US GAAP financial results July, 2003 Moscow

2 2 Four years of steady growth Sales (US GAAP) 435

3 3 Income Statement Highlights $ mln / / 2001 Sales Gross margin EBITDA N/a EBIT N/a EBT Net Income

4 4 Profitability Sales, $ mln Gross margin8.3%20.2%22.1% EBITDA-4.6%7.4%10.6% EBIT-13.2%0.3%4.7% EBT2.1%1.7%14.7% Net Income0.1%1.9%8.9%

5 5 Balance Sheet Highlights $ mln Current Assets Total Assets Current Liabilities Total Liabilities NWC

6 6 Key Ratios Current ratio Quick ratio NWC to Total Assets Total Liabilities to Total Assets ROA0.1%1.2%7.0% Turnover (days) Assets Inventories Trade accounts receivable49 43 NWCN/a 52 Interest coverageN/a2.83.7

7 7 Doubtful accounts drop $ mln Trade accounts receivable Allowance for doubtful accounts Trade accounts receivable, net

8 8 Taxes Payable Drop $mln Taxes payable short term Taxes payable long term Total

9 9 Valuation Dec Dec Dec Jun 2003* Cap**, $mln EV***, $mln EV/S EV/EBITDAN/a Debt/EBITDAN/a Debt/EV P/E P/S EPS, $ *management estimation ** fully diluted basis *** EV = Cap + LT Debt - Cash

10 Cash flow growth CF before change in working capital, $ mln CF before change in working capital per share, $

11 Sales segmentation $ mln O&G equipment NPP equipment Shipbuilding Mining equipment Special Steel Metallurgical equipment Other Total