Management Discussion and Analysis of Financial Condition and Results of Operations

The following review of the financial condition and results of operations of TMK are based on, and should be read in conjunction with, TMK’s Consolidated Financial Statements and related notes for the twelve months ended 31 December, 2010 and 2009.

Certain information contained in this section, including information on TMK’s plans and strategy, includes forward-looking statements and inherently involves risks and uncertainties. In assessing this discussion and analysis, various risk factors must be kept considered, which means that TMK’s actual results may differ significantly from those presented in these statements.

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