Investor Presentation

Financial 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

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