F E R R E X P O 2 0 1 4 F U L L Y E A R R E S U LT S P R E S E N TAT I O N

D I S C L A I M E R

2

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3

I N T R O D U C T I O N

M I C H A E L A B R A H A M S C B E D L , C H A I R M A N

4

2 0 1 4 F I N A N C I A L S R E S U LT S

C H R I S M AW E , C F O

5

2 0 1 4 : S T R O N G P E R F O R M A N C E

US$M (unless otherwise stated) 2014 2013 % Change

Total production (kt) 11,021 10,813 2%

Sales volumes (kt) 11,167 10,689 5%

Average CFR 62% fines price (US$/t) 97 135 (28%)

Revenue 1,388 1,581 (12%)

C1 cash cost (US$/t) 46 60 (23%)

Operating foreign exchange gains 76 1 n/a

EBITDA 496 506 (2%)

Impairments (84) (1) n/a

Profit for the period 184 264 (30%)

Income tax % 28% 14% 100%

Diluted eps 30.39 44.69 (31%)

Net cash flow from operating activities 288 233 24%

CAPEX 235 278 (15%)

Dividend 13.2 13.2 -

Closing net debt 678 639 6%

Net assets 718 1,735 (59%)

Benchmark iron ore price down 47% in 2014 from US$135/t to US$72/t, however

Strong performance highlights strength of business model

Higher pellet premiums

Improved pricing terms

Increased production volumes and quality

Improved efficiency

Lower costs (currency effects)

Lower freight – from December

Dividend retained in line with 2013

Capex to complete QUP & CUP; 12 MTPA capacity reached

FYM concentrator on hold

Net debt increased modestly by US$39M

US$20M increase in VAT (no repayment in Nov & Dec), normal repayments in Jan & Feb 2015

1,581

430

164

62

64

1,388

11

0

200

400

600

800

1000

1200

1400

1600

2013revenue

Spot 62% Fefines

Pelletpremium &

pricerealisation

Volume, ownore

Freight &other

2014revenue

6

506496

164

23 45104

43

76

430 35

0

100

200

300

400

500

600

2013EBITDA

Spot 62%Fe fines

Pelletpremium &

pricerealisation

Volume,own ore

C1 /constantcurrency

Other costs /constantcurrency

C1 / forexeffect

Other costs /forex effect

Forex non-cash gain

2014EBITDA

REVENUE 2014 VS. 2013 (US$M) EBITDA 2014 VS. 2013 (US$M)

H I G H E R V O L U M E S , I N D E X B A S E D P R I C I N G , I M P R O V E D P E L L E T

P R E M I U M S A N D L O W E R C O S T S S U P P O R T E D 2 0 1 4 E B I T D A

L O W E R C O S T S

C1 CASH US$ PER TONNE

6046

36

30

35

40

45

50

55

60

2013 2014 Jan/Feb 2015

7

25% Electricity

15% Gas

13% Fuel

10%Materials

10%Personnel

7% Grinding bodies

7%Maintenance

6% Spares

4% Royalites3% Explosives

BREAKDOWN OF C1 CASH COST

Average

2013

Average

2014

Average 2015

as of 28 Feb

2015

Current spot

(approximately)

UAH vs. US$ 8.0 11.9 20.3 23.0

C1 cost US$14 per tonne lower

Largely driven by UAH devaluation

Positive FYM contribution

15% decline in gas prices

Improved consumption norms

14% increase in electricity tariffs

Increased royalty payments in UAH

-23%

45% = FPP1 52% = FPP1 81% = FPP1

1Ferrexpo Premium Pellets, 65% Fe

US

$ pe

r to

nne

-22%

US$2 BILLION CAPEX PROGRAMME SINCE IPO DELIVERING BENEFITS TO CONSUMPTION NORMS

Electricity consumption (kWh/t pellets) Gas (m3/t pellets)Grinding bodies (t/th.t pellets)

8

15.0

15.5

16.0

16.5

17.0

17.5

18.0

18.5

2007

2008

2009

2010

2011

2012

2013

2014

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

2007

2008

2009

2010

2011

2012

2013

2014

Project (US$M) 2014 2013 Status

Capacity upgrade project 37 20 Complete

Sustaining capex (incl. logistics) 43 67

Total sustaining capex 80 87

Quality upgrade project 44 47 Complete 1Q 2015

FYM 74 100 Complete

Logistics 18 20 Complete

Other projects 19 24 Complete

Total development capex 155 191

Total capex 235 278

MAJOR CAPEX PROGRAMMES DELIVERED

CUP: modernisation complete

QUP: final of 3 floatation units commissioned in 1Q 15 (c. US$3M)

FYM: mining infrastructure complete

November 2014 run rate 11.5 MTPA of pellets

January 2015 1 MT pellet production, February 2015 all 65% pellet output

M A J O R C A P E X P R O G R A M M E S C O M P L E T E D –

1 2 M T PA C A PA C I T Y A C H I E V E D

140

150

160

170

180

190

200

2007 2008 2009 2010 2011 2012 2013 2014

9

C A S H F L O W S 2 0 1 4 V S . 2 0 1 3

US$M (unless otherwise stated) 2014 2013 % Change

EBITDA 496 506 (2%)

Non cash operating forex gain (76) (1) n/a

Interest, tax & working capital (132) (272) (51%)

Net cash flows from operating activities 288 233 24%

Sustaining capex (80) (87) (8%)

Free cash flow 208 146 42%

Development capex (155) (191) (21%)

Dividend (77) (78) -

Acquisition - (82) n/a

Other (15) (10) n/a

Change in net debt (39) (215) (82%)

Net debt at period end (678) (639) (6%)

Net debt to EBITDA (x) 1.4 1.3 -

Cash balance at period end 627 390 60%

EBITDA flat year on year

Working capital reflects VAT refunds

Sustaining capex in-line with historic run rate

42% increase in free cash flow

Growth projects complete

Drawdown of PXF facility in 2H 2014 increased liquidity

Strong credit metrics maintained, net debt to EBITDA 1.4x

1US$54M bond prepayment as announced on 23 February 2015

L I Q U I D I T Y A N D F I N A N C I N G 2 0 1 4 V S . 2 0 1 3

10

US$M (unless otherwise stated) Net debt Gross debt

Opening net debt - 1 January 2014 (639) (1,029)

Movement in net debt (39)

Debt facilities repaid 119

New debt facilities (393)

Closing net debt – 31 December 2014 (678) (1,305)

627

54

573

300

273

0

100

200

300

400

500

600

700

Cas

h 31

/12/

14

Pai

d to

bond

hold

ers

24.2

.15

Pro

form

a ca

sh

2015

/1Q

201

6ba

nkam

ortis

atio

n

Pro

form

a ca

sh210

PROFORMA CASH & CORE NET DEBT – POST BOND EXCHANGE

0

100

200

300

400

500

600

700

2015/ 1Q2016

Apr-16 Rest 2016 2017 2018 2019

Bank Bond

Debt maturity flat

Net debt increased by US$39M – losses on VAT

Main debt maturity US$286M April 2016 Eurobond

Diversified sources of funding (bond, PXF, ECA/leasing)

US

$286

M

BA

NK

US

$M US

$M

PRO FORMA GROSS DEBT MATURITY PROFILE AT 31 DECEMBER 2014

C O N C L U S I O N T O F I N A N C I A L R E V I E W

11

Strong financial performance

Market weakness mitigated by:

Higher volume & quality

Improved pellet premiums

Index based pricing

Improved efficiency

Currency devaluation

Growth projects successfully completed

Net debt reflects completion of projects

Maintained healthy credit metrics

Debt repayment profile well matched to cash flow

12

B U S I N E S S U P D AT E

K O S T YA N T I N Z H E VA G O , C E O

13

2 0 1 4 : D E C L I N E I N I R O N O R E F I N E S P R I C E S B U T P E L L E T

P R E M I U M S I N C R E A S E

INCREASE IN PRICE GAP BETWEEN FINES & PELLETS IN 2014

Exports of Iron Ore (MT) 2000 2014Increase

(MT)

Proportion of

increase

Pellets 106 144 38 4%

Lump 93 207 144 12%

Sinter fines 265 1,016 751 78%

Pellet feed 18 73 55 6%

Total 482 1,440 958

Avg annual world GDP growth (2000 to 2014) 3.7%

Pellet exports (MT) 2014

Vale 26.8

Samarco 23.2

LKAB 21.3

Metalloinvest 13.9

Ferrexpo 11.0

Rio Tinto (IOC) 8.3

Cliffs 6.0

Total 143.7

% of top 7 exporters 74%

Costs normalised to basis of 62% sinter fines CFR Qingdao1CRU PELLET COST CURVE ANALYSIS, average 2014

0

50

100

150

200

250

300

0 50 100 150 200 250 300

Cumulative production, M tonnes, 2014 Source: CRU Iron Ore Cost Model 2014

Samarco

Vale(average) Ferrexpo

LKAB(average)

Cliffs(average)

US

$ pe

r to

nne

1These costs curves are based on CRU’s “business costs”. This includes site operating costs of the mining operation, the realisation costs associated with transporting products to market,

sales and marketing expenses, the financing of inventories, goods in transit and receivables, as well as any discount or premium associated with product quality compared with the

benchmark product. The concept of business costs permits a more direct comparison among different products produced in different locations.

40

60

80

100

120

140

160

18065% Fe fines FOB 65% Fe pellets FOB

Source: Platts, Metal Bulletin

US

$ pe

r to

nne

14

2007 2014

Mines FPM FPM & FYM

Pellet output 9MT 11MT (31% from FYM)

Logistics

110 rail cars

Acquired berth at TIS Ruda port in May 2007 (5MTPA capacity)

0 capes loaded

No barging operations

2,200 rail cars

Shipped a record 6.3MT through port

22 capes loaded

139 strong barging fleet

Customer diversification

77% to Traditional markets (of which 25% in Ukraine)

2% to Natural markets

21% to Growth markets

49% to Traditional markets (zero Ukraine)

16% to Natural markets

35% to Growth markets

Pricing Negotiated 100% index based

Revenue US$698M US$1,388M

C1 cost US$32 per tonne US$46 per tonne

EBITDA US$246M US$496M

# of employees 10,112 9,658

Modernisation of facilities Average monthly pellet output c.750kt 12MTPA capacity in place, 1MT pellet output achieved in January 2015

Processing capacity41% of production FPP

One floatation unit in operation

53% of production FPP, ramping up

Capacity in place to produce all FPP (65% Fe) – 100% FPP output in

February 2015

S I G N I F I C A N T P R O G R E S S S I N C E I P O :

R E V E N U E & E B I T D A D O U B L E D , A S S E T B A S E W E L L I N V E S T E D

US$2 BILLION RE-INVESTED INTO THE BUSINESS SINCE IPO IN 2007

F E R R E X P O W E L L P O S I T I O N E D T O C O N T I N U E T O G E N E R AT E

P O S I T I V E C A S H F L O W

151For indicative purposes only does not represent Ferrexpo’s received price

Stable pellet premiums

C3 freight 2015 forward curve c. US$14 per tonne, improving net back price

Higher production

Improvement in pellet quality

Lower costs due to higher output & devaluation

Benefit from lower oil price – Brent average YTD US$53 per barrel (2014 avg US$99

per barrel

Lower average iron ore benchmark prices

Ukrainian inflation (railway tariffs, electricity, wages)

BEHAVIOUR OF MARGIN & COSTS THROUGH THE CYCLE:

0

50

100

150

200

250

2009 2010 2011 2012 2013 2014

US

$ pe

r to

nne

CRU historic price curve for 65% Fe FOB Tubarao pellets1

Ferrexpo FOB costs

16

U K R A I N E

U K R A I N E

Uncertain operating environment but progress has been made:

Introduction of flexible exchange rate

VAT refunds reintroduced

But still some difficulties:

Prepaid corporate profit tax

Inflation

Weak Ukrainian banking sector

International support

IMF US$17.5 billion loan package announced in February 2015

17

S T R AT E G Y I N T H E C U R R E N T E N V I R O N M E N T

Increase production & quality

Improve operating costs, efficiency and competitiveness of the operations

Continue to finalise new long term contracts with premium steel mills

Refinance prudently

Target prudent balance sheet ratios - net debt levels commensurate with forecast long term iron ore prices

Invest where adequate returns can be made and financial resources are available

Pay dividends commensurate with earnings and balance sheet capacity

18

IN LINE WITH OUR CASH GENERATION ABILITY, OUR PRIORITIES ARE TO:

19

A P P E N D I X

20

A W O R L D C L A S S P E L L E T P R O D U C E R

LONG LIFE RESOURCE ESTABLISHED LOGISTICS CAPABILITY

PREMIUM GLOBAL CUSTOMER PORTFOLIO

BR

OV

AR

IKO

VS

KO

YE

4.0BT

MA

NU

ILO

VS

KO

YE

3.4BT

KH

AR

CH

EN

KO

VS

KO

YE

2.8BT

VA

SIL

IEV

SK

OY

E

1.4BT

ZA

RU

DE

NS

KO

YE

1.5BT

GA

LE

SC

HIN

SK

OY

E

0.2BT

BE

LA

NO

VS

KO

YE

1.7BT

MIN

E LIF

E –

XX

YE

AR

S

YE

RIS

TO

VS

KO

YE

1.2BT

MIN

E LIF

E –

23 YE

AR

S

13.1 6.7FSU SOVIET

CLASSIFIED

RESOURCES

JORC

CLASSIFIED

RESOURCES

GO

RIS

HN

E-P

LA

VN

INS

KO

YE

& L

AV

RIK

OV

SK

OY

E

3.5BT

MIN

E LIF

E –

25 YE

AR

S

PRODUCTION

DEVELOPMENT

LICENCE MAINTENANCE

EASTERN & CENTRAL EUROPE

CHINA

NORTH EAST ASIA

WESTERN EUROPE

TURKEY, MIDDLE EAST & INDIA

25%

8%

10%

49%

8%

105

278

86

167

380

430

278

232

0

50

100

150

200

250

300

350

400

450

2007 2008 2009 2010 2011 2012 2013 2014

US$2BN CAPITAL INVESTMENT SINCE IPO

US

$M

21

R E C O N C I L I AT I O N O F E B I T D A T O P R O F I T F R O M C O N T I N U I N G

O P E R AT I O N S B E F O R E A D J U S T E D I T E M S

US$M (unless otherwise stated) 2014 2013

EBITDA 496.3 505.9

Share-based payments (0.5) (1.3)

Losses on disposal of PPE (4.8) (8.5)

Write-down of VAT receivable (6.8) (36.4)

Depreciation (82.3) (99.6)

Impairment (83.5) (0.9)

Profit before tax & finance 318.4 359.2

Tax (70.4) (41.6)

Non-operating forex (14.8) 9.8

Net interest expense (49.2) (63.6)

Profit from continuing operations before adjusted items 183.8 263.8