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Presentation CMD1014.Pdf Disclaimer No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein and, accordingly, none of the Company, or any of its shareholders or subsidiaries or any of such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this presentation. This presentation contains certain forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. OAO TMK does not undertake any responsibility to update these forward-looking statements, whether as a result of new information, future events or otherwise. This presentation contains statistics and other data on OAO TMK’s industry, including market share information, that have been derived from both third party sources and from internal sources. Market statistics and industry data are subject to uncertainty and are not necessarily reflective of market conditions. Market statistics and industry data that are derived from third party sources have not been independently verified by OAO TMK. Market statistics and industry data that have been derived in whole or in part from internal sources have not been verified by third party sources and OAO TMK cannot guarantee that a third party would obtain or generate the same results. 2 Presentation Team Dmitry Pumpyanskiy Peter O’Brien Vladimir Shmatovich Chairman of the Board Member, Vice President for Strategy and Board of Directors Independent Director Business Development Sergey Alekseev Piotr Galitzine Paul Fullerton Director for Marketing Chairman, TMK IPSCO Vice President for Research and Product Development 4 Agenda . Dmitry Pumpyanskiy, Chairman of the Board of Directors “Welcome” . Vladimir Shmatovich, VP for Strategy and Business Development “TMK Financial and Strategic Overview” . Peter O’Brien, Independent Director, Chairman of the Audit Committee “Corporate Governance Review” . Sergey Alekseev, Director for Marketing “Russian Market: Challenges and Opportunities” Coffee Break . Piotr Galitzine, Chairman, TMK IPSCO “Shale Gas & LNG, the Next Chapter in US Energy Renaissance” . Paul Fullerton, VP for Research and Product Development “Research and Development – Technology Advancements” Q & A 5 Points to Cover . Opportunities for TMK today. Strategic capex completed. Addressing challenges. Increased efficiency and spending discipline. Refinancing in-hand. Key targets. 7 Leading Global Supplier of Pipes for Oil and Gas Industry The world’s leading tube producer . More than 75% of sales dedicated Sales volumes (thousand tonnes) to the Oil & Gas industry with key 4,185 4,238 4,288 3,962 focus on seamless OCTG pipe. 1,844 1,743 1,866 2,769 1,843 . One of the largest global OCTG 1,120 2,494 pipe manufacturers. 2,119 2,342 2,422 1,649 . Local manufacturer in countries 2009 2010 2011 2012 2013 Seamless pipe Welded pipe which account for 86% of global Source: TMK data drilling activity. …Operating in the largest drilling markets Number of wells drilled Far East Africa Europe 4% 2% 1% . Market leader in Russia and strong Middle East 4% position in the US. South America 7% US + Russia + Russia Middle East + 10% Canada: 86% . Increasing drilling complexity drives US Canada 60% demand for higher value added 12% products. Note: Excluding China and Central Asia. Onshore and offshore drilling Source: Spears & Associates 8 Diversified Business Model . High degree of product diversification gives Diversified product portfolio and customer base earnings resilience. Sales volumes by product (1H 2014) Welded Welded LD; 8% . Geographical diversification helps mitigate Line Pipe; Seamless 9% OCTG; swings in demand. 36% Welded OCTG; . Leader in Russia with around 60% market 11% share in seamless OCTG pipe. Welded Industrial; 11% Seamless . Gaining market share in the US premium Seamless Line Pipe; Industrial; 13% connections market – 18% in 2014E vs Source: TMK data 12% 14% in 2013. Diversified geographical reach TMK revenues by country (FY2013) . Diversified product portfolio, including full C.Asia & Middle range of seamless and welded pipes. Caspian East & Region; Asia & Far Gulf 3% East; 3% Region; 1% . Focus on higher value added products, Europe; including seamless pipes and OCTG. 7% Russia; . Diversified customer base covering end 57% users in oil & gas and industrial. Americas; 29% Source: TMK data 9 All Strategic Assets Operating Focus of CAPEX program has been seamless pipe and facility modernization in Russia and the US 3.5 +200 -250 kt in 2016 . New pipe rolling FQM Mill at 3.0 Seversky Pipe Plant put into operation in October 2014. 2.5 2.0 . Additional 200-250 thousand 3.50 3.46 tonnes of seamless pipe capacity 1.5 2.98 mln mln tonnes to meet growing demand. 2.50 2.37 1.0 2.09 2.03 1.78 . Total cost of the project around 0.5 0.73 0.77 US$435 mln to be fully paid by 0.0 2017. Heat Threading Steelmaking Welded Seamless Treatment Pipe Pipe 2004 2014 pro-forma Source: TMK data . Total strategic investment program amounted to around US$3.6 bn. No major acquisitions are planned. Further investments will be focused on additions to finishing capacities across all major regions of operations. 10 Addressing the Challenges Global oil prices: − Global oil prices recently dropped to a four- . The negative effect is mitigated by the year low: Brent slumped by 22% YTD and Rouble depreciation. WTI – by 17% YTD. Close relationship with clients to keep − Potential cut in CAPEX by major oil and gas abreast of any potential project delays. companies. Russian division EBITDA in RUB and per Rouble depreciation and FX sensitivity: metric tonne remained almost flat in 1H2014 − 10% RUB depreciation in 1H2014 vs. 2H2013. negatively affected our EBITDA by around . Borrowing in RUB. 7%. Growth of export sales. Refinancing risk and interest expense growth . Commitment to deleverage through limiting − Interest rate growth for RUB loans. CAPEX and working capital. − Temporarily limited access to international . Strategic relations with the Russian banks. financial markets. Potential IPO of TMK IPSCO. Raw materials inflation . Price increases typically happen with a lag. − In Russia, majority of raw materials prices . Historically, we were able to transfer significantly increased for 9m2014. increasing costs to clients. − In the US, raw materials prices remained . Aim to implement pricing formulas with major almost flat. RU customers. 11 Sanctions – New Opportunities Counterbalancing Threats Selected sanctions by EU and US: New opportunities for TMK: . Technology leadership in Russia. Prohibited to directly or . An export license is indirectly provide any required to export, . Import substitution program. goods, service, or re-export, or . Diverse product range supports technology in support transfer (in-country) supplies for the most severe of exploration or OCTG or line pipe conditions. production for: for use in: . Development of oilfield services. Start of Gazporm’s Mega-Projects: − Power of Siberia; − Chayanda and Kovykta gas fields development. Deepwater Arctic offshore Shale Projects . Start of the first LNG exports in the US in 2016. 12 Efficiency is Key Cash conversion cycle to be stabilized Improvement of working capital position 100 . Longer cash conversion cycle due to increasing sales to major O&G clients in Russia and rising 80 export sales. Plan to stabilize cash conversion cycle through: 60 Days 92 − Improvements in inventory management; 40 87 80 76 74 − New contract terms with Gazprom and 20 Transneft => 30%-40% prepayments on all LDP orders. 0 2010 2011 2012 2013 6m2014 . Prepayments will enable incremental reduction Source: TMK data in debt. Note: cash conversion cycle is calculated as “days inventory outstanding” + . Improved capacity utilization and sales mix, + “days receivables outstanding “ - “days payables outstanding” reduces costs. Cost cutting program breakdown 2014 Cost cutting program in place Total US$100 mln Logistics; 6% . Around 45% of the cost cutting program has Energy; 6% savings Production already been realized. Yields; 20% Economies of Scale; 7% . Production yields and spare parts, maintenance costs and salaries, as well as energy and Others; 12% Spare Parts; logistics. 19% . Targeted decrease of conversion costs up to Salaries; 14% US$100 mln for FY2014. Maintenance Source: TMK estimates Costs; 16% 13 Revised Capex and M&A Program US$1.1 bn US$mln 380 380 . Total US$1.1 bn capex program for three years, 340 which translates to US$300-400 mln per year with around US$100-120 mln annual 260 265 maintenance capex. 230 . Majority of CAPEX in 2016-2017 will be spent on finishing capacities like heat treatment and threading lines both in Russia and the US. 120 110 115 2014E 2015E 2016E Maintenance CAPEX CAPEX Source: TMK estimates 14 Commitment to Deleverage Target to achieve 2.5x Net Debt / EBITDA by YE2016 4.5 4.2 3.9 3.8 . Target to achieve 2.5x Net Debt-to- 3.6 3.4 EBITDA ratio by the end of 2016. 2.5 . Possible IPO of TMK IPSCO and limited sale of TMK shares to 3.71 3.55 3.66 3.60 3.63 3.51 generate over US$500 mln cash. Incurrence test for 2018 and 2020 Eurobonds starts at 3.5x Debt-to- 2010 2011 2012 2013 6m2014 9m2014E 31 Dec EBITDA; breaching covenant means Net Debt Net Debt/EBITDA 2016 Source: TMK estimates incurrence of permitted indebtedness, i.e. limitations to borrow additional Around US$900 mln of undrawn committed credit debt over the baskets allowed. facilities available to cover ST Debt Compliant with a safety margin. Maturity Profile of Undrawn Credit Lines Undrawn Credit Lines by Bank unlimited 2017 Foreign 13% 1% Banks . Maintenance test on the majority of 11% bank loans is 4.75x or 5.0x Net Debt 2015 or Total Debt-to-EBITDA.
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