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Investor Presentaiton

Oil Production in Russia Remains Strong, However There Are TMK Changes to its Composition... Oil production remains well above 11.2 MMbpd whilst adhering to the new agreement with OPEC. Gradual stagnation of oil production from brownfields is accompanied by development of greenfield projects Russian total oil output, MMbpd 11,6 11,3 11,0 10,7 10,4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2015 Source: Interfax, Info TEK 2016 2017 2018 Oil production structure, % 8% 8% 80% 100% 8% 8% 8% 8% 9% 9% 9% 10% 1% 4% 6% 9% 11% 14% 15% 17% 19% 20% 60% 40% 20% 0% 2017 2018E 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F ■Brownfields production ■Offshore production Source: RPI ■Greenfields production ■Hard to recover reserves OCTG demand is growing supported by existing level of production and development of greenfields Meters (min) 40 40 30 20 20 10 3,4 3,0 2,2 ANN 2,6 1,8 1,4 0 1,0 2005 2007 2009 2011 2013 2015 2017 2019E 2021E Meters drilled (LHS) OCTG demand (RHS) Source: Interfax, Info TEK, Spears & Associates, TMK estimates 11 Tonnes (mln)
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