Investor Presentaiton

TMK TMK's Home Market is One of the Lowest Cost Oil Producing Regions Global oil production supply curve Coal to Liquid- Gas to Liquid Asia DW(3) Permian tight Breakeven price (U.S.$/Boe) (1) 50 50 125 100 Low-cost supply completely in the money at current Brent price 75 Brent October 2018 Brent Crude 5 Year Low 25 OPEC, Middle East and Africa Russia, Caspian region* 0 20 40 S. America Aus. and Pacific Non-OPEC) Asia conv. 60 60 NA conv. Bakken- NA DW(3) 1 Eagle Ford EOR(2) Europe VZ extra heavy Canadian Oil Sands Arctic Africa Offshore SA DW (3) (primarily Brazil) Production (MBD) Even with oil at 5 year lows, the low cost Russian and Caspian region is able to remain profitable unlike the majority of its international counterparts. In 2015 and 2016, Russia was the only region globally to maintain healthy drilling activity and stable OCTG demand. Source: IEA World Energy Outlook; EIA International Energy Outlook; EIA Annual Energy Outlook; Morgan Stanley Notes: (1) Breakeven price assumes a 10% return, and NPV of zero; *includes Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan; (2) Enhanced oil recovery; (3) Deep Water 14 80

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