Investor Presentaiton

Our take on the US market ☐ Pricing of natural gas is key demand driver ☐ By 2016 US will start exporting LNG Gas/coal switching for electricity generation already happening with additional catalysts from improving air standards (MATS) and CO2 emission reductions (US EPA) Domestic demand rises as economic recovery gathers momentum We are forecasting a 300 rig increase over next three years Our OCTG products are key - Best premium connections - - Best gas-tightness in the industry - key for gas TMK products carry premium pricing advantage US Electricity Generation by Fuel 1991 - 2015E 4,500 Million kW per year 3,600 1993 2,700 4% 153% 1,800 19% 900 11% 13% 0+ 1991 1993 1995 1997 1999 2001 2003 2005 ■Natural Gas ■Renewables* ■Nuclear Source: EIA short term energy outlook October 2012 2007 2009 ■ Coal 2011 2012 i 1% 38% 19% 13% 30% 2013E 2015E ■Oil and other liquids 15 TMK

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