Investor Presentation

Investor Presentation

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. Tenaris September 2014 2

Market environment Oil prices Gas prices Crude Oil approx Heat Content per Barrel: 5.8 MMbtu Source: Bloomberg / World Gas Intelligence Tenaris September 2014 3

Market environment Rig count US drilling efficiencies Yearly average Quarterly average 3,641 3,436 3,447 3,326 3,405 3,456 3,399 3,219 525 2,963 419 364 353 152 350 379 199 348 2,286 222 1,879 1,919 1,761 1,761 1,770 1,757 1,779 1,852 1,546 1,090 80 93 92 89 93 974 1,069 1,139 1,165 1,212 1,306 1,285 1,320 1,337 1,348 357 383 424 423 419 425 407 416 402 402 1.30 1.20 1.10 1.00 0.90 0.80 0.70 [Wells/rig, Index Q1'12] Avg. Shale Avg. US Land Avg. Non-Shale 1.24 1.11 1.02 1Q-12 2Q-12 3Q-12 4Q-12 1Q-13 2Q-13 3Q-13 4Q-13 1Q-14 2Q-14 2009 2010 2011 2012 2013 2Q-13 3Q-13 4Q-13 1Q-14 2Q-14 International USA Canada Latin America Iraq Note: Baker Hughes rig count evolution does not cover China Onshore, FSU, Iran, Syria and Caspian Sea. Iraq is only included in the quarterly average, once it has been published by BHI since 3Q12. Tenaris September 2014 4

OCTG demand OCTG demand evolution Premium OCTG consumption by application (2013) [Mill Tn] PRM Semi-PRM API 13,4 2,4 15,2 2,7 0,1 16,6 17,1 17,0 3,1 3,3 3,4 0,3 0,7 0,9 Others Oil 26% Deep water 16% 11,0 12,4 13,2 13,1 12,7 Others Gas 18% Shales gas 6% Shales oil 12% Shallow water 22% 2010 2011 2012 2013 2014F * HPHT applications represent 12% of total premium consumption. Tenaris September 2014 5

OCTG demand [Mill Tn] Shales Others 13,4 1,6 15,2 2,8 16,6 17,1 17,0 4,1 4,3 4,7 11,8 12,4 12,5 12,8 12,3 2010 2011 2012 2013 2014F Tenaris September 2014 6

Shipments by product type 180% 100% 104% 100% 83% 2010 2011 2012 2013 PRM API & Semi-PRM SLP INDUSTRIAL Tenaris September 2014 7

Key markets in transition Today USA & Canada Infrastructure constraints Unfairly traded imports Mid-term Expected relief from recently introduced duties in the USA Shale gas Thermal Mexico Chicontepec Pemex financial and operating constraints Energy & fiscal reform Deepwater Shale gas Brazil Petrobras financial and operating constraints Deepwater Argentina Investment climate Energy imports Shales (oil & gas) Tenaris September 2014 8

USA OCTG trade case Positive final determination from the ITC on August 22 nd regarding the OCTG trade case filed in July 2013. Of the nine countries in the case, six (including South Korea) have been sanctioned with tariffs. 3,5 3,0 2,5 2,0 1,5 1,0 0,5 USA OCTG imports 3,3 0,2 2,9 2,6 0,1 0,1 2,2 1,5 0,0 1,1 1,5 1,5 0,8 0,2-1,3 1,4 1,5 1,7 1,3 1,8 0,0 0,9 0,9-2009 2010 2011 2012 2013 IH 2014 Others Inside AD Outside AD Tenaris September 2014 9

Bay City Tenaris September 2014 10

Bay City: strategic location Woodford Fayetteville Hickman Permian Barnett Haynesville Houston Conroe / McCarty Freeport Tuscaloosa Marine Westwego 500 mile radius Mexico Eagle Ford Bay City 350 mile radius Tamsa Tenaris September 2014 11

Key markets showing strong growth Middle East OCTG consumption Deepwater OCTG consumption [Th Tn] [Th Tn] 1.400 1.200 43% PJ 50% 50% Gas 600 500 1.000 40% 400 800 600 400 30% Oil 20% 300 200 200 10% 100 0 2011 2012 2013 0% 0 2011 2012 2013 Tenaris September 2014 12

Premium connections portfolio New products for more complex drilling requirements Deepwater TSH Wedge 623 (GOM) TSH Blue Riser (GOM) TSH Wedge 623 TSH Blue Riser HP/HT Blue Max (North Sea) Blue Heavy Wall (Angola) Large Diameter Conductor and Surface Casing Blue Quick Seal (North Sea) BlueDock connector (Brazil) TSH Blue Max TSH Blue Quick Seal Dopeless Technology Standard on new products Tenaris September 2014 13

Global industrial system and supply chain Tenaris September 2014 14

Financial performance LTM FCF US$ million 8.000 7.000 6.000 5.000 4.000 3.000 2.000 1.000 - -1.000-2.000 Free cash flow and EBITDA margin SLB HAL TS BHI 0% 5% 10% 15% 20% 25% 30% 35% WFT LTM EBITDA % LTM= last twelve months Free cash flow = Operating cash flow Capital expenditures EBITDA= Operating income + Depreciation & Amortization +/- Non recurring results The size of the circles is proportionate to invoicing Tenaris September 2014 15

Financial performance LTM FCF US$ million 3.000 Free cash flow and EBITDA margin 2.500 2.000 TS 1.500 1.000 500 - -500 TMK LTM EBITDA % 0% 5% 10% 15% 20% 25% 30% 35% VK LTM= last twelve months Free cash flow = Operating cash flow Capital expenditures EBITDA= Operating income + Depreciation & Amortization +/- Non recurring results The size of the circles is proportionate to invoicing Tenaris September 2014 16

Operating and financial results Millions of US$ (except ratios and per ADS amounts) 2009 2010 2011 2012 2013 IH 2014 Net Sales 8.149 7.712 9.972 10.834 10.594 5.241 Operating income 1.734 1.519 1.844 2.357 2.185 1.115 EBITDA 2.239 1.959 2.399 2.875 2.795 1.421 EBITDA margin 27% 25% 24% 27% 26% 27% Net income of owners of the parent 1.162 1.127 1.331 1.699 1.551 830 Earnings per ADS 1,97 1,91 2,26 2,88 2,63 1,41 Cash flow from operations 3.064 871 1.283 1.860 2.355 1.178 Net debt / (cash) (676) (276) (324) 271 (911) (1.284) Tenaris September 2014 17

Strategic agenda Expansion in North America: new industrial and logistics center in USA Strengthen our leading position in Latin America: Mexico, Colombia, Brazil, Argentina Leverage technical leadership and global capabilities in complex projects worldwide Differentiation through product development, industrial excellence and customer solutions Tenaris September 2014 18

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