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October 2014 RESULTS CORPORATE 1H 2014 PRESENTATION

DISCLAIMER This document and its contents are confidential and may not be reproduced, redistributed, published or passed on to any person, directly or indirectly, in whole or in part, for any purpose. If this presentation has been received in error, it must be returned immediately to Metinvest B.V. (the “ Company ”) . This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in Metinvest B.V., nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. This presentation is not an offer of securities for sale in the United States. The Company’s securities may not be offered or sold in the United States except pursuant to an exemption from, or transaction not subject to, the registration requirements of the United States Securities Act of 1933. This communication is directed solely at (i) persons outside the United Kingdom, or (ii) persons with professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons in (i)-(iv) above being “relevant persons”) . Any investment activity to which this communication relates will only be available to and will only be engaged with relevant persons. Any person who is not a relevant person should not act or rely on this communication. 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 the Company 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 Company 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. The information contained herein has been prepared using information available to the Company at the time of preparation of the presentation. External or other factors may have impacted on the business of the Company and the content of this presentation, since its preparation. In addition all relevant information about the Company may not be included in this presentation. The information in this presentation has not been independently verified. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or reliability of the information contained herein and no reliance should be placed on such information. Neither the Company, nor any of its advisers, connected persons or any other person accepts any liability for any loss howsoever arising, directly or indirectly, from this presentation or its contents. This presentation contains forward-looking statements, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or including the words “targets”, “believes”, “expects”, “aims”, “intends”, “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 the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. These forward-looking statements speak only as at the date of this presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based. 2 CORPORATE PRESENTATION 1H 2014 RESULTS

CORPORATE PRESENTATION INDUSTRY OVERVIEW

GLOBAL STEEL MARKET Hot-rolled coil (HRC) and Billet prices  Global steel production grew by 2.4% y-o-y to 820MT in 1H 2014 US$ per tonne  China continued to be the main driver of growth 700  Chinese companies increased crude steel production by almost 9.9MT y-o-y 650  China expanded its presence in export markets while domestic 600 market was in stagnation 550  The highest growth in relative terms was in the Middle East (+9.5% y-o-y) and the EU-28 (+3.8% y-o-y) 500  In 1H 2014, average world capacity utilisation (based on monthly 450 values) was 78% (-0.8% y-o-y) 400  Steel prices decreased, driven by falling y-o-y prices for raw materials Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14  billet prices (FOB Black Sea) dropped by 4.3% y-o-y to US$493 per tonne HRC Europe EXW HRC China Export FOB Shanghai HRC export FOB Black Sea Billet export FOB Black Sea  HRC prices (FOB Black Sea) fell by 3.2% to US$520 per tonne Source: Metal Bulletin World steel capacity utilisation rate World crude steel production million tonnes 82% 415 80% 406 405 398 396 391 78% 76% 74% 72% 70% 68% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Source: World Steel Association Source: World Steel Association 4 CORPORATE PRESENTATION 1H 2014 RESULTS

GLOBAL RAW MATERIALS MARKET Raw materials prices  Global iron ore production grew by 1.9% y-o-y to 966MT due to US$ per tonne  an increase in production capacity by the "Big Four" 450  greater supplies from Australia and Brazil 400  Global iron ore consumption reached 969MT, up 3.3% y-o-y 350  Iron ore price dropped by 19% y-o-y to US$112 per tonne, mainly due 300 to increase in supply from Australia and weaker construction sector 250 demand from China 200 150  Global production of coking coal grew by 4.0% y-o-y to 312MT 100  Australian companies increased production by 7.0% y-o-y 50 0  Mozambique, Mongolia and Russia boosted output by 7.3% Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14  Global consumption of coking coal increased by 3.2% to 309MT  HCC price dropped by 24% y-o-y to US$117 per tonne due to lower Iron ore concentrate Fe 62% China import HCC export Australia, FOB demand and increased supplies from the US and Australia Scrap HMS CFR Turkey (RHS) Source: Bloomberg Global iron ore stocks World iron ore (total) World hard coking coal (HCC) million tonnes million tonnes million tonnes 159 158 156 155 153 154 153 151 151 151 120 502 496 492 147 146 486 481 472 469 473 466 461 464 459 100 80 60 40 20 0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Production Consumption Production Consumption Note: Data for 4Q13, 1Q14 and 2Q14 is forecast Source: MySteel 5 CORPORATE PRESENTATION 1H 2014 RESULTS

CORPORATE PRESENTATION 1H 2014 HIGHLIGHTS