1

2006 Interim Results 2006 Interim Results RoadRoad--showshow

October, 2006October, 2006

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DisclaimerDisclaimer

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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Evraz HighlightsEvraz 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 5.3% to $3,825 mln reflecting 23% increase in sales volumes to 8.3 million tonnes

n 1H06 EBITDA flat 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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EVRAZ GROUPEVRAZ GROUP’’S MAIN LOCATIONSS MAIN LOCATIONS

NakhodkaSea Port

Neryungriugol

ZapSib

Mine 12

Raspadskaya

NKMK

YKU

EvrazRudaNTMK

VGOKKGOK

Moscow

Stratcor

Stratcor

Vitkovice Steel

Palini e Bertoli

Highveld (24.9%)

Luxembourg

Iron ore mining

Coal mining

Sea ports

Steel mills

Vanadium

Export countries

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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

VISION AND STRATEGIC GOALSVISION AND STRATEGIC GOALS

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1H 2006 HIGHLIGHTS1H 2006 HIGHLIGHTS

n Revenue grew 5.3% to $3,825 mln backed by sales volumes increase of 23%

n 23% growth in Russian construction products sales volumes

n Favourable domestic steel pricing environment

n 5.0x increase in non-Russian sales to mature European and US markets to $714 mln

n EBITDA flat at $1.1 bn, EBITDA margin remains strong at 29%

n Consolidated cash cost per tonne increased by 6.8% to $235

n $262 mln capital investment to improve efficiency

n Continued focus on developing mining segment with additional $225 mln investments in OAO Raspadskaya

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8,300 +23%Volumes (‘000 tonnes)

1H 2006 SUMMARY PERFORMANCE1H 2006 SUMMARY PERFORMANCE

Revenue ($ mln) 3,825 +5%

(2)%

(7)%

EBITDA ($ mln)

Net Profit* ($ mln) 571

1,096

*Net profit attributable to equity holders of Evraz Group S.A.

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1H 2006 RESULTS OVERVIEW1H 2006 RESULTS OVERVIEW

1.5%(334)(339)SG&A

(2)%1,1191,096EBITDA*

30.8%28.7%EBITDA margin

(6.7)%612571Net Profit**

16.9%14.9%Net Profit margin

(13.8)%1.881.63EPS (USD per GDR)

23%6,7508,300Sales volumes*** (‘000 tonnes)

11.9%(2,251)(2,520)Cost of revenue

5.3%3,6323,825Revenue

1H 20051H 2006 Change,%$ mln unless otherwise stated

*EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets and loss (gain) on disposal of PP&E** Net profit attributable to equity holders of Evraz Group S.A. *** Steel Segment sales volumes

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CASH FLOW GENERATIONCASH 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

$ mln

482641

611

190103

772

264 45 18

28716

0

200

400

600

800

1000

1200

1400

1600

1800

Cash atbeginning of

period

Net Profit Adj. toreconcile

OpCF beforeWC

Changes inWC

CF used ininvestingactivities

Short-termdeposits at

banks

C F fromfinancingactivities

Effect ofexchange

rate changes

C ash at endof period

769657

Short-termdeposits at banks

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STRONG BALANCE SHEETSTRONG 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-/Stable Outlook by S&P

n Well-capitalised balance sheet to fund future growth

1Net debt equals total debt less cash & cash equivalents and short-term bank deposits

1,374

2,394 2,652

1,094

1,736

1,883

1.0

0.5

0.9

0

500

1,000

1,500

2,000

2,500

3,000

2004 2005 LTM0

0.2

0.4

0.6

0.8

1

1.2

Total Debt Net Debt Net Debt/EBITDA

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 results3ROCE 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

Net Debt-to-EBITDA Ratio Total Assets

4,253

6,663

7,317

20%

27%

67%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2004 2005 LTM0%

10%

20%

30%

40%

50%

60%

70%

80%

Total Assets ROCE

$ mln $ mln

2

13

2

11

BALANCE SHEET HIGHLIGHTSBALANCE SHEET HIGHLIGHTS

6,6637,317Total equity and liabilities

2,7073,373Equity

835860Incl. ST loans & current portion of LT loans

1,8961,625Total current liabilities

1,5151,742Incl. LT loans

1,8702,102Total non-current liabilities

6,6637,317Total assets

641482Incl. Cash & cash equivalents

2,6442,682Total current assets

2,9603,278Incl. PP&E

4,0194,635Total non-current assets

31 December 2005

30 June 2006$ millions

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EBITDAEBITDA

133

253

1H05 1H06

854

957

1H05 1H06

Steel Segment EBITDA

Mining Segment EBITDA

+12.1%

(47.4)%

n EBITDA margin remains strong at 29% fuelled by steel segment performance

n Steel segment EBITDA growth driven by volume increase and cost management

n Mining segment EBITDA slipped on the back of softer pricing in the Russian market

$ mln

$ mln

611

137

241

99

1,096

(3)

1011

(10)

Net Profit DD&A Income taxexpense

Net interestexpense

Profits fromassoc iates

Loss ondisposal of

PPE

Impairment ofassets

Other non-operat ingincome

EBITDA

Consolidated EBITDA

$ mln

13

0

100

200

300

400

500

600

Rebars Sections Rails Billets Slabs

1H042H041H052H051H06

STEEL SEGMENTSTEEL SEGMENT

Russia50%

Asia28%

Europe16%

CIS3%

North and South

America3%

Prices for Main Steel ProductsSteel Segment Sales by Regions

n Consolidated steel products sales volume up 23% to 8.3 mln tonnes

n Excellent performance of the Russian construction market (+23%)

n Sales into attractive European and US markets increased by a factor of 5

Non-Russia

$/tonne

Russia

14

STEEL SALES BY PRODUCTSTEEL SALES BY PRODUCT

8,300

181

139

789

830

2,197

4,164

1H 2006

23%6,750Total

223%56Other*

13%123Mining

(5)%828Railway

328%194Plates

4%2,106Construction

21%3,443Semi-finished

%1H 2005Products (‘000 tonnes)

n 21% increase in semi-finished sales volumes driven by organic growth and world steel market demand

n Strong plates sales growth due to acquisitions of premium Vitkovice Steel and Palini e Bertoli plate mills

(in volume terms)

*Includes rounds, cut shapes, strips and other products

15

744573

784

663

541

499

871

879

714

597

1H05 1H06

Rebars Sections Rails Other finished Semis

+30%

+18%

+8%

-1%

+20%

RUSSIAN AND CIS MARKETSRUSSIAN AND CIS MARKETS

200

350

500

650

800

950

Aug-03

Nov-03

Feb-04

May-04

Aug-04

Nov-04

Feb-05

May-05

Aug-05

Nov-05

Feb-06

May-06

H-beams (50B) Channels Angles Rebars

Sales Mix Average Market Prices

$/tonne

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

‘000 tonnes

Source: Metall Courier

16

2002 =100%

GDPConstruction:Rebar consumption

100

150

200

250

300

350

2002

2003

2004

2005

2006

2007

2008

2009

2010

400

Source: Evraz, EIU, Chermet, Metall Expert

Construction Output Forecast to Exceed GDP Growth

Russian market share by volume, 2005

Steel Consumption Growth Structure

39,9

30,5 31,6 33,4 35,137,3

2005 2006 2007 2008 2009 2010

Pipes

Long Products

Flat Products0

20

40

60

80

100%

21%

42%

38%

18%

43%

39%

n Construction growth in Russia and CIS continues to outperform GDP

n Russian and CIS steel consumption remains below global benchmarks

n Enhanced leadership position in the rapidly growing construction market with estimated market share of 38%

WELLWELL--POSITIONED POSITIONED IN DOMESTIC MARKETIN DOMESTIC MARKET

100%

84%

49%

30% 28%

0%

20%

40%

60%

80%

100%

Rails H-beams Chanels Rebars Rail-wheels

#1#1

#1

#1 #2

17

1,4911,412

1,342

1,053

617

380

416

580

669

71

110

42

1H05 1H06

Billets Slabs Other semisConstruction Plates Other finished

6%

27%

62%

-28%

NONNON--RUSSIAN SALESRUSSIAN SALES

Non-Russian Sales Product Mix

0

100

200

300

400

500

600

Aug-03 Dec-03 Apr-04 Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06

Billet (FOB, Far East) Slab (FOB, Far East)

Non-Russian Prices for Slabs & Billets

‘000 tonnes $/tonne

n Steel sales volumes increased by 31.8% to 4.65 million tonnes

n Continued diversification of sales in favour of European and US markets

n Construction steel export volumes shifted to attractive Russian market

n Strong price recovery in 2Q 2006

Source: SBB

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EUROPEAN ASSETSEUROPEAN ASSETS

399

135

455

212

Vitkovice Steel Palini e Bertoli

1H05* 1H06

+14%

+57%

European Assets Revenues and Costs European Assets Production Growth

n European assets (Vitkovice Steel and Palini e Bertoli) successfully integrated and contributed $454 mln to consolidated revenue

n Production volumes increased by 25% in 1H 2006

$ mln ‘000 tonnes

228

322

96

132

Revenue Costs

Vitkovice Steel Palini e Bertoli

* 1H05 not included in Evraz Group S.A. consolidated Financial Statement

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Attractive Plate/SlabAttractive Plate/Slab MarginMargin

US$

Source: SBB 06

n Semis export markets remain volatile

n Flat product market presence provides exposure to the benefits and a possible platform for regional consolidation process

0

200

400

600

800

1000

Jan

03

Mar

03

May

03

Jul 0

3

Sep

03

Nov

03

Jan

04

Mar

04

May

04

Jul 0

4

Sep

04

Nov

04

Jan

05

Mar

05

May

05

Jul 0

5

Sep

05

Nov

05

Jan

06

Mar

06

May

06

Jul 0

6

Sep

06

EU export fob plate Black Sea slab

Prices for Flat products and Semis in Europe

20

4110

594

480

253

133

1H05 1H06Revenues EBITDA Profit from assoc iates

MINING SEGMENTMINING SEGMENT

Mining Segment Performance

$ mln

4,198 4,418

2,898 2,794

1,397 1,181

1H05 1H06

Kachkanarsky GOK Evrazruda Vysokogorsky GOK

Iron Ore Production

n Mining segment revenues decreased by 19.2% to $480 mln

n Iron ore sales volumes flat at 8.4 mln tonnes

n Decline in average prices of iron ore and coal

n Iron ore self-sufficiency remains strong at 78%

‘000 tonnes

21

MUK-96 and Razrez

304 OldRaspadskaya

478

EXPANDING INTEREST INEXPANDING INTEREST IN COALCOAL

11.06.4

6.0

3.3

0

4

8

12

16

20

2005 2010

Raspadskaya MUK-96 & Razrez

CAGR = 12%

Source: IMC Reserve Audit Report 2006

Proved and Probable Reserves Target Output

n Evraz owns 49% 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

Source: OAO Raspadskaya

mln tonnes mln tonnes

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Sheet, 27%

Plate, 40%

Sections, 14%

Bars, 9%

Alloys, 7%

Chemicals, 3%

NATURE OF VANADIUM MARKET

n Steel industry (90%)n High strength low alloy (HSLA) Steels

n Full Alloy Steels

n Tool Steels / Stainless Steel

n Carbon Steels

n Airspace industry (7%)n Titanium alloys for jet engine parts,

airframes, rockets, nuclear

n New alloys for modern aircrafts

and jets totals 20% of the weight(A380 and B787)

n Chemicals and Batteries (3%)n Catalyst for sulphuric acid and plastics

n Dietary, glasses, pigments

n Best strength to weight ratio of common engineering materialsn 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%

Source: CRU

World Vanadium Market

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GROWING VANADIUM BUSINESSGROWING VANADIUM BUSINESS

Source: CRU, Evraz

Steel production

Vanadium consumption

650

750

850

950

1050

1150

1250

1350

1450

1550

1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013

20

30

40

50

60

70

80

Steel production

Vanadium consumption

m tonnes ‘000 tonnes

Vanadium consumption growth rate

* European hot rolled coil price

V as proportion of steel prices

n 1H06 Vanadium slag sales totaled $83 mln

n In June Evraz acquired 24.9% in Highveld

n In August Evraz acquired 72.84% in Strategic Minerals Corporation (Stratcor)

n Diversified processing base allows Evraz to capture more value from vanadium slag

10

20

30

40

50

60

70

80

1995 2004 2005 2006f0.0%

5.0%

10.0%

15.0%

20.0%

Cost of V ($/t steel) V as % of product value

FeV, $/kg

24

COST STRUCTURECOST STRUCTURE

Steel Segment Costs Mining Segment Costs

Raw materials20%

Staff20%

Depreciation7%

SG&A11%

Other18%

Energy24%Transport

10%

SG&A10%

Raw materials54%

Other8%

Staff8%

Energy7%

Depreciation3%

n Cost of revenues up 11.9% to $2,520 mln as a result of higher steel sales volumes, lower raw material prices and acquisitions impact

n Consolidation of volumes of European assets contributed $253 mln to cost increase

n SG&A expenses remain flat due to strict cost management

n Risk of further cost increase concentrated in energy and labour expenses

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COST MANAGEMENTCOST MANAGEMENT

36.6

28.024.4

36.1

26.924.9

Transportation Staff Energy

1H05 1H06

Consolidated Costs

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 mining3) Estimated as vanadium slag sales over total steel products shipments4) Estimated as (Mining segment EBITDA + Profit from associates (coal assets)) / Total steel products shipments

Steel Cost Items

$/tonne $/tonne

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

220 235

20 1043 16

1H05 1H06

Benefit from integrat ion into mining 4)Benefit from vanadium slag sales 3)Consolidated steel produc ts cost per tonne 2)

283261

1)

1)

26

CAPEXCAPEX

On-goingRevamp of EAF at NKMK

On-goingInstallation of ISSM at Vitkovice Steel

On-goingRevamp of BF3 at ZapSib

On-going Reconstruction of converter shop at NTMK

CompleteRevamp of CB5 at NTMK

CompleteRevamp of BF5 at NTMK

StatusProject

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

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9 MONTHS 2006 TRADING UPDATE9 MONTHS 2006 TRADING UPDATE

2,865

3,721987

992

3,205

4,013

3Q

1H

385

4,747

12,354

636

6,210

11,562

Mine 12 Raspadskaya Yuzhkuzbassugol

9M05

9M06

IRON ORE ‘000 tonnes

* 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.

Steel, ‘000 tonnes

COAL, ‘000 tonnes

+65.2%

+30.8%

(6.4)%

+17.6%

Rolled Products, ‘000 tonnes

2,5463,288

3 Q

1 H

Pig Iron, ‘000 tonnes

4,3783,932

3Q1H

9M 2005 9M 2006 9M 2005 9M 2006 9M 2005 9M 2006

9M 2005 9M 2006

+13.8%

+22.3%

12,612 12,715

8,4989,669 8,868

10,84710,213

12,013

PeB+VSorganic

28

Average Russian Market Prices for Long Products

Source: Evraz market estimates

US$

0

100

200

300

400

500

600

700

800

900

1,000

1,100

Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06

H-beams Channels Angles Rebars

29

Non-Russian Prices for Slabs & Billets

Source: Metall-courier

0

100

200

300

400

500

600

Aug-03

Nov-03

Feb-04

May-04

Aug-04

Nov-04

Feb-05

May-05

Aug-05

Nov-05

Feb-06

May-06

Aug-06

Billet (FOB, Far East) Slab (FOB, Far East)

US$

30

+7 495 232-1370IR@evraz.com

www.evraz.com