<SEC-DOCUMENT>0001171843-18-003203.txt : 20180430
<SEC-HEADER>0001171843-18-003203.hdr.sgml : 20180430
<ACCEPTANCE-DATETIME>20180430171735
ACCESSION NUMBER:		0001171843-18-003203
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180427
FILED AS OF DATE:		20180430
DATE AS OF CHANGE:		20180430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TENARIS SA
		CENTRAL INDEX KEY:			0001190723
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31518
		FILM NUMBER:		18791332

	BUSINESS ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2227
		BUSINESS PHONE:		212-376-6500

	MAIL ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2227
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_042718.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM 6 - K</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Pursuant to Rule 13a - 16 or 15d - 16 of</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>As of April 30, 2018</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>TENARIS, S.A.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Translation of Registrant's name into English)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>TENARIS, S.A.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">29, Avenue de la Porte-Neuve 3rd floor</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">L-2227 Luxembourg</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Address of principal executive offices)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 21.3pt; margin: 0pt 2.45pt 0pt 0">Indicate by check mark whether the
registrant files or will file annual reports under cover Form 20-F or 40-F.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Form 20-F <FONT STYLE="font-family: Symbol"><U>&Ouml;</U></FONT>
Form 40-F<U>&#9;</U></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 21.3pt; margin: 0pt 0">Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule
12G3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#9;Yes No <FONT STYLE="font-family: Symbol"><U>&Ouml;</U></FONT> &#9;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 21.3pt; margin: 0pt 0">If &ldquo;Yes&rdquo; is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-<U>&#9;</U>.</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 21.3pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">The attached material is being furnished to the Securities and Exchange
Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris
S.A. Consolidated Condensed Interim Financial Statements for the three-month period ended March 31, 2018.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">SIGNATURE</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Date: April 30, 2018.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Tenaris, S.A.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">By: /s/ Cecilia Bilesio&#9;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Cecilia Bilesio</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Corporate Secretary</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; font-size: 10pt; text-align: center"><B>TENARIS S.A.</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left; text-indent: 254.5pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left; text-indent: 318.5pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS </B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>March 31, 2018</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">29, Avenue de la Porte-Neuve &ndash; 3rd Floor.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">L - 2227 Luxembourg</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>R.C.S. Luxembourg: B 85 203</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B><BR>
<BR>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>CONSOLIDATED CONDENSED INTERIM INCOME STATEMENT</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars, unless otherwise stated)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended <BR>
March 31, </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 64%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Notes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Continuing operations</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,866,235</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,153,860</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cost of sales</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,305,506)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(823,856)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>560,729</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>330,004</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Selling, general and administrative expenses</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(349,634)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(294,431)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Other operating income (expense), net</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,102</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">441</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>212,197</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>36,014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Finance Income</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,373</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12,927</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Finance Cost</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(10,174)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(5,938)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other financial results</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(7,066)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(11,415)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income before equity in earnings of non-consolidated companies and income tax</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>204,330</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>31,588</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">46,026</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">35,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income before income tax</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>250,356</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>66,788</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Income tax</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(15,122)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">47,245</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income for continuing operations</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>235,234</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>114,033</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Discontinued operations</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Result for discontinued operations</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">91,542</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>235,234</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>205,575</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Attributable to:</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Owners of the parent</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">234,983</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">205,127</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">251</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">448</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>235,234</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>205,575</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Earnings per share attributable to the owners of the parent during the period:</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Weighted average number of ordinary shares (thousands)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,180,537</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,180,537</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Continuing operations</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Basic and diluted earnings per share (U.S. dollars per share)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.20</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Basic and diluted earnings per ADS (U.S. dollars per ADS) (1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.40</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Continuing and discontinued operations</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Basic and diluted earnings per share (U.S. dollars per share)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.20</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Basic and diluted earnings per ADS (U.S. dollars per ADS) (1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.40</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.35</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">(1) Each ADS equals two shares.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended <BR>
March 31, </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 74%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">235,234</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">205,575</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Items that may be subsequently reclassified to profit or loss:</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32,464</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27,950</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Change in value of cash flow hedges and instruments at fair value</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,883)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,827</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Share of other comprehensive income of non-consolidated companies:</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;- Currency translation adjustment</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(4,952)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,731</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;- Changes in the fair value of derivatives held as cash flow hedges and others</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(10)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Income tax relating to components of other comprehensive income</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>25,661</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>36,521</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Items that will not be reclassified to profit or loss:</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Income tax on items that will not be reclassified</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(16)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Remeasurements of post employment benefit obligations of non-consolidated companies</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(56)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,595</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(72)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,595</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Other comprehensive Income for the period, net of tax</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>25,589</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>38,116</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Total comprehensive income for the period</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>260,823</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>243,691</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Attributable to:</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Owners of the parent</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">260,429</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">243,197</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">394</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">494</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>260,823</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>243,691</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Total comprehensive income for the year </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>attributable to Owners of the parent arises from </B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Continuing operations</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">260,429</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">151,655</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Discontinued operations</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">91,542</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>260,429</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>243,197</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements. These Consolidated Condensed Interim Financial Statements should be read in conjunction with our
audited Consolidated Financial Statements and notes for the fiscal year ended December&nbsp;31, 2017.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars) </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>At March 31, 2018</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>At December 31, 2017</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><B>Notes</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><B>(Unaudited)</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 49%; font-size: 10pt; text-align: justify"><B>ASSETS</B></TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify"><B>Non-current assets</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Property, plant and equipment, net</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">6,218,278</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">6,229,143</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Intangible assets, net </TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">1,635,785</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">1,660,859</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Investments in non-consolidated companies</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">681,323</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">640,294</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Available for sale assets</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">21,572</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">21,572</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Other investments</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">239,600</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">128,335</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Deferred tax assets</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">169,926</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">153,532</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Receivables, net</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">173,446</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">9,139,930</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">183,329</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">9,017,064</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify"><B>Current assets</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Inventories, net</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">2,384,411</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">2,368,304</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Receivables and prepayments, net</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">177,050</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">143,929</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Current tax assets</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">139,506</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">132,334</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Trade receivables, net</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">1,554,949</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">1,214,060</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Other investments</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">999,576</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">1,192,306</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Cash and cash equivalents</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">328,675</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">5,584,167</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">330,221</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">5,381,154</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify"><B>Total assets</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: right"><B>14,724,097 </B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: right"><B>14,398,218 </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>EQUITY&nbsp;&nbsp;</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Capital and reserves attributable to owners of the parent</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">11,750,621</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">11,482,185</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Non-controlling interests</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">99,191</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">98,785</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify"><B>Total equity</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: right"><B>11,849,812 </B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: right"><B>11,580,970 </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify"><B>LIABILITIES</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify"><B>Non-current liabilities</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Borrowings</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">34,948</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">34,645</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Deferred tax liabilities</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">413,135</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">457,970</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Other liabilities</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">220,085</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">217,296</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Provisions</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">39,031</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">707,199</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">36,438</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">746,349</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify"><B>Current liabilities</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Borrowings</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">970,647</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">931,214</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Current tax liabilities</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">108,847</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">102,405</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Other liabilities </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">208,645</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">197,504</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Provisions</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">31,264</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">32,330</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Customer advances</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">37,424</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">56,707</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify">&nbsp;&nbsp;Trade payables</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">810,259</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">2,167,086</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">750,739</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: right">2,070,899</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify"><B>Total liabilities</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: right"><B>2,874,285 </B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: right"><B>2,817,248 </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: justify"><B>Total equity and liabilities</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: right"><B>14,724,097 </B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: right"><B>14,398,218 </B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements. These Consolidated Condensed Interim Financial Statements should be read in conjunction with our
audited Consolidated Financial Statements and notes for the fiscal year ended December&nbsp;31, 2017.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left"></P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY </B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Attributable to owners of the parent</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share<BR>
 Capital (1)</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Legal<BR>
 Reserves</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share<BR>
 Premium</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Currency<BR>
 Translation<BR>
 Adjustment</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other<BR>
 Reserves (2)</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Retained<BR>
 Earnings (3)</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Non-<BR>
controlling<BR>
 interests</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance at December 31, 2017</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,180,537</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">118,054</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">609,733</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(824,423)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(320,569)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,718,853</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11,482,185</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">98,785</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11,580,970</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in accounting policies (Note 2)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,786</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,220</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8,006</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8,018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance at December 31, 2017</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,537</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>118,054</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>609,733</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(824,423)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(317,783)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>10,724,073</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,490,191</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>98,797</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,588,988</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>234,983</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>234,983</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>251</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>235,234</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32,314</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>32,314</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">150</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>32,464</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Remeasurements of post employment benefit obligations, net of taxes</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(26)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(16)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1,881)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,881)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,862)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Share of other comprehensive income of non-consolidated companies</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(4,952)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(45)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(4,997)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(4,997)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Other comprehensive income for the period</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>27,362</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,916)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>25,446</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>143</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>25,589</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Total comprehensive income for the period</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>27,362</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,916)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>234,983</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>260,429</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>394</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>260,823</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance at March 31, 2018</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,537</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>118,054</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>609,733</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(797,061)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(319,699)</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>10,959,056</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,750,620</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>99,191</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,849,811</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Attributable to owners of the parent</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share<BR>
 Capital (1)</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Legal<BR>
 Reserves</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share<BR>
 Premium</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Currency<BR>
 Translation<BR>
 Adjustment</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other<BR>
 Reserves (2)</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Retained<BR>
 Earnings (3)</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Non-<BR>
controlling<BR>
 interests</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance at December 31, 2016</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,537</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>118,054</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>609,733</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(965,955)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(313,088)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>10,658,136</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>11,287,417</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>125,655</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>11,413,072</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Income for the period</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>205,127</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>205,127</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>448</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>205,575</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Currency translation adjustment</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27,880</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>27,880</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">70</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>27,950</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Change in value of available for sale financial instruments and cash flow hedges, net of taxes</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,874</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>3,874</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(24)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>3,850</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Share of other comprehensive income of non-consolidated companies</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,731</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,585</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>6,316</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>6,316</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Other comprehensive income for the period</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>32,611</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,459</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>38,070</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>46</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>38,116</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Total comprehensive income for the period</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>32,611</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>5,459</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>205,127</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>243,197</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>494</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>243,691</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Acquisition of non-controlling interests</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(19)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>(18)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Dividends approved to be distributed</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(19,200)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(19,200)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balance at March 31, 2017</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,180,537</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>118,054</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>609,733</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(933,344)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(307,628)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>10,863,263</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,530,615</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>106,930</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,637,545</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">(1) The Company has an authorized share capital of a single class of
2.5 billion shares having a nominal value of USD1.00 per share. As of March 31, 2018 and 2017 there were 1,180,536,830 shares issued.
All issued shares are fully paid.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">(2) Other reserves include mainly the result of transactions with non-controlling
interest that do not result in a loss of control, the remeasurement of post-employment benefit obligations and the changes in value
of cash flow hedges and in available for sale financial instruments.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">(3) The Distributable Reserve and Retained Earnings as of March 31,
2018 calculated in accordance with Luxembourg Law are disclosed in Note 11.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 3pt; font-size: 10pt; text-align: left">The accompanying notes are an integral part of these Consolidated
Condensed Interim Financial Statements. These Consolidated Condensed Interim Financial Statements should be read in conjunction
with our audited Consolidated Financial Statements and notes for the fiscal year ended December&nbsp;31, 2017.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left"></P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS </B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">(all amounts in thousands of U.S. dollars)</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Three-month period ended <BR>
March 31,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><B>Notes</B></TD>
    <TD NOWRAP STYLE="width: 134px; border-bottom: black 1pt solid; text-align: center"><B>2018</B></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><B>2017</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><B>Cash flows from operating activities</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;(Unaudited) </B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Income for the period</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">235,234</TD>
    <TD NOWRAP STYLE="text-align: right">205,575</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Adjustments for:</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Depreciation and amortization</TD>
    <TD STYLE="text-align: center"><B>8 &amp; 9</B></TD>
    <TD NOWRAP STYLE="text-align: right">141,802</TD>
    <TD NOWRAP STYLE="text-align: right">162,218</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Income tax accruals less payments</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">(24,816)</TD>
    <TD NOWRAP STYLE="text-align: right">(92,930)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Equity in earnings of non-consolidated companies</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">(46,026)</TD>
    <TD NOWRAP STYLE="text-align: right">(35,200)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Interest accruals less payments, net</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">620</TD>
    <TD NOWRAP STYLE="text-align: right">(2,460)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Changes in provisions</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">1,527</TD>
    <TD NOWRAP STYLE="text-align: right">(17,838)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Income from the sale of Conduit business</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;-&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">(89,694)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Changes in working capital</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">(363,552)</TD>
    <TD NOWRAP STYLE="text-align: right">(104,937)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify">Currency translation adjustment and others</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">25,644</TD>
    <TD NOWRAP STYLE="text-align: right">1,400</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><B>Net cash (used in) provided by operating activities</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>(29,567)</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>26,134</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><B>Cash flows from investing activities</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Capital expenditures</TD>
    <TD STYLE="text-align: center"><B>8 &amp; 9</B></TD>
    <TD NOWRAP STYLE="text-align: right">(91,938)</TD>
    <TD NOWRAP STYLE="text-align: right">(138,615)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Changes in advance to suppliers of property, plant and equipment</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">(414)</TD>
    <TD NOWRAP STYLE="text-align: right">3,503</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Proceeds from disposal of Conduit business</TD>
    <TD STYLE="text-align: center"><B>13</B></TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;-&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">327,631</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Loan to non-consolidated companies</TD>
    <TD STYLE="text-align: center"><B>12</B></TD>
    <TD NOWRAP STYLE="text-align: right">(250)</TD>
    <TD NOWRAP STYLE="text-align: right">(9,006)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Proceeds from disposal of property, plant and equipment and intangible assets</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">1,484</TD>
    <TD NOWRAP STYLE="text-align: right">1,962</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Changes in investments in securities</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">84,616</TD>
    <TD NOWRAP STYLE="text-align: right">(48,469)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><B>Net cash (used in) provided by investing activities</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>(6,502)</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>137,006</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><B>Cash flows from financing activities</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Acquisitions of non-controlling interests</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;-&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">(18)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Proceeds from borrowings</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">277,711</TD>
    <TD NOWRAP STYLE="text-align: right">247,122</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Repayments of borrowings</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">(248,041)</TD>
    <TD NOWRAP STYLE="text-align: right">(385,609)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>Net cash provided by (used in) financing activities</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>29,670</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>(138,505)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"><B>(Decrease) increase in cash and cash equivalents</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><B>(6,399)</B></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><B>24,635</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><B>Movement in cash and cash equivalents</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">At the beginning of the period</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">330,090</TD>
    <TD NOWRAP STYLE="text-align: right">398,580</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Effect of exchange rate changes </TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">1,050</TD>
    <TD NOWRAP STYLE="text-align: right">3,526</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">(Decrease) increase in cash and cash equivalents</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">(6,399)</TD>
    <TD NOWRAP STYLE="text-align: right">24,635</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><B>At March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>324,741</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>426,741</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>&nbsp;At March 31, </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><B>Cash and cash equivalents</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2018</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2017</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Cash and bank deposits</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">328,675</TD>
    <TD NOWRAP STYLE="text-align: right">427,619</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Bank overdrafts</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">(3,934)</TD>
    <TD NOWRAP STYLE="text-align: right">(878)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>324,741</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>426,741</B></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The accompanying notes are an integral part of these Consolidated Condensed
Interim Financial Statements. These Consolidated Condensed Interim Financial Statements should be read in conjunction with our
audited Consolidated Financial Statements and notes for the fiscal year ended December&nbsp;31, 2017.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left"></P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 4%; text-align: left">1</TD>
    <TD STYLE="width: 96%; text-align: left">General information</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">2</TD>
    <TD STYLE="text-align: left">Accounting policies and basis of presentation</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">3</TD>
    <TD STYLE="text-align: left">Segment information</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">4</TD>
    <TD STYLE="text-align: left">Cost of sales</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">5</TD>
    <TD STYLE="text-align: left">Selling, general and administrative expenses</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">6</TD>
    <TD STYLE="text-align: left">Financial results</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">7</TD>
    <TD STYLE="text-align: left">Dividend distribution</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">8</TD>
    <TD STYLE="text-align: left">Property, plant and equipment, net</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">9</TD>
    <TD STYLE="text-align: left">Intangible assets, net</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">10</TD>
    <TD STYLE="text-align: left">Cash and cash equivalents and other investments</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">11</TD>
    <TD STYLE="text-align: left">Contingencies, commitments and restrictions to the distribution of profits</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">12</TD>
    <TD STYLE="text-align: left">Investments in non-consolidated companies</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">13</TD>
    <TD STYLE="text-align: left">Discontinued operations</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">14</TD>
    <TD STYLE="text-align: left">Related party transactions</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">15</TD>
    <TD STYLE="text-align: left">Category of financial instruments and classification within the fair value hierarchy</TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: left">16</TD>
    <TD STYLE="text-align: left">Nationalization of Venezuelan Subsidiaries</TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left"></P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">(In the notes all amounts are shown in U.S. dollars, unless otherwise
stated)</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>1</B></TD><TD STYLE="text-align: justify"><B>General information </B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Tenaris S.A. (the &quot;Company&quot;) was established as a public limited
liability company (<I>soci&eacute;t&eacute; anonyme</I>) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001.
The Company holds, either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing
and distribution businesses. References in these Consolidated Condensed Interim Financial Statements to &quot;Tenaris&quot; refer
to Tenaris S.A. and its consolidated subsidiaries. A list of the principal Company&rsquo;s subsidiaries is included in Note 30
to the Company&rsquo;s audited Consolidated Financial Statements for the year ended December 31, 2017.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The Company&rsquo;s shares trade on the Buenos Aires Stock Exchange,
the Italian Stock Exchange and the Mexican Stock Exchange; the Company&rsquo;s American Depositary Securities (&ldquo;ADS&rdquo;)
trade on the New York Stock Exchange.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements were approved
for issuance by the Company&rsquo;s Board of Directors on April 26, 2018.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2</B></TD><TD STYLE="text-align: justify"><B>Accounting policies and basis of presentation</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">These Consolidated Condensed Interim Financial Statements have been
prepared in accordance with IAS 34, &ldquo;Interim Financial Reporting&rdquo;. The accounting policies used in the preparation
of these Consolidated Condensed Interim Financial Statements are consistent with those used in the audited Consolidated Financial
Statements for the year ended December 31, 2017 except for the adoption of new and amended standards as set out below. These Consolidated
Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the
year ended December 31, 2017, which have been prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;)
as issued by the International Accounting Standard Board (&ldquo;IASB&rdquo;) and in conformity with IFRS as adopted by the European
Union (&ldquo;EU&rdquo;).</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The preparation of Consolidated Condensed Interim Financial Statements
in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect the reported
amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet dates, and the
reported amounts of revenues and expenses for the reported periods. Actual results may differ from these estimates.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Material inter-company transactions, balances and unrealized gains (losses)
on transactions between Tenaris&rsquo;s subsidiaries have been eliminated in consolidation. However, since the functional currency
of some subsidiaries is its respective local currency, some financial gains (losses) arising from inter-company transactions are
generated. These are included in the Consolidated Condensed Interim Income Statement under <I>Other financial results</I>.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">There were no changes in valuation techniques during the period and
there have been no changes in any risk management policies since the year ended December 31, 2017.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Whenever necessary, certain comparative amounts have been reclassified
to conform to changes in presentation in the current period.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><I>Accounting pronouncements applicable as from January 1, 2018 and
relevant for Tenaris</I></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">IFRS 9, &ldquo;Financial instruments&rdquo;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: windowtext">Tenaris has adopted IFRS 9 &ldquo;</FONT>Financial
instruments&rdquo; <FONT STYLE="color: windowtext">from 1 January 2018 which resulted in changes in accounting policies and adjustments
to the amounts recognized in the financial statements. In accordance with the transition provisions in IFRS 9, Tenaris has adopted
the new rules using the retrospective approach, meaning that the cumulative impact of the adoption was recognized in the opening
retained earnings and other reserves of the current period as of January 1, 2018 and that comparatives were not be restated.</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The new impairment model requires recognition of impairment provisions
based on expected credit losses rather than on incurred credit losses. The impact of this change was a decrease of $6.4 million
in the allowance for doubtful accounts.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2</B></TD><TD STYLE="text-align: justify"><B>Accounting policies and basis of presentation (Cont.)</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><I>Accounting pronouncements applicable as from January 1, 2018 and
relevant for Tenaris (Cont.)</I></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">IFRS 9, &ldquo;Financial instruments&rdquo; (Cont.)</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The measurement category and the carrying amount of financial assets
and liabilities in accordance with IAS 39 and IFRS 9 at January 1, 2018 are compared as follows:</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Financial Assets</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FVPL</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Held to <BR>
maturity</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized cost (loans <BR>
&amp; receivables 2017)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FVOCI <BR>
(Available for <BR>
sale 2017)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">Closing balance December 31, 2017 - IAS 39</TD><TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt dashed">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; border-bottom: Black 1pt dashed">1,163,808</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt dashed">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; border-bottom: Black 1pt dashed">344,336</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt dashed">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; border-bottom: Black 1pt dashed">1,541,724</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt dashed">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; border-bottom: Black 1pt dashed">21,572</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Reclassified bonds and other fixed income from HTM to FVOCI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(344,336</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">344,336</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Reclassified fixed income from FVPL to amortized cost</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(550,646</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">550,646</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">Reclassified bonds and other fixed income from FVPL to FVOCI</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt dashed">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt dashed">(153,702</TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt dashed">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt dashed">-</TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt dashed">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt dashed">-</TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt dashed">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt dashed">153,702</TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt dashed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; border-bottom: Black 2pt double">Opening balance January 1, 2018 - IFRS 9</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: right">459,460</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: right">2,092,370</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: right">519,610</TD><TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="width: 60%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Effect on other reserves</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Effect on retained <BR>
earnings</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Opening balance January 1, 2018 - IAS 39</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(320,569)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,718,853</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Reclassify investments from HTM to FVOCI</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3,126</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Reclassify investments from FVPL to FVOCI</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(352)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">352</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: left"><FONT STYLE="font-size: 10pt">Opening balance January 1, 2018 - IFRS 9</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">(317,795)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">10,719,205</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Since January 1, 2018 the Company classifies its financial instruments
in the following measurement categories:</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Amortized Cost: Assets that are held for collection of contractual cash
flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is
included in finance income using the effective interest rate method.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Fair value through other comprehensive income (&ldquo;FVOCI&rdquo;):
Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&rsquo; cash
flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income
using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the consolidated
statement of comprehensive income and transferred to the consolidated income statement when the financial asset is sold. Exchange
gains and losses and impairments related to the financial assets are immediately recognized in the consolidated income statement.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Fair value through profit and loss (&ldquo;FVPL&rdquo;): Assets that
do not meet the criteria for amortized cost or FVOCI. Changes in fair value of financial instruments at FVPL are immediately recognized
in the consolidated income statement.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The classification depends on the Company&rsquo;s business model for
managing the financial assets and contractual terms of the cash flows.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">IFRS 15, &ldquo;Revenue from contracts with customers&rdquo;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The group has adopted IFRS 15 &ldquo;Revenue from contracts with customers&rdquo;
from January 1 2018, which resulted in changes in accounting policies and adjustments to the amounts recognized in the financial
statements. The policy sets out the requirements in accounting for revenue arising from contracts with customers and is based on
the principle that revenue is recognized when control of a good or service is transferred to the customer. In accordance with the
transition provisions in IFRS 15, the group has adopted the new rules using the modified retrospective approach, meaning that the
cumulative impact of the adoption was recognized in retained earnings as of January 1, 2018 and that comparatives were not restated.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The impact of the adoption as of January 1, 2018 on the aggregate of
revenues, cost of sales and selling expenses was a decrease of $ 0.7 million net.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2</B></TD><TD STYLE="text-align: justify"><B>Accounting policies and basis of presentation (Cont.)</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 28.35pt; font-size: 10pt; text-align: justify; text-indent: -28.35pt"><I>New and amended standards not
yet adopted and relevant for Tenaris</I></P>

<P STYLE="margin: 0 0 0 28.1pt; font-size: 10pt; text-align: justify; text-indent: -28.1pt"><I>&nbsp;</I></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">In January 2016, the IASB issued IFRS 16, &quot;Leases&quot;. The new
standard will result in almost all leases recognized on the balance sheet, as the distinction between operating and finance leases
is removed. IFRS 16 must be applied on annual periods beginning on or after January 1, 2019.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 28.35pt; font-size: 10pt; text-align: justify; text-indent: -28.35pt">This standard was endorsed by the
EU.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The Company's management is currently assessing the potential impact
that the application of this standard may have on the Company's financial condition or results of operations.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">None of the accounting pronouncements issued after December 31, 2017
and as of the date of these Consolidated Condensed Interim Financial Statements has a material effect on the Company&rsquo;s financial
condition or result of operations.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>3</B></TD><TD STYLE="text-align: justify"><B>Segment information</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Reportable operating segment</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">(All amounts in millions of U.S. dollars)</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="width: 56%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2018</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tubes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Continuing <BR>
operations</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Discontinued <BR>
operations</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>IFRS - Net Sales</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,766</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>100</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,866</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Management view - operating income</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>149</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>159</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Difference in cost of sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">48</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Direct cost and others</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>41</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>2</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>43</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Absorption </I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>5</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>5</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Differences in depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Differences in selling, general and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>IFRS - operating income </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>194</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>18</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>212</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Financial income (expense), net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(8)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Income before equity in earnings of non-consolidated companies and income tax</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">204</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>250</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><I>Capital expenditures</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>91</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>1</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>92</I></B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><I>Depreciation and amortization</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>138</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>4</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>142</I></B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="width: 56%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tubes</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Continuing <BR>
operations</B></FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Discontinued <BR>
operations</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>IFRS - Net Sales</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,086</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>68</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,154</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Management view - operating income</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(11)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(4)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Difference in cost of sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Direct cost and others</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>17</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;(2)</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>15</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;(1)</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>Absorption </I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>10</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>10</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Differences in depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;(1)</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Differences in selling, general and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>15</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Differences in other operating income (expenses), net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>1</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>IFRS - operating income </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>31</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>36</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Financial income (expense), net</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;(4)</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Income before equity in earnings of non-consolidated companies and income tax</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>67</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><I>Capital expenditures</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>136</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>3</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>139</I></B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><I>Depreciation and amortization</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>159</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><I>3</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>162</I></B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">In the three-month period ended March
31, 2018 and 2017, transactions between segments, which were eliminated in consolidation, are mainly related to sales of scrap,
energy, surplus raw materials and others from the Other segment to the Tubes segment for $10 and $10.5 million respectively. In
addition to the amounts reconciled above, the main differences in net income arise from the impact of functional currencies on
financial result, deferred income taxes as well as the result of investment in non-consolidated companies and changes on the valuation
of inventories according to cost estimation internally defined.</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left"></P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Geographical information</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 40%; text-align: left"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>North <BR>
America</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>South America</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Europe</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Middle <BR>
East &amp; <BR>
Africa</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Asia <BR>
Pacific</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total<BR>
 continuing<BR>
 operations</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total <BR>
discontinued<BR>
 operations</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2018</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">834,144</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">326,309</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">179,764</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">458,032</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">67,986</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,866,235</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-</FONT>&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">62,335</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16,543</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11,505</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">403</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,152</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">91,938</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-</FONT>&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">83,400</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28,476</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21,938</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,596</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,392</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">141,802</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-</FONT>&nbsp;&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31, 2017</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">494,613</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">241,941</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">136,658</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">234,161</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">46,487</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,153,860</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11,899</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">112,783</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16,912</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6,052</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">723</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">138,470</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">145</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">94,089</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31,571</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27,622</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,098</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,838</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">162,218</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-</FONT>&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Allocation of net sales to geographical information is based on customer
location. Allocation of depreciation and amortization is based on the geographical location of the underlying assets.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">There are no revenues from external customers attributable to the Company&rsquo;s
country of incorporation (Luxembourg). For geographical information purposes, &ldquo;North America&rdquo; comprises Canada, Mexico
and the USA; &ldquo;South America&rdquo; comprises principally Argentina, Brazil and Colombia; &ldquo;Europe&rdquo; comprises principally
Italy and Romania; &ldquo;Middle East and Africa&rdquo; comprises principally Egypt, Kazakhstan, Nigeria and Saudi Arabia and;
&ldquo;Asia Pacific&rdquo; comprises principally China, Japan and Thailand.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>4</B></TD><TD STYLE="text-align: justify"><B>Cost of sales</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Three-month period ended March 31,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; text-align: justify">(all amounts in thousands of U.S. dollars)</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>2018</B></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center"><B>2017</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>(Unaudited)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><B>Inventories at the beginning of the period</B></TD>
    <TD NOWRAP STYLE="text-align: right"><B>2,368,304</B></TD>
    <TD NOWRAP STYLE="text-align: right"><B>1,563,889</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><B>Plus: Charges of the period</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Raw materials, energy, consumables and other</TD>
    <TD NOWRAP STYLE="text-align: right">826,735</TD>
    <TD NOWRAP STYLE="text-align: right">556,876</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">Services and fees</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">78,573</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">56,911</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">Labor cost</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">216,233</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">169,697</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">Depreciation of property, plant and equipment </TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">108,458</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">91,373</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">Amortization of intangible assets</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">2,562</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">6,104</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">Maintenance expenses</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">52,929</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">34,543</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">Allowance for obsolescence</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(1,614)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(479)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">Taxes</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">6,367</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">4,425</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Other</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">31,370</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">20,954</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><B>1,321,613</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><B>940,404</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><B>Less: Inventories at the end of the period</B></TD>
    <TD NOWRAP STYLE="text-align: right">(2,384,411)</TD>
    <TD NOWRAP STYLE="text-align: right">(1,673,034)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">From discontinued operations</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;-&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">(7,403)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><B>1,305,506</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><B>823,856</B></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>5</B></TD><TD STYLE="text-align: justify"><B>Selling, general and administrative
expenses</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Three-month period ended March 31,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; text-align: justify">(all amounts in thousands of U.S. dollars)</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2018</B></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><B>2017</B></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><B>(Unaudited)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Services and fees</TD>
    <TD NOWRAP STYLE="text-align: right">32,367</TD>
    <TD NOWRAP STYLE="text-align: right">29,310</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Labor cost</TD>
    <TD NOWRAP STYLE="text-align: right">122,261</TD>
    <TD NOWRAP STYLE="text-align: right">105,452</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Depreciation of property, plant and equipment</TD>
    <TD NOWRAP STYLE="text-align: right">4,208</TD>
    <TD NOWRAP STYLE="text-align: right">4,594</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Amortization of intangible assets</TD>
    <TD NOWRAP STYLE="text-align: right">26,574</TD>
    <TD NOWRAP STYLE="text-align: right">60,147</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: justify">Commissions, freight and other selling expenses</TD>
    <TD NOWRAP STYLE="text-align: right">125,422</TD>
    <TD NOWRAP STYLE="text-align: right">70,661</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Provisions for contingencies</TD>
    <TD NOWRAP STYLE="text-align: right">4,367</TD>
    <TD NOWRAP STYLE="text-align: right">1,316</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Allowances for doubtful accounts</TD>
    <TD NOWRAP STYLE="text-align: right">(5,748)</TD>
    <TD NOWRAP STYLE="text-align: right">(7,271)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Taxes</TD>
    <TD NOWRAP STYLE="text-align: right">18,313</TD>
    <TD NOWRAP STYLE="text-align: right">13,757</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Other</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">21,870</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">18,506</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><B>349,634</B></TD>
    <TD STYLE="text-align: right"><B>296,472</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">From discontinued operations</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;-&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">(2,041)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><B>349,634</B></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><B>294,431</B></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left"></P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>6</B></TD><TD STYLE="text-align: justify"><B>Financial results</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">(all amounts in thousands of U.S. dollars)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><B>Three-month period ended March 31,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2018</B></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><B>2017</B></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><B>(Unaudited)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income</TD>
    <TD NOWRAP STYLE="text-align: right">11,267</TD>
    <TD NOWRAP STYLE="text-align: right">13,775</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net result on changes in FV of financial assets at FVPL</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">(1,894)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">(848)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><B>Finance Income</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><B>9,373</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><B>12,927</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"><B>Finance Cost</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><B>(10,174)</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><B>(5,938)</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange transactions results (*)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(11,262)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(10,533)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange derivatives contracts results (**)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">4,501</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(4,356)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">(305)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">3,465</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"><B>Other Financial results</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><B>(7,066)</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><B>(11,424)</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><B>Net Financial results</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>(7,867)</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>(4,435)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">From discontinued operations</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;-&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><B>(7,867)</B></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><B>(4,426)</B></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">(*)The three-month period ended March 2018 and 2017 includes the negative
impact from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional
currency U.S. Dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">(**) The three-month period ended March 2017 includes the negative impact
from Brazilian Real appreciation against the U.S. dollar on hedging instruments and of Cash and cash equivalent and Other investments
denominated in U.S. dollar at subsidiaries which functional currency is the Brazilian real, partially offset by an increase in
currency translation adjustment reserve from the Brazilian subsidiaries.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>7</B></TD><TD STYLE="text-align: justify"><B>Dividend distribution</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">On February 21, 2018 the Company&rsquo;s board of directors proposed,
for the approval of the Annual General Shareholders' meeting to be held on May 2, 2018, the payment of an annual dividend of $0.41
per share ($0.82 per ADS), or approximately $484 million, which includes the interim dividend of $0.13 per share ($0.26 per ADS)
or approximately $153 million, paid on November 22, 2017. If the annual dividend is approved by the shareholders, a dividend of
$0.28 per share ($0.56 per ADS), or approximately $331 million will be paid on May 23, 2018, with an ex-dividend date of May 21,
2018. These Consolidated Condensed Interim Financial Statements do not reflect this dividend payable.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">On May 3, 2017, the Company&rsquo;s Shareholders approved an annual
dividend in the amount of $0.41 per share ($0.82 per ADS). The amount approved included the interim dividend previously paid in
November 23, 2016 in the amount of $0.13 per share ($0.26 per ADS). The balance, amounting to $0.28 per share ($0.56 per ADS),
was paid on May 24, 2017. In the aggregate, the interim dividend paid in November 2016 and the balance paid in May 2017 amounted
to approximately $484.0 million.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>8</B></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment,
net</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; text-align: justify">(all amounts in thousands of U.S. dollars)</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2018</B></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><B>2017</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>(Unaudited)</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><B>Three-month period ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Opening net book amount</TD>
    <TD NOWRAP STYLE="text-align: right">6,229,143</TD>
    <TD NOWRAP STYLE="text-align: right">6,001,939</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Currency translation adjustment</TD>
    <TD NOWRAP STYLE="text-align: right">15,192</TD>
    <TD NOWRAP STYLE="text-align: right">13,059</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Additions (*)</TD>
    <TD NOWRAP STYLE="text-align: right">84,690</TD>
    <TD NOWRAP STYLE="text-align: right">130,952</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Disposals</TD>
    <TD NOWRAP STYLE="text-align: right">(1,080)</TD>
    <TD NOWRAP STYLE="text-align: right">(1,450)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Transfers</TD>
    <TD NOWRAP STYLE="text-align: right">2,999</TD>
    <TD NOWRAP STYLE="text-align: right">207</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Depreciation charge </TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">(112,666)</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">(95,967)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><B>At March 31,</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><B>6,218,278</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><B>6,048,740</B></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">(*) Mainly due to the progress in
the construction of the greenfield seamless facility in Bay City, Texas. </FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left"></P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left"></P></P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>9</B></TD><TD STYLE="text-align: justify"><B>Intangible assets, net</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; text-align: justify">(all amounts in thousands of U.S. dollars)</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2018</B></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><B>2017</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>(Unaudited)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>Three-month period ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Opening net book amount</TD>
    <TD NOWRAP STYLE="text-align: right">1,660,859</TD>
    <TD NOWRAP STYLE="text-align: right">1,862,827</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Currency translation adjustment</TD>
    <TD NOWRAP STYLE="text-align: right">217</TD>
    <TD NOWRAP STYLE="text-align: right">1,125</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Additions</TD>
    <TD NOWRAP STYLE="text-align: right">7,248</TD>
    <TD NOWRAP STYLE="text-align: right">7,518</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Disposals</TD>
    <TD NOWRAP STYLE="text-align: right">(404)</TD>
    <TD NOWRAP STYLE="text-align: right">(336)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Transfers</TD>
    <TD NOWRAP STYLE="text-align: right">(2,999)</TD>
    <TD NOWRAP STYLE="text-align: right">(207)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Amortization charge </TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">(29,136)</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">(66,251)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><B>At March 31,</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><B>1,635,785</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><B>1,804,676</B></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>10</B></TD><TD STYLE="text-align: justify"><B>Cash and cash equivalents
and other investments </B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 65%; text-align: justify">(all amounts in thousands of U.S. dollars)</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>At March 31,</B></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center"><B>At December 31,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2018</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2017</B></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left"><B>Cash and cash equivalents</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><B>(Unaudited)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Cash at banks</TD>
    <TD NOWRAP STYLE="text-align: right">142,635</TD>
    <TD NOWRAP STYLE="text-align: right">150,948</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Liquidity funds</TD>
    <TD NOWRAP STYLE="text-align: right">62,366</TD>
    <TD NOWRAP STYLE="text-align: right">66,033</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Short &ndash; term investments</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">123,674</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">113,240</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><B>328,675</B></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><B>330,221</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left"><B>Other investments - current </B></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</TD>
    <TD NOWRAP STYLE="text-align: right">433,016</TD>
    <TD NOWRAP STYLE="text-align: right">437,406</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Bonds and other fixed Income</TD>
    <TD NOWRAP STYLE="text-align: right">566,560</TD>
    <TD NOWRAP STYLE="text-align: right">754,800</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Others</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;-&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">100</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>999,576</B></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>1,192,306</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left"><B>Other investments - Non-current </B></TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Bonds and other fixed Income</TD>
    <TD NOWRAP STYLE="text-align: right">234,739</TD>
    <TD NOWRAP STYLE="text-align: right">123,498</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Others </TD>
    <TD NOWRAP STYLE="text-align: right">4,861</TD>
    <TD NOWRAP STYLE="text-align: right">4,837</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>239,600</B></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>128,335</B></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>11</B></TD><TD STYLE="text-align: justify"><B>Contingencies, commitments
and restrictions to the distribution of profits </B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B><I>Contingencies </I></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Tenaris is from time to time subject to various claims, lawsuits and
other legal proceedings, including customer claims, in which third parties are seeking payment for alleged damages, reimbursement
for losses, or indemnity. Management with the assistance of legal counsel periodically reviews the status of each significant matter
and assesses potential financial exposure.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Some of these claims, lawsuits and other legal proceedings involve highly
complex issues, and often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an
estimation of damages are difficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other
legal proceedings, Tenaris is unable to make a reliable estimate of the expected financial effect that will result from ultimate
resolution of the proceeding. In those cases, Tenaris has not accrued a provision for the potential outcome of these cases.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">If a potential loss from a claim, lawsuit or other proceeding is considered
probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable
estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial
statements, and take into consideration litigation and settlement strategies. In a limited number of ongoing cases, Tenaris was
able to make a reliable estimate of the expected loss or range of probable loss and has accrued a provision for such loss, but
believes that publication of this information on a case-by-case basis would seriously prejudice Tenaris&rsquo;s position in the
ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information
with respect to the nature of the contingency, but has not disclosed its estimate of the range of potential loss.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The Company believes that the aggregate provisions recorded for potential
losses in these Consolidated Condensed Interim Financial Statements are adequate based upon currently available information. However,
if management&rsquo;s estimates prove incorrect, current reserves could be inadequate and Tenaris could incur a charge to earnings
which could have a material adverse effect on Tenaris&rsquo;s results of operations, financial condition, net worth and cash flows.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Below is a summary description of Tenaris&rsquo;s material legal proceedings
which are outstanding as of the date of these Consolidated Condensed Interim Financial Statements. In addition, Tenaris is subject
to other legal proceedings, none of which is believed to be material.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-weight: normal">&sect;</FONT></TD><TD STYLE="text-align: justify">CSN claims relating to the January 2012 acquisition of Usiminas shares</TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">In 2013, Confab Industrial S.A. (&ldquo;Confab&rdquo;), a
Brazilian subsidiary of the Company, was notified of a lawsuit filed in Brazil by Companhia Sider&uacute;rgica Nacional (CSN) and
various entities affiliated with CSN against Confab and the other entities that acquired a participation in Usiminas&rsquo; control
group in January 2012.</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">The CSN lawsuit alleges that, under applicable Brazilian
laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas&rsquo;
ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or BRL28.8, and seeks an order
to compel the acquirers to launch an offer at that price plus interest. If so ordered, the offer would need to be made to 182,609,851
ordinary shares of Usiminas not belonging to Usiminas&rsquo; control group, and Confab would have a 17.9% share in that offer.</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">On September 23, 2013, the first instance court dismissed
the CSN lawsuit, and on February 8, 2017, the court of appeals maintained the understanding of the first instance court. On March
6, 2017, CSN filed a motion for clarification against the decision of the Court of Appeals of S&atilde;o Paulo, which was rejected
on July 19, 2017. On August 18, 2017, CSN filed an appeal to the Superior Court of Justice seeking the review and reversal of the
decision issued by the Court of Appeals. On March 5, 2018, the court of appeals ruled that CSN&rsquo;s appeal did not meet the
requirements for submission to the Superior Court of Justice and rejected such appeal. CSN may appeal against such ruling until
May 8, 2018. If CSN appeals and its appeal is granted, the Superior Court of Justice will also review admissibility, and, if declared
admissible, will then render a decision on the merits. The Superior Court of Justice is restricted to the analysis of alleged violations
to federal laws and cannot assess matters of fact.</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">Tenaris continues to believe that all of CSN&rsquo;s claims
and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, two decisions issued
by the Brazilian securities regulator (CVM) in February 2012 and December 2016, and the first and second instance court decisions
referred to above.<BR STYLE="clear: both">
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left"></P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left"></P></P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>11</B></TD><TD STYLE="text-align: justify"><B>Contingencies, commitments
and restrictions to the distribution of profits (Cont.)</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B><I>Contingencies (Cont.)</I></B></P>

<P STYLE="margin: 0 0 0 21.3pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.8pt"></TD><TD STYLE="width: 14.7pt"><FONT STYLE="font-family: Wingdings; font-weight: normal">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Veracel celulose accident litigation</I></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 0.3in; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">On September 21, 2007, an accident occurred in the premises
of Veracel Celulose S.A. (&ldquo;Veracel&rdquo;) in connection with a rupture in one of the tanks used in an evaporation system
manufactured by Confab. The Veracel accident allegedly resulted in material damages to Veracel.&nbsp;Ita&uacute; Seguros S.A. (&ldquo;Ita&uacute;&rdquo;),
Veracel&rsquo;s insurer at the time of the Veracel accident, initiated a lawsuit against Confab seeking reimbursement of damages
paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab seeking reimbursement
of the amount paid as insurance deductible with respect to the Veracel accident and other amounts not covered by insurance. Ita&uacute;
and Veracel claim that the Veracel accident was caused by failures and defects attributable to the evaporation system manufactured
by Confab. Confab believes that the Veracel accident was caused by the improper handling by Veracel&rsquo;s personnel of the equipment
supplied by Confab in violation of Confab&rsquo;s instructions. The two lawsuits have been consolidated, and are now being considered
by the 6th Civil Court of S&atilde;o Caetano do Sul; however, each lawsuit will be adjudicated through a separate ruling. Both
proceedings are currently at evidentiary stage.</P>

<P STYLE="margin: 0 0 0 21.3pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">On March 10, 2016, a court-appointed expert issued its report
on certain technical matters concerning the Veracel accident. Based upon a technical opinion received from a third-party expert,
in August 2016, Confab filed its objections to the expert&rsquo;s report. In November 2017, the court appointed expert filed a
second report reaffirming its opinion and stating that the opinion of Confab&rsquo;s appointed expert was incorrect. The parties
have until May 21, 2018 to file their observations and/or opinions concerning the expert&rsquo;s second report. Approximately 54%
of the amounts claimed by Ita&uacute; and Veracel is attributable to alleged lost profits, and the contract between Confab and
Veracel expressly provided that Confab would not be liable for damages arising from loss profits. As of March 31, 2018, the estimated
amount of Ita&uacute;&rsquo;s claim was approximately BRL83.7 million (approximately $25.2 million), and the estimated amount of
Veracel&rsquo;s claim is approximately BRL53.1 million (approximately $16.0 million), for an aggregate amount BRL136.8 million
($41.2 million). The final result of this claim depends largely on the court&rsquo;s evaluation of technical matters arising from
the expert&rsquo;s opinion and the objections presented by Confab.</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&sect;<FONT STYLE="font-size: 10pt">
</FONT></FONT><B><I>Ongoing investigation</I></B></P>

<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">The Company has learned that Italian and Swiss authorities
are investigating whether certain payments were made from accounts of entities presumably associated with affiliates of the Company
to accounts controlled by an individual allegedly related with officers of Petr&oacute;leo Brasileiro S.A. and whether any such
payments were intended to benefit Confab. Any such payments could violate certain applicable laws, including the U.S. Foreign Corrupt
Practices Act. The Company had previously reviewed certain of these matters in connection with an investigation by the Brazilian
authorities related to &ldquo;Operation Lava Jato&rdquo; and the Audit Committee of the Company&rsquo;s Board of Directors has
engaged external counsel in connection with a review of the alleged payments and related matters. In addition, the Company has
voluntarily notified the U.S. Securities and Exchange Commission and the U.S. Department of Justice. The Company intends to share
the results of this review with the appropriate authorities, and to cooperate with any investigations that may be conducted by
such authorities. At this time, the Company cannot predict the outcome of these matters or estimate the range of potential loss
or extent of risk, if any, to the Company&rsquo;s business that may result from resolution of these matters.</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.8pt"></TD><TD STYLE="width: 14.7pt"><FONT STYLE="font-family: Wingdings; font-weight: normal">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Petroamazonas penalties</I></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 0.3in; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">On January 22, 2016, Petroamazonas (&ldquo;PAM&rdquo;), an
Ecuadorian state-owned oil company, imposed penalties to the Company&rsquo;s Uruguayan subsidiary, Tenaris Global Services S.A.
(&ldquo;TGS&rdquo;), for its alleged failure to comply with delivery terms under a pipe supply agreement. The penalties amount
to approximately $ 22.5 million as of the date hereof. Tenaris believes, based on the advice of counsel, that PAM has no legal
basis to impose the penalties and that TGS has meritorious defenses against PAM. However, in light of the prevailing political
circumstances in Ecuador, the Company cannot predict the outcome of a claim against a state-owned company and it is not possible
to estimate the amount or range of loss in case of an unfavorable outcome.</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>11</B></TD><TD STYLE="text-align: justify"><B>Contingencies, commitments
and restrictions to the distribution of profits (Cont.)</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B><I>Contingencies (Cont.)</I></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.8pt"></TD><TD STYLE="width: 14.7pt"><FONT STYLE="font-family: Wingdings; font-weight: normal">&sect;</FONT></TD><TD STYLE="text-align: justify"><I>Contractor claim for additional costs</I></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 22.5pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">Tenaris Bay City Inc. (&ldquo;Tenaris Bay City&rdquo;), a
U.S. subsidiary of the Company, has received claims from a contractor for alleged additional costs in the construction of a project
located in the Bay City area for a total amount in excess of $90 million. On June 30, 2017, the contractor filed a demand for arbitration
of these claims. An arbitral panel has been selected and a scheduling order issued. The parties have already submitted statements
of claim and counterclaim, and responses to such statements by both parties are due in April and May 2018, respectively. Final
trial hearing on this matter is scheduled for February 2019. At this stage the Company cannot predict the outcome of the claim
or the amount or range of loss in case of an unfavorable outcome.</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Wingdings; font-weight: normal">&sect;
</FONT><I>Investigation concerning currency exchange declarations</I></P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">Siderca S.A.I.C, an Argentine subsidiary of the Company (&ldquo;Siderca&rdquo;),
and some of its directors, employees, former directors and employees are subject to an administrative criminal proceeding concerning
alleged inaccurate information included in 15 currency exchange declarations related to the trading of foreign currency between
August and October 2008 in connection with exports of goods for a total amount of $268 million. The case is now under consideration
of a criminal court. Although theoretically this proceeding may give rise to the application of fines in an amount up to ten times
the value of the involved operations, Tenaris believes that it has meritorious defenses and that it is unlikely that the ultimate
resolution of this matter will result in a material obligation.</P>

<P STYLE="margin: 0 0 0 22.3pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Wingdings; font-weight: normal">&sect;
</FONT><I>Claim for differences on gas supply prices</I></P>

<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">On July 7, 2016, Siderca was notified of a claim initiated
by an Argentine state-owned company for an amount of $25.4 million, allegedly owed as a result in differences in the price paid
for gas supplied to Siderca during three months in 2013. Tenaris believes, based on the advice of counsel, that it has meritorious
defenses against a substantial part of this claim, although Siderca may be required to pay part of the claimed amount.</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Wingdings; font-weight: normal">&sect;
</FONT><I>Tax assessment in Mexico </I></P>

<P STYLE="color: red; font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">In August 2017, Tubos de Acero de M&eacute;xico S.A (&ldquo;Tamsa&rdquo;)
and Servicios Generales Tenaris Tamsa S.A (&ldquo;Segeta&rdquo;), two Mexican subsidiaries of the Company, were informed that the
Mexican tax authorities had determined that the tax deductions associated with certain purchases of scrap made by the companies
during 2013 failed to comply with applicable requirements and, accordingly, should be rejected. Tamsa and Segeta filed their respective
responses and complaints against the determination, and provided additional information evidencing compliance with applicable requirements
for the tax deductions that are being challenged. As of March 31, 2018, the estimated exposure under these proceedings, including
principal, interest and penalties, amounted to MXN 4,016 million (approximately $219 million). No final decision has yet been issued
on this matter. Tenaris believes, based on the advice of counsel, that it is unlikely that the ultimate resolution of this tax
assessment will result in a material obligation.</P>

<P STYLE="margin: 0 0 0 0.25in; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B><I>Commitments and other purchase orders</I></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Set forth is a description of Tenaris&rsquo;s main outstanding commitments:</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A Tenaris company entered into a contract with the supplier Voest Alpine Grobblech Gmb to which
it committed to purchase carbon steel for a total amount of approximately $111&nbsp;million to use for manufacturing pipes related
to the Zohr gas field project.</TD></TR></TABLE>

<P STYLE="margin: 0 0 0 0.3in; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A Tenaris company entered into a contract with Transportadora de Gas del Norte S.A. for the service
of natural gas transportation to the facilities of Siderca S.A.I.C., an Argentine subsidiary of Tenaris. As of March 31, 2018,
the aggregate commitment to take or pay the committed volumes for a 9-year term totalled approximately $60.9 million.</TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Several Tenaris companies entered into a contract with Praxair S.A. for the service of oxygen and
nitrogen supply. As of March 31, 2018, the aggregate commitment to take or pay the committed volumes for a 14-year term totalled
approximately $61.7 million.</TD></TR></TABLE>

<P STYLE="margin: 0 0 0 22.3pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>11</B></TD><TD STYLE="text-align: justify"><B>Contingencies, commitments
and restrictions to the distribution of profits (Cont.)</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B><I>Commitments and other purchase orders (Cont.)</I></B></P>

<P STYLE="margin: 0 0 0 22.3pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Several Tenaris companies entered into a contract with Graftech for the supply of graphite electrodes.
As of March 31, 2018, the aggregate commitment to take or pay the committed volumes totalled approximately $71.5 million.</TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">A Tenaris company entered into a 25-year contract (effective as of December 1, 2016, through December
1, 2041) with Techgen for the supply of 197 MW (which represents 22% of Techgen&rsquo;s capacity). Monthly payments are determined
on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract
year (as long as Techgen&rsquo;s existing or replacing bank facility has been repaid in full), the Tenaris company has the right
to suspend or early terminate the contract if the rate payable under the agreement is higher than the rate charged by the Comisi&oacute;n
Federal de Electricidad (&ldquo;CFE&rdquo;) or its successors. The Tenaris company may instruct Techgen to sell to any affiliate,
to CFE, or to any other third party all or any part of unused contracted energy under the agreement and the Tenaris company will
benefit from the proceeds of such sale.</TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B><I>Restrictions to the distribution of profits and payment of dividends</I></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">As of December 31, 2017, equity as defined under Luxembourg law and
regulations consisted of:</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 80%; text-align: left">(all amounts in thousands of U.S. dollars)</TD>
    <TD NOWRAP STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Share capital</TD>
    <TD NOWRAP STYLE="text-align: right">1,180,537</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal reserve</TD>
    <TD NOWRAP STYLE="text-align: right">118,054</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Share premium</TD>
    <TD NOWRAP STYLE="text-align: right">609,733</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Retained earnings including net income for the year ended December 31, 2017</TD>
    <TD NOWRAP STYLE="text-align: right">16,956,761</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><B>Total equity in accordance with Luxembourg law</B></TD>
    <TD STYLE="border-top: #969696 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><B>18,865,085</B></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">At least 5% of the Company&rsquo;s net income per year, as calculated
in accordance with Luxembourg law and regulations, must be allocated to the creation of a legal reserve equivalent to 10% of the
Company&rsquo;s share capital. As of March 31, 2018, this reserve is fully allocated and additional allocations to the reserve
are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The Company may pay dividends to the extent, among other conditions,
that it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">At December 31, 2017, distributable amount under Luxembourg law totals
$17.6 billion, as detailed below:</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 80%; text-align: left">(all amounts in thousands of U.S. dollars)</TD>
    <TD NOWRAP STYLE="text-align: center; width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Retained earnings at December 31, 2016 under Luxembourg law</TD>
    <TD NOWRAP STYLE="text-align: right">17,493,013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income and expenses for the year ended December 31, 2017</TD>
    <TD NOWRAP STYLE="text-align: right">(52,232)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Dividends approved</TD>
    <TD NOWRAP STYLE="text-align: right">(484,020)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>Retained earnings at December 31, 2017 under Luxembourg law</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><B>16,956,761</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left">Share premium</TD>
    <TD NOWRAP STYLE="text-align: right">609,733</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><B>Distributable amount at December 31, 2017 under Luxembourg law</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><B>17,566,494</B></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>12</B></TD><TD STYLE="text-align: justify"><B>Investments in non-consolidated
companies</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">This note supplements and should be read in conjunction with Note 12
to the Company&rsquo;s audited Consolidated Financial Statements for the year ended December 31, 2017.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; text-indent: 354.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><B><I>a)</I></B></TD><TD><B><I>Ternium</I></B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">Ternium S.A. (&ldquo;Ternium&rdquo;),
is a steel producer with production facilities in Mexico, Argentina, Brazil, Colombia, United States and Guatemala and is one of
Tenaris&rsquo;s main suppliers of round steel bars and flat steel products for its pipes business.</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">At March 31, 2018, the closing price of Ternium&rsquo;s ADSs as quoted
on the New York Stock Exchange was $32.49 per ADS, giving Tenaris&rsquo;s ownership stake a market value of approximately $746.3
million. At March 31, 2018, the carrying value of Tenaris&rsquo;s ownership stake in Ternium, based on Ternium&rsquo;s IFRS financial
statements, was approximately $602.3 million.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>12</B></TD><TD STYLE="text-align: justify"><B>Investments in non-consolidated
companies (Cont.)</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><B><I>b)</I></B></TD><TD><B><I>Usiminas</I></B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Usiminas is a Brazilian producer of high quality flat steel products
used in the energy, automotive and other industries and Tenaris&rsquo;s principal supplier of flat steel in Brazil for its pipes
and industrial equipment businesses.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">In 2014, a conflict arose between the T/T Group (comprising Confab and
Ternium&rsquo;s subsidiaries Ternium Investments, Ternium Argentina and Prosid Investments) and Nippon Steel &amp; Sumitomo Metal
Corporation (&ldquo;NSSMC&rdquo;) with respect to the governance of Usiminas, including with respect to the rules applicable to
the appointment of senior managers, the application of the shareholders&rsquo; agreement in matters involving fiduciary duties,
and generally with respect to Usiminas&rsquo; business strategy.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">On February 8, 2018, Ternium Investments resolved the dispute with NSSMC,
and on April 10, 2018, the T/T Group entities (including Confab), the NSSMC Group and Previd&ecirc;ncia Usiminas entered into a
new shareholders&rsquo; agreement for Usiminas, amending and restating the previously existing shareholders agreement (the &ldquo;New
SHA&rdquo;). Usiminas&rsquo; control group now holds, in the aggregate, 483.6 million ordinary shares bound to the New SHA, representing
approximately 68.6% of Usiminas&rsquo; voting capital, with the T/T Group holding approximately 47.1% of the total shares held
by the control group (39.5% corresponding to the Ternium entities and the other 7.6% corresponding to Confab); the NSSMC Group
holding approximately 45.9% of the total shares held by the control group; and Previd&ecirc;ncia Usiminas holding the remaining
7% of the total shares held by the control group.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The New SHA reflects the agreed-upon corporate governance rules for
Usiminas, including, among others, an alternation mechanism for the nomination of each of the chief executive officer and the chairman
of the board of directors, as well as a mechanism for the nomination of other members of Usiminas&rsquo; executive board. The New
SHA also incorporates an exit mechanism consisting of a buy-and-sell procedure, exercisable at any time during the term of the
New SHA after the fourth-and-a-half-year anniversary from the coming election of Usiminas&rsquo; executive board in May 2018. Such
exit mechanism shall apply with respect to shares held by the NSSMC Group and the T/T Group, and would allow either Ternium or
NSSMC to purchase all or a majority of the Usiminas shares held by the other shareholder group.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">In connection with the execution of the New SHA, the Ternium entities
and Confab amended and restated their separate shareholders&rsquo; agreement governing their respective rights and obligations
as members of the T/T Group to include provisions relating to the exit mechanism and generally to conform such separate shareholders&rsquo;
agreement to the other provisions of the New SHA.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">As of March 31, 2018, the closing price of the Usiminas&rsquo; ordinary
and preferred shares, as quoted on the B3, was BRL12.31 ($3.70) and BRL10.92 ($3.29), respectively, giving Tenaris&rsquo;s ownership
stake a market value of approximately $139.4 million. As that date, the carrying value of Tenaris&rsquo;s ownership stake in Usiminas
was approximately $73.4 million.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 18pt"><B><I>c)</I></B></TD><TD><B><I>Techgen, S.A. de C.V. (&ldquo;Techgen&rdquo;)</I></B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Techgen is a Mexican company that operates a natural gas-fired combined
cycle electric power plant in the Pesquer&iacute;a area of the State of Nuevo Le&oacute;n, Mexico. The company started producing
energy on December 1, 2016 and is fully operational, power capacity of 900 megawatts. As of March 31, 2018, Tenaris held 22% of
Techgen&rsquo;s share capital, and its affiliates, Ternium and Tecpetrol International S.A. (a wholly-owned subsidiary of San Faustin
S.A., the controlling shareholder of both Tenaris and Ternium), held 48% and 30% respectively.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Techgen is a party to transportation capacity agreements for a purchasing
capacity of 150,000 MMBtu/Gas per day starting on August 1, 2016 and ending on July 31, 2036, and a party to a contract for the
purchase of power generation equipment and other services related to the equipment. As of March 31, 2018, Tenaris&rsquo;s exposure
under these agreements amounted to $57.4 million and $3.9 million respectively.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">Tenaris issued a corporate guarantee
covering 22% of the obligations of Techgen under a syndicated loan agreement between Techgen and several banks. The loan agreement
amounted to $680 million and has been used in the construction of the facility. The main covenants under the corporate guarantee
are Tenaris&rsquo;s commitment to maintain its participation in Techgen or the right to purchase at least 22% of Techgen&rsquo;s
firm energy, and compliance with a maximum permitted leverage ratio. As of March 31, 2018, the loan agreement had been fully disbursed
and, as a result, the amount guaranteed by Tenaris was approximately $149.6 million. During 2018 the shareholders of Techgen made
additional investments in Techgen, in form of subordinated loans, which in case of Tenaris amounted to $0.3 million. As of March
31, 2018, the aggregate outstanding principal amount under these loans was $93.5 million.</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>13</B></TD><TD STYLE="text-align: justify"><B>Discontinued operations</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">On December 15, 2016, Tenaris entered into an agreement with Nucor Corporation
(NC) pursuant to which it has sold to NC the steel electric conduit business in North America, known as Republic Conduit for an
amount of $328 million (net of transaction costs). The sale was completed on 19 January 2017, with effect from 20 January 2017.
The result of this transaction was an after-tax gain of $89.7 million, calculated as the net proceeds of the sale less the book
value of net assets held for sale, the corresponding tax effect and related expenses.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">In addition, the financial performance of the conduit business relative
to the 19 days of January 2017 showed a gain of $1.8 million.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 76%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 21%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2017</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;Income from discontinued operations </TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">1,848 </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;After tax gain on the sale of Conduit </TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">89,694 </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;Net Income for discontinued operations </TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">91,542 </TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">For further information regarding this transaction please refer to Note
28 of our Consolidated Financial Statements as of 31 December 2017.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>14</B></TD><TD STYLE="text-align: justify"><B>Related party transactions</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">As of March 31, 2018:</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; text-indent: 198.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">San Faustin S.A., a Luxembourg <I>soci&eacute;t&eacute; anonyme</I> (&ldquo;San Faustin&rdquo;),
owned 713,605,187 shares in the Company, representing 60.45% of the Company&rsquo;s capital and voting rights.</TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint
Holdings S.&agrave; r.l., a Luxembourg <I>soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e</I> (&ldquo;Techint&rdquo;),
who is the holder of record of the above-mentioned Tenaris shares.</TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a Dutch private foundation
(<I>Stichting</I>) (&ldquo;RP STAK&rdquo;) held voting shares in San Faustin sufficient to control San Faustin.</TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">No person or group of persons controls RP STAK.</TD></TR></TABLE>

<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Based on the information most recently available to the Company, Tenaris&rsquo;s
directors and senior management as a group owned 0.08% of the Company&rsquo;s outstanding shares.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Transactions and balances disclosed as with &ldquo;non-consolidated
parties&rdquo; are those with companies over which Tenaris exerts significant influence or joint control in accordance with IFRS,
but does not have control. All other transactions and balances with related parties which are not non-consolidated parties and
which are not consolidated are disclosed as &ldquo;Other&rdquo;.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The following transactions were carried out with related parties:</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left">&nbsp;(all amounts in thousands of U.S. dollars)&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 61%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>(i)</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Transactions</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(a) Sales of goods and services</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of goods to non-consolidated parties</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">8,341</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6,933</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of goods to other related parties</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">31,108</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4,515</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of services to non-consolidated parties</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,867</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2,838</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Sales of services to other related parties</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,447</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">736</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>42,763</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>15,022</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>(b) Purchases of goods and services</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Purchases of goods to non-consolidated parties</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">66,354</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">43,653</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Purchases of goods to other related parties</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17,713</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,630</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Purchases of services to non-consolidated parties</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,839</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,510</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Purchases of services to other related parties</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,284</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11,815</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>97,190</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>60,608</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>14</B></TD><TD STYLE="text-align: justify"><B>Related party transactions
(Cont.)</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 4%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 61%; text-align: left">(all amounts in thousands of U.S. dollars)&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>At March 31,</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>At December 31,</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(ii)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Period-end balances</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Arising from sales / purchases of goods / services / others</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Receivables from non-consolidated parties</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">119,827</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">117,853</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Receivables from other related parties</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">21,184</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">50,815</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Payables to non-consolidated parties</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(39,180)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(49,354)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">Payables to other related parties </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(20,419)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(14,475)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>81,412</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>104,839</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>15</B></TD><TD STYLE="text-align: justify"><B>Category of financial instruments
and classification within the fair value hierarchy</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The following table illustrates the three hierarchical levels for valuing
financial instruments at fair value and those measured at amortized cost as of March 31, 2018.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Carrying<BR>
 amount</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Measurement Categories</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>At Fair Value</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B>March 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amortized Cost</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Level 3</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 47%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Cash and cash equivalents</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>328,675</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>266,309</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>62,366</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>62,366</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other investments </I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>999,576</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>433,016</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>566,560</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>523,246</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>43,314</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;-&nbsp;&nbsp;</I></B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Fixed income (time-deposit, zero coupon bonds, commercial papers)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">433,016</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">433,016</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Certificates of deposits</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>262,638</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">262,638</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Commercial papers</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>29,722</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">29,722</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Other notes</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>140,656</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">140,656</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Bonds and other fixed income</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">566,560</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">566,560</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">523,246</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">43,314</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">U.S. government securities</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>15,105</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">15,105</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">15,105</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Non - U.S. government securities</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>168,135</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">168,135</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">168,135</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Corporates securities</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>340,006</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">340,006</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">340,006</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Structured notes</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>28,222</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">28,222</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">28,222</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Mortgage and asset-backed securities</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15,092</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15,092</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15,092</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other Investments Non- current</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>239,600</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>239,600</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>234,739</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>4,861</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Bonds and other fixed income</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>234,739</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">234,739</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">234,739</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Other investments</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>4,861</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4,861</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4,861</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Trade receivables</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,554,949</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,554,949</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Receivables C and NC</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>350,496</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>180,548</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,661</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,661</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Foreign exchange derivatives contracts</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>21,661</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">21,661</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">21,661</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Other receivables</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>180,548</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">180,548</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Other receivables (non-financial)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>148,287</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Available for sale assets (*)</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>21,572</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,572</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,572</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,434,822</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>911,759</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>820,351</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>64,975</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>26,433</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Borrowings C and NC</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>1,005,595</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,005,595</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Trade payables</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>810,259</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>810,259</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Other liabilities</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>428,730</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>16,117</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>16,117</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Foreign exchange derivatives contracts</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>16,117</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>&nbsp;-&nbsp;&nbsp;</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>16,117</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">16,117</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Other liabilities (non-financial)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><I>412,613</I></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,815,854</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>16,117</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>16,117</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">(*) For further detail regarding Available for sale assets, see Note
16.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">There were no transfers between Levels during the period.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The fair value of financial instruments traded in active markets is
based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly
available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual
and regularly occurring market transactions on an arm&rsquo;s length basis. The quoted market price used for financial assets held
by Tenaris is the current bid price. These instruments are included in Level 1 and comprise primarily corporate and sovereign debt
securities.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="font-size: 10pt; text-align: justify; margin: 0; border-bottom: Black 0.75pt solid"><I>Tenaris S.A. Consolidated Condensed
Interim Financial Statements for the three-month period ended March 31, 2018</I></P>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: left">&nbsp;</P>
</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>15</B></TD><TD STYLE="text-align: justify"><B>Category of financial instruments
and classification within the fair value hierarchy (Cont.)</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The fair value of financial instruments that are not traded in an active
market (such as certain debt securities, certificates of deposits with original maturity of more than three months, forward and
interest rate derivative instruments) is determined by using valuation techniques which maximize the use of observable market data
when available and rely as little as possible on entity specific estimates. If all significant inputs required to value an instrument
are observable, the instrument is included in Level 2. Tenaris values its assets and liabilities included in this level using bid
prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market
contributors as of the valuation date. The fair value of all outstanding derivatives is determined using specific pricing models
that include inputs that are observable in the market or can be derived from or corroborated by observable data. The fair value
of forward foreign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency,
based on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">If one or more of the significant inputs are not based on observable
market data, the instruments are included in Level 3. Tenaris values its assets and liabilities in this level using observable
market inputs and management assumptions which reflect the Company&rsquo;s best estimate on how market participants would price
the asset or liability at measurement date. Main balances included in this level correspond to Available for sale assets related
to Tenaris&rsquo;s interest in Venezuelan companies under process of nationalization (see Note 16).</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">Borrowings are comprised primarily
of fixed rate debt and variable rate debt with a short term portion where interest has already been fixed. They are classified
under other financial liabilities and measured at their amortized cost. Tenaris estimates that the fair value of its main financial
liabilities is approximately 99.5% of its carrying amount including interests accrued as of March 31, 2018 as compare with 99.4%
as of December 31, 2017. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable
market rates for discounting flows.</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>16</B></TD><TD STYLE="text-align: justify"><B>Nationalization of Venezuelan
Subsidiaries</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>


<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-weight: normal">In May 2009 Venezuela&rsquo;s President
announced the nationalization of, among other companies, the Company's majority-owned subsidiaries TAVSA - Tubos de Acero de Venezuela
S.A. (&ldquo;Tavsa&rdquo;) and Matesi Materiales Sider&uacute;rgicos S.A (&ldquo;Matesi&rdquo;), and Complejo Sider&uacute;rgico
de Guayana, C.A (&ldquo;Comsigua&rdquo;), in which the Company has a non-controlling interest (collectively, the &ldquo;Venezuelan
Companies&rdquo;). Tenaris and its wholly-owned subsidiary Talta - Trading e Marketing Sociedad Unipessoal Lda (&ldquo;Talta&rdquo;),
initiated arbitration proceedings against Venezuela before the ICSID in Washington D.C. in connection with these nationalizations
and obtained favorable awards. For further information on these cases, see Note 31 in the Company&rsquo;s audited Consolidated
Financial Statements for the year ended December 31, 2017.</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; width: 60%"></TD>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: center; width: 40%">Edgardo Carlos</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0 0 0 7.1pt; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0 0 0 283.5pt; font-size: 10pt; text-align: left; text-indent: 4.5pt"></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; border-bottom: Black 4pt solid">19</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
