Investor Presentaiton

2Q 2014 vs 1Q 2014 Adjusted EBITDA by Division Adjusted EBITDA Adjusted EBITDA Margin U.S.$ mln -3% 160 120 80 60 153 147 39% 40 40 0 Russia 21% 18% 12% 16% 14% 8% 6% 6% 12% 11% 34 24 7 9 0% America Europe Russia America Europe ■ 1Q2014 ■ 2Q2014 ■ 1Q2014 ■ 2Q2014 TMK Russian division Adjusted EBITDA declined due to unfavorable sales mix in welded pipe and a growth in other operational expenses. American division Adjusted EBITDA grew mostly due to improved sales mix of both seamless and welded pipe and a decline of SG&A expenses. European division Adjusted EBITDA increased largely due growth in gross profit. Russian division Adjusted EBITDA margin decreased QoQ mainly due to unfavorable welded pipe product mix. American division Adjusted EBITDA margin grew as a result of favorable product mix. European division Adjusted EBITDA margin went up due to improved sales mix. Source: TMK Consolidated IFRS Financial Statements, TMK data NNote: CCertain monetary amountsppercentages and other figures included in this presentation are subject to rounding adjustments. Totals therefore do not always add up to exact arithmetic sums. 23

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