1. PROPRIETARY & CONFIDENTIAL

2. 1 HighlightsHighlights 2005200620072008 CAGR (2005-2008) Revenue, US$ mln2,9533,4024,1795.83225% EBITDA, US$ mln5488009321.01223% EBITDA margin19%24%22%17%  Strategic Investment Programme (2004-12) aimed at 48% capacity increase  Ability to efficiently integrate acquired businesses and realise synergies  Fully vertically integrated (upstream and downstream operations)  About 70% of 2007 revenues were generated by sales to the oil & gas sector  11% of global and 61% of Russian seamless OCTG (1) market in 2007 (1) OCTG – Oil Country Tubular Goods  Present in Russia, Central Asia, Eastern Europe and USA

3. PROPRIETARY & CONFIDENTIAL TMK Asset Structure 2 Volzhsky Pipe Plant (100%) Seversky Tube Works (93,30%) Sinarsky Pipe Plant (92,70%) Taganrog Metallurgical Works (95,94%) TMK-CPW (51%) TMK R&D Oilfield Services Sales and Marketing Premium Connections Pipe Production International Russia ТМК - IPSCO 100% TMK-ARTROM (80,6%) TMK-Resita (99,5%) TMK-Kaztrubprom (100%) Orsky Machine Building Plant (100%) Truboplast (100%) TMK Pipe Maintenance Dept. (100%) TMK Central Pipe Yard (100%) RosNITI (97,36%) Trade House TMK (100%) TMK Middle East (100%) ТМК Europe (100%) TMK North America (100%) TMK-Kazakhstan (100%) TMK Global (100%) TMK Italia (100%) TMK Warehouse Complex (100%) ТMK – Premium Service (100%) ULTRA

4. PROPRIETARY & CONFIDENTIAL 3 Global Operational and Sales Footprint Source: TMK accounts Twenty one production sites in Russia, Eastern Europe and the United States supported by an extensive wholly-owned sales and marketing network covering all key markets Marketing subsidiaries and rep. offices STZ SinTZ VTZ Tagmet TMK-Artrom TMK-Resita Houston Zurich Cologne Astana Baku Beijing Dubai Ashgabat TMK IPSCO Singapore TMK Kaztrubprom TMK Premium Service TMK Oilfield Services

5. PROPRIETARY & CONFIDENTIAL 4 Global Market Leader RussiaWorld Total Steel Pipes No. 1 (24%)Top 3 SeamlessNo 1 (45%)No. 3 OCTGNo. 1 (61%)No. 3 Line PipeNo. 1 (54%)No. 2 IndustrialNo. 1 (26%)Top 5 WeldedNo. 2 (14%)Top 15 Large DiameterNo. 3 (12%)Top 12 IndustrialNo. 1 (14%)Top 20 Source:TMK estimates TMK holds leading positions in the industry’s most attractive segments TMK market position by product in 2007 Pre- and post-acquisition market position (pipe capacity, ‘000 tonnes)

6. PROPRIETARY & CONFIDENTIAL TMK Production capacities Russia Steelmaking Seamless pipes Welded pipes Heat Treatment Threading TMK production capacities are located in key global regions of pipe consumption ~ 2.7 mln tonnes ~ 2.4 mln tonnes ~ 1.5 mln tonnes ~ 1.3 mln tonnes ~ 2.5 mln tonnes Europe Steelmaking Seamless pipes ~ 0.45 mln tonnes ~ 0.25 mln tonnes North America Steelmaking Seamless pipes Welded pipes Heat Treatment Threading ~ 0.5 mln tonnes ~ 1.0 mln tonnes ~ 0.45 mln tonnes ~ 0.75 mln tonnes ~ 0.3 mln tonnes 5

7. PROPRIETARY & CONFIDENTIAL 2005-2008 Key Strategic Capex Implementations Key Projects Plant Seversky Sinarsky TMK-Artrom TAGMET Ambridge  Installation of a piercing mill  Installation of a reducing mill  Installation of CPE mill  P.Q.F. mill  Seamless mill upgrades Seamless Rolling Sinarsky, TAGMET TAGMET Sinarsky Baytown Blytheville Camanche  Two upsetting presses  Threading line for Premium connections  New heat treatment facilities  New finishing facilities Heat Treatment and Finishing Volzhsky  Upgrade welded pipes coating technology  Longitudinal seam large OD plant Large O.D. Welded Volzhsky Seversky TAGMET Resita  EAF and caster upgrades  Installation of a new EAF and caster  Installation of a new caster  Completion of installation of a new caster Steel-making Volzhsky Seversky Sinarsky Tagmet Baytown  New hydro press, UT facilities (Assel mill)  New UT facilities  New hydro press, new and upgraded UST and NDT facilities  Replacement of hydro press, new UT and MPI systems  New laboratory Testing and Control Facilities Volzhsky Resita Sinarsky  EAF gas cleaning system  EAF gas cleaning system installation  Water treatment facilities Environmental 6

8. PROPRIETARY & CONFIDENTIAL 7 Source: TMK estimates Note: (1) Includes 100 kt capacity of welded OCTG and Line pipes at Seversky mill (TMK-CPW) (2) The capacities for production of line pipes and industrial seamless pipes are interchangeable +48% capacity increase Estimated Production Capacity (mln tonnes) Organic Growth  Focus on increasing production efficiency and expanding seamless capacity  Over US$975 mln to increase seamless pipe production capacity (from 2.0 to 3.4 mln tonnes) and improve consumption efficiency  Over US$214 mln to install longitudinal large diameter welded pipes capacity of 0.65 mln tonnes  Key initiatives include: ─ US$817 mln for steel-making capacity for seamless pipes (from 2.4 to 3.4 mln tonnes) ─ Over US$490 mln for heat treatment and finishing of pipe to focus on value-added products  maintenance capex is in addition to TMK investment program Investment Summary 60% (US$1.7 bn) of capex programme to be completed by the end of 2008

9. PROPRIETARY & CONFIDENTIAL 8 TMK-Artrom, TMK-Resita  80% of the Russian market for tool joints used in drilling  Moving up the value chain  450k tonnes of steelmaking capacity  250k tonnes of seamless pipes capacity JV with Corinth Pipeworks  100k tonnes of welded OCTG and line pipes capacity  Further product diversification + new technologies Truboplast  Coating capacity 50k tonnes p.a.  New value-added products  Latest technologies in pipe coating TNK-BP Service Assets  Pipe storage, maintenance and repair, and facilities in Western Siberia  Integration into supply chain of oil and gas companies IPSCO Tubulars  100% of ITI  51% of NSG  US-based leading producer of seamless and welded pipes  Access to the world’s biggest market for OCTG and line pipes  Value-added finishing services Orsky Machine Building Plant Kaztrubprom  60k tonnes of OCTG pipes (finishing services) capacity  Access to promising Kazakh market Integration Track Record 2006 1Q2007 2Q2007 3Q2007 4Q2007 1H2008 1Q2009 IPSCO Tubulars  Remaining 49% of NSG

10. PROPRIETARY & CONFIDENTIAL 2008 Key Strategic Investment Projects  Additional 650k tonnes of longitudinal welded pipe capacity  State-of-the-art mill increasing reliability of Russian and CIS pipeline networks  Large-Diameter pipe production in accordance with the requirements of largest oil and gas pipeline projects Volzhsky Large-Diameter Longitudinal Welded Pipe Mill 9

11. PROPRIETARY & CONFIDENTIAL 2008 Key Strategic Investment Projects (2) Premium Quality Finishing (PQF) continuous mill at Tagmet  Additional 600k tonnes of high-performance casing, tubing, drill, and line pipe production capacity in accordance with international standards.  Billet consumption rate improved by 140 kg/tonne  4% reduction in cost of production 10

12. PROPRIETARY & CONFIDENTIAL 2008 Key Strategic Investment Projects (3) New electric arc furnace (EAF) at Seversky  41,5% lower atmospheric emissions  50% reduction of nitrogen and carbon oxide emissions  100% reduction of sulphur emissions  92% recycling water supply  Additional 950k tonnes of steel billet capacity  Lower energy and gas consumption 11

13. PROPRIETARY & CONFIDENTIAL 12 Baytown, TX Ambridge, PA Wilder, KY Houston, TX Odessa, TX Baytown, TX Houston, TX Ambridge, PA Camanche, IA Koppel, PA Catoosa, OK Wilder, KY Geneva, NE Blytheville, AR Koppel, PA Steel Welded Seamless Finishing Mills Geneva, NE Catoosa, OK Blytheville, AR Odessa, TX TMK IPSCO Assets TMK IPSCO product offerings include both welded and seamless carbon and alloy grade pipes, as well as various value-added services Camanche, IA

14. PROPRIETARY & CONFIDENTIAL TMK IPSCO 13  Over 1.3 million tonnes capacity  Over 10% of US OCTG pipe production  Strong focus on oil and gas pipes  Over 50 years of expertise in pipe manufacturing  Widely recognised brand with strong customer loyalty and superior distribution platform

15. PROPRIETARY & CONFIDENTIAL 14 TMK Oilfield Services Supplier of high-performance products and services to the oil and gas industry. OAO Orsky Machine Building Plant OOO Truboplast ZAO TMK Pipe Maintenance Department OOO TMK Central Pipe Yard Support and streamline our customers’ production activities. Specialises in the repair of tubing pipes, piston rods and pipe coatings, as well as in the manufacturing of pipe column sections and other downhole equipment. TMK Oilfield Services provides transportation and running services in the Urals-Volga and Western- Siberian oil and gas regions

16. PROPRIETARY & CONFIDENTIAL 15 TMK Premium Service  TMK Premium Service offers a range of patented connections developed by TMK R&D specialists and designed for onshore and offshore exploration, appraisal, and production drilling in challenging environments.  TMK Premium connections: suitable for sour, deep well, low temperature, and high-pressure applications.  Current drilling conditions call for a special class of products. TMK Premium connections are above API grade products that meet today’s drilling requirements and challenges.

17. PROPRIETARY & CONFIDENTIAL 16 TMK Premium Connections Casing connection designed for horizontal and directional wells in oil, gas and gas- condensate fields ТМК GF ТМК FMC ТМК FМТ Tubing connection for use in vertical and directional oil and gas wells in fields Designed for casing liners and well repair ТМК 1 TMK ULTRA Connections  ULTRA FJ flush joint  ULTRA SF semi flush joint  ULTRA FX upset tubing connection  ULTRA FX lined upset tubing  ULTRA CX slim hole  ULTRA CT traditional

18. PROPRIETARY & CONFIDENTIAL 17 Note: (1) Other operations include steel billets and energy sales 2008 estimates include the U.S, IPSCO tubular assets consolidated from June 12, 2008 2,940 2,997 3,088 CAGR 3.3% CAGR 23% Favourable price dynamics and improving efficiency are key drivers for revenue and EBITDA growth Volumes (‘000 tonnes)Revenues (US$ mln)EBITDA (US$ mln) Growth and Profitability (1) Other Operations Welded Pipes Seamless Pipes 2,935 3,402 4,179 CAGR 25% TMK - IPSCO ~1,000

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