Investor Presentaiton

Working Capital Position Inventories (Days) Accounts Payable (Days) TMK 140 132 120 107 120 97 100 91 90 86 98 80 100 80 60 75 60 8640 73 - 64 64 40 40 20 20 20 0 0 2009 2010 2011 2012 3m 2013 2009 2010 2011 2012 3m 2013 Accounts Receivable (Days) 100 94 Cash Conversion Cycle (days) 120 119 80 60 100 60 56 60 50 56 60 56 60 80 72 70 80 76 60 22 82 60 40 40 40 20 20 20 0 0 2009 2010 2011 2012 3m 2013 2009 2010 2011 2012 3m 2013 Source: TMK data 29 29

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