Investor Presentaiton

Management's Discussion and Analysis Nine months ended September 30, 2011 Russia and the CIS remains uncertain, although a number of major projects by Gazprom and customers in the CIS countries is scheduled to start over the course of next year. Industrial pipe market performance would depend on general macroeconomic trends. We intend to further reduce our leverage level and optimize debt profile. Despite some negative developments on global financial markets, we continue to refinance our debt at favorable terms and expect to extend maturities of our debt facilities as planned. 19

View entire presentation