Investor Presentaiton

Deleveraging and Capex Plan ☐ Maintenance capex anticipated to be lower than depreciation post 2013 Benefits of capex programme reflected in growing confidence for future years EBITDA growth Dividend distribution set at minimum 25% of net income Commitment to reduce Net Debt/EBITDA from current level to 2.5x within 3 years Debt maturity profile as of September 30, 2013 U.S.$ mln 900 750 600 897 413 450 515 494 368 500 345 290 291 300 155 500 485 494 500 368 150 290 291 191 15 0 4Q 2013 2014 2015 2016 2017 2018 2019 2020 ■ Bank Loans ■ Bonds Source: TMK Management Accounts, figures based on non-IFRS measures, estimates from TMK management 86% of debt is unsecured ☐ More than $1bn of undrawn commetted credit lines facilities 29 TMK

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