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BondsEurobond credit ratingsSeverstal versus RTS Index %During 2008, the principal rating agencies upgradedIn July 2008, Steel Capital SA, a non-related party,issued US dollar denominated loan participation notesin an aggregate principal amount of US$1,250 millionthe credit ratings of Severstal bonds, confirming thecompany’s high level of reliability. Fitch upgradedSeverstal Eurobonds to BB, while Moody’s upgraded125SeverstalRTSfor the sole purpose of financing a loan facility betweenOAO Severstal and Steel Capital SA. The notes are duethe bonds to Ba2. Standard & Poor’s upgradedSeverstal Eurobonds to BB.100on July 29, 2013 and bear interest at annual interestrate of 9.75% payable on January 29 and July 29 of each75year.US$In February 2009, Severstal has repaid its US$32550million Eurobonds-2009 issue from the Company’sinternal funds. There are currently two Eurobond issues25on the market, from 2004 and 2008 years.0Eurobond credit raitings as at 31 December, 2008Standard & Poor’s Fitch Moody’s02.01.200827.02.200823.04.200818.06.200813.08.200808.10.200803.12.200805.02.2009Severstal-2009 BB n/a Ba2Severstal-2013 BB BB Ba2Severstal-2014 BB BB Ba2Share price and turnover on MICEXEurobond issues as at 31 December, 20082000700IssueInterestDate of redemption Sum of issue,Date of issuerateUS$Lead managerSeverstal-2009 8.625 24 February 2004 24 February 2009 325 million Citigroup GlobalMarkets LimitedSeverstal-2013 9.75 29 July 2008 29 July 2013 1,250 million Citigroup GlobalMarkets LimitedSeverstal-2014 9.25 19 April 2004 19 April 2014 375 million Citigroup GlobalMarkets LimitedForm of issueLoan ParticipationNotesLoan ParticipationNotesLoan ParticipationNotesroubles18001600140012001000800600Turnover rubles mlnSeverstal (MICEX)6005004003002004002001000009.01.200806.02.200805.03.200803.04.200804.05.200802.06.200801.07.200829.07.200826.08.200823.09.200822.10.200820.11.200818.12.200823.01.200920.02.2009roubles million86 87