3 - - - - - A3 *- - - A3 A3 *- -Moody's LT Credit Rating Date - 14.06.2011 - 20.05.2009 - - - - - 23.04.2012 - - 30.06.2011 20.02.2012 -

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