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Investor Presentaiton

Conclusion EBITDA growth expected - Net Debt reduction follows. Excellent fundamentals underpin Russian market growth Leveraging relationships with Gazprom and Rosneft Importing our shale expertise to Russia from US ■ US market turning for TMK as product launches raise margins and revenues Longer term US outlook more favourable - key KPI to watch is gas price and demand 32 32 TMK

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