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NNote: WELDED SEAMLESS Seamless - Core to Profitability U.S.$ mln QoQ, YoY, 2Q 2014 Gross Profit Breakdown 2Q 2014 1H 2014 (unless stated otherwise) % % Volumes- Pipes, kt 634 -1% 1,273 0% Welded 15% Other operations 2% Revenue 970 -1% 1,948 -8% Gross Profit 236 0% 473 -20% Margin, % 24% 24% Avg Revenue/Tonne (U.S.$) 1,532 0% 1,530 -8% Avg Gross Profit / Tonne Seamless 83% 373 1% 371 -20% (U.S.$) Volumes- Pipes, kt 442 14% 828 -9% Sales of seamless pipe generated 64% of total Revenue in 2Q 2014 and 65% in 1H 2014. Revenue 468 10% 892 -20% Gross Profit 42 9% 81 -32% Margin, % 9% 9% Gross Profit from seamless pipe sales represented 83% of 2Q 2014 total Gross Profit and 84% of 1H 2014 total Gross Profit. Avg Revenue / Tonne (U.S.$) 1,060 -4% 1,078 -13% Avg Gross Profit / Tonne (U.S.$) 96 -4% 98 -26% Gross Profit Margin from seamless pipe sales amounted to 24% both in 2Q 2014 and 1H 2014. Source: Consolidated IFRS Financial Statements, TMK data CCertain monetary amountsppercentages and other figures included in this presentation are subject to grounding adjustments. Totals therefore do not always add up to exact arithmetic sums. 33 TMK

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