Investor Presentation

Tenaris 2December, 2011Investor 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 3December, 2011Investor Presentation

OCTG demand has recovered

• OCTG demand in 2012 is anticipated to exceed 2008 level

• We expect demand for premium products to grow at a faster pace than for API products

0%

20%

40%

60%

80%

100%

120%

2008 2009 2010 2011 F 2012 F

Premium API

Premium Mix 15% 19% 18% 19% 22%

(2008 = 100)

Tenaris 4December, 2011Investor Presentation

Oil & Gas North America

37%

Oil & Gas South America

18%

Oil & Gas Eastern

Hemisphere23%

Process & Power11%

Industrial & Others

11%

Leading global player with oil and gas focus

Local markets in the Americas

Rest of the world

China and Russia

API 84%

PRM 16%

API 55%

PRM 45%

API 94%

PRM 6%

39% 27% 34%

Worldwide OCTG marketSales breakdown 2010

Tenaris 5December, 2011Investor Presentation

Industry leadership

Global industrial system and execution excellence

Leading innovation through new products development

Global network, direct contact with end users and rig access

Tenaris 6December, 2011Investor Presentation

Global industrial system deployment

• New small diameter rolling mill in Mexico, including heat treatment and

premium threading lines, in time and within budget

• Industrial update in Italy, re-focusing product line and improving efficiency

• New tubing line and expansion of heat treatment capacity in USA

Industrial re-alignment to extend product range, improve efficiency and reduce costs and environmental impact

Tenaris 7December, 2011Investor Presentation

Premium connections for shales and thermal wells

ShalesOperational requirements:

• Bending

• High compression

• Torque

• Fatigue

• TenarisHydril – for all applications supported by global threading and repair shop network, field service engineers and extensive testing and development facilities

Blue® Thermal Liner

Wedge 563™

Thermal wellsOperational requirements:

• High temperatures

• Combined torque,

compression, and cyclical

loading conditions

Wedge 521™ Tenaris XP™ Wedge 625™

Tenaris 8December, 2011Investor Presentation

Tenaris W625™ specially designed for shales

• The Wedge 625™ is the first connection in the new series 600.

• Providing outstanding tensile and compression efficiency, torque resistance and internal and external sealing capacity, TSH 625 is designed for use in high pressure, deep, horizontal and extended reach wells

• Successfully proven in the field:

- Recently run in the Eagle Ford Shale

- The well was drilled horizontally with a total extension of more than 15 Th ft

- 5 ½" P110 TSH 625 production casing run from top to

bottom of the well

Tenaris 9December, 2011Investor Presentation

Premium connections for deepwater and arctic wells

Deep waterOperational requirements:

• Collapse pressures

• Tension

• Maximum sealability

• Dopeless® connections to improve operational efficiency and reduce environmental impact of oil and gas drilling operations

• Sour service and chrome grades for corrosive environments

ArcticOperational requirements:

• Environmental concerns

• Extreme temperatures

Blue® Near Flush HW™

Blue® Dopeless®Wedge 513™

Wedge 523™

Tenaris 10December, 2011Investor Presentation

North America: growth concentrated on crude oil

US Rig Count detail*

* Source: Company analysis based on Baker Hughes rig count.

Crude Oil

672 | 41%

Shale Gas487 | 30%

Liquids Rich267 | 16%

Dry Gas219 | 1%

642 | 39%

Non Shale

1,003 | 61%

Crude Oil

696 | 42%

Shale Gas

484 | 29%

Gas Dry

705

845

980 1,171

0

500

1000

1500

2000

12 Nov 10 11 Nov 11

Non Shale Shale

1,685

2,016

Shale as % 42% 42%

720

1,133

489

467 269

274

197

136

0

500

1000

1500

2000

12 Nov 10 11 Nov 11

Oil Shale gas Wet gas Dry gas Thermal

1,685

2,016

Oil rigs as % 43% 56%

Tenaris 11December, 2011Investor Presentation

North America: offshore deep water activity

• Number of new deep water well permits approved is recovering to pre-Macondo levels.

• Increasing demand for large OD, high end steel grades and premium connections.

0

2

4

6

8

10

12

14

Jan-0

9

Mar

-09

May

-09

Jul-09

Sep

-09

Nov-0

9

Jan-1

0

Mar

-10

May

-10

Jul-10

Sep

-10

Nov-1

0

Jan-1

1

Mar

-11

May

-11

Jul-11

Sep

-11

New DW well permits approved

Tenaris 12December, 2011Investor Presentation

0

2

4

6

8

10

12

14

1990 1995 2000 2005 2010 2015 2020 2025 2030

North America Latin America Europe Russia/Caspian Africa Far East

Deepwater drilling: strong growth ahead

• Deepwater production is expected to almost triple by 2030

• Higher standards will increase scope for differentiation Source: Exxon

Deepwater outlook: millions of oil equivalent barrels per dayDeepwater: Water depths of 2,500 feet or more

Tenaris 13December, 2011Investor Presentation

Competitive environmentChina OCTG Exports (Mill Tn) China OCTG Exports 1H 2011

• Trade actions constrain Chinese OCTG exports

• Capacity increases worldwide, mainly by producers of standard products

1H08 2H08 1H09 2H09 1H10 2H10 1H 11

US & Canada Others

1.3

2.7

1.0

0.6

0.8 0.8 0.7

SEA22%

Middle East25%

North Africa7%

CIS12%

Canada6%

USA2%

Others25%

Tenaris 14December, 2011Investor Presentation

Operating and financial results

M illions of US$ (except ratios and per ADS amounts) 2007 2008 2009 2010 IH 2011 IIIQ 2011

Net Sales 9,874 11,988 8,149 7,712 4,727 2,495

Tubes 8,433 10,010 6,671 6,676 3,965 2,150

Projects 876 1,271 986 429 387 151

Others 565 707 492 606 374 194

Operating income 2,917 3,126 1,814 1,574 854 485

EBITDA 3,401 4,044 2,318 2,013 1,119 620

EBITDA margin 34% 34% 28% 26% 24% 25%

Net income (to equity holders) 1,924 2,125 1,162 1,127 607 325

Earnings per ADS 3.26 3.60 1.97 1.91 1.03 0.55

Cash flow from operations 2,021 1,465 3,064 871 491 336

Net debt / (cash) 2,970 1,392 (676) (276) (65) (228)

Tenaris 15December, 2011Investor Presentation

Margin of Tubes segment

-

500

1,000

1,500

0

1,000

2,000

3,000

4,000

1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11

Tubes volumes Cost per ton Price per ton Pipe Logix basket

US$/Ton Thousand Tons

Tenaris 16December, 2011Investor Presentation

Well placed in a changing and competitive world

Financial position

Sales by geographic region (9M 2011)

North America43%

South America26%

Europe12%

Middle East & Africa13%

Far East & Oceania

6%

0.0

0.2

0.4

0.6

0.8

1.0

-1,000

0

1,000

2,000

3,000

4,000

Net debt Net Debt / EBITDA

US$ million

2006 2007 2009 20102008 9M 2011

• Global deployment and industrial excellence

• Highly trained and diverse human resources base

• Leader in supplying solutions for the growing market in complex tubular applications

• Expanding local presence and service in major markets worldwide

• Financial strength: positive net cash position, good cash flow and higher margins than competitors

Tenaris 17December, 2011Investor Presentation