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April 2015 RESULTS CORPORATE 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 2014 RESULTS

CORPORATE PRESENTATION INDUSTRY OVERVIEW

GLOBAL STEEL MARKET Hot-rolled coil (HRC) and Billet prices � Global steel production grew by 1.0% y-o-y to 1,665MT in 2014 US$ per tonne � South Korea and India were main drivers of this growth. They increased crude steel production by 5.5Mt and 5.2Mt respectively 700 � Chinese crude steel production rose by only 0.7Mt in 2014. Weak 650 growth in China was associated with stagnation of the domestic steel 600 market as a result of a crisis in national real estate sector 550 � The strongest growth in relative terms was in Middle East (+7.6% 500 y-o-y) and North America (+1.9% y-o-y) 450 � In 2014, average world capacity utilisation (based on monthly values) 400 was 73.3% (-0.9% y-o-y) 350 � 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 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 � the average annual price of billets (FOB Ukraine) fell by 5.2% y-o-y to US$479 per tonne and the average annual price of hot-rolled coils HRC Southern Europe EXW HRC China export FOB (FOB Ukraine) dropped by 4.3% y-o-y to US$511 per tonne HRC Ukraine export FOB Billet Ukraine export FOB Source: Metal Bulletin Steel industry 1 in Ukraine World steel capacity utilisation rate World crude steel production million tonnes million tonnes 78% 33 33 1,665 1,649 1,559 76% 27 74% 72% 70% 8 7 6 68% 66% 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 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 2012 2013 2014 2012 2013 2014 Crude steel production Consumption Source: World Steel Association Source: Metal Expert Source: World Steel Association 1) Consumption includes flat, long and certain semi- finished products but excludes pipes 4 CORPORATE PRESENTATION 2014 RESULTS

GLOBAL RAW MATERIALS MARKET Raw materials prices � Global iron ore production grew by 1.6% y-o-y to 2,002MT, US$ per tonne approximately in line with the dynamic of global crude steel production. The relatively small growth in the total volume (~30MT) was a result of a large growth in Australia’s production (~120MT) set 450 off by decreases in other countries, most notably China (~50MT). 400 Global iron ore consumption reached 1,963MT, up 3.7% y-o-y 350 300 � Iron ore price dropped by 49.0% during 2014 to US$69 per dry tonne 250 CFR China due to greater supply from Australia, weaker construction 200 demand from China, and lower energy and freight costs of mining 150 companies amid falling crude prices in 4Q14 100 50 � Global production of hard coking coal grew by 2.0% y-o-y to 621MT, 0 driven by output rises of 14.4% y-o-y in Australia and 12.7% overall in 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 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Mozambique, Mongolia and Columbia. Hard coking coal prices dropped by 17.2% during 2014 to US$112 per tonne, spot FOB Iron ore concentrate Fe 62% CFR China Australia, due to lower demand and greater supplies from Australia HCC FOB Australia Source: CRU, Metal Expert Scrap HMS CFR Turkey (import from Europe) Chinese iron ore import (port) stocks World iron ore (total) World hard coking coal million tonnes million tonnes million tonnes 120 2,002 1,969 621 616 1,963 609 1,839 606 595 590 1,893 100 1,808 80 60 40 20 0 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 Sep-14 Nov-14 2012 2013 2014 2012 2013 2014 Production Consumption Production Consumption Source: MySteel Source: CRU 5 CORPORATE PRESENTATION 2014 RESULTS

CORPORATE PRESENTATION HIGHLIGHTS 2014