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Investor Presentaiton

U.S.$ mln 9M 2013 Adjusted EBITDA by Division 9M 2013 Adjusted EBITDA 9M 2013 Adjusted EBITDA Margin +3% 600 500 400 20% 17% 17% 16% 15% 16% 12% 000 300 588 571 10% 8% -51% 8% 200 -51% 4% 100 195 95 21 43 0 Russia Americas ■ 9m2012 ■9m2013 0% Russia Americas Europe Europe ■ 9m2012 ■9m2013 TMK Russian division Adjusted EBITDA increased, mainly driven by lower SG&A. ■ American division Adjusted EBITDA decreased primarily due to significantly weaker pricing of welded and seamless pipe, not fully offset by lower raw materials prices. European division Adjusted EBITDA declined as falling average selling prices of pipe products outpaced falling scrap prices. Russian division Adjusted EBITDA margin improved largely due to lower SG&A as a percentage of revenue. ■ American division Adjusted EBITDA margin fell mainly due to weaker pricing across all product lines. European division Adjusted EBITDA margin declined due to low average selling prices. Source: TMK Consolidated IFRS Financial Statements, TMK data NNote: CCertain monetary amountsppercentages and other figures included in this presentation are subject to rounding adjustments. Totals therefore do not always add up to exact arithmetic sums. 28
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