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TMK 2010 Production Results (UPDATE)

Following the production results, TMK reports the change in its debt position as of 2010 year-end. The figures presented below are non-IFRS measures and represent management estimates.

As at 31 December 2010, the nominal principal value of TMK's total interest-bearing loans and borrowings amounted to U.S.$3,863.5 million, as compared to  the nominal principal value of total interest-bearing loans and borrowings of U.S.$3,665.1 million as at 30 June 2010. The nominal principal value of TMK's short-term interest-bearing borrowings was U.S.$675.3 million as at 31 December 2010, or 17.5% of the nominal principal value of TMK's total interest-bearing loans and borrowings, as compared to the nominal principal value of short-term interest-bearing borrowings of U.S.$806.3 million, or 22.0% of the nominal principal value of the total interest-bearing loans and borrowings, as at 30 June 2010. Additionally, as at 31 December 2010, 35.9% (U.S.$1,387.1 million) of TMK's total nominal principal amount of interest-bearing loans and borrowings were secured by pledges over assets of the TMK Group, of which 21.6% (U.S.$300.0 million) was secured by pledges of shares in subsidiaries of OAO TMK and 78.4% (U.S.$1,087.1 million) was secured by pledges over property, plant and equipment, inventories, deposits, cash and accounts receivable of subsidiaries of OAO TMK.