Document:

EX-4.4

 Exhibit 4.4 

English translation 
 AMENDING
AGREEMENT No. 1 
  

			
	The City of Moscow	  	December 05, 2012

 SBERBANK OF RUSSIA (company name in Russian: 

) (the “Lender”), represented by Fedor V. Sapronov, Managing Director and Director of the Lending and Project Financing Group of the Major Clients Department of Sberbank of Russia, acting by virtue of
the Lender’s Charter and under Power of Attorney No. 881D dated August 10, 2012, on the one hand; and 
 SOUTHERN KUZBASS COAL COMPANY OAO
(OAO “Southern Kuzbass”) (company name in Russian:

) (the “Borrower”), represented by Boris G. Nikishichev, Director General of Mechel Mining Management Company OOO, a limited liability company organized and existing under the laws of the Russian
Federation (full company name in Russian:

; abbreviated company name in Russian: OOO

), registered under number (OGRN) 1085410004811, having its registered office at 1 Krasnoarmeyskaya Str., Moscow 125993, Russia (address in Russian: 125993,

 1), acting as the sole executive body of Southern Kuzbass Coal Company OAO under the agreement on delegation of the sole executive body’s powers and authority of Southern Kuzbass Coal Company OAO to Mechel Mining
Management Company OOO dated November 1, 2009 by and by virtue of the Articles of Association of Mechel Mining Management Company OOO and of the Articles of Association of the Borrower, on the other hand; 

the Lender and the Borrower being hereinafter collectively referred to as the “Parties” and, each individually, as a
“Party”; 
 have entered into this amending agreement (the “Amending Agreement”) to the Non-Revolving Loan Facility
Agreement No. 5593 dated October 9, 2012 (the “Loan Agreement”) as follows: 
  

	1.	AMENDMENTS TO THE LOAN AGREEMENT 

  

	1.1	In Clause 1.1 of the Loan Agreement the Commitment Period shall be defined as the period “starting from October 9, 2012 and ending on March 31, 2013 (both dated included)”. 

 

	1.2	To add the following provisions to Clause 2 of the Loan Agreement, which shall apply to the Parties’ relations in connection with the five billion Russian Rubles (RUR 5,000,000,000) tranche (the “First
Tranche”) to be made available to the Borrower under the Loan Agreement as part of the non-revolving loan facility: 

“2.10. The Borrower has diligently and thoroughly assessed whether the execution of this Agreement would be acceptable and desirable for
the Borrower, subject to the Borrower’s stated objectives and expectations, financial condition, operational resources and other circumstances, and fully understands the nature and the terms of this Agreement. 

  
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 2.11. The Borrower acknowledges and accepts all potential risks and effects as may arise out of
or in connection with the execution or performance of this Agreement. 
 2.12. The Borrower acknowledges and agrees that: 

2.12.1. Provision of the loan on the terms described in Clause 3.4 hereof allows the Borrower to obtain the loan interest rate mentioned in
Clause 4.1 below; 
 2.12.2. Had the loan been provided by the Lender without regard to the terms described in Clause 3.4 hereof, the loan
interest rate offered by the Lender to the Borrower would have been higher than that which is mentioned in Clause 4.1 below; 
 2.12.3. By
taking out the loan on the terms as described in Clause 3.4 hereof, the Borrower incurs certain currency, interest rate and other risks, and the Borrower understands and accepts all such risks. Furthermore, the Borrower understands, anticipates and
accepts as an acceptable risk the risk of change (including material change) in circumstances (business risk) involving a change (including by a significant number of basis points) in the U.S. dollar to Russian ruble exchange rate as may occur for
any reason whatsoever (including, but not limited to, any change in the government trade, fiscal or monetary policy, a change in currency controls or in the condition of financial markets or relevant industries, political, social or economic
instability, or any other reason) and which may result in a change in the Borrower’s payment obligations (including, without limitation, the need to repay the loan or to pay interest in U.S. dollars); 

2.12.4. No change in circumstances as described in Clause 2.12.3 above may serve as the reason for the Borrower to request amendment or
termination of this Agreement or any instrument related hereto in accordance with Article 451 of the Russian Civil Code or any other Russian law or statute; 

2.12.5. The Lender is capable to extend the loan to the Borrower on the terms described in Clauses 3.4 and 4.1 hereof solely on the condition
of the Lender hedging of or mitigating the associated risks. Accordingly, on the date of the loan disbursement, the Lender will choose at its own discretion a counterparty on the financial derivatives market and enter with such party into a
cross-currency swap transaction (“Swap Transaction”), which would be by nature a derivative financial instrument; 
 2.12.6.
The Lender will enter into the Swap Transaction solely with a view to hedge/minimize the risks arising out of the Lender’s decision to extend the loan to the Borrower on the terms of this Agreement, and the Lender would not have entered into
the Swap Transaction if it had not provided the loan to the Borrower hereunder; 

  
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 2.12.7. When negotiating the terms of and concluding the Swap Transaction, the Lender will be
relying on due and proper performance by the Borrower hereunder as the Lender intends to use the proceeds of the Borrower payments hereunder to discharge the Lender’s obligations under the Swap Transaction; 

2.12.8. Due to the reasons described in Clauses 2.12.5-2.12.7 above, if the Lender elects to accelerate repayment of the loan and payment of
interest, penalties and other fees and charges (as applicable) under Clause 7.1.7 hereof, the Lender would be obliged (regardless of whether or not the Threshold (as defined below) has been reached) to either terminate the Swap Transaction or to
enter into a transaction (or a series of transactions) allowing the Lender to duly and properly perform its obligations under the Swap Transaction after the Lender accelerates repayment of the loan and payment of interest, penalties and other fees
and charges (as applicable) under Clause 7.1.7 hereof (“Termination of the Hedging Arrangements”); 
 2.12.9. The Lender
will enter into the Swap Transaction on the following material terms and conditions: 
 a) Subject to paragraph (e) of this Clause
2.12.9, the Lender shall be obliged, on the loan interest payment dates as determined under Clause 4.2 hereof or on the corresponding next following dates, to pay to the other party to the Swap Transaction amounts to be calculated at the rate of ten
percent (10%) per annum of the amount, which is originally equal to one hundred sixty-two million three hundred thirty-seven thousand six hundred sixty-two 34/100 U.S. dollars (US$162,337,662.34), but which will thereafter be decreased on the
loan repayment dates, as those are determined in Clause 6.1 hereof, by the amounts mentioned in paragraph (b) of this Clause 2.12.9; 

b) Subject to paragraph (e) of this Clause 2.12.9, the Lender shall be obliged, on the loan repayment dates as determined under Clause 6.1
hereof or on the corresponding next following dates, to make payments to the other party to the Swap Transaction in the amount of twenty million two hundred ninety-two thousand two hundred and seven 79/100 U.S. dollars (US$20,292,207.79); 

c) Subject to paragraph (e) of this Clause 2.12.9, the other party to the Swap Transaction shall be obliged, on the loan interest payment
dates as determined under Clause 4.2 hereof or on the corresponding next following dates, to pay to the Lender amounts to be calculated at the rate of ten point five percent (10.5%) per annum of the amount, which is originally equal to five
billion 00/100 Russian rubles (RUR 5,000,000,000.00), but which will thereafter be decreased on the loan repayment dates, as those are determined in Clause 6.1 hereof, by the amounts mentioned in paragraph (d) of this Clause 2.12.9; 

d) Subject to paragraph (e) of this Clause 2.12.9, the other party to the Swap Transaction shall be obliged, on the loan repayment dates,
as those are determined in Clause 6.1 hereof, or on the corresponding next following dates, to make payments to the Lender in the amount of six hundred twenty-five million Russian rubles (RUR 625,000,000); 

  
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 e) The first date when a Swap Transaction party would have to perform its corresponding
obligations under paragraphs (a)-(d) of this Clause 2.12.9 will be the corresponding loan repayment date, as determined in Clause 6.1 hereof, or the corresponding loan interest payment date, as determined in Clause 4.2 hereof (or, in each case,
the corresponding next following date), which would next follow the date when the Russian ruble to U.S. dollar exchange rate, expressed as an amount of Russian rubles per one U.S. dollar, for settlements on the next following business day,
calculated by the Chicago Mercantile Exchange (“CME”) and published by the Emerging Markets Trade Association (“EMTA”) on Reuters’ EMTA page (or, where such page is unavailable, on another page maintained by
Reuters or any other system publishing such information) at approximately 1:30 p.m. Moscow time on the date when the Russian ruble to U.S. dollar exchange rate is determined for the Swap Transaction purposes, reaches or exceeds the threshold of
fifty (50) Russian rubles per one (1) U.S. dollar (the “Threshold”). Without prejudice to the above provisions of paragraph (e) of this Clause 2.12.9, if the Russian ruble to U.S. dollar exchange rate, expressed as an
amount of Russian rubles per one U.S. dollar, for settlements on the next following business day, is not or has not been calculated by CME on the date when the Russian ruble to U.S. dollar exchange rate is to be determined for the Swap Transaction
purposes, such rate shall be determined, based on all available information, by the Lender’s Swap Transaction counterparty acting in good faith and in a commercially reasonable manner; 

f) The Swap Transaction term shall expire on October 6, 2017; 

2.12.10. The Swap Transaction may include terms or conditions additional to those described in Clause 2.12.9 hereof, and the Lender may (but
shall not be obliged to) notify the Borrower to that effect; 
 2.12.11. Any Swap Transaction terms, other than those described in Clause
2.12.9 hereof, may at any time be amended by the parties to the Swap Transaction, and the Lender may (but shall not be obliged to) notify the Borrower of such amendments; 

2.12.12. In the event of a Borrower breach or default hereunder, the Borrower may become liable, as it is required by Clause 10.4 below, to
compensate the Lender for losses, including any costs due to the need on the part of the Lender to proceed with Termination of the Hedging Arrangements, as it is envisaged by Clause 2.12.8 hereof, subject to the Lender serving the Borrower with an
early repayment request requiring the Borrower to accelerate repayment of the loan and payment of interest, penalties, fees or other charges (as applicable) under Clause 7.1.7 hereof. Accordingly, the Borrower assumes the risk of compensating the
Lender for significant losses.” 
  

	1.3	To add to the second paragraph of Clause 3.2 of the Loan Agreement the following provisions: 

“Where delivering a loan disbursement request to the Lender, the Borrower shall indicate in such request whether it relates to a tranche
to be made available to the Borrower pursuant to the Non-Revolving Loan Facility Agreement in the amount of five billion Russian Rubles (RUR 5,000,000,000) (the “First Tranche”) or to a

  
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tranche to be made available to the Borrower pursuant to the Non-Revolving Loan Facility Agreement in the amount of one billion five hundred million Russian Rubles (RUR 1,500,000,000) (the
“Second Tranche”).” 
  

	1.4	To restate the first paragraph of Clause 3.3 of the Loan Agreement as follows: 

 “The
Second Tranche shall be disbursed after:” 
  

	1.5	To restate Clause 3.4 of the Loan Agreement as follows: 

 “3.4. The Second Tranche
shall be disbursed if: 
 3.4.1. The loan security agreement mentioned in Clause 9.1.1 - 9.1.3 hereof are duly executed in accordance with
the existing requirements of the Russian legal system; 
 3.4.2. The Borrower and the guarantors specified in Clause 9.1.1 - 9.1.3 hereof
execute with the Lender agreements authorizing the Lender to directly debit the accounts maintained by the Borrower and the guarantors specified in Clause 9.1.1 - 9.1.3 with the Lender and listed in Schedule 2 hereto by way of recovery of any
amounts as may come overdue hereunder; 
 3.4.3. The Borrower pays the loan facility fee due to the Lender hereunder; 

3.4.4. The Lender and the Borrower execute a novation agreement (the “Novation Agreement”); 

3.4.5. The security under the Novation Agreement is duly perfected as a guarantee provided by the guarantors specified in Clause 9.1.1 - 9.1.3
hereof, in accordance with the existing Russian legal requirements; 
 3.4.6. The Borrower and the guarantors specified in Clause 9.1.1 -
9.1.3 hereof execute with the Lender agreements authorizing the Lender to directly debit the accounts maintained by the Borrower and the guarantors specified in Clause 9.1.1 - 9.1.3 with the Lender and listed in Schedule 2 hereto by way of recovery
of any amounts as may come overdue under the Novation Agreement.” 
  

	1.6	Clauses 3.4-3.5 of the Loan Agreement shall be deemed to be Clauses 3.5-3.6 of the Loan Agreement, respectively. 

  

	1.7	In Clause 4.5 of the Loan Agreement the words “up to December 31, 2012” shall be replaced with the words “up to March 31, 2013”. 

 

	1.8	To restate Clause 3.6 of the Loan Agreement as follows: 

 “The loan disbursed hereunder
shall be accounted for on separate loan accounts to be opened by the Lender for the First Tranche and the Second Tranche.” 
  

	1.9	In the second paragraph of Clause 4.1 of the Loan Agreement, after the words “loan interest” add the words “for the Second Tranche”. 

  
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	1.10	To add the following provisions to Clause 4.1 of the Loan Agreement [(after the table showing the ratio between the sales proceeds deposited into the accounts maintained by the Borrower and other Mechel Mining
Group companies with the Lender and the loan remaining outstanding hereunder as of the accounting period end date, which is to be used to determine the floating interest rate for the Second Tranche)]: 

“The Borrower agrees to pay loan interest for the First Tranche to the Lender on the terms as set out below: 

 

	 	•	 	For the period starting from (but excluding) the date of disbursement of the loan up to (and including) December 31, 2012 at the rate of ten point five (10.5) percent per annum; 

 

	 	•	 	For the period starting from January 1, 2013 and ending on the loan’s full and final repayment date specified in Clause 1.1 hereof (both dates included), at a floating interest rate which will be
determined depending on the ratio between the sales proceeds generated by domestic and foreign markets contracts/agreements and deposited in the last Accounting Period into the accounts which are specified in Schedule 2 hereto and which are
maintained by the Borrower and other Mechel Mining Group companies with the Lender and the loan remaining outstanding hereunder as of the Accounting Period end date, as shown in the table below: 

 

			
	 Ratio between the sales proceeds deposited into the accounts maintained by the
Borrower
and other Mechel Mining Group companies with the Lender and the loan remaining
outstanding hereunder as of the accounting period end date, in percent
	  	 Annual interest rate

		
	Thirty-seven point five percent (37.5%) or more	  	Ten point five
percent (10.5%)
		
	Less than thirty-seven point five percent (37.5%)	  	Eleven point five
percent (11.5%)

  

	1.11	To restate the second paragraph of Clause 4.4 of the Loan Agreement as follows: 

 “With
respect to the First Tranche, the commitment fee shall incur for the period starting from (but excluding) the commitment period start date specified in Clause 1.1 hereof and up to and including the Commitment Period End Date (inclusively). With
respect to the Second Tranche, the commitment fee shall incur for the period starting from (but excluding) the commitment period start date specified in Clause 1.1 hereof and up to and including the Commitment Period End Date or the date (both
inclusively) of full and final repayment of the loan occurring before the Commitment Period End Date, subject to the loan facility having been utilized in full.”. 
  

	1.12.	Clause 6.2 of the Loan Agreement shall not apply to those relations as may exist between the Parties in connection with the First Tranche, and the Borrower shall not be entitled to repay early the First Tranche
other than under Clause 7.1.7 hereof. 

  
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	1.13.	The provisions of the first paragraph of Clause 10.2 of the Loan Agreement governing the prepayment fee shall not apply to those relations as may exist between the Parties in connection with the First Tranche.

  

	1.14.	To add to Clause 10 of the Loan Agreement the following provisions which shall apply to those relations as may exist between the Parties in connection with the First Tranche: 

“10.4. The Borrower agrees to indemnify the Lender for any losses as may be incurred by the Lender as the result of a Borrower breach or
default hereunder (including, without limitation, losses in the form of costs incurred due to the need on the part of the Lender to proceed with Termination of the Hedging Arrangements as its is envisaged by Clause 2.12.8 hereof (regardless, inter
alia, of whether or not the Threshold has been reached), subject to the Lender serving the Borrower with a notice requesting the Borrower to accelerate repayment of the loan principal and payment of the loan interest, penalties or other charges (as
applicable) in accordance with the requirements of Clause 7.1.7 hereof), no later than on the next business day after the Borrower receives from the Lender the corresponding request to compensate for losses. 

10.5. The costs arising due to the need on the part of the Lender to proceed with Termination of the Hedging Arrangements as it is envisaged by
Clauses 2.12.8 and 10.4 hereof shall be determined by the Lender as the costs of the replacement transaction to be executed on the financial derivatives market. Depending on the manner in which the Lender proceeds with Termination of the Hedging
Arrangements, the costs of a replacement transaction executed on the financial derivatives market shall include: 
 a) The costs that the
Lender would have to compensate to the other party to the Swap Transaction and that would be incurred by such other party as the result of the execution thereby, on or about the date of termination of the Swap Transaction, of a transaction on terms
similar to those described in Clause 2.12.9 hereof, allowing the other party to the Swap Transaction to receive the economic benefit that it would have obtained if the Swap Transaction had not been terminated by the Lender; or 

b) The costs that would be incurred by the Lender in connection with the execution of a transaction (or a series of transactions) allowing to
secure proper performance by the Lender under the Swap Transaction following delivery by the Lender of the notice requesting the Borrower to accelerate repayment of the loan principal and payment of the loan interest, penalties and other charges (as
applicable) under Clause 7.1.7 hereof.” 
  

	1.15.	In Schedule 2 to the Loan Agreement, in the section heading “Accounts with respect to which the parties are to execute agreements providing the Lender with direct debit authority to recover payment amounts overdue
under this Agreement”, after the words “under this Agreement” add the words “/ Novation Agreement (as applicable)”. 

  

	1.16.	The provisions of Clause 4.5, paragraph 6) of Clause 5.6, Clauses 5.9-5.12, the third paragraph of Clause 6.1, and Clauses 7.1.1-7.1.2 and 8.1 of the Loan Agreement shall not apply to those
relations as may exist between the Parties in connection with the First Tranche. 

  
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	2.	MISCELLANEOUS 

  

	2.1	Unless it is expressly provided for by the Loan Agreement and/or this Amending Agreement (including, without limitation, by Clauses 1.2, 1.12-1.14 and 1.15 hereof) that a provision applies to those relations as may
exist between the Parties in connection with the First Tranche or in connection with the Second Tranche (as defined in Clause 1.3 hereof for the purposes of the Loan Agreement), the terms of the Loan Agreement shall apply to the relations
between the Parties as may exist both in connection with the First Tranche and in connection with the Second Tranche. 

  

	2.2	Each of the Borrower representations and warranties set out in Clause 2 of the Loan Agreement shall be deemed repeated by the Borrower as of the date of execution of this Amending Agreement. 

 

	2.3	This Amending Agreement is made in two counterparts having equal legal force, one for the Lender and one for the Borrower. 

  

	2.4	This Amending Agreement shall take effect as of the date it is executed by both Parties. 

PARTIES’ SIGNATURES 
  

					
	LENDER	 		 	BORROWER
			
	 Managing Director,
 Director of the Lending and
Project Financing Group of the Corporate Financing Department
 Sberbank of Russia
	 		 	General Director of the management company – Mechel Mining Management Company OOO
			
	/s/ F.V. Sapronov	 		 	/s/ B.G. Nikishichev
			
	/seal/:	 		 	/seal/:

  
 - 8 -EX-4.5

 Exhibit 4.5 

English translation 
 SBERBANK OF
RUSSIA 
 AND 

SOUTHERN KUZBASS COAL COMPANY OAO 
  

 
 NOVATION
AGREEMENT No. 5593 
  
  

 

 THIS NOVATION AGREEMENT (the “Agreement”) is made on December 5, 2012 

BY AND BETWEEN: 
  

	(1)	SBERBANK OF RUSSIA, an open joint stock company, organized and existing under the laws of the Russian Federation (company name in Russian: 

) (the “Lender”), as represented by Fedor V. Sapronov, Managing Director and Director of the Lending and Project Financing Group of the Corporate Financing Department of Sberbank of Russia, acting by
virtue of the Lender’s Articles of Association and under Power of Attorney No. 881D dated August 10, 2012, on the one hand; and 

  

	(2)	SOUTHERN KUZBASS COAL COMPANY OAO, an open joint stock company, organized and existing under the laws of the Russian Federation (company name in Russian: 

 

) (the “Borrower”), as represented by Boris G. Nikishichev, Director General of Mechel Mining Management Company OOO, a limited liability company organized and existing under the laws of the Russian
Federation (full company name in Russian: 

 

; abbreviated company name in Russian: OOO

), registered under number (OGRN) 1085410004811, having its registered office at 1 Krasnoarmeyskaya Str., Moscow 125993, Russia (address in Russian: 125993,

), acting as the sole executive body of Southern Kuzbass Coal Company OAO under the agreement on delegation of the sole executive body’s powers and authority of Southern Kuzbass Coal Company OAO to Mechel Mining
Management Company OOO dated November 1, 2009 by and and by virtue of the Articles of Association of Mechel Mining Management Company OOO and of the Articles of Association of the Borrower, on the other hand; 

the Lender and the Borrower being hereinafter collectively referred to as the “Parties” and, each individually, as a
“Party”. 
 WHEREAS: 
  

	(A)	On October 9, 2012, the Parties executed a certain Non-Revolving Loan Facility Agreement No. 5593 (the “Loan Agreement”); 

 

	(B)	On December 2012, the Parties executed Amending Agreement No. 1 to the Loan Agreement; 

  

	(C)	Pursuant to Clause 3.4 of the Loan Agreement, execution of this Agreement is one of the conditions precedent to disbursement of the loan under First Tranche (as defined in the Loan Agreement) to the Borrower by the
Lender; 

  
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 NOW, THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 As used in this Agreement, unless otherwise expressly provided for herein,
the following terms shall have the following meanings: 
  

	 	a)	“Threshold” means that the Russian ruble to U.S. dollar exchange rate, expressed as an amount of Russian rubles per one U.S. dollar, for settlements on the next following business day, calculated by the
Chicago Mercantile Exchange (“CME”) and published by the Emerging Markets Trade Association (“EMTA”) on Reuters’ EMTA page (or, where such page is unavailable, on another page maintained by Reuters or any other
system publishing such information) at approximately 1:30 p.m. Moscow time on any date following the date of execution of this Agreement reaches or exceeds the threshold of fifty (50) Russian rubles per one (1) U.S. dollar (the
“Threshold”); without prejudice to the above provisions of Clause 1.1(a), if the Russian ruble to U.S. dollar exchange rate, expressed as an amount of Russian rubles per one U.S. dollar, for settlements on the next following
business day, is not or has not been calculated by CME on the date when the Russian ruble to U.S. dollar exchange rate is to be determined for the purposes of this Agreement, such rate shall be determined, based on all available information, by the
Lender acting in a good faith and in a commercially reasonable manner; 

  

	 	b)	“Strike Rate” means the Russian ruble to U.S. dollar exchange rate equal to 30.80 Russian rubles per one (1) U.S. dollar; and 

 

	 	c)	“Notice” means, unless the context requires otherwise, any notice or other communication as may be given or delivered by one Party to the other Party hereunder or in connection herewith.

  
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	1.2	Interpretation 

  

	 	1.2.1	Any reference in this Agreement to: 

  

	 	(a)	a law or another statute or document (including, without limitation, the Loan Agreement) shall be deemed a reference to such document as it may be amended, supplemented, revised, or modified from time to time, unless
the context requires otherwise; 

  

	 	(b)	a word in the singular shall include the plural and vice versa unless the context requires otherwise; 

  

	 	(c)	“Clause” shall be deemed a reference to a Clause of this Agreement unless the context requires otherwise. 

  

	 	1.2.2	The section headings are for the purpose of reference only and do not limit or affect the construction hereof. 

  

	2.	NOVATION OF LOAN AGREEMENT 

  

	2.1	Subject to the Threshold being reached, the obligations of the Parties under the Loan Agreement relating to First Tranche (including, but not limited to, repayment of the First Tranche principal and payment of First
Tranche interest), save for those obligations which are mentioned in Clause 2.2 below (the “Original Obligations”) and in Clause 2.3 below, shall be novated, with effect from the date next following the day when the
Threshold is reached, and shall become obligations of the Parties under a loan agreement with the following terms and conditions (the “New Loan Agreement”): 

 

	 	a)	The loan amount under the New Loan Agreement shall be equal to the First Tranche amount outstanding under the Loan Agreement as of the date next following the day when the Threshold is reached, calculated in U.S.
dollars at the Strike Rate. For the purposes of calculation of the loan amount under the New Loan Agreement, the said First Tranche amount outstanding under the Loan Agreement shall not include any of those First Tranche amounts which are to be
repaid by the Borrower in the period up to and including the date when the Threshold is reached, but have not been so repaid as of the Threshold date, inclusively; 

 

	 	b)	The Borrower agrees to pay to the Lender interest on the loan under the New Loan Agreement on the following terms and conditions: 

  

	 	(i)	For the period starting from the date of execution hereof and up to December 31, 2012 (including), at the rate of ten percent (10%) per annum; 

  
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	 	(ii)	For the period starting from (and including) January 1, 2013 and ending on (and including) the loan’s full and final repayment date, at a floating interest rate which will be determined depending on the
ratio between the sales proceeds generated by domestic and foreign markets contracts/agreements and deposited in the last Accounting Period (as defined in the Loan Agreement) into the accounts which are specified in Schedule 2 to the Loan Agreement
and which are maintained by the Borrower and other Mechel Mining Group companies (as defined in the Loan Agreement) with the Lender and the loan remaining outstanding under the New Loan Agreement as of the Accounting Period end date, as shown in the
table below: 

  

			
	 Ratio between the sales proceeds deposited into the accounts maintained by the Borrower
and other Mechel
Mining Group companies with the Lender and the loan remaining
outstanding under the New Loan Agreement as of the accounting period end date, in
percent
	  	 Annual interest
rate

		
	 Thirty-seven point five percent (37.5%) or more
	  	Ten percent (10%)
		
	 Less than thirty-seven point five percent (37.5%)
	  	Eleven percent (11%)

 When determining the values to be used to calculate the floating interest rate: 

 

	 	(A)	The sales proceeds deposited into accounts in the last Accounting Period in a foreign currency other than U.S. dollars shall be first converted into Russian rubles ant then in U.S. dollars at the official exchange rate
quoted by the Bank of Russia as of the date when such amounts were credited to the account; 

  

	 	(B)	 For the purposes of this Clause 2.1(b)(ii), the sales proceeds deposited into any new account opened by the Borrower and/or another Mechel Mining
Group company with the Lender shall be accounted for by the Lender for the purposes of determination of the interest rate applicable under the New 

  
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Loan Agreement starting from the Accounting Period in which the parties execute an amending agreement pursuant to which such new account is included in Schedule 2 to the Loan Agreement;

  

	 	(C)	The amount of the loan remaining outstanding and payable by the Borrower under the New Loan Agreement in the last Accounting Period shall be determined as the loan remaining outstanding under the New Loan Agreement as
of the last business day of the last Accounting Period. 

 The interest rate applicable to the corresponding Interest Period
(as defined in the Loan Agreement) shall be determined each month, without the Parties being required to execute a separate amending agreement hereto, by a written notice from the Lender to the Borrower indicating the interest rate applicable to
such Interest Period and calculated in accordance with the following Accounting Period and Interest Period matrix: 
  

			
	 Accounting Period
	  	 Interest Period

		
	From September 1 up to and including November 30	  	From December 29 up to and including March 28
		
	From December 1 up to and including February 28 (29)	  	From March 29 up to and including June 28
		
	From March 1 up to and including May 31	  	From June 29 up to and including September 28
		
	From June 1 up to and including August 31	  	From September 29 up to and including December 28

 An interest rate notice indicating the applicable interest rate shall be delivered by the Lender to the
Borrower no later than the date next following the day when the Threshold is reached and thereafter no later than the first business day of the then current Interest Period. If the Borrower does not receive such notice, the Borrower shall
independently calculate the interest rate as would be applicable under this Clause 2.1(b)(ii); 

  
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	 	c)	Interest shall incur on the loan outstanding under the New Loan Agreement starting from date next following the day when the Threshold is reached, inclusively, and until the date of full and final repayment of the loan,
inclusively; 

  

	 	d)	Subject to Clause 2.1(c) above, interest payments under the New Loan Agreement shall be made each quarter, on the 28th day of the third month of each calendar
quarter, and on the date of full and final repayment of the loan; 

  

	 	e)	Subject to Clause 2.1(a) above, the loan outstanding under the New Loan Agreement shall be repaid in equal parts, on the loan repayment dates specified in Clause 6.1 of the Loan Agreement. The Borrower shall not be
entitled to repay early, in whole or in part, any loan amount outstanding under the New Loan Agreement before such loan repayment date(s). This requirement shall not apply to acceleration by the Borrower of the loan repayment under the New Loan
Agreement as may be effectuated by the Borrower under Clause 7.1.7 of the Loan Agreement (in accordance with Clause 2.1(i) below); 

  

	 	f)	All loan repayment and loan interest and other payments under the New Loan Agreement shall be effectuated in U.S. dollars; 

  

	 	g)	As used in the New Loan Agreement, a “business day”, subject to Clauses 5.4, 5.13 and 6.1 of the Loan Agreement (in accordance with Clause 2.1(i) below), means any day when the commercial banks and
clearing systems are open for business (including for making payments in a foreign currency) in Moscow, London and New York City; 

  

	 	h)	All disputes and controversies as may arise out of, or in connection with, the New Loan Agreement shall be referred to, and resolved by, the Moscow City Arbitration Court in accordance with the existing laws and
regulations of the Russian Federation; 

  

	 	i)	 All other terms and conditions of the New Loan Agreement (including, but not limited to, the date of full and final repayment of the loan, the
representations and warranties (including, without limitation, the representations and warranties with respect to the Swap Transaction (as defined in the Loan Agreement)), the payment conditions, the rights and obligations of the Lender and of the
Borrower, the provisions on the Borrower liability (including, without limitation, the Borrower’s obligation to indemnify the Lender for the losses including the costs due to the need on the part of the Lender to proceed with Termination of the
Hedging Arrangements (as defined in the Loan 

  
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Agreement)), as well as those provisions which are similar to the provisions of Clause 13 of the Loan Agreement (Miscellaneous)), shall remain the same as in the Loan Agreement to the
extent they do not conflict with Clauses 2.1(a)-(g) above or the essence of the New Loan Agreement, subject to Clauses 2.1(a)-(g) above, or the essence of this Agreement. 

 

	2.2	The Original Obligations shall include those of the Borrower’s payment obligations under the Loan Agreement with respect to First Tranche (including, but not limited to, the obligation to pay the Fees (as defined
in the Loan Agreement) with respect to First Tranche, to repay amount of the loan and to pay loan interest with respect to First Tranche) which are to be, but have not been, performed by the date (inclusively) when the Threshold is reached, as well
as the Borrower’s obligation under the Loan Agreement to pay to the Lender those penalties which have been incurred, but have not been paid by the Borrower, with respect to First Tranche by the date (inclusively) when the Threshold is reached.
The Original Obligations shall not be terminated by novation hereunder, but shall be properly discharged and performed by the Borrower in accordance with the terms of the Loan Agreement. 

 

	2.3	The obligation of the Borrower to pay the loan interest incurred under the Loan Agreement with respect to First Tranche for the period from the last interest payment date with respect to First Tranche under Clause 4.2
of the Loan Agreement preceding the date when the Threshold is reached (inclusively) and ending on the Threshold date (inclusively) shall be novated and become the obligation on the part of the Borrower to pay such interest in U.S. dollars at the
Strike Rate. The Borrower agrees to pay such interest on the first interest payment date under the New Loan Agreement in accordance with Clause 2.1(d) above. 

  

	2.4	The Lender may (but shall not be obliged to) notify the Borrower of the fact that the Threshold has been reached. Under no circumstances the occurrence and/or the effect of the Threshold, as it is envisaged herein, may
be construed as conditional on the Lender serving such a notice on the Borrower. 

  

	3.	REPRESENTATIONS AND WARRANTIES 

  

	3.1	The Borrower hereby represents and warrants to the Lender that: 

  

	 	a)	The Borrower is a legal entity duly organized and existing under the laws of the Russian Federation; 

  

	 	b)	Any and all consents or authorizations as may be required to be obtained by the Borrower in order to execute and/or perform this Agreement have been obtained and are in effect; 

  
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	 	c)	No legal, arbitration or administrative proceedings have been commenced or initiated against the Borrower by a court of law, arbitration tribunal or another authority which would be capable to prevent the Borrower from
execution of and/or proper performance under this Agreement; 

  

	 	d)	The Borrower has always complied and is in compliance, in all material respects, with all legal requirements a violation or breach of which would be capable of preventing the Borrower from execution of and/or proper
performance under this Agreement; 

  

	 	e)	The Borrower has valid and legal title to or legal leasehold of the assets required to carry out its business; 

  

	 	f)	To the best of the Borrower’s knowledge, there have not occurred any events or circumstances which would be capable of affecting the Borrower performance under any other agreement or financial instrument or which
might prevent the Borrower from proper performance hereunder; 

  

	 	g)	Neither the execution nor the performance of this Agreement by the Borrower shall conflict with or be in breach of any of the Borrower’s incorporation documents; 

 

	 	h)	The Borrower has diligently and thoroughly assessed whether the execution of this Agreement would be acceptable and desirable for the Borrower, subject to the Borrower’s stated objectives and expectations,
financial condition, operational resources and other circumstances; 

  

	 	i)	The Borrower fully understands the nature and the terms of this Agreement and acknowledges and accepts all potential risks and effects as may arise out of or in connection with the execution or performance of this
Agreement; 

  

	3.2	The Borrower hereby acknowledges and agrees that: 

  

	 	a)	The execution of this Agreement is a condition precedent to disbursement of First Tranche to the Borrower on the terms of the Loan Agreement. Furthermore, the execution of this Agreement allows the Borrower to obtain
the loan interest rate applicable to First Tranche as is mentioned in Clause 4.1 of the Loan Agreement; 

  

	 	b)	Had First Tranche under the Loan Agreement been provided by the Lender without regard to the execution of this Agreement, the loan interest rate offered by the Lender to the Borrower with respect to First Tranche would
have been higher than that which is mentioned in Clause 4.1 of the Loan Agreement. 

  
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	4.	MISCELLANEOUS 

  

	4.1	Second Tranche 

 This Agreement shall not apply to those of the Parties’ relations
which are connected to Second Tranche (as defined in the Amending Agreement). 
  

	4.2	Effective Date 

 This Agreement shall take effect as of the date it is executed by both
Parties. 
  

	4.3	Amendments 

  

	 	4.3.1	Save as provided for in Clause 4.3.2 below, this Agreement may not be amended or modified other than by a written instrument duly executed by authorized signatories. 

 

	 	4.3.2	In the event of any change in a Party’s location or mailing address, such Party shall notify the other Party thereof no later than one (1) business day after the date when the change occurs. 

 

	4.4	Notices 

  

	 	4.4.1	Any Notice to be given or delivered by one Party to the other Party hereunder shall be made in writing and executed by an authorized official. 

 

	 	4.4.2	Any Notice shall be deemed to have been duly and properly given if delivered by courier or sent by registered mail or telegraph with acknowledgement of receipt requested, to the address specified herein (subject to
Clause 4.3.2 above). 

  

	 	4.4.3	A Notice from the Lender shall be deemed to have been duly delivered to the Borrower if it has been received by the Borrower or where the Borrower fails or refuses to receive the same or where such Notice could not have
been served on the Borrower due to the Borrower being unavailable at the address indicated in the Notice, of which fact the Lender has been informed by the postal service. A Notice from the Lender shall be deemed to have been delivered to the
Borrower on the date when it is received by the Borrower or, where the Borrower fails or refuses to receive the same or where such Notice could not have been served on the Borrower due to the Borrower being unavailable at the address indicated in
the Notice, the date when the postal service sends a notice informing the Lender that it has failed to deliver the Lender’s Notice to the Borrower. 

  
 - 9 - 

	4.5	Dispute Resolution 

 All disputes and controversies as may arise out of, or in connection
with, this Agreement shall be referred to, and resolved by, the Moscow City Arbitrazh Court in accordance with the existing laws and regulations of the Russian Federation. 
  

	4.6	Confidentiality 

  

	 	4.6.1	Either Party agrees to keep confidential and not disclose in any form or manner (including, but not limited to, in an interview, publication or advertising) any information on the terms or conditions of this Agreement
other than on a written consent of the other Party. 

  

	 	4.6.2	The confidentiality undertaking described in Clause 4.6.1 above shall not apply to statutory disclosures under Russian law or to those instances where a Party is required to make such a disclosure under the existing or
newly assumed disclosure obligations owing to another creditor, rating agency or financial institution. 

  

	4.7	Counterparts 

 This Agreement is made in two (2) counterparts having equal legal
force, one for the Lender and one for the Borrower. 
  

	5.	PARTIES’ LOCATION AND BANK DETAILS 

  

	5.1	LENDER: 

 Location: 19 Vavilov Str., Moscow 117997, Russia (

 

) 
 Taxpayer Number (INN): 7707083893 

Company Number (OGRN): 1027700132195 

Taxpayer Record Validity Code (KPP): 775001001 

Russian National Company and Business Classification Code (OKPO): 00032537 

For payments in RUR: Account No. 30301810500001000014; Correspondent Account No. 30101810400000000225 with OPERU of the Moscow GTU of the Bank
of Russia; BIC 044525225 
 For payments in USD: 

Account No. 30301840800001000014 with Sberbank, Moscow, SWIFT SABRRUMM 

  
 - 10 - 

 (HEAD OFFICE – ALL OFFICES in RUSSIA) 

BANK OF NEW YORK MELLON NEW YORK, NY, SWIFT IRVT US 3N 

For payments in EUR: 
 Account No.
30301978400001000014 with Sberbank, Moscow, SWIFT SABRRUMM 
 (HEAD OFFICE – ALL OFFICES in RUSSIA) 

DEUTSCHE BANK AG FRANKFURT AM MAIN, SWIFT DEUTDEFF 

Tel: (495) 747-3381; 957-5563; Fax: (495) 957-5561 
  

	5.2	BORROWER: 

 Location and mailing address: 6 Yunosti Str., Mezhdurechensk, Kemerovo
Region, 652877, Russia 
 (

) 
 Mailing address: 6 Yunosti Str., Mezhdurechensk, Kemerovo Region, 652877, Russia 

(

) 
 Taxpayer Number (INN): 4214000608 

Company Number (OGRN): 1024201388661 

Ruble Account No. 40702810026070100405 with Mezhdurechensky Branch No. 7763 of the Siberia Bank of the Sberbank of Russia 

Tel: (384) 757-4370; Fax: (384) 757-4397 

Email: mechel@mechel.com 

PARTIES’ SIGNATURES 
  

					
	LENDER	 		 	BORROWER
			
	 Managing Director
 Director of the Lending and
Project Financing Group of the Corporate Financing Department
 Sberbank of Russia
	 		 	Director General of the management company - Mechel Mining Management Company OOO

  

					
	/s/ Fedor V. Sapronov	 		 	/s/ Boris G. Nikishichev
			
	/seal/: Sberbank of Russia	 		 	/seal/: Mechel Mining Management Company OOO

  
 - 11 -

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