MARKET SURVEY. August 2006 RUSSIA'S NON-FERROUS METALS INDUSTRY IN TABLE OF CONTENTS CORPORATE NEWS AGENCY

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1 Interfax - CNA 2 Pervaya Tverskaya- Yamskaya Moscow, , Russia Tel. (7-095) cna@interfax.ru RUSSIA'S NON-FERROUS METALS INDUSTRY IN August 2006 MARKET SURVEY TABLE OF CONTENTS RUSSIA'S NON-FERROUS METALS INDUSTRY IN Russia's Non-Ferrous Metals Industry: Structure... 4 Non-Ferrous Metals Reserves... 5 Non-Ferrous Metals Output... 5 Non-Ferrous Metals Exports... 9 COMPARATIVE PROFITABILITY OF MAJOR ENTERPRISES OF RUSSIA'S NON-FERROUS METALS SECTOR...11 RUSSIA'S NON-FERROUS METALS INDUSTRY IN : KEY INDUSTRIES...16 Aluminum Industry Major Trends Bauxite Alumina Aluminum RusAl in SUAL in Nickel Industry Major Trends Norilsk Nickel Mining and Metallurgical Company in Minor Nickel Producers in Copper Industry Major Trends Ural Mining and Metallurgical Company in Russian Copper Company in Zinc and Lead Industry Major Trends Chelyabinsk Zinc Plant in Electrozinc in Titanium and Magnesium Industry Major Trends VSMPO-Avisma Tin Industry Major Trends Novosibirsk Tin Integrated Works... 86

2 Russia's Non-Ferrous Metals Industry in LIST OF TABLES Table 1 Breakdown of Russia's Non-Ferrous Metals Industry by Subindustries' Financial Results... 5 Table 2 Ranking of Key Ores and Concentrates of Russia's Non-Ferrous Metals Industry by Growth Rate in Output in 2005, percent... 8 Table 3 Ranking of Key Metals and Rolled Stock of Russia's Non-Ferrous Metals Industry by Growth Rate in Output in 2005, percent... 8 Table 4 Breakdown of Russia's Non-Ferrous Metals Industry by Subindustries' Financial Results and Profitability in (Based on Results of Top 100 Companies) Table 5 Top Companies of Russia's Non-Ferrous Metals Industry by Sales Revenue in Table 6 Russia's Output of Bauxite, Alumina, and Aluminum in Table 7 Breakdown of Russia's Bauxite Imports by Countries in Table 8 Breakdown of Russia's Alumina Imports by Countries in Table 9 Russia's Top Producers of Primary Aluminum in , tonnes Table 10 Breakdown of Russia's Aluminum Exports by Countries in , percent 21 Table 11 RusAl's Key Output Indicators in H 2006, '000 tonnes Table 12 Mergers & Acquisitions by RusAl in H Table 13 SUAL's Key Output Indicators in H2006, '000 tonnes Table 14 Breakdown of Russia's Nickel Exports by Countries in Table 15 Output of Key Products by MMC Norilsk Nickel in , tonnes Table 16 Mergers and Acquisitions by Norilsk Nickel in H Table 17 Sale of Companies by Norilsk Nickel in H Table 18 Breakdown of Russia's Refined Copper Exports by Countries in , percent Table 19 UGMK Consolidated Output in Table 20 Mergers and Acquisitions by UGMK in H Table 21 Breakdown of Russia's Zinc Exports by Countries in , percent Table 22 Mergers and Acquisitions by Chelyabinsk Zinc Plant in Table 23 Breakdown of Russia's Titanium and Alloys Exports by Countries in , percent Table 24 Breakdown of Russia's Magnesium and Alloys Exports by Countries in , percent Table 25 Mergers and Acquisitions by VSMPO-Avisma in H Table 26 Novosibirsk Tin Integrated Works Output of Key Products in , tonnes...87 Table 27 Mergers and Acquisitions by Novosibirsk Tin Integrated Works in H LIST OF GRAPHS Graph 1 Growth of Russia's Non-Ferrous Metals Industry in , year-to-year... 7 Graph 2 Growth of Russia's Non-Ferrous Metals Industry, 1998= Graph 3 Russia's Exports of Aluminum, Nickel and Copper in by Value, $ ' Graph 4 Russia's Exports of Aluminum, Nickel and Copper in by Volume, '000 tonnes Graph 5 Russia's Output of Alumina, Bauxite and Primary Aluminum in , 1996= Graph 6 Russia's Exports of Unprocessed Aluminum in , '000 tonnes Graph 7 Shares of Top Producers on Russian Bauxite Market in , percent Graph 8 Shares of Top Producers in Russia's Alumina Production in Graph 9 Place of Russia in Global Aluminum Production in , '000 tonnes

3 Russia's Non-Ferrous Metals Industry in Graph 10 Shares of Top Producers in Russia's Primary Aluminum Production in , percent Graph 11 Place of Russia in Global Nickel Production in , '000 tonnes Graph 12 Russia's Nickel Output in , '000 tonnes Graph 13 Breakdown of Russian Nickel Production by Companies in , percent Graph 14 Russia's Nickel Export in , 000' tonnes Graph 15 Russia's Refined Copper Production in , 000' tonnes Graph 16 Russia's Exports of Refined Copper in , '000 tonnes Graph 17 Breakdown of Russia's Copper Production by Companies in , percent Graph 18 Russia's Lead and Zinc Production in , 000' tonnes Graph 19 Russia's Zinc Exports in , 000' tonnes Graph 20 Breakdown of Russia's Zinc Production by Companies in , percent.. 70 Graph 21 VSMPO-Avisma's Production of Titanium Roll and Ingots in , tonnes...80 Graph 22 Key Export Markets for VSMPO-Avisma's Products in , percent

4 INTERFAX - CORPORATE NEWS AGENCY Phone: Fax: cna@interfax.ru Publications Available Hard Copy or Russia's Gas Industry in July 2006 The survey provides information on major trends in Russia s gas industry in (demand, gas reserves, production, exports, transportation issues, gas distribution and gasification of Russian regions, regulation of prices for natural gas, setting of domestic gas market). The survey also covers performance of top gas producing companies (Gazprom, NovaTEK, Surgutneftegas, Rosneft, TNK-BP, Lukoil, Norilskgazprom). Russia's Gold Industry in June 2006 The survey provides information on major trends in Russia's gold industry in (demand, gold reserves, mine, incidental, secondary gold production, exports, regulation, output by regions and companies as well as performance of top gold producers in (Polyus Gold, Polymetal, Peter Hambro Mining, Highland Gold Mining, Buryatzoloto, Amur Cooperative, Omolon Mining Company, Yuzhuralzoloto). The survey also studies comparative profitability of major gold producing regions and top 100 gold producing enterprises by ROS, ROE and ROA ratios. Russia's Automotive Industry in May 2006 The survey provides information on major trends in key segments of Russia's automotive market (cars, trucks, buses) in Q2006, local production, import penetration, regulation, financials, holdings' structure, performance of major companies (Avtovaz, GM-Avtovaz, KAMAZ, GAZ, Ford Motor Company, AMO ZIL, UAZ, Uralaz, Pavlovo Avtobus, Izhmash-Avto, Nefaz) as well as sales of top world automotive producers in Russia. The survey also contains ranking of 150 top manufacturers of automobiles and automotive components by sales revenue, ROS, ROA, ROE ratios.

5 Russia's Agriculture in May 2006 The survey provides information on major trends in Russia's agriculture in 2005, regulation, export performance, import penetration, fixed-capital and foreign investments, financials, regional production of key products, holdings' structure, performance of key sectors (plant growing, livestock agriculture). The survey also studies comparative profitability of main subindustries in Russia and in seven federal districts as well as ranking of major agricultural companies by sales revenue, ROS, ROA, ROE ratios. Russia s Ferrous Metals Sector in April 2006 The survey provides information on major trends in Russia s ferrous industry in 2005 (production and exports of iron ore, pig iron, steel, rolled stock, steel pipes, metalware, regulation, financials), holdings structure as well as performance of top steel, pipe producers in (Severstal, Evrazholding, Magnitogorsk Metallurgical Combine, Novolipetsk Metallurgical Combine, Mechel Steel Group, Urals Steel, Oskol Electrometallurgical Combine, Pipe Metallurgical Company, United Metallurgical Company, ChTPZ Group). The survey also studies comparative profitability of major ferrous enterprises by ROS, ROE and ROA ratios. Russia's Oil Sector in March 2006 The survey provides information on major trends in Russia's oil industry in 2005 (oil reserves, drilling, oil and gas production, refining, exports of oil and oil products, transportation issues, regulation, stock market), performance of 10 Russian oil companies (Lukoil, Yukos, Surgutneftegas, TNK-BP, Sibneft, Tatneft, Rosneft, Russneft, Slavneft, Bashneft) as well as structure of oil holdings, strategy, M&A, financials. The survey also studies comparative profitability of major oil producing and refining enterprises by ROS, ROE and ROA ratios. A Comprehensive Insight in Russia's Retail Market in January 2006 The survey covers key trends and challenges of Russia's retail market, structure of retail trade by products and regions, price trends, drivers of consumer demand, expansion of retail chains as well as key market segments (foodstuffs, alcohol beverages and beer, tobacco, clothes and footwear, white goods and consumer electronics, pharmaceuticals, cosmetics and perfumery). The survey also studies comparative profitability of subindustries and 200 top companies producing goods for retail market. The survey covers regional retail markets' potential, including market volume, incomes and spending of population, financial performance of major retail companies. Russia's Chemical and Petrochemical Industry in November 2005 The survey provides information on major trends in Russia's chemical and petrochemical industry in , export performance, import penetration, fixedcapital and foreign investments, financials, holding's structure, performance of key industries (mineral fertilizer, synthetic rubber, organic synthesis products, tire, synthetic resin and plastic). The survey also studies comparative profitability of major enterprises of the industry by ROS, ROE and ROA ratios in 2004.

6 INTERFAX CORPORATE NEWS AGENCY Head of Research Dr. Igor Y. Volosov Tel.: Fax.: Internet: Interfax - Corporate News Agency has become Russia s leading provider of business, financial and risk-related information to clients doing business with Russia, CIS, Baltics, Central and Eastern Europe. Interfax-CNA's research products are widely recognized as an unbiased information source. The company cooperates closely with SPARK Database, the Economic Development and Trade Ministry, the Ministry for Industry and Energy, the State Customs Service, Federal Financial Markets Service and other key agencies. Interfax-CNA also relies on data feed from Interfax News Agency, which has earned the reputation on the world market of an independent, competent, and reliable source of news and information. Interfax-CNA product range includes: Profiles on more than Russian companies Profiles on Russian banks and insurance companies Marketing profiles (regions, goods, producers, exporters etc.) In-depth analysis on Russian markets and industries Macroeconomic research and policy impact analysis Identification and evaluation of potential business partners Individual data search