Investor Presentaiton

Semi-annual Segmental Performance excluding IPSCO (in RUB) Russian division European division Sales volume (ths. tonnes) 1,435 1,490 1,553 1,590 1,529 1,432 1,320 93 92 100 100 99 88 84 TMK 1H17 2H17 1H18 2H18 1H19 2H19 1H20 1H17 2H17 1H18 2H18 1H19 2H19 1H20 21.1 19.6 16.9 15.2 15.3 Adjusted 13.5 13.3 EBITDA(a), RUB bn 1.5 1.7 1.0 1.1 0.6 0.4 0,3 1H17 2H17 1H18 2H18 1H19 2H19 1H20 1H17 2H17 1H18 2H18 1H19 2H19 1H20 Adjusted EBITDA margin(a), % Source: TMK data Note: TMK 18% 16% 16% 15% 14% 14% 14% 1H17 2H17 1H18 2H18 1H19 2H19 1H20 17% 17% 14% 12% 10% 6% 4% 1H17 2H17 1H18 2H18 1H19 2H19 1H20 (a) Adjusted EBITDA represents profit/(loss) for the period excluding finance costs and finance income, income tax (benefit)/expense, depreciation and amortisation, foreign exchange (gain)/loss, impairment/ (reversal of impairment) of non-current assets, movements in allowances and provisions (except for provisions for bonuses), (gain)/loss on disposal of property, plant and equipment, (gain)/loss on changes in fair value of financial instruments, share of (profit)/loss of associates and other non-cash, non-recurring and unusual item 32

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