Investor Presentaiton

TMK 3Q 2018 vs. 2Q 2018 Summary Financial Highlights Sales declined QoQ across all divisions Revenue decreased QoQ, reflecting lower pipe sales across all divisions and a negative currency translation effect 1 500 -11% QoQ Thousand tonnes 1 200 900 600 -14% QoQ 1 076 925 300 0 2Q2018 3Q2018 US$ mln 1 000 1 355 1 207 500 0 2Q2018 3Q2018 Adjusted EBITDA decreased QoQ, reflecting a weaker performance across all divisions Net loss was recorded, due to a loss on disposal of subsidiaries -17% QoQ 200 18% 15% 14% 15% 150 12% US$ mln 100 197 9% 164 6% 50 3% EBITDA margin, % 25 20 US$ mln 0 0% 2Q2018 3Q2018 15 10 19 5 0 -5 -10 2Q2018 3Q2018 -8 Source: TMK data 39

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