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Investor Presentaiton

Key Consolidated Financial Highlights TMK (US$min)(a) 2008 2009 2010 2011 2012 Revenue 5,690 3,461 5,579 6,754 6,688 Adjusted EBITDA (b) 1,047 328 942 1,050 1,040 Adjusted EBITDA Margin (%) 18% 9% 17% 16% 16% Profit (Loss) 198 (324) 104 385 282 Net Profit Margin (%) 3% NM 2% 6% 4% Pipe Sales ('000 tonnes) 3,227 2,769 3,962 4,185 4,238 Average Net Sales/tonne (US$) (c) 1,763 1,250 1,408 1,614 1,578 Cash Cost per tonne (US$)(d) 1,263 979 1,027 1,207 1,168 Cash Flow from Operating Activities 740 852 386 787 929 Capital Expenditure(e) 840 395 314 402 445 Total Debt(f) 3,211 3,752 3,872 3,787 3,885 Net Debt(f) 3,063 3,504 3,711 3,552 3,656 Short-term Debt/Total Debt 70% 41% 18% 16% 27% Net Debt/Adjusted EBITDA 2.9x 10.7x 3.9x 3.4x 3.5x Adjusted EBITDA/Finance Costs 3.8x 0.7x 2.2x 3.5x 3.5x (a) IFRS financials figures were rounded for the presentation's purposes. Minor differences with FS may arise due to rounding (b) Adjusted EBITDA is calculated as profit before tax plus finance costs minus finance income plus depreciation and amortisation adjusted for non-operating and non-recurrent items (c) Sales include other operations and is calculated as Revenue divided by sales volumes tonnes (d) Cash Cost per Tonne is calculated as Cost of Sales less Depreciation & Amortisation divided by sales volumes (e) Purchase of PP&E investing cash flows (f) Total debt represents interest bearing loans and borrowings plus liability under finance lease; Net debt represents Total debt less cash and cash equivalents and short-term financial investments Source: TMK Consolidated IFRS Financial Statements 24
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