#1Investor Presentation Tenaris#2Disclaimer 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 March 2020 2#3Global Leader in Steel Pipes for the Energy Industry Manufacturing facilities in 18 countries Annual manufacturing capacity of 8.7 million tons of steel pipes 5 Electric steel shops, the least CO2 intensive steel production route 2019 Sales by Region (US$7.3 Bn) Middle East & Africa, 19% Asia Pacific, 5% • R&D centers in 5 countries • Service and distribution network in more than 30 countries • 24,000 employees (Feb.2020) ⚫ Revenue: US$ 7.3 billion (2019) • • Stock exchange listings: New York, Italy and Mexico Europe, 10% South America, 19% North America, 47% Investor Presentation Tenaris March 2020 3#4Worldwide Operations Grande Prairie Nisku Calgary Edmonton Red Deer Prudential Bienfait AlgomaTubes St. John's Camanche Geneva Catoosa Bakersfield Denver ☐ West Virginia Oklahoma City Midland Houston Westwego Bay City Monterey Poza Rica Reynosa Tamsa Guadalajara Mexico City Toronto Wilder Pittsburgh Brookfield Koppel Hickman Ambridge ■ Солгое Freeport Ciudad del Carmen Dos Bocas H Villahermosa Comalcalco Maracaibo Caracas TuboCaribe Investor Presentation Barrancabermeja Barcelona Bogotá Villavicencio Quito Machachi Shushufindi Lima Sta. Cruz de la Sierra Natal Contab Rio das Ostras Rio de Janeiro Mendoza Siderca Santiago Montevideo Villa Mercedes Siat Senillosa Neuquén Comodoro Rivadavia ■Rio Gallegos Punta Arenas Hammerfest Tananger Stavanger Aberdeen Esbjerg Copenhagen Moscow Absai Amsterdam Luxembourg Paris Essen Campina Lugano Ploiesti Dalmine Skotub Aktau Bucharest Beijing Baku Yulin Sepul NKKTubes Algiers Qingdao Lagos Accra Takoradi Onne Luanda Tenaris Erbil Alexandria Cairo <-Basra Dammam Bahrain Dubai Saudi Steel Pipe Abu Dhabi Manufacturing Centers R&D Centers Bangkok Songkhla Ho Chi Minh Singapore Batam Sorong SPU Jakarta ■ Darwin Perth Dampier Service Centers Commercial/Administrative Offices March 2020 4#5Global OCTG Demand [Mill Tn] ■ USA & CANADA ■ LATIN AMERICA 17.6 ■ INTERNATIONAL ■ CHINA & RUSSIA 8.0 15.4 15.4 13.7 11.8 5.9 5.5 9.6 5.8 4.0 0.7 1.1 0.6 2.3 0.8 3.2 0.6 3.3 3.8 2.5 2.6 2.7 5.5 5.9 4.8 4.4 4.8 3.9 2014 2015 2016 2017 2018 2019 Investor Presentation Tenaris March 2020 5#6Differentiated Products Full range of high quality products (seamless and welded pipes, premium connections, large OD OCTG and connectors, line pipe, mechanical pipe, accessories, sucker rods and coiled tubing) for use in all types of oil and gas drilling, well completion and transportation activities. Extensive range of Rig Direct® technical and supply chain services. Global reach, financial strength and reliability to support customers through complex projects. Wedge BlueDock® TenarisXP® DopelessⓇ Series Connector Series technology BlueCoil® technology DemandSync™ Pipe Tracer™ technology Rig DirectⓇ Academy Investor Presentation Tenaris March 2020 60#7Innovative Services. Rig DirectⓇ Integrated solution that addresses costs, quality, operational efficiency and sustainability Active in 30 countries around the world 40+ service and distribution facilities 20+ years of experience in Rig DirectⓇ USA: extensive adoption in Permian, Eagle Ford and Haynesville; extending to other regions Canada: widespread adoption facilitating market share gains Rig DirectⓇ OCTG Shipments 29% 40% 16% 50% 58% 59% 2014 2015 2016 2017 2018 2019 Argentina & Mexico ■US & Canada ■ROW Latam: fully established in Mexico and Argentina now in Colombia and Ecuador EH: fully established in North Sea, Romania, Thailand and Indonesia, expanding in Caspian and UAE Investor Presentation Tenaris March 2020 7#8US OCTG Market Dynamics Mill tons US OCTG Demand 7 8 1654 3 2 1 60% 50% 40% 30% 20% 10% 0% 2019 MA 0 2014 2015 Domestic 2016 Imports 2017 2018 % Domestic supply Investor Presentation Tenaris March 2020 8#9Input Costs Evolution 160 140 120 100 80 80 60 60 40 40 20 20 2014 avg 1Q15 2Q15 3Q15 4Q15 Iron Ore (IODEX) Scrap USA (CRU) HRC USA (CRU) HRC FOB China 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Jan-20 Feb-20 Spot Investor Presentation Tenaris 91 US$/Tn 450 US$/Tn 642 US$/Tn 248 US$/Tn Spot prices as of Mar. 2020 March 2020 6#10Financial Strength USD million 1,800 1,600 1,400 1,200 1,000 800 600 400 200 EBITDA % USD million Cash Flows 25% 20% 15% 10% 3,000 2,500 2,000 1,500 1,000 m.. 5% 500 0 -500 2015 2016 2017 2018 0% -1,000 2015 2016 2017 2018 2019 -1,500 EBITDA % EBITDA margin USD million Net cash position USD million 2,000 1,800 600 1,600 500 1,400 1,200 400 1,000 300 800 600 200 400 100 200 0 0 2015 2016 2017 2018 2019 2015 2016 Investor Presentation Tenaris ■OCF Capex FCF Dividend 2019 |||| 2017 2018 2019 ■Dividend March 2020 10#11Tenaris Tubular Technologies. Innovative Services. Investor Presentation Tenaris March 2020 11