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Investor Presentation

Tenaris 2 Investor Presentation September 2017 Disclaimer This presentation contains “forward-looking statements.” Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those

• statements. These statements include information regarding management strategy, investment plans,

development and growth of the steel pipe and oil and gas industries, trends and other prospective data, including trends regarding the development of raw material costs and the levels of investment in

• il and gas drilling worldwide and general economic conditions in the countries where Tenaris operates

and sells its products and services. We do not undertake to update any forward-looking statement to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Except where otherwise stated, the data presented herein is based on Tenaris analysis and estimates.

Tenaris 3 Investor Presentation September 2017

Global Leader in Pipes for the Oil & Gas Industry

Tenaris 4 Investor Presentation September 2017 0,0 5,0 10,0 15,0 20,0 0,0 20,0 40,0 60,0 80,0 100,0 120,0 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

WTI LNG Gas (Henry Hub)

Source: Bloomberg + World Gas Intelligence; Rystad Energy NASWellCube

[US$/bbl] [US$/MMBtu]

Industry Response to Lower Prices

• 10

20 30 40 50 60 70 80 90

Eagle Ford Permian Delaware Permian Midland

Breakeven Evolution for Key Shale Plays

2014 2015 2016

Tenaris 5 Investor Presentation September 2017

Source: TS estimates

4.8 4.2 3.5 3.7 3.9 2.6 2.6 2.6

1.1 0.8 0.6 0.7

8.0 4.0 2.2 5.2 17.7 11.6 8.8 12.1

2014 2015 2016 2017F USA & CANADA LATIN AMERICA INTERNATIONAL CHINA & RUSSIA PJ Mix 20% 21% 23% 22%

[Mill tons]

OCTG Demand Recovery Underway

Tenaris 6 Investor Presentation September 2017

Rig Direct™ Global Deployment

Integrated service solution that addresses costs, quality,

• perational efficiency and sustainability

TS OCTG Sales: % Rig Direct™ Dec 2016

Tenaris 7 Investor Presentation September 2017

1 2 3 4 5 6 7 2013 2014 2015 2016 1H 2017 E

USA Demand Imports from subject countries

[Mill Tn]

North America

USA Inventory USA Demand and Imports

2 4 6 8 10 12 14 16 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 1Q02 4Q02 3Q03 2Q04 1Q05 4Q05 3Q06 2Q07 1Q08 4Q08 3Q09 2Q10 1Q11 4Q11 3Q12 2Q13 1Q14 4Q14 3Q15 2Q16 1Q17 [Months] [Mill Tn] US Inventory @5 months of stock Months of stock

Tenaris 8 Investor Presentation September 2017

1.000 1.200 1.400 1.600 1.800 2.000 2.200 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

[US$/Mt ton]

North America

Pipe Logix

20 40 60 80 100 120 140 160 180

2013 avg 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Jul-17

Raw Materials Costs Evolution

Iron Ore (IODEX) Scrap USA (CRU) HRC USA (CRU) Pipe Logix HCC (Platts)

675 US$/Tn 293 US$/Tn 70 US$/Tn 1,605 US$/Tn 193 US$/Tn

Tenaris 9 Investor Presentation September 2017

Rig Direct™ in North America

• Industrial infrastructure
• Service infrastructure
• Product development
• Shorter

, more efficient and flexible supply chain

Differentiated service offer in the world’s largest and most dynamic market

Tenaris 10 Investor Presentation September 2017

American Manufacturing Revival

Bay City, the world’s most modern seamless pipe mill, now in Texas

Tenaris 11 Investor Presentation September 2017

Short term

Offshore Recovery

Energy reform process advancing steadily but impact in demand will be limited over the next two years

• Mex. Energy Reform
• E. Mediterranean Gas

Conditions for investment in

• utstanding shale play

gradually falling into place Fast track deepwater pipeline developments (eg Zohr) with demanding schedules, pipe and service requirements

Vaca Muerta Shale

Medium term

Well Positioned in Growth Areas

Recovery in offshore projects will increase demand for advanced premium products and services

12 Tenaris Investor Presentation September 2017

Financial Performance

* EBITDA adjusted excludes restructuring expenses

M illions of US$ (except ratios and per ADS amounts)

2012 2013 2014 2015 2016 H1 2017 Net Sales 10,648 10,424 10,141 6,903 4,294 2,397 EBITDA 2,856 2,780 2,696 1,219 598 399 EBITDA Adjusted 2,856 2,780 2,696 1,396 672 420 EBITDA Adjusted margin 27% 27% 27% 20% 16% 18% Net income (loss) of owners of the parent 1,699 1,551 1,159 (80) 55 280 Earnings per ADS 2.88 2.63 1.96 (0.14) 0.09 0.47 Cash flow from operations 1,856 2,377 2,044 2,215 864 (7) Capital expenditures 790 753 1,089 1,132 787 294 Free cash flow 1,066 1,624 955 1,083 77 ( 301) Net financial position

• 271

911 1,257 1,849 1,441 1,129 Dividend 508 508 531 531 484

13 Tenaris Investor Presentation September 2017

Closing Remarks

• Market has changed in response to lower commodity prices:

recovery underway led by North American shales

• Pipe prices increasing from unsustainable levels on higher

demand

• Tenaris is uniquely positioned to take advantage in all regions

and segments where growth is taking place

• Rig Direct™ is a game changer for the efficiency, capital discipline

and time to market of the oil and gas industry

• Tenaris is leveraging its strengths in product technology, supply

chain efficiency and global reach

• Tenaris has maintained a solid balance sheet and good financial

performance throughout the downturn

14 Tenaris Investor Presentation September 2017