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1 1 2002 US GAAP financial results July, 2003 Moscow.

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1 1 1 2002 US GAAP financial results July, 2003 Moscow

2 2 2 Four years of steady growth 313 241 94 Sales (US GAAP) 435

3 3 3 Income Statement Highlights $ mln20002001 2001/ 2000 2002 2002/ 2001 Sales241.0313.1 1.30 435.4 1.39 Gross margin20.063.2 3.16 96.3 1.52 EBITDA-11.223.0 N/a 46.3 2.01 EBIT-31.80.9 N/a 20.6 22.55 EBT5.15.4 1.06 63.8 11.79 Net Income0.36.0 17.73 39.0 6.48

4 4 4 Profitability 200020012002 Sales, $ mln241.0313.1435.4 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 5 Balance Sheet Highlights $ mln200020012002 Current Assets301.8318.7346.0 Total Assets505.7517.4592.5 Current Liabilities346.5305.4283.7 Total Liabilities376.8387.3394.0 NWC-44.713.362.3

6 6 6 Key Ratios 200020012002 Current ratio0.871.041.22 Quick ratio0.28 0.34 NWC to Total Assets-0.090.030.11 Total Liabilities to Total Assets 0.75 0.66 ROA0.1%1.2%7.0% Turnover (days) Assets645596465 Inventories177220177 Trade accounts receivable49 43 NWCN/a 52 Interest coverageN/a2.83.7

7 7 7 Doubtful accounts drop $ mln200020012002 Trade accounts receivable 48.857.060.5 Allowance for doubtful accounts -12.7-8.4-5.9 Trade accounts receivable, net 36.048.754.6

8 8 8 Taxes Payable Drop $mln200020012002 Taxes payable short term 794736 Taxes payable long term 255033 Total1149769

9 9 9 Valuation Dec 31 2000 Dec 31 2001 Dec 31 2002 30 Jun 2003* Cap**, $mln49.6138.1213.8257.3 EV***, $mln41.7150.2245.2288.7 EV/S0.170.480.560.66 EV/EBITDAN/a6.525.296.23 Debt/EBITDAN/a2.882.54 Debt/EV0.510.440.480.41 P/E146.423.05.56.6 P/S0.210.440.490.59 EPS, $0.010.171.10 *management estimation ** fully diluted basis *** EV = Cap + LT Debt - Cash

10 10 Cash flow growth 200020012002 CF before change in working capital, $ mln -10.519.623.9 CF before change in working capital per share, $ -0.30 0.55 0.68

11 11 Sales segmentation $ mln 200020012002 O&G equipment19.545.8141.3 NPP equipment23.658.774.3 Shipbuilding-18.646.5 Mining equipment34.036.537.8 Special Steel62.857.246.4 Metallurgical equipment53.947.647.8 Other47.348.841.2 Total241.0313.1435.4

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