Investor Presentation Paolo Rocca Chairman and Chief Executive - PowerPoint PPT Presentation

Investor Presentation Paolo Rocca Chairman and Chief Executive Officer London - Sep 22, 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 oil 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. Investor Presentation Tenaris 2 September 2017

Industry Adapting to Lower Oil Prices US Shale Breakeven Costs Deepwater Breakeven Costs ($/bbl) ($/boe) 80 80 ¡1,000 ¡ ¡ ¡120 ¡ ¡ 60 60 Range Kaikias ¡900 ¡ ¡ 40 40 ¡100 ¡ ¡ Liza ¡800 ¡ ¡ 20 20 Coral ¡700 ¡ ¡ ¡80 ¡ ¡ 0 0 Capex ¡US$ ¡Bn ¡ ¡600 ¡ ¡ 2014 2017 2014 2017 US$/bbl ¡ ¡500 ¡ ¡ ¡60 ¡ ¡ ¡400 ¡ ¡ ¡40 ¡ ¡ ¡300 ¡ ¡ ¡200 ¡ ¡ ¡20 ¡ ¡ ¡100 ¡ ¡ ¡-­‑ ¡ ¡ ¡ ¡ ¡-­‑ ¡ ¡ ¡ ¡ 1970 ¡1972 ¡1974 ¡1976 ¡1978 ¡1980 ¡1982 ¡1984 ¡1986 ¡1988 ¡1990 ¡1992 ¡1994 ¡1996 ¡1998 ¡2000 ¡2002 ¡2004 ¡2006 ¡2008 ¡2010 ¡2012 ¡2014 ¡2016 ¡ Onshore/ConvenAonal ¡ Onshore/UnconvenAonal ¡ Offshore ¡ WTI ¡ Source: Bloomberg ; Rystad ; IHS Investor Presentation Tenaris 3 September 2017

OCTG Demand Recovering ¡20 17.7 ¡18 1.7 ¡16 1.3 ¡14 ∆ ¡2016 Million ¡Tonnes 12.1 11.6 +8% ¡12 5.8 0.9 (4%) 1.3 ¡10 8.8 ¡8 +126% 4.1 4.6 ¡6 2.3 +60% ¡4 4.3 +5% ¡2 3.5 ¡-­‑ 2014 2015 2016 2017 Russia ¡& ¡China Onshore ¡Others Onshore ¡Shales Middle ¡East Offshore Source: TS estimates Investor Presentation Tenaris 4 September 2017

Strengthening Rig Direct™ in North America Expanded North American footprint Fort McMurray Grande Prairie Leduc Fort Saskatchewan Nisku Bienfait AlgomaTubes Prudential Hickman Bakersfield Oklahoma City Conroe Manufacturing Centers BayCity Westwego Service Centers Midland Houston Bay City Others Freeport Reynosa Poza Rica Tamsa State of the art 6 new service centers Ciudad del Carmen Dos Bocas manufacturing center Comalcalco Product development (TSH Investment Shorter, more efficient and Wedge XP™) flexible supply chain $1.8 Bn Bay City PipeTracer™ digital pipe by Lead time & inventory pipe tracking system $0.1 Bn Service Centers reduction Investor Presentation Tenaris 5 September 2017

Rig Direct™ Global Deployment Integrated service solution that addresses costs, quality, operational efficiency and sustainability USA: extensive adoption in • Rig Direct™ Evolution Permian, Eagle Ford and Haynesville; extending to other regions 297 Rigs Served 205 Canada: widespread adoption • facilitating market share gains 157 Customers Served 97 Latam: established in Mexico • and Argentina for 20 years, now in Colombia and Ecuador 54 % OCTG Sales 49 EH: fully established in North • Sea, Romania and Chevron Thailand, expanding in Jul-17 Jul-16 Indonesia, Caspian and UAE Investor Presentation Tenaris 6 September 2017

US OCTG Imports ¡1,800 70% ¡1,600 60% ¡1,400 50% ¡1,200 Thousand ¡Tonnes 40% ¡1,000 ¡800 30% ¡600 20% ¡400 10% ¡200 ¡-­‑ 0% 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Quarterly Quarterly Average Average Domestic ¡Supply Other ¡Imports Imports ¡from ¡Subject ¡Countries % ¡of ¡imports ¡on ¡Total ¡Demand Investor Presentation Tenaris 7 September 2017

Well Positioned in Growth Areas Short term Medium term Offshore Recovery E. Mediterranean Gas Vaca Muerta Shale Mex. Energy Reform Deliveries to fast track Investments in world- Recent discoveries by New offshore projects deepwater pipeline class Vaca Muerta shale Talos and ENI will are starting to be developments (eg Zohr) are being confirmed and encourage energy sanctioned and a gradual will boost results from sales in Argentina are reform process: as recovery should take Q4 recovering investments are place implemented demand should gradually recover Investor Presentation Tenaris 8 September 2017

Cost Inputs Evolution Raw Materials 140 Iron ¡Ore ¡(IODEX) 595 US$/Tn Scrap ¡USA ¡(CRU) 120 HRC ¡USA ¡(CRU) HRC ¡FOB ¡China 334 US$/Tn 100 687 US$/Tn 80 72 US$/Tn 60 40 20 Aug-­‑17 2014 ¡avg 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Jul-­‑17 Sep-­‑17F Investor Presentation Tenaris 9 September 2017

Financial Performance 2012 2013 2014 2015 2016 1H 2017 Millions of US$ (except ratios and per ADS amounts) Net Sales 10,648 10,424 10,141 6,903 4,294 2,397 398 ¡ EBITDA 2,856 2,780 2,696 1,219 598 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 0.47 ¡ Earnings per ADS 2.88 2.63 1.96 (0.14) 0.09 Cash flow from operations 1,856 2,377 2,044 2,215 864 47 ¡ Capital expenditures 790 753 1,089 1,132 787 294 ¡ -­‑246 ¡ Free cash flow 1,066 1,624 955 1,083 77 Net financial position (271) 911 1,257 1,849 1,441 1,129 Dividend 508 508 531 531 484 * EBITDA adjusted excludes restructuring expenses Investor Presentation Te Tenaris 10 September 2017

Closing Remarks • Market is adapting to lower oil and gas prices: North American shales will remain a key driver in coming years • Tenaris is uniquely positioned to take advantage in all regions and segments where growth is taking place • Rig Direct™ is being adopted in many parts of the world as its benefits for the efficiency, capital discipline and time to market of the oil and gas industry are demonstrated in the field • Tenaris is leveraging its strengths in product technology, supply chain efficiency and global service delivery • Tenaris maintains a solid balance sheet and good financial performance giving it the flexibility to take advantage of market opportunities Investor Presentation Te Tenaris 11 September 2017

Investor Presentation Tenaris Te 12 September 2017