Investor Presentaiton

TMK Vertically Integrated Model Ensuring Margin Stability Operating in one of the lowest cost regions for steel production globally Fully vertically integrated seamless pipe production (upstream and downstream) across all regional divisions Steel products price volatility (US$/t) 543 531 Ability to pass through increases in the cost of steel products to end-customers 590 596 556 500 Resilient margin throughout the cycle of high and low steel prices In 2016, an agreement with Metalloinvest for supply of hot- briquetted iron ("HBI") was signed Seamless pipe - simplified value chain TM Scrap, HBI EAFS Refractories, ferroalloys and other consumables 387 347 2013 2014 2015 2016 2017 1Q 2018 2Q 2018 3Q 2018 HRC (FOB, Black Sea) Source: Metal Expert Pipe making facilities TMK Production of billets Piercing, elongation, reduction of billets; pipe finishing TMK gross margin by product segments I 27% 26% 25% 24% 24% 23% Welded pipe - simplified value chain Steel coil/ plate Pipe making facilities 13% 12% 10% 11% 8% 6% TMK Bending of steel coil or plate followed by welding the seam at the wedges Perimeter of TMK operations in the value chain 8 2013 2014 2015 2016 2017 9M 18 ■Seamless ■ Welded Source: TMK data

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