Common use of GUARANTEE OF THE BORROWER’S OBLIGATIONS PERFORMANCE Clause in Contracts

GUARANTEE OF THE BORROWER’S OBLIGATIONS PERFORMANCE. 5.1 The Guarantee of the Borrower’s obligations performance under the Agreement shall be: 5.1.1 the Company’s guarantee in accordance with guarantee agreements to be concluded between the Lender and the Company; 5.1.2 guarantee of Mechel Mining OAO in accordance with the Guarantee agreement to be signed with the Lender and Mechel Mining OAO; 5.1.3 guarantee of Urals Stampings Plant OAO in accordance with the Guarantee agreement to be signed with the Lender and Urals Stampings Plant OAO; 5.1.4 guarantee of CMP PAO, in accordance with the Guarantee agreement to be signed with the Lender and CMP PAO; 5.1.5 guarantee of Korshunov Mining Plant OAO in accordance with the Guarantee agreement to be signed with the Lender and Korshunov Mining Plant OAO; 5.1.6 guarantee of Yakutugol OAO, in accordance with the Guarantee agreement to be signed with the Lender and Yakutugol Holding Company OAO; 5.1.7 Guarantee(s) to be signed between the Lender and Mechel Carbon AG; 5.1.8 Urals Stampings Plant OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.9 Izhstal OAO block of shares pledge agreements in the amount of 33.33 (Thirty three point thirty three) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.10 The Borrower block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.11 Yakutugol Holding Company OAO block of shares further pledge in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.12 Korshunov Mining Plant OAO block of shares further pledge in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.13 Trade Port Posiet OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel-Trans OOO; 5.1.14 Beloretsk Metallurgical Plant OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.15 Yakutugol Holding Company OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.16 Urals Stampings Plant OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.17 pledge of Port Mechel Temryuk OOO shares (in the amount of 25 (Twenty five) percent of the registered authorized capital of Port Mechel Temryuk OOO) in accordance with the pledge agreement to be signed between the Lender and the Mechel-Trans OOO; 5.1.18 pledge of Bratsk Ferroalloy Plant OOO shares (in the amount of 25 (Twenty five) percent of the registered authorized capital of Bratsk Ferroalloy Plant OOO) in accordance with the pledge agreement to be signed between the Lender and the Company. 5.2 At the Borrower’s request and expense, the Borrower shall execute and sign documents and agreements on termination of share pledge agreements concluded in accordance with subclauses 5.1.13 - 5.1.18 hereof and perform other actions required in accordance with applicable laws for release of these shares from pledge, subject to any of the following terms and conditions: 5.2.1 Net debt to EBITDA factor in accordance with the latest consolidated financial statements of the Company does not exceed 3.5 within 2 (two) semi-annual reporting periods; 5.2.2 Total Financial debt amount of the Group companies to the Bank group does not exceed 31,000,000,000 (Thirty one billion) roubles (or equivalent amount in other currency) at the date of the latest consolidated financial statements of the Company. For purposes of this clause 5.2 the “Net debt” term shall be defined as the Total debt less Monetary funds and their equivalents (according to this term definition in IFRS).

GUARANTEE OF THE BORROWER’S OBLIGATIONS PERFORMANCE. 5.1 The Guarantee of the Borrower’s obligations performance under the Agreement shall be: 5.1.1 the Company’s guarantee in accordance with guarantee agreements to be concluded between the Lender and the Company; 5.1.2 guarantee of Mechel Mining OAO in accordance with the Guarantee agreement to be signed with the Lender and Mechel Mining OAO; 5.1.3 guarantee of Urals Stampings Plant OAO in accordance with the Guarantee agreement to be signed with the Lender and Urals Stampings Plant OAO; 5.1.4 guarantee of CMP PAO, in accordance with the Guarantee agreement to be signed with the Lender and CMP PAO; 5.1.5 guarantee of Korshunov Mining Plant OAO in accordance with the Guarantee agreement to be signed with the Lender and Korshunov Mining Plant OAO; 5.1.6 guarantee of Yakutugol OAO, in accordance with the Guarantee agreement to be signed with the Lender and Yakutugol Holding Company OAO; 5.1.7 Guarantee(s) to be signed between the Lender and Mechel Carbon AG; 5.1.8 Urals Stampings Plant OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.9 Izhstal OAO block of shares pledge agreements in the amount of 33.33 (Thirty three point thirty three) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.10 The Borrower block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.11 Yakutugol Holding Company OAO block of shares further pledge in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.12 Korshunov Mining Plant OAO block of shares further pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.13 Trade Port Posiet OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel-Trans OOO; 5.1.14 Beloretsk Metallurgical Plant OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.15 Yakutugol Holding Company OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.16 Urals Stampings Plant OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.17 pledge of Port Mechel Temryuk OOO shares (in the amount of 25 (Twenty five) percent of the registered authorized capital of Port Mechel Temryuk OOO) in accordance with the pledge agreement to be signed between the Lender and the Mechel-Trans OOO; 5.1.18 pledge of Bratsk Ferroalloy Plant OOO shares (in the amount of 25 (Twenty five) percent of the registered authorized capital of Bratsk Ferroalloy Plant OOO) in accordance with the pledge agreement to be signed between the Lender and the Company. 5.2 At the Borrower’s request and expense, the Borrower shall execute and sign documents and agreements on termination of share pledge agreements concluded in accordance with subclauses 5.1.13 - 5.1.18 hereof and perform other actions required in accordance with applicable laws for release of these shares from pledge, subject to any of the following terms and conditions: 5.2.1 Net debt to EBITDA factor in accordance with the latest consolidated financial statements of the Company does not exceed 3.5 within 2 (two) semi-annual reporting periods; 5.2.2 Total Financial debt amount of the Group companies to the Bank group does not exceed 31,000,000,000 (Thirty one billion) roubles (or equivalent amount in other currency) at the date of the latest consolidated financial statements of the Company. . 5.2.3 For purposes of this clause 5.2 the “Net debt” term shall be defined as the Total debt less Monetary funds and their equivalents (according to this term definition in IFRS).

GUARANTEE OF THE BORROWER’S OBLIGATIONS PERFORMANCE. 5.1 The Guarantee of the Borrower’s obligations performance under the Agreement shall be:; 5.1.1 the Company’s guarantee in accordance with guarantee agreements to be concluded between the Lender and the Company; 5.1.2 guarantee of Mechel Mining OAO in accordance with the Guarantee agreement to be signed with the Lender and Mechel Mining OAO; 5.1.3 guarantee of Urals Stampings Plant OAO in accordance with the Guarantee agreement to be signed with the Lender and Urals Stampings Plant OAO; 5.1.4 guarantee of CMP PAO, in accordance with the Guarantee agreement to be signed with the Lender and CMP PAO; 5.1.5 guarantee of Korshunov Mining Plant OAO in accordance with the Guarantee agreement to be signed with the Lender and Korshunov Mining Plant OAO; 5.1.6 guarantee of Yakutugol OAO, Southern Kuzbass OAO in accordance with the Guarantee agreement to be signed with the Lender and Yakutugol Holding Company Southern Kuzbass OAO; 5.1.7 Guarantee(s) to be signed between the Lender and Mechel Carbon AG; 5.1.8 Urals Stampings Plant OAO OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.9 Izhstal OAO block of shares pledge agreements in the amount of 33.33 (Thirty three point thirty three) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.10 The the Borrower block of shares further pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.11 Yakutugol Holding Company Southern Kuzbass OAO block of shares further pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.12 Korshunov Mining Plant OAO block of shares further pledge in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.13 Trade Port Posiet OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel-Trans OOO; 5.1.14 Beloretsk Metallurgical Plant OAO CMP PAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.15 Yakutugol Holding Company OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.16 Urals Stampings Plant OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.17 pledge of Port Mechel Temryuk OOO shares (in the amount of 25 (Twenty five) percent of the registered authorized capital of Port Mechel Temryuk OOO) in accordance with the pledge agreement to be signed between the Lender and the Mechel-Trans OOO; 5.1.18 pledge of Bratsk Ferroalloy Plant OOO shares (in the amount of 25 (Twenty five) percent of the registered authorized capital of Bratsk Ferroalloy Plant OOO) in accordance with the pledge agreement to be signed between the Lender and the Company. 5.2 At the Borrower’s request and expense, the Borrower shall execute and sign documents and agreements on termination of share pledge agreements concluded in accordance with subclauses 5.1.13 - 5.1.18 hereof and perform other actions required in accordance with applicable laws for release of these shares from pledge, subject to any of the following terms and conditions: 5.2.1 Net debt to EBITDA factor in accordance with the latest consolidated financial statements of the Company does not exceed 3.5 within 2 (two) semi-annual reporting periods; 5.2.2 Total Financial debt amount of the Group companies to the Bank group does not exceed 31,000,000,000 (Thirty one billion) roubles (or equivalent amount in other currency) at the date of the latest consolidated financial statements of the Company. For purposes of this clause 5.2 the “Net debt” term shall be defined as the Total debt less Monetary funds and their equivalents (according to this term definition in IFRS).

GUARANTEE OF THE BORROWER’S OBLIGATIONS PERFORMANCE. 5.1 6.1. The Guarantee of the Borrower’s obligations performance under the Agreement shall be: 5.1.1 the Company’s guarantee a. deposit of 37.5 (thirty seven point five) percent of ordinary shares of Mechel Mining OAO in accordance with guarantee agreements the pledge agreement to be concluded between the Lender and the CompanyPledgor in the form agreed by the parties; 5.1.2 guarantee b. deposit of Mechel Mining OAO in accordance with the Guarantee agreement to be signed with the Lender and Mechel Mining OAO; 5.1.3 guarantee of Urals Stampings Plant OAO in accordance with the Guarantee agreement to be signed with the Lender and Urals Stampings Plant OAO; 5.1.4 guarantee of CMP PAO, in accordance with the Guarantee agreement to be signed with the Lender and CMP PAO; 5.1.5 guarantee of Korshunov Mining Plant OAO in accordance with the Guarantee agreement to be signed with the Lender and Korshunov Mining Plant OAO; 5.1.6 guarantee of Yakutugol OAO, in accordance with the Guarantee agreement to be signed with the Lender and Yakutugol Holding Company OAO; 5.1.7 Guarantee(s) to be signed between the Lender and Mechel Carbon AG; 5.1.8 Urals Stampings Plant OAO block of shares pledge agreements in the amount of 25 21.66 (Twenty fivetwenty one point sixty six) percent + 1 (One) share of the total amount of ordinary shares minus 2 (two) ordinary shares of Chelyabinsk Metallurgical Plant Public Joint Stock Company in accordance with the pledge agreement to be signed concluded between the Lender and the CompanyPledgor in the form agreed by the parties; 5.1.9 Izhstal OAO block c. deposit of shares pledge agreements in the amount of 33.33 25 (Thirty three point thirty threetwenty five) percent of the total amount of ordinary shares plus 1 (one) ordinary share of Southern Kuzbass Coal Company Open Joint Stock Company in accordance with the pledge agreement to be signed concluded between the Lender and the CompanyPledgor in the form agreed by the parties; 5.1.10 The Borrower block of shares pledge agreements in the amount d. deposit of 25 (Twenty twenty five) percent + 1 (One) share of the total amount of ordinary shares minus 3 (three) ordinary shares of Yakutugol Holding Company Open Joint Stock in accordance with the pledge agreement to be signed concluded between the Lender and Mechel Mining OAOthe Pledgor in the form agreed by the parties; 5.1.11 Yakutugol Holding Company OAO block of shares further pledge in the amount e. deposit of 25 (Twenty twenty five) percent + 1 (One) share of the total amount of ordinary shares plus 1 (one) ordinary share of Korshynov Mining Plant Open Joint Stock Company in accordance with the pledge agreement to be signed concluded between the Lender and Mechel Mining OAOthe Pledgor in the form agreed by the parties; 5.1.12 Korshunov Mining Plant OAO block of shares further pledge in the amount f. deposit of 25 (Twenty twenty five) percent + 1 (One) share of the total amount of ordinary shares plus 1 (one) ordinary share of Urals Stampings Plant Open Joint Stock Company in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.13 Trade Port Posiet OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel-Trans OOO; 5.1.14 Beloretsk Metallurgical Plant OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed concluded between the Lender and the CompanyPledgor in the form agreed by the parties; 5.1.15 Yakutugol Holding Company OAO block g. guarantee of shares pledge agreements in the amount of 25 (Twenty five) percent of the total amount of ordinary shares Guarantor 1 in accordance with the pledge guarantee agreement to be signed concluded between the Lender and Mechel Mining OAOGuarantor 1 in the form agreed by the parties; 5.1.16 Urals Stampings Plant OAO block h. guarantee of shares pledge agreements in the amount of 25 (Twenty five) percent of the total amount of ordinary shares Guarantor 2 in accordance with the pledge guarantee agreement to be signed concluded between the Lender and Guarantor 2 in the Companyform agreed by the parties; 5.1.17 pledge i. guarantee of Port Mechel Temryuk OOO shares (in the amount of 25 (Twenty five) percent of the registered authorized capital of Port Mechel Temryuk OOO) Guarantor 3 in accordance with the pledge guarantee agreement to be signed concluded between the Lender and the Mechel-Trans OOO; 5.1.18 pledge of Bratsk Ferroalloy Plant OOO shares (Guarantor 3 in the amount of 25 (Twenty five) percent of form agreed by the registered authorized capital of Bratsk Ferroalloy Plant OOO) in accordance with the pledge agreement to be signed between the Lender and the Company. 5.2 At the Borrower’s request and expense, the Borrower shall execute and sign documents and agreements on termination of share pledge agreements concluded in accordance with subclauses 5.1.13 - 5.1.18 hereof and perform other actions required in accordance with applicable laws for release of these shares from pledge, subject to any of the following terms and conditions: 5.2.1 Net debt to EBITDA factor in accordance with the latest consolidated financial statements of the Company does not exceed 3.5 within 2 (two) semi-annual reporting periodsparties; 5.2.2 Total Financial debt amount of the Group companies to the Bank group does not exceed 31,000,000,000 (Thirty one billion) roubles (or equivalent amount in other currency) at the date of the latest consolidated financial statements of the Company. For purposes of this clause 5.2 the “Net debt” term shall be defined as the Total debt less Monetary funds and their equivalents (according to this term definition in IFRS).

GUARANTEE OF THE BORROWER’S OBLIGATIONS PERFORMANCE. 5.1 The Guarantee of the Borrower’s obligations performance under the Agreement shall be: 5.1.1 the Company’s guarantee in accordance with guarantee agreements to be concluded between the Lender and the Company; 5.1.2 guarantee of Mechel Mining OAO in accordance with the Guarantee agreement to be signed with the Lender and Mechel Mining OAO; 5.1.3 guarantee of Urals Stampings Plant OAO in accordance with the Guarantee agreement to be signed with the Lender and Urals Stampings Plant OAO; 5.1.4 guarantee of CMP PAO, in accordance with the Guarantee agreement to be signed with the Lender and CMP PAO; 5.1.5 guarantee of Korshunov Mining Plant OAO in accordance with the Guarantee agreement to be signed with the Lender and Korshunov Mining Plant OAO; 5.1.6 guarantee of Yakutugol OAO, Southern Kuzbass OAO in accordance with the Guarantee agreement to be signed with the Lender and Yakutugol Holding Company Southern Kuzbass OAO; 5.1.7 Guarantee(s) to be signed between the Lender and Mechel Carbon AG; 5.1.8 Urals Stampings Plant OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.9 Izhstal OAO block of shares pledge agreements in the amount of 33.33 (Thirty three point thirty three) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.10 The the Borrower block of shares further pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.11 Yakutugol Holding Company Southern Kuzbass OAO block of shares further pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.12 Korshunov Mining Plant OAO block of shares further pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.13 Trade Port Posiet OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel-Trans OOO; 5.1.14 Beloretsk Metallurgical Plant OAO CMP PAO block of shares pledge agreements in the amount of 25 (Twenty five) percent + 1 (One) share of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.15 Yakutugol Holding Company OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and Mechel Mining OAO; 5.1.16 Urals Stampings Plant OAO block of shares pledge agreements in the amount of 25 (Twenty five) percent of the total amount of ordinary shares in accordance with the pledge agreement to be signed between the Lender and the Company; 5.1.17 pledge of Port Mechel Temryuk OOO shares (in the amount of 25 (Twenty five) percent of the registered authorized capital of Port Mechel Temryuk OOO) in accordance with the pledge agreement to be signed between the Lender and the Mechel-Trans OOO; 5.1.18 pledge of Bratsk Ferroalloy Plant OOO shares (in the amount of 25 (Twenty five) percent of the registered authorized capital of Bratsk Ferroalloy Plant OOO) in accordance with the pledge agreement to be signed between the Lender and the Company. 5.2 At the Borrower’s request and expense, the Borrower shall execute and sign documents and agreements on termination of share pledge agreements concluded in accordance with subclauses 5.1.13 - 5.1.18 hereof and perform other actions required in accordance with applicable laws for release of these shares from pledge, subject to any of the following terms and conditions: 5.2.1 Net debt to EBITDA factor in accordance with the latest consolidated financial statements of the Company does not exceed 3.5 within 2 (two) semi-annual reporting periods; 5.2.2 Total Financial debt amount of the Group companies to the Bank group does not exceed 31,000,000,000 (Thirty one billion) roubles (or equivalent amount in other currency) at the date of the latest consolidated financial statements of the Company. For purposes of this clause 5.2 the “Net debt” term shall be defined as the Total debt less Monetary funds and their equivalents (according to this term definition in IFRS).