Net Income/(Loss) for the Year

As a result of the above-mentioned factors, TMK recognised net income in the amount of U.S.$104 million in 2010 as compared to a U.S.$324 million loss in 2009. Net profit adjusted to the loss on changes in the fair value of the derivative financial instrument equals to U.S.$116 million See “Issuance of Convertible Eurobonds”. Net profit margin increased to 2% in 2010 as compared to 9% negative in 2009.

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