Page 1Company presentation INTERPIPE. Page 2Company presentation 7LLD09610_Client Screenshow The materials contained herein (the Materials) have been.

Page 1Company presentation

INTERPIPE


7LLD09610_Client Screenshow

The materials contained herein (the “Materials”) have been prepared by Interpipe Limited (the “Company”) and its subsidiaries (the “Group”) solely for use at the presentation to investors on April 18, 2008. By accepting the Materials or attending such presentation, you are agreeing to maintain absolute confidentiality regarding the information disclosed in the Materials until notified by the Company. The information set out herein is subject to updating, completion, revision, verification and amendment and such information may change materially. The Company and its respective affiliates is not under any obligation to update or keep current the information contained in the Materials or in the presentation to which it relates and any opinions expressed in them are subject to change without notice. The Company and its respective affiliates, advisors or representatives shall not have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of the Materials.

The information contained in the Materials has not been independently verified.

The Materials are strictly confidential and do not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of its group nor should they or any part of them form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Any person considering the purchase of any securities of the Company must inform itself independently based solely on the Company’s prospectus and any amendments or supplements thereto (the “Prospectus”) before taking any investment decision. The Prospectus, when issued, may contain information different from the information contained in the Materials. The Materials have been made provided to you solely for your information and background and are subject to amendment. The Materials (or any part of them) may not be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding the relevant person’s professional advisers) or published in whole or in part for any purpose without the prior written consent of the Company. Failure to comply with this restriction may constitute a violation of applicable securities laws.

No representation or warranty, expressed or implied, is made by the Company or any of its respective affiliates as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it. The Company, its advisers, connected persons or any other person do not accept any liability for any loss howsoever arising, directly or indirectly, from a reliance on the Materials.

Disclaimer



The Materials may include forward-looking statements. These forward-looking statements are statements regarding the Group’s intentions, estimates, forecasts, projections, beliefs or current expectations concerning, among other things, the Group’s results of operations, financial condition, liquidity, prospects, growth, strategies and the steel pipe and railway wheel industries. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Group cautions you that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industries in which it operates may differ materially from those expressed, implied or suggested by the forward-looking statements contained in the Materials. In addition, even if the Group’s results of operations, financial condition and liquidity and the development of the industries in which it operates are consistent with the forward-looking statements contained in the Materials, those results or developments may not be indicative of results or developments in future periods. Neither the Company nor the Group undertake to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of the Materials.

The Materials are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Materials are not for publication, release or distribution in Australia, Canada, Japan or the United States.

The Materials and the information contained herein are not an offer of securities for sale in the United States and may not be distributed to, or be viewed by, any US person within the meaning of Regulation S under the US Securities Act of 1933, as amended. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company that will contain detailed information about the Group and management, as well as financial statements.

This communication is only directed at (i) persons who are outside the United Kingdom, (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (iii) other persons to whom it may lawfully be communicated, falling within Article 49(2) (a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). Any person who is not a Relevant Person should not act or rely on this communication or any of its contents. Any investment or investment activity to which these materials relate is available only to Relevant Persons and will be engaged in only with Relevant Persons.

Certain information in this presentation is derived from annual reports of the Group’s competitors. While the Company has accurately reproduced such third-party information, it has not independently verified such information. Further, financial data derived from such third-party information (including EBITDA, cost of goods sold, revenue and ratios based thereon) may be calculated on a different basis from the Company.

Disclaimer



Interpipe - presentation

1. Company overview

2. Interpipe overview and highlights

3. Financial overview

4. Key takeaways

Agenda


Company overview


Key highlights Key products


Interpipe at a glance

• Major global producer of seamless pipes, 2nd largest producer of forged railway wheels in the world in 2006

• Focused on high-margin products: 79% of revenue in pipe business from seamless segment with 23% EBITDA(1) margin (2007) and 36% EBITDA(1) margin in wheels business (2007)

• Year-on-year growth in EBITDA(1) of 17% (2006 to 2007)

• Low cost compared to key competitors and vertically integrated

• Diversified global customer base

• Logistically well connected to key markets in CIS, MENA and Europe

• Comprehensive strategy of maintaining cost leadership compared to key competitors, upgrading product portfolio to higher margin products, and growing in attractive markets

• Strategic US$1.7 billion investment program under way

OCTG Line pipe

Special pipesRailway wheels

(1) EBITDA represents in this presentation Adjusted EBITDA numbers, which are recalculated as profit from operations plus depreciation and amortisation, impairment of assets and loss (gain) on dispositions of property plant and equipment, translation differences and other non-recurring items.

Company overview



Interpipe manufactures a full range of steel pipe products

Examples of products

Welded pipes

Interpipe produces welded pipes with:• Diameters measuring from 15mm to 1,020mm• Wall thickness measuring from 1mm to 15mm

Interpipe welded product range comprises:• Transportation line welded pipes• Industrial welded pipes

Seamless pipes

Interpipe produces seamless pipes with:• Diameters measuring from 32mm to 377mm• Wall thickness measuring from 3mm to 60mm

Interpipe seamless product range comprises:• Seamless OCTG, including drill pipe, surface casing, production

casing and production tubing• VAM compatible UPJ premium joints• Seamless transportation line pipes• Seamless special application pipes, which include boiler pipes,

roller pipes, pipes for submerged pump stations, precision pipes and cold drawn pipes

• Seamless industrial pipes

OCTG Linepipe

Industrial applications pipes

Special pipes

Company overview



Interpipe is the largest exporter of railway wheels

Overview of wheels products Examples of products

• Interpipe is certified to supply its products to all major wheels markets, for an extensive range of forged wheels used for freight cars, passenger carriages, locomotives and underground trains

• Interpipe produces approximately 240 different designs of railway wheels and tyres

• According to the European Railway Wheels Association (“ERWA”) Interpipe was the largest exporter of railway wheels worldwide, and the second largest producer of forged railway wheels worldwide in 2006

• Interpipe estimates its worldwide market share was 12% by production volume in 2007

• Interpipe has a well diversified customer base across 23 countries

Source: ERWA, SCI Verkehr GmbH

Company overview


Interpipe is a global player in the most attractive pipes and wheels marketsIn 2007, pipes were sold in 75 countries, wheels – in 23

Company overview

US$2m (<1%)US$40m (3%)

NAFTA

US$ 59m (16%)US$ 119m (9%)

Europe

US$ 211m (57%)US$ 284m (20%)

Ukraine

US$ 33m (9%)US$ 264m (19%)Other

CIS

US$ 52m (14%)US$ 510m (37%)

Russia

US$ 2m (<1%)US$ 171m (12%)

MENA

Main Interpipe sales directions:

RegionWheel revenue (share of wheels revenue)Pipe revenue (share of pipes revenue)

pipes

wheels


Different customer concentration for pipes and wheels reflects market structure

Share of revenue top 10 customers by revenue- pipes (2007)

Share of revenue top 10 customers by revenue - wheels (2007)

Key pipes customers Key wheels customers

Company overview

Share of top 10 customers25%

Share of top 10 customers

64%

• Approximately 1000 customers• Largest customer, Gazprom neft, accounts for 5% of

pipes’ revenue (2007)

• Approximately 90 customers• Largest customer, Ukrainian Railways, accounts for

12% of wheels’ revenue (2007)

Technology & Energy Company



Integrated business model

Steel production Pipe & wheel production Selling to customers globally

100% of steel billets for wheels and 32% for seamless pipes produced internally in 2007

Steel pipes and wheels are produced and sold to internal trading companies

Wheels and pipes sold to end customers and distributors through sales offices and warehouses located in strategic markets

Company overview

NTRP Open Hearth Furnace

Steel billets produced

End customer

EX

TE

RN

AL

SU

PP

LIE

RS

OF

RA

W M

AT

ER

IALS

NTRP

NMPP

LLC Niko Tube

Raw materials supplied from outside (pig iron, fero alloys, oil, natural gas, electricity)

Dneprovtormet Scrap Metal Processing Plant

Wheels

Seamless pipes

Welded pipes

DOMESTIC SALES

INT

ER

PIP

E S

ALE

S O

FF

ICE

S

Dneprostal

Kazakhstan

Russia

Ukraine

UAE

USA

Switzerland

Seamless and welded pipes


Interpipe overview and highlights



We are focused on seamless pipe segment with high margins and high barriers to entry

• Know-how barriers

• Industry and customer certification requirements

• Certified by the industry bodies (API, Bureau Veritas, TÜV) and customers (KOC, ADNOC)

Welded pipes

17%

23%

Seamless pipes

• Experienced work force

Pipe segment (2007) Barriers to Entry Interpipe Position

EBITDA split

EBITDA margin

Weldedpipes

83% Seamlesspipes

17%

• Capital intensive• Two operating plants with total

rolling capacity of 1.6 mt per year and finishing capacity of 1.3 mt per year




Our product line is focused on the dynamically growing and highly profitable Oil & Gas Industry

Oil & Gas(OCTG and linepipe)

Key

d

rive

rs

• Oil prices• Rig count• Scope of drilling• Oil production• Exploration and production Capex

Mar

ket

stru

ctu

re • Oil and gas majors• Oil and gas national companies• Small-scale oil and gas companies• Pipeline contractors• Traders and stockists

62%

32%

3%

Oil and gas pipes, %

Industrial pipes, %

Special application pipes, %

Sales, 2007



583207

2,7703,454

0

1,000

2,000

3,000

4,000

Ukraine Interpipe NAFTA W.Europe

(US

$)

We have a strong cost position…

(1) COGS and tonnes (other that with respect to Interpipe) are as presented in the annual report of each company without adjustment, all figures are IFRS basedSource: Companies annual reports

Average monthly wages (2006)

(1) Average annual wages divided by number of employees Source: EIU

Source: Company accounts for Ukraine, IEA for NAFTA and W. Europe

Pipes COGS per ton of sold pipes (2007)(1)

Low cost environment in Ukraine

Electricity costs (2006)

Maximizing benefits from our favourable location close to strategic markets

• Compact layout of production assets, with all plants within 120 km of headquarters

• Major suppliers of raw materials within 40-200 km

95

6147

0

25

50

75

100

Ukraine NAFTA W.Europe

(US

$/M

Wh

)

Dnepropetrovsk

Russia

EU

Middle East

Other CIS


1,280

873

795

-150

50

250

450

650

850

1,050

1,250

1,450

Tenaris TMK Interpipe

(US

$/t)


…flexible products delivery worldwide…• Transportation cost advantage through

nearby railway junction and sea ports, as well as proximity to key markets such as Russia, Middle East and Europe

• Third party inspections can be provided on request by Bureau Veritas, SGS, Bureau Franke, Moody International, Lloyds Register and others.



… and high and increasing vertical integration

• 2nd largest scrap processorin Ukraine

• Capacity expansion program approved with investments of US$35 million until 2012 targeting the maintenance of full self-sufficiency in view of expected increase in demand by electric arc furnaces (EAF)

2007 2012 target

Dneprovtormet fully covers Interpipe’s demand for scrap

Self-sufficiency in billets close to 50% and increasing further

Scrap supply and demand (kt/year)

Share of billets produced in-house for seamless pipes and wheels

Scrap sourced from a company which will be consolidated into Interpipe

In-house billet production • 4 open hearth furnaces (OHF) with capacity of 750,000 tons of billets per year

• In 2012 two electric arc furnaces (EAF) with expected capacity of 2.2 mt of billets per year are expected to be fully operational targeting close to full self-sufficiency

ca.100%

48%

0

50

100

(%)

2007 - OHF self-sufficiency 2012 target - EAF self-sufficiency(1)

425708

0

750

1,500

2,250

(kt)

ca.2mca.2m

(1) Based on Danielle contractSource: Company data

Vtormet (supply) OHF (demand) Vtormet (supply)EAF (demand)(1)

(1) Based on Danielle contractSource: Company data



A comprehensive strategic investment program is under way

Focus on oil and gas: OCTG and line pipe

• Increase vertical integration

• Reduce energy and labor costs

Focus on high margin product


Capital Expenditure*, US$mln.

* Does not include capital expenditures for Management Information System and capital maintenance

** Final decision of the board has not been accepted yet. Decision of the board is expected in Q4 2008.

*** Includes a U.S. $ 155 mln. Investments into the second phase of EAF still under discussion. Decision of the board is expected in Q4 2008

**** Includes a U.S. $ 65 mln. for which the final decision of the board has not been accepted. Decision of the board is expected in Q4 2008

2007-2008 2009-2012

Construction of a new seamless pipes mill**

6 578

Construction of a new EAF mill***

291 387

Upgrade of existing seamless pipes capacities****

116 214

Coating line for welded pipes

9 -

Finishing line for wheels 23 -

Modernization of scrap processor

11 15

TOTAL 456 1193


…and best practice corporate governance supporting our strategy

Best practice corporate

governance

• Board of directors is established in compliance with UK Combined Code on Corporate Governance:

• 3 independent directors (INEDs)

• 3 BoD committees :Remuneration, Audit and Nomination

• Audit and Nomination committees headed by INEDs

• Our INEDs have strong and recognized experience:

• Nikolay Tsekhomskiy (Chairman of Audit Committee): Big 4 audit experience (Ernst & Young), executive positions in major Russian public companies (MTS, VTB), familiarity with IPO and post-IPO processes

• Jean Pierre Saltiel (Chairman of Nomination Committee): executive and supervisory positions in renowned Ukrainian, French and international economic and industrial bodies

• Richard P. Norris: executive positions in the oil & gas and mining industries, extensive experience in the areas of tax, treasury, corporate finance and risk management




Corporate structure, ensuring effective and efficient operations

OJSCInterpipe

NTRP

OJSCInterpipeNMPP

LLC InterpipeNiko Tube

LLC DneprosteelLLC InterpipeManagement

CJSC Nikopolsky Plant of Technological Tools CJSC Power generation

Cyprus holding companies Management company registered in Ukraine Ukrainian production facilities Commercial companies (Ukraine, Russia, Kazakhstan, Switzerland, US, UAE) Central trading entity based in Ukraine

20.77% 86.47% 72.58%

LLC Interpipe Ukraine

LLC Interpipe-M

LLC Interpipe Kazakhstan

INTERPIPE EUROPE S.A.

KLW Wheelco S.A.

NORTH AMERICAN INTERPIPE, Inc

InterpipeMiddle East

INTERPIPE LLC

Steel One Limited

100%

100%

100%

100%

100%

100%

100%

100%

100%

25.01% 25.01% 30.01%

99,9%

Saleks Investments

Limited

60%


99,9%

12%

0,01%CJSC Nikopolsky

Reparing Plant

OJSCDneprovtormet

95.95%


Financial overview


82%

18%Top 5

Other


Interpipe


EBITDA margin (%)

Total

06 07 %chg

301 37123%

106 13325%

35.3% 35.9%

(1) Includes unallocated items of US$13m in 2006 and US$23m in 2007(2) Includes unallocated items of US$1m in 2006 and US$3m in 2007

Revenue split (2007)

Pipes

06 07 %chg 06 07 %chg

Seamless Welded

Revenue (US$m)

EBITDA (US$m)

80%

20%Domestic

Export 71%

29%Domestic

Export

Revenue from top 5 customers (2007) 56%

44% Top 5

Other

43%57%

Domestic

Export

85%

15%Top 5

Other

891 1,101 24% 237 297 25%

25.8% 22.9% 16.1% 16.7%

Strong financial results with 17% growth in EBITDA

06 07 %chg

1,442(1) 1,792(1)

24%

375(2) 438(2) 17%

26.0% 24.5%

Wheels

230 252 10% 38 50 32%

216 2191%

Volumes (kt) 874 915 5% 337 333 (1)%1,427 1,4673%

Financial overview



Strong, diversified revenue growth in attractive markets – seamless pipes

Seamless pipes revenue split

159 181

291

431

129

187

90

85

136

168

71

40

15

9

0

200

400

600

800

1000

1200

2006 2007

(US

$ m

)

Overview

• Overall revenue of seamless pipes up by 24%

• Fastest growth in strategic markets: Russia (48%) and other CIS countries (45%)

• Strong increase in revenues in attractive MEA market by 24%

• Maintaining strong position in the domestic market (14% growth)

891

1,101

2%

8%

15%

33%

18%

10%

14%

1%4%

15%

39%

16%

8%

17%

Growth(40)%(44)%

24%

48%

14%

(6)%

45%

Other

NAFTA

MEA

Russia

Ukraine

Europe

Other CIS

+24%

Financial overview



Focused geographical growth and change in product portfolio – welded pipes

Welded pipes revenue split

78103

86

80

32

7740

34

1

3

0

100

200

300

2006 2007

(US

$ m

)

Overview

27%

35%

12%

26%

Growth

(7)%

32%

(16)%

140%

297

237

36%

33%

17%

14%

• Welded pipes revenue increase by 25%

• Focused growth on domestic and other CIS countries in high margin line pipes segment

• Increase in welded pipes revenue due to the substitution of general use pipes by higher margin line pipes Russia

Ukraine

Europe

Other CIS

+25%

Financial overview

MEA



Improved position of the global player - wheels

Wheels revenue split

162211

28

52

29

33

50

59

23

2

9

14

0

50

100

150

200

250

300

350

2006 2007

(US

$ m

)

Overview

14%

57%

16%

9%

Growth

87%

31%

19%

15%

<1%(92)%

3% 38%

9%

54%

16%

10%

8%3%

301

371

• Wheels revenue increase by 23%

• Continued growth in revenues on Ukrainian, Russian and European markets

• Further penetration into growing Indian market

Other

NAFTA

Russia

Ukraine

Europe

Other CIS

+23%

Financial overview



Maintaining cost leadership position

Revenue and Operating cost per ton

• We successfully coped with increasing volatility of the steel prices, as well as concentrating our efforts on higher value-added products

• Costs under our control were kept within target• We benefited substantially from existing vertical

integration into steel in our wheels production.

Overview Cost of sales, US$ mln.

1,011

657

117

1,222

847

110

0250500750

1,0001,250

Revenue/ton Cost of goodssold/ton

Operatingexpenses/ton

(US

$/t)

2006 2007

Growth

2%

39%

12%

38%

5%36%6%7%+33%

+US$184+US$211 +US$184+US$190

937

4%4%6%7%

9%

68%

71%

9%

6%

5%4%3%2%

-US$8

1,243

Financial overview



230 252

3850

106

133

0

100

200

300

400

500

600

700

2006 2007

(US

$m

)

Seamless Welded Wheels

Shareholders’ value in Focus - EBITDA

EBITDA per ton

EBITDA evolutionOverview

• EBITDA indicator has witnessed substantial increase both in absolute terms as well as in per tonne terms in 2007

375

438

58%

11%

30%

61%

10%

28%

263

114

491

276149

611

0

250

500

750

Seamless Welded Wheels

(US

$/t

)

2006 2007

Growth,%

10%

32%

25%

17%

+5%

+24%

+17%

+31%

Financial overview



Capital structure re-engineering - Gearing

Overview Significant financial flexibility

Net debt evolution and cost

• Strategic capital expenditure program as well as increased investment into working capital arising from business expansion are adequately financed by external borrowings

• Going forward, we are focused on sustaining a controlled level of debt to equity maximizing benefits for the shareholders and keeping financial risks at acceptable level (internal target for gearing 1:1)

• Debut Eurobonds issue in 2007 with credit ratings “B+” obtained from Fitch and S&P

• Proven record of cooperation with leading financial institutions (both international and local)

• The most restrictive of our existing external financial covenants leaves enough flexibility for financial manoeuvre (controlled by internal targets setting):

• - Net Debt/EBITDA: max 2.5:1 • - Debt/Equity: max 1.5:1• - EBIT/Interest cover: min 4:1

0,24 0,14

1,17 1,2

2,5

1,5

Net debt/EBITDA Debt/Equity

01.01.07

01.01.08

Limitation

92

513

8.68% 8.91%

8%

10%

300

600

2006 2007(U

S$m

)Net debt Effective interest rate

Financial overview


Liquidity management

25,047

63,22

231,772

8,467

429,15

00

50

100

150

200

250

300

350

400

450

500

Borrowings Trade and other current liabilities

Less than 3 months

3 - 12 months

1 - 5 years

Interpipe objective is to maintain continuity and flexibility of funding. Nearly 60% of liabilities are long term

Financial overview

Page 30Company presentation7LLD09610_Client Screenshow

Up to date financial control and reporting

2008-2009 (estimated)

20072006

20072006

• Preliminary IFRS consolidated financial statements

• Regular IFRS reporting function established

• Management accounts prepared on a monthly basis with actual results reviewed against budget by top management

2006

• Full convergence of management accounts and IFRS reporting achieved

• Preparation of IFRS accounts on quarterly and annual basis

• Financial controlling and reporting procedures upgrade started

• IFRS financial statements available within 75 days

• Full automation of the MIS reporting function based on Oracle

• Financial control formalised in accordance with established best practices

• Full fledged internal audit function operating on a regular basis

• IFRS financial statements are expected to be available within 60 days

Financial overview


Key takeaways


Key investment highlights

Major global producer of seamless pipes

High margin seamless segment with high barriers to entry

1

2

High margins in stable wheel business

Low cost andvertically integrated

3

4

Substantial margin upside through product portfolio upgrade and operational improvements

Comprehensive strategic investment program under way

7

8

Strong international management team

Best practice corporate governance and focus on shareholder value

9

10

Leading market position in an attractive industry

Sustainable cost advantage and high

quality earnings

Significant upside in profitability

Shareholder value driven company

Significant growth prospects

Exposure to fast growing / high margin OCTG market

Platform to tap into highly attractive growth regions

5

6

Key investment highlights


Thank you for your attention

Q&A session

Page 1Company presentation INTERPIPE. Page 2Company presentation 7LLD09610_Client Screenshow The materials contained herein (the Materials) have been.

Documents

forwardlooking statements

company presentation

information different

financial condition

actual results of operations

respective affiliates

indicative of results

client screenshow