GDR Information

In December 2003, Severstal established a Level I sponsored Global Depositary Receipt («GDR») program for 19.99% of its shares. This program covers only existing shares and allows the shareholders of Severstal to convert their stocks into GDRs.

At that time, 1 DR includes 5 ordinary shares. This ratio was established after 1 to 25 stock split in December 2004, whereby the par value changed from RUB 0.25 to RUB 0.01. The old ratio was the opposite-proportion of 1 share to 5 DRs.

As a result of IPO happened in October-November, 2006 since November 14, 2006 Severstal’s GDR were admitted to the Official List of the UK Listing Authority (“Admission”). All previous GDR’s issues were converted to new GDR program. Currently, 1 DR includes 1 ordinary share. The Reg S GDRs listed on the London Stock Exchange under the symbol “SVST”. The 144A GDRs presented in the PORTAL system.

The custodian for the program is Deutsche Bank Trust Company Americas.

Issued GDR’s as at 31 October, 2008