<SEC-DOCUMENT>0001171843-19-002286.txt : 20190408
<SEC-HEADER>0001171843-19-002286.hdr.sgml : 20190408
<ACCEPTANCE-DATETIME>20190408164320
ACCESSION NUMBER:		0001171843-19-002286
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190405
FILED AS OF DATE:		20190408
DATE AS OF CHANGE:		20190408

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:		19737785

	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_040419.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="color: rgb(0, 0, 0); font-size: 10pt; margin: 0pt 0; font-weight: 400; text-align: left; text-indent: 0px"></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; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>As of April 5, 2019</B></P>

<P STYLE="font-size: 10pt; 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></U></P>

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

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

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

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

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<P STYLE="font-size: 10pt; text-align: justify; 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'
Notice of the Annual General Meeting of Shareholders and the Shareholder Meeting Brochure and Proxy Statement.</P>

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Date: April 5, 2019.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; 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">Soci&eacute;t&eacute; Anonyme</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">RCS Luxembourg B 85 203</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 8.4pt 0pt 0"><B>NOTICE OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS
</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 8.4pt 0pt 0"><B>to be held in Luxembourg on 6 May 2019</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Notice is hereby given to holders of ordinary shares of Tenaris
S.A. (the &ldquo;<U>Company</U>&rdquo;) that the Annual General Meeting of Shareholders of the Company will be held on 6 May 2019,
at 9:30 a.m. (Luxembourg time) (the &ldquo;Meeting&rdquo;). The Meeting will be held at the Company&rsquo;s registered office located
at 29, avenue de la Porte-Neuve, 3<SUP>rd</SUP> Floor, L-2227 Luxembourg, Grand-Duchy of Luxembourg. At the Meeting shareholders
will vote on the items listed below under the heading &ldquo;Agenda for the Annual General Meeting of Shareholders&rdquo;.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #009900"><B>Agenda for the Annual General Meeting of Shareholders</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #009900"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.</TD><TD STYLE="text-align: justify">Consideration of the consolidated management report and related management certifications on the
Company&rsquo;s consolidated financial statements as of and for the year ended 31 December 2018, and on the annual accounts as
at 31 December 2018, and of the external auditors&rsquo; reports on such consolidated financial statements and annual accounts.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.</TD><TD STYLE="text-align: justify">Approval of the Company&rsquo;s consolidated financial statements as of and for the year ended
31 December 2018.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.</TD><TD STYLE="text-align: justify">Approval of the Company&rsquo;s annual accounts as at 31 December 2018.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.</TD><TD STYLE="text-align: justify">Allocation of results and approval of dividend payment for the year ended 31 December 2018.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.</TD><TD STYLE="text-align: justify">Discharge of the members of the Board of Directors for the exercise of their mandate throughout
the year ended 31 December 2018.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">6.</TD><TD STYLE="text-align: justify">Election of the members of the Board of Directors.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.</TD><TD STYLE="text-align: justify">Authorization of the compensation of the members of the Board of Directors.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.</TD><TD STYLE="text-align: justify">Appointment of the external auditors for the fiscal year ending 31 December 2019, and approval
of their fees.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 28.35pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">9.</TD><TD STYLE="text-align: justify">Authorization to the Board of Directors to cause the distribution of all shareholder communications,
including its shareholder meeting and proxy materials and annual reports to shareholders, by such electronic means as is permitted
by any applicable laws or regulations.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-weight: normal; font-style: normal; text-transform: none; background-color: rgb(255, 255, 255)">Resolutions
at the Annual General Meeting of Shareholders will be passed by the simple majority of the votes validly cast, irrespective of
the number of shares present or represented.</FONT></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0; color: #009900"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0; color: #009900"><B>Holders of Shares: procedures for attending and
voting at the Meeting</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>In accordance with the Luxembourg Law of 24 May 2011 on the exercise
of certain rights of shareholders in general meetings of listed companies (the &ldquo;<U>Shareholders&rsquo; Rights Law</U>&rdquo;),
the right to attend, speak and vote at the Meeting is restricted to those shareholders who are holders of shares of the Company
on 22 April 2019 at 24:00 (midnight), Central European Time (the &ldquo;<U>Shareholders&rsquo; Record Time</U>&rdquo;).</B></P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A shareholder will only be entitled to attend and/or to vote (personally
or by proxy) at the Meeting in respect of those shares of the Company which such shareholder duly evidences to hold at the Shareholders&rsquo;
Record Time. Any changes to a shareholder&rsquo;s holding of shares after the Shareholders&rsquo; Record Time shall be disregarded
for purposes of determining the right of such shareholder to attend and/or to vote (personally or by proxy) at the Meeting.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Set out below are instructions on how to attend and/or vote (personally
or by proxy) at the Meeting.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">If you are a holder of shares of the Company on
the Shareholders&rsquo; Record Time and you wish to attend and/or vote (personally or by proxy) at the Meeting, you must complete
and return to the Company:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.4pt"></TD><TD STYLE="width: 18pt">i.</TD><TD STYLE="text-align: justify">the Intention to Participate Form, if you wish to attend the Meeting; <U>and/or</U></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 46.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.4pt"></TD><TD STYLE="width: 18pt">ii.</TD><TD STYLE="text-align: justify">the AGMS Proxy Form, if you wish to vote by proxy at Meeting.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A shareholder <B>wishing to attend </B>the Meeting must complete
and return to the Company the Intention to Participate Form. The Intention to Participate Form must be received by the Company,
properly completed and signed <B>ON OR BEFORE 22 APRIL 2019 AT 24:00 (MIDNIGHT), CENTRAL EUROPEAN TIME (i.e. THE SHAREHOLDERS&rsquo;
RECORD TIME)</B>. A shareholder who has timely submitted the Intention to Participate Form, may elect either to (i) attend the
Meeting and vote in person (in which case the shareholder is <B><U>not</U></B> required to submit the AGMS Proxy Form), or (ii)
have a proxy holder attend the Meeting in person and vote by proxy, in which case the shareholder must also submit (in addition
to the Intention to Participate Form) the AGMS Proxy Form as soon as possible and, in any event, must be received by the Company
<B>ON OR BEFORE 29 APRIL 2019 AT 24:00 (MIDNIGHT), CENTRAL EUROPEAN TIME</B>. <B>Please note that in the event that the Company
does not receive the Intention to Participate Form and, if applicable, the AGMS Proxy Form, properly completed and signed, by the
dates indicated above, you will not be able to participate or vote (neither in person nor by proxy) at the Meeting</B>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A shareholder who does not wish to attend the Meeting but nonetheless
<B>wishes to vote by proxy </B>at the Meeting must only complete and return to the Company the AGMS Proxy Form (and need not submit
the Intention to Participate Form) which must be received by the Company <B>ON OR BEFORE 22 APRIL 2019 AT 24:00 (MIDNIGHT), CENTRAL
EUROPEAN TIME (i.e. THE SHAREHOLDERS&rsquo; RECORD TIME)</B>. <B>Please note that in the event that the Company does not receive
the AGMS Proxy Form, properly completed and signed, by the date indicated above, you will not be able to vote (neither in person
nor by proxy) at the Meeting</B>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">The Shareholders&rsquo; Rights Law provides that
any shareholder wishing to attend and/or vote (personally or by proxy) at the Meeting is required to provide reasonably satisfactory
evidence to the Company (prior to the Meeting) as to the number of shares of the Company held by such shareholder on the Shareholders&rsquo;
Record Time. Such evidence of shareholding must include at least: shareholder&rsquo;s name, shareholder&rsquo;s registered office/address,
shareholder status, number of shares held by the shareholder on the Shareholders&rsquo; Record Time, the stock exchange on which
the shareholder&rsquo;s shares trade and signature of the relevant shareholder&rsquo;s bank or stockbroker (the &ldquo;<U>Evidence</U>&rdquo;).
Shareholders need to contact their bank or stockbroker with respect to the provision of such Evidence and completion of the applicable
certificate. The model certificate that constitutes the Evidence of the shareholding must be completed and delivered to the Company
as soon as possible and in any event must be received by the Company <B>ON OR BEFORE 29 APRIL 2019 AT 24:00 (MIDNIGHT), CENTRAL
EUROPEAN TIME</B>.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><B><I>In compliance with the Shareholders&rsquo;
Rights Law and other applicable laws and regulations, this convening notice (which contains the agenda for the Meeting and the
procedures for attending and/or voting at the Meeting), the total number of shares of the Company and voting rights as of the
date of this notice, the Shareholder Meeting Brochure and Proxy Statement (which contains reports on each item of the agenda for
the Meeting and draft resolutions proposed to be adopted at the Meeting), the Company&rsquo;s 2018 annual report (which contains
the Company&rsquo;s consolidated financial statements as of and for the year ended 31 December 2018, and the Company&rsquo;s annual
accounts as at 31 December 2018, together with the external auditors&rsquo; reports and the consolidated management report and
certifications), the Intention to Participate Form, the AGMS Proxy Form and the model certificate that constitutes the Evidence
of shareholding, required to be submitted to the Company for purposes of participating and/or voting at the Meeting, are available
to shareholders as of the date of this notice, and may be obtained free of charge from the Company&rsquo;s website at <U>www.tenaris.com/investors
</U>or at the Company&rsquo;s registered office in Luxembourg. In addition, shareholders registered in the Company&rsquo;s registry
can obtain electronic copies of these documents free of charge by sending an electronic message to the following electronic address:
<U>investors@tenaris.com.</U></I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">The Intention to Participate Form (if you wish
to attend the Meeting), the AGMS Proxy Form (if you wish to be represented and vote by proxy at the Meeting) and the certificate
that constitutes the Evidence of the shareholding must be received by the Company, properly completed and signed, by the dates
indicated above, at any of the following postal addresses, or by electronic message to the following electronic address: <U>investors@tenaris.com</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt"><U>Luxembourg</U>:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">29, avenue de la Porte-Neuve, 3rd Floor.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">L-2227 Luxembourg</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">Attn: Ad&eacute;lia Soares</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt"><U>Argentina</U>:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">c/o Siderca S.A.I.C.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">Carlos Mar&iacute;a della Paolera 299,
piso 16&deg;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">(C1001ADA) Buenos Aires</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">Attn: Horacio de las Carreras and/or
Eleonora Cimino</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt"><U>Italy</U>:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">c/o Dalmine S.p.A.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">Piazza Caduti 6 luglio 1944 n. 1 24044</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">Dalmine (BG)</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">Attn: Marco Mar&iacute;a Tajana and/or
Francesco Giuseppe Bettiol</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt"><U>Mexico</U>:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">c/o Tubos de Acero de M&eacute;xico,
S.A.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">Campos El&iacute;seos 400-Piso 17</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">Col. Chapultepec Polanco</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">11560 Ciudad de M&eacute;xico</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">Attn: F&eacute;lix Todd and/or Cecilia
P&eacute;rez Valencia</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.65pt">In the case of shares held through
fungible securities accounts in Mexico, the certificate that constitutes the Evidence of shareholding must be delivered to S.D.
Indeval Instituci&oacute;n para el Dep&oacute;sito de Valores S.A. de C.V. (Paseo de la Reforma #255, 3er. piso Col. Cuauht&eacute;moc,
Mexico City.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The AGMS Proxy Form will only be valid if it includes the shareholder&rsquo;s
name, registered office/address and signature and, in the event of shares owned by a corporation or any other legal entity, the
name, registered office/address and signature of the individual(s) representing such corporation or other legal entity. <FONT STYLE="text-transform: uppercase">Incomplete
or erroneous AGMS Proxy Forms or AGMS Proxy Forms which are not timely delivered or do not satisfy the required formalities will
be discarded and the underlying shares WILL not be voted at the Meeting</FONT>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">No admission cards will be issued to shareholders.
Shareholders and their proxy holders attending the Meeting in person will be required to identify themselves at the Meeting with
a valid official identification document (e.g. identity card, passport). In the event of shares owned by a corporation or any
other legal entity, individuals representing such entity who wish to attend the Meeting in person and vote at the Meeting on behalf
of such legal entity, must submit &ndash;in addition to the Intention to Participate Form and the AGMS Proxy Form, as indicated
above- evidence of their authority to represent the shareholder at the Meeting by means of a proper document (such as a general
or special power-of-attorney) issued by the such legal entity. A copy of such power of attorney or other proper document must
be received by the Company on or before <B>29 APRIL 2019 AT 24:00 (MIDNIGHT), CENTRAL EUROPEAN TIME</B>, at any of the postal
addresses indicated above or by electronic message to the following electronic address: <U>investors@tenaris.com</U>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A shareholder&rsquo;s proxy holder shall enjoy the same rights to
speak and ask questions at the Meeting as those afforded to the respective shareholder. <B>Pursuant to the Shareholders&rsquo;
Rights Law, irrespective of the number of shares held, a shareholder may appoint only one proxy holder to represent such shareholder
at the Meeting</B>, except that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">if a shareholder holds shares of the Company through more than one securities account, such shareholder
may appoint one proxy holder for each securities account;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 49.6pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">a shareholder acting professionally for the account of a natural person or legal entity may appoint
such natural person or legal entity, or any other third party designated by them, as proxy holder.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A person acting as shareholder&rsquo;s proxy holder may represent
one or more shareholders. In the event a person represents more than one shareholder, such proxy holder may vote the shares of
the represented shareholders differently, in accordance with the instructions given to such proxy holder by each shareholder such
person represents.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Each share is indivisible for purposes of attending and voting at
the Meeting. Co-owners of shares, beneficiaries and bare-owners of shares, and pledgors and pledgees of pledged shares must be
represented by one single person at the Meeting.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In accordance with the Shareholders&rsquo; Rights Law, shareholders
holding, individually or collectively, at least five per cent (5%) of the issued shares of the Company have the right to (a) include
items on the agenda for the Meeting; and (b) propose draft resolutions for the items included or to be included on the agenda for
the Meeting. To exercise such rights, shareholders holding, individually or collectively, at least five per cent (5%) of the issued
shares of the Company, must submit a written request to the Company <B>ON OR BEFORE <FONT STYLE="text-transform: uppercase">16
April 2019</FONT></B>, to any of the postal addresses of the Company indicated above, or by sending an electronic message to the
following electronic address: investors@tenaris.com. The request must be accompanied by a justification or a draft resolution proposed
to be adopted in the Meeting and must include the postal or electronic address at which the Company can acknowledge receipt of
such request. Requests which are not timely delivered or do not satisfy the required formalities will be discarded and the proposals
included in such requests shall not be included in the agenda for the Meeting.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In accordance with the Shareholders&rsquo; Rights Law, shareholders
(or their proxy holders) will have the right to ask questions at the Meeting on the items of the agenda for the Meeting. The right
to ask questions and the Company&rsquo;s duty to answer any such questions are subject to the procedures adopted by the Company
to ensure the proper identification of shareholders (and their proxy holders), the good order of the Meeting, as well as the protection
of confidentiality of the Company&rsquo;s business and the safeguarding of the Company&rsquo;s corporate interests.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0; color: #009900"><B>Holders of ADRs: procedures for voting at the Meeting</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Holders of American Depositary Receipts (&ldquo;<U>ADRs</U>&rdquo;)
as of <B>22 APRIL 2019 </B>(the &ldquo;<U>ADR Holders&rsquo; Record Date</U>&rdquo;) are entitled to instruct DEUTSCHE BANK TRUST
COMPANY AMERICAS, as Depositary (the &ldquo;<U>Depositary</U>&rdquo;), as to the exercise of the voting rights in respect of the
Company&rsquo;s shares underlying such holder&rsquo;s ADRs. Only those ADR holders of record as of the ADR Holders&rsquo; Record
Date will be entitled to provide the Depositary with voting instructions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Proxy materials will be available to ADR holders as of the date
of this notice on the Company&rsquo;s website at www.tenaris.com/investors. Voting instructions and voting cards will be sent to
ADR holders by the Depositary. Any eligible ADR holder who wishes to give voting instructions in respect of the shares underlying
its ADRs must follow the instructions and meet the deadlines set forth in such voting instructions and voting cards.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>In accordance with the Luxembourg law of 11 January 2008 on
transparency obligations for issuers of securities, each shareholder of the Company must notify the Company and the Luxembourg
<I>Commission de Surveillance du Secteur Financier </I>(CSSF) on an ongoing basis whenever the proportion of the Company&rsquo;s
voting rights held or controlled by such shareholder (or shareholders acting in concert) reaches, exceeds or falls below any of
the following thresholds: 5%, 10%, 15%, 20%, 25%, 33 1/3%, 50% and 66 2/3%. Any such notification shall be made as indicated in
the Company&rsquo;s website at <U>www.tenaris.com/investors</U> and in accordance with CSSF regulations. Failure to make such
notification will cause the suspension of the exercise of voting rights relating to the shares exceeding the proportion that should
have been notified.</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On 4 April 2019, the Company had a total issued share capital of
$1,180,536,830, represented by 1,180,536,830 shares, each share carrying one vote.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%">
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The contact details of Tenaris S.A. are as follows:</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Tenaris S.A.</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Registered office:</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">29, avenue de la Porte-Neuve</P>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">L-2227 Luxembourg</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Attention: Ad&eacute;lia Soares</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Phone: (352) 26 47 89 78</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Fax: (352) 26 47 89 79</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Email: investors@tenaris.com</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Website: www.tenaris.com/investors</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 57%; background-color: #FFFF99">
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">For convenience of the holders of shares the following postal addresses
        may also be used:</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Argentina: &#9;</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">c/o Siderca S.A.I.C.</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Carlos Mar&iacute;a della Paolera 299, piso 16&deg;</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">(C1001ADA) Buenos Aires</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Attn: Horacio de las Carreras and/or Eleonora Cimino</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 70.8pt">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Italy:</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">c/o Dalmine S.p.A.</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Piazza Caduti 6 luglio 1944 n. 1 24044</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Dalmine (BG)</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Attn: Marco Mar&iacute;a Tajana and/or Francesco Giuseppe Bettiol</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 70.8pt">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Mexico:</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">c/o Tubos de Acero de M&eacute;xico, S.A.</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Campos El&iacute;seos 400-Piso17</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Col. Chapultepec Polanco</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">11560 Ciudad de M&eacute;xico</P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Attn: F&eacute;lix Todd and/or Cecilia P&eacute;rez Valencia</P></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Secretary of the Board of Directors</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">4 April 2019</P>

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



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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 50%"><P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; color: gray">Tenaris S.A.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 9pt Sans-Serif; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt; color: gray"><I>Soci&eacute;t&eacute; Anonyme</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; color: gray">29, Avenue de la Porte-Neuve</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; color: gray">L &ndash; 2227 LUXEMBOURG</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; color: gray">R.C.S. Luxembourg B-85.203</P>
</TD></TR>
</TABLE>

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



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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">Dear Tenaris Shareholder and ADR Holder,</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">I am pleased to invite you to attend the Annual General
Meeting of Shareholders of Tenaris S.A. (the &ldquo;Company&rdquo;), to be held on Monday 6 May 2019 at 9:30 a.m. (Central European
Time), at the Company&rsquo;s registered office located at 29, avenue de la Porte-Neuve, 3rd Floor, L-2227 Luxembourg, Grand-Duchy
of Luxembourg (the &ldquo;Meeting&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">At the Meeting, you will hear a report on the Company&rsquo;s
business, financial condition and results of operation and will be able to vote on various matters, including the approval of the
Company&rsquo;s financial statements, the election of the members of the board of directors and the appointment of the external
auditors.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">The convening notice of the Meeting (which contains
the agenda for the Meeting and the procedures for attending and/or voting at the Meeting), the total number of shares of the Company
and voting rights as of the date of the convening notice, the Shareholder Meeting Brochure and Proxy Statement (which contains
reports on each item of the agenda for the Meeting and draft resolutions proposed to be adopted at the Meeting), the Company&rsquo;s
2018 annual report (which contains the Company&rsquo;s consolidated financial statements as of and for the year ended 31 December
2018, and the Company&rsquo;s annual accounts as at 31 December 2018, together with the external auditors&rsquo; reports and the
consolidated management report and certifications), and the forms required to be submitted to the Company for purposes of participating
and/or voting at the Meeting are available to shareholders as of the date of the convening notice, and may be obtained free of
charge from the Company&rsquo;s website at www.tenaris.com/investors or at the Company&rsquo;s registered office in Luxembourg.
In addition, shareholders registered in the Company&rsquo;s registry can obtain electronic copies of these documents free of charge
by sending an electronic message to the following electronic address: <U>investors@tenaris.com.</U></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">I believe that stakeholder participation is key to the
success of every company. Even if you only own a few shares or ADRs, I hope that you will exercise your right to vote or instruct
voting at the Meeting. If you are a holder of shares on 22 April 2019 at 24:00 (midnight), Central European Time, you can attend
and/or vote, personally or by proxy, at the Meeting. If you are a holder of ADRs, please see the letter from Deutsche Bank Trust
Company Americas, the depositary bank, or contact your broker/custodian, for instructions on how to exercise the voting rights
in respect of the shares underlying your ADRs.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">Please note the requirements you must satisfy to attend
and/or vote your shares at the meeting.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">Yours sincerely,</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0"><B>Paolo Rocca</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">Chairman and Chief Executive Officer</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 82.05pt 0pt 0">4 April 2019</P>

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

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

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #F47900"><IMG SRC="hdr.jpg" ALT="" STYLE="height: 144px; width: 800px"></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 50pt 0pt 0pt; color: #F47900">April 4, 2019</P>

<P STYLE="font-size: 18pt; margin: 0pt 0; color: #0080FF">TENARIS S.A.</P>

<P STYLE="font-size: 18pt; margin: 0pt 0; color: #0080FF">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: gray"><I>Please be advised of the following </I></FONT><B>Depositary's
Notice of Annual General Meeting of Shareholders:</B></P>

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

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0; color: navy">Depositary Receipt Information</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B>CUSIP:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>88031M109&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(DTC Eligible)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DR ISIN:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>US88031M1099</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; font-size: 10pt; font-weight: bold">Country of Incorporation:</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 73%; font-size: 10pt">Luxembourg</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0.25pt">Meeting Details:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Annual General Meeting of Shareholders currently scheduled for May 6, 2019.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0.25pt">Distribution Date:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">March 22, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0.25pt">ADS Record Date:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">April 22, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0.25pt">Voting Deadline:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">April 29, 2019 at 10:00 AM (Eastern Standard Time) for written proxy cards,
    and 11:59 p.m. on April 28, 2019 (Eastern Standard Time) for internet or telephone voting</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Meeting Date:</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">May 06, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Meeting Agenda:</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">The Company's Notice of Meeting, including the Agenda, is
    available at the Company&rsquo;s website: http:// www.tenaris.com</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Ratio (ORD:DR):</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">2 : 1</TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 22.75pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 22.8pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 22.8pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 22.8pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 22.8pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 53.65pt 0pt 22.8pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 22.8pt"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 22.05pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Deutsche Bank Trust Company Americas, as
depositary (the &ldquo;Depositary&rdquo;) for the American Depositary Share (&ldquo;ADS&rdquo;) program of Tenaris S.A. (the
&ldquo;Company&rdquo;) has received notice from the Company of an Annual General Meeting of Shareholders (the
&ldquo;Meeting&rdquo;) currently scheduled on the date set forth above. A copy of the notice of the Meeting is available on
the Company's website at <U>www.tenaris.com/investors.</U></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">In accordance with the provisions of the
Amended and Restated Deposit Agreement, dated as of March 13, 2013, among the Company, the Depositary, and all registered
owners (&ldquo;Owners&rdquo;) and holders from time to time of ADSs issued thereunder (the &ldquo;Deposit Agreement&rdquo;),
Owners of ADSs representing ordinary shares of the Company (&ldquo;Shares&rdquo;), at the close of business (Eastern Daylight
Time) on the ADS Record Date set forth above, will be entitled, subject to any applicable provision of Luxembourg law, the
Company&rsquo;s articles of association and the provisions governing the Shares, to instruct the Depositary as to the
exercise of the voting rights pertaining to the number of Shares represented by their respective ADSs. A voting instruction
form is enclosed for that purpose.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Although the Company has instructed the Depositary
to mail voting instruction materials to Owners of record at the Distribution Date set forth above, voting instructions will only
be accepted and counted for positions held by those Owners on the ADS Record Date set forth above. Voting instructions must be
received by the Depositary on or before the Voting Instruction Deadline set forth above. Owners are advised that if the number
of ADSs held by an Owner on the ADS Record Date set forth above differs from that on the Distribution Date, the Depositary will
only apply such voting instructions to those ADSs held by such Owner on the ADS Record Date. Owners on the ADS Record Date that
were not Owners on the Distribution Date may only be able to provide voting instructions electronically.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Note that Owners may only provide voting instructions
on particular agenda items in respect of all of their ADSs and may not split voting instructions on a particular agenda item.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">With respect to any properly completed voting
instructions received by the Depositary on or prior to the Voting Instruction Deadline set forth above, the Depositary shall endeavor,
insofar as practicable, to vote or cause to be voted the number of Shares represented by the ADSs in accordance with such voting
instructions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Owners are advised that, pursuant to the provisions
of the Deposit Agreement, if properly completed voting instructions are not timely received by the Depositary from an Owner on
or before the Voting Instruction Deadline set forth above with respect to the Shares represented by such Owner's ADS on the ADS
Record Date, in accordance with the provisions of the Deposit Agreement a proxy will be provided to a person designated by the
Company with respect to the Shares to vote that amount of Shares in favor of any proposals or recommendations of the Company (including
any recommendation by the Company to vote Shares on any issue in accordance with the majority shareholders&rsquo; vote on that
issue) as determined by such appointed proxy, except that such instruction shall not be deemed to have been given and the Depositary
shall not give a proxy with respect to any matter as to which the Company informs the Depositary that (x) the Company does not
wish to receive such proxy, (y) the Company has knowledge that substantial opposition exists with respect to the action to be taken
at the meeting or (z) the matter materially and adversely affects the rights of holders of Shares. The Depositary shall have no
obligation to notify Owners if it should receive any such notification from the Company. The Company has instructed us that the
appointed proxy will vote in the manner stated in the Company's shareholder meeting brochure and proxy statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 14.35pt 0pt 22pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 14.65pt 0pt 22.05pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Any Owner entitled to provide the Depositary with
voting instructions in respect of the Shares underlying its ADSs, is also entitled to revoke any instructions previously given
to the Depositary by filing with the Depositary a written revocation or submitting new instructions on a later date, in each case,
at any time prior to the above referred ADS Voting Deadline. No instructions, revocations or revisions thereof shall be accepted
by the Depositary after such ADS Voting Deadline.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Company has also instructed the Depositary
to notify Owners that Company&rsquo;s 2018 annual report (which contains the Company&rsquo;s consolidated financial statements
as of and for the year ended December 31, 2018, and the Company&rsquo;s annual accounts as at December 31, 2018, together with
the external auditors&rsquo; reports and the consolidated management report and certifications) are available to Owners as of the
date of the convening notice, and may be obtained free of charge from the Company&rsquo;s website at <U>www.tenaris.com/ investors</U>
or at the Company&rsquo;s registered office in Luxembourg.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Note: Subject to the below, voting instructions
will only be counted for those ADSs held on the ADS Record Date, although voting materials may have been received with respect
to the distribution date used for the initial mailing.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Please note that persons beneficially holding ADSs
through a bank, broker or other nominee that wish to provide voting instructions with respect to the securities represented by
such ADSs must follow the voting instruction requirements of, and adhere to the deadlines set by, such bank, broker or other nominee.
Such requirements and deadlines will differ from those set forth herein for Owners.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Holders and Beneficial Owners are advised that (a)
the Depositary has not reviewed the Company's website or any of the items thereon, and is not liable for the contents thereof,
(b) neither the Depositary nor any of its affiliates controls, is responsible for, endorses, adopts, or guarantees the accuracy
or completeness of any information contained in any document prepared by the Company or on the Company's website and neither the
Depositary nor any of its affiliates are or shall be liable or responsible for any information contained therein or thereon, (c)
there can be no assurance that Holders or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive
this notice with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner, and (d)
the Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities,
or for the manner in which any vote is cast or the effect of any vote.</P>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: navy"><B>For further information, please contact:</B></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Depositary Receipts</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Phone: (800) 821-8780</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><U>dbemails@astfinancial.com</U></P>

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Tenaris S.A.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>Soci&eacute;t&eacute; Anonyme</I></P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">RCS Luxembourg B 85 203</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 6.75pt 0pt 0; color: #009900"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 6.75pt 0pt 0; color: #009900"><B>Shareholder Meeting Brochure and Proxy
Statement</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 6.75pt 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 6.75pt 0pt 0"><B>Annual General Meeting of Shareholders to be held
on 6 May 2019</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This Shareholder Meeting Brochure and Proxy Statement is furnished
by Tenaris S.A. (the &ldquo;<U>Company</U>&rdquo;) in connection with the Annual General Meeting of Shareholders of the Company
(the &ldquo;<U>Meeting</U>&rdquo;), to be held on 6 May 2019 at 9:30 a,m. (Central European Time), at the Company&rsquo;s registered
office located at 29, avenue de la Porte-Neuve, 3<SUP>rd</SUP> Floor, L-2227 Luxembourg, Grand-Duchy of Luxembourg, for the purposes
set forth in the convening notice of the Meeting (the &ldquo;<U>Notice</U>&rdquo;).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Meeting has been convened by the Notice, which contains the
agenda for the Meeting and the procedures for attending and/or voting at the Meeting. The Notice has been published in Luxembourg
and in the markets where the shares of the Company, or other securities representing shares of the Company, are listed. A copy
of the Notice may be obtained free of charge from the Company&rsquo;s website at <U>www.tenaris.com/investors</U> or at the Company&rsquo;s
registered office in Luxembourg. In addition, shareholders registered in the Company&rsquo;s registry can obtain electronic copies
of these documents free of charge by sending an electronic message to the following electronic address: <U>investors@tenaris.com</U>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As of the date hereof, there are issued and outstanding 1,180,536,830
ordinary shares, US$1 par value each, of the Company (the &ldquo;<U>Shares</U>&rdquo;), including the Shares (the &ldquo;<U>Deposited
Shares</U>&rdquo;) deposited with various agents for DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (the &ldquo;<U>Depositary</U>&rdquo;),
under the Amended and Restated Deposit Agreement, dated as of 13 March 2013, among the Company, the Depositary and all registered
owners and holders from time to time of American Depositary Receipts (the &ldquo;<U>ADRs</U>&rdquo;) issued thereunder. The Deposited
Shares are represented by American Depositary Shares, which are evidenced by the ADRs (one ADR equals two Deposited Shares). Each
Share entitles the holder thereof to one vote at general meetings of shareholders of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In accordance with the Luxembourg law of 11 January 2008, as amended
and supplemented, on transparency obligations for issuers of securities (the &ldquo;<U>Transparency Law</U>&rdquo;), each shareholder
of the Company must notify the Company and the Luxembourg <I>Commission de Surveillance du Secteur Financier</I> (CSSF) on an
ongoing basis whenever the proportion of the Company&rsquo;s voting rights held or controlled by such shareholder (or shareholders
acting in concert) reaches, exceeds or falls below any of the following thresholds: 5%, 10%, 15%, 20%, 25%, 33 1/3%, 50% and 66
2/3%. Any such notification shall be made as indicated in the Company&rsquo;s website at <U>www.tenaris.com/investors</U> and
in accordance with CSSF regulations. Failure to make such notification will cause the suspension of the exercise of voting rights
relating to the Shares exceeding the proportion that should have been notified.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 6.75pt 0pt 0; color: #009900"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 6.75pt 0pt 0; color: #009900"><B>Holders of Shares: procedures for
attending and voting at the Meeting</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In accordance with the Luxembourg law of 24 May 2011 on the exercise
of certain rights of shareholders in general meetings of listed companies (the &ldquo;<U>Shareholders&rsquo; Rights Law</U>&rdquo;),
the right to attend, speak and vote at the Meeting is restricted to those shareholders who are holders of Shares on <B>22 April
2019 at 24:00 (midnight), Central European Time</B> (the &ldquo;<U>Shareholders&rsquo; Record Time</U>&rdquo;).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A shareholder will only be entitled to attend and/or to vote (personally
or by proxy) at the Meeting in respect of those Shares which such shareholder duly evidences to hold at the Shareholders&rsquo;
Record Time. Any changes to a shareholder&rsquo;s holding of Shares after the Shareholders&rsquo; Record Time shall be disregarded
for purposes of determining the right of such shareholder to attend and/or to vote (personally or by proxy) at the Meeting.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">To attend and/or vote (personally or by proxy) at the Meeting, shareholders
must complete and return to the Company:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">i.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the Intention to Participate Form, if you wish to attend the Meeting; and/or</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">ii.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the AGMS Proxy Form, if you wish to vote by proxy at the Meeting.</TD>
</TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A shareholder wishing to attend the Meeting must complete and return
to the Company the Intention to Participate Form. The Intention to Participate Form must be received by the Company, properly completed
and signed, on or before <B>the Shareholders&rsquo; Record Time</B>. A shareholder who has timely submitted the Intention to Participate
Form, may elect either to (i) attend the Meeting and vote in person (in which case the shareholder is not required to submit the
AGMS Proxy Form), or (ii) have a proxy holder attend the Meeting in person and vote by proxy, in which case the shareholder must
also submit (in addition to the Intention to Participate Form) the AGMS Proxy Form as soon as possible and, in any event, must
be received by the Company on or before <B>29 April 2019 at 24:00 (midnight), Central European Time</B>. In the event that the
Company does not receive the Intention to Participate Form and, if applicable, the AGMS Proxy Form, properly completed and signed,
by the dates indicated above, you will not be able to participate or vote (neither in person nor by proxy) at the Meeting.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A shareholder who does not wish to attend the Meeting but nonetheless
<B>wishes to vote by proxy </B>at the Meeting must only complete and return to the Company the AGMS Proxy Form (and need not submit
the Intention to Participate Form), which must be received by the Company on or before <B>the Shareholders&rsquo; Record Time</B>.
In the event that the Company does not receive the AGMS Proxy Form, properly completed and signed, by the date indicated above,
you will not be able to vote (neither in person nor by proxy) at the Meeting.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Shareholders&rsquo; Rights Law provides that any shareholder
wishing to attend and/or vote (personally or by proxy) at the Meeting is required to provide reasonably satisfactory evidence to
the Company (prior to the Meeting) as to the number of Shares held by such shareholder on the Shareholders&rsquo; Record Time.
Such evidence of shareholding must include at least: shareholder&rsquo;s name, shareholder&rsquo;s registered office/address, shareholder
status, number of Shares held by the shareholder on the Shareholders&rsquo; Record Time, the stock exchange on which the shareholder&rsquo;s
Shares trade and signature of the relevant shareholder&rsquo;s bank or stockbroker (the &ldquo;<U>Evidence</U>&rdquo;). Shareholders
need to contact their bank or stockbroker with respect to the provision of such Evidence and completion of the applicable certificate.
The model certificate that constitutes the Evidence of the shareholding must be completed and delivered to the Company as soon
as possible and in any event must be received by the Company on or before <B>29 April 2019 at 24:00 (Midnight), Central European
Time</B>.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Intention to Participate Form (if you wish to attend the Meeting),
the AGMS Proxy Form (if you wish to be represented and vote by proxy at the Meeting) and the model certificate that constitutes
the Evidence of the shareholding may be obtained free of charge from the Company&rsquo;s website at <U>www.tenaris.com/investors
</U>or at the Company&rsquo;s registered office in Luxembourg. In addition, shareholders registered in the Company&rsquo;s registry
can obtain electronic copies of these documents free of charge by sending an electronic message to the following electronic address:
<U>investors@tenaris.com</U>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The forms and certificates must be received by the Company, properly
completed and signed, by the dates indicated above, at any of the postal addresses indicated in the Notice, or by electronic message
to the following electronic address: <U>investors@tenaris.com</U>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">No admission cards will be issued to shareholders. Shareholders
and their proxy holders attending the Meeting in person will be required to identify themselves at the Meeting with a valid official
identification document (such as an identity card or a passport). In the event of Shares owned by a corporation or any other legal
entity, individuals representing such entity who wish to attend the Meeting in person and vote at the Meeting on behalf of such
legal entity, must submit &ndash;in addition to the Intention to Participate Form and the AGMS Proxy Form, as indicated above-
evidence of their authority to represent the shareholder at the Meeting by means of a proper document (such as a general or special
power-of-attorney) issued by such legal entity. A copy of such power of attorney or other proper document must be received by
the Company on or before <B>29 April 2019 at 24:00 (midnight), Central European Time</B>, in any of the postal addresses indicated
in the Notice or through electronic message to the following electronic address: <U>investors@tenaris.com</U>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A shareholder&rsquo;s proxy holder shall enjoy the same rights to
speak and ask questions at the Meeting as those afforded to the respective shareholder. Pursuant to the Shareholders&rsquo; Rights
Law, irrespective of the number of Shares held, a shareholder may appoint only one proxy holder to represent such shareholder at
the Meeting, except that:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">if a shareholder holds Shares through more than one securities account,
such shareholder may appoint one proxy holder for each securities account;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">a shareholder acting professionally for the account of a natural
person or legal entity may appoint such natural person or legal entity, or any other third party designated by them, as proxy holder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A person acting as shareholder&rsquo;s proxy holder may represent
one or more shareholders. In the event a person represents more than one shareholder, such proxy holder may vote the Shares of
the represented shareholders differently, in accordance with the instructions given to such proxy holder by each shareholder such
person represents.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Each Share is indivisible for purposes of attending and voting at
the Meeting. Co-owners of Shares, beneficiaries and bare-owners of Shares, and pledgors and pledgees of pledged Shares must be
represented by one single person at the Meeting.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A shareholder who has completed and delivered to the Company the
AGMS Proxy Form, is entitled to, on a later date, (i) revoke such AGMS Proxy Form, and/or (ii) replace such AGMS Proxy Form with
a new AGMS Proxy Form, appointing a different proxy holder and/or submitting new voting instructions, in each case, by delivering
to the Company a notice of revocation and/or a properly completed and signed replacement AGMS Proxy Form, provided, that, in each
case, such notice of revocation and/or replacement AGMS Proxy From must be received by the Company by the dates indicated above,
at any of the postal addresses indicated in the Notice, or by electronic message to the following electronic address: <U>investors@tenaris.com</U>.
No revocations or replacement of the AGMS Proxy Form shall be accepted by the Company if received after such deadlines.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In accordance with the Shareholders&rsquo; Rights Law, shareholders
holding, individually or collectively, at least five per cent (5%) of the issued Shares have the right to (a) include items on
the agenda for the Meeting; and (b) propose draft resolutions for the items included or to be included on the agenda for the Meeting.
To exercise such rights, shareholders holding, individually or collectively, at least five per cent (5%) of the issued Shares,
must submit a written request to the Company <B>on or before 16 April 2019</B>, to any of the postal addresses of the Company
indicated above, or by sending an electronic message to the following electronic address: <U>investors@tenaris.com</U>. The request
must be accompanied by a justification or a draft resolution proposed to be adopted in the Meeting and must include the postal
or electronic address at which the Company can acknowledge receipt of such request. Requests which are not timely delivered or
do not satisfy the required formalities will be discarded and the proposals included in such requests shall not be included in
the agenda for such Meeting.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In accordance with the Shareholders&rsquo; Rights Law, shareholders
(or their proxy holders) will have the right to ask questions at the Meeting on the items of the agenda for the Meeting. The right
to ask questions and the Company&rsquo;s duty to answer any such questions are subject to the procedures adopted by the Company
to ensure the proper identification of shareholders (and their proxy holders), the good order of the Meeting, as well as the protection
of confidentiality of the Company&rsquo;s business and the safeguarding of the Company&rsquo;s corporate interests.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Meeting will appoint a chairperson <I>pro tempore</I> to preside
the Meeting. The chairperson <I>pro tempore</I> will have broad authority to conduct the Meeting in an orderly and timely manner
and to establish behavior rules, including rules for shareholders (or proxy holders) to speak and ask questions at the Meeting.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 6.75pt 0pt 0; color: #009900"><B>Holders of ADRs: procedures for voting
at the Meeting</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Holders of ADRs as of <B>22 April 2019</B> (the &ldquo;<U>ADR Holders&rsquo;
Record Date</U>&rdquo;) are entitled to instruct the Depositary as to the exercise of the voting rights in respect of the Shares
underlying such holder&rsquo;s ADRs. Only those ADR holders of record as of the ADR Holders&rsquo; Record Date will be entitled
to provide the Depositary with voting instructions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Any eligible ADR holder who wishes to give voting instructions in
respect of the Shares underlying its ADRs must follow the instructions and meet the deadlines set forth in the voting instructions
and voting cards. If the Depositary receives proper instructions (i) in the case of any ADR holder giving instructions through
a written proxy card, by <B>10:00 a.m. (Eastern Daylight Time) on 29 April 2019</B>, and (ii) in the case of any ADR holder using
internet or telephone voting by <B>11:59 p.m. (Eastern Daylight Time) on 28 April 2019</B>, then the Depositary shall vote, or
cause to be voted, the Shares underlying such holder&rsquo;s ADRs in the manner prescribed by the instructions. However, if by
the above referred deadlines, the Depositary receives no instructions from the ADR holder, or the instructions received by the
Depositary are not in proper form, then the Depositary shall deem such ADR holder to have instructed the Depositary to vote the
Shares underlying its ADRs in favor of any proposals or recommendations of the Company (including any recommendation by the Company
to vote such underlying Shares on any given issue in accordance with the majority shareholder vote on that issue) and, for these
purposes, the Depositary shall issue a proxy to a person appointed by the Company to vote the Shares underlying such holder&rsquo;s
ADRs in favor of any such proposals or recommendations. No instruction shall be deemed given, and no proxy shall be given, with
respect to any matter as to which the Company informs the Depositary that (i) it does not wish such proxy to be given, (ii) it
has knowledge that substantial opposition exists with respect to the action to be taken at the Meeting, or (iii) the matter materially
and adversely affects the rights of the holders of ADRs.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Any holder of ADRs entitled to provide the Depositary with voting
instructions in respect of the Shares underlying its ADRs, is also entitled to revoke any instructions previously given to the
Depositary by filing with the Depositary a written revocation or submitting new instructions on a later date, in each case, at
any time prior to the above referred deadlines. No instructions, revocations or revisions thereof shall be accepted by the Depositary
after such deadlines.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Holders of ADRs maintaining non-certificated positions must follow
voting instructions given by their broker or custodian bank, which may provide for earlier deadlines for submitting voting instructions
than those indicated above.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #009900"><B>Meeting agenda, reports on agenda items, and
draft resolutions proposed to be adopted at the Meeting</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Resolutions at the Meeting will be passed by the simple majority
of the votes validly cast, irrespective of the number of Shares present or represented.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Meeting is called to address and vote on the items of the agenda
included in the Notice. The agenda for the Meeting, including reports on each item of the agenda and the draft resolution proposed
to be adopted thereon, are included below:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><B>1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Consideration of the consolidated management report and related management certifications on the Company&rsquo;s consolidated
financial statements as of and for the year ended 31 December 2018, and on the annual accounts as at 31 December 2018, and of the
external auditors&rsquo; reports on such consolidated financial statements and annual accounts.</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The consolidated management report and related management certifications
on the Company&rsquo;s consolidated financial statements as of and for the year ended 31 December 2018, and on the Company&rsquo;s
annual accounts as at 31 December 2018, and the external auditors&rsquo; reports on such consolidated financial statements and
annual accounts, are included in the Company&rsquo;s 2018 annual report, copies of which are available to shareholders and ADR
holders as of the date of the Notice, as indicated in this Shareholder Meeting Brochure and Proxy Statement. The Company&rsquo;s
2018 annual report includes all the information required by the Luxembourg law of 10 August 1915 on commercial companies, as amended
(the &ldquo;<U>Commercial Companies Law</U>&rdquo;), and the information required under the Luxembourg law of 19 May 2006 implementing
the Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids. The non-financial statement
required under article 1730-1 of the Commercial Companies Law and articles 68 and 68bis of the Luxembourg law of 19 December 2002
on the commercial and companies register and on the accounting records and annual accounts of undertakings, has been included
in a separate annual sustainability report published on April 3, 2019, and made available on the Company&rsquo;s website at <U>http://www.tenaris.com/en/Sustainability.aspx.</U></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #0070C0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Draft resolution proposed to be adopted</I></B>: &ldquo;<I>the
Annual General Meeting of Shareholders resolved to acknowledge the consolidated management report and related management certifications
on the Company&rsquo;s consolidated financial statements as of and for the year ended 31 December 2018, and on the Company&rsquo;s
annual accounts as at 31 December 2018, and the external auditors&rsquo; reports on such consolidated financial statements and
annual accounts</I>.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><B>2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Approval of the Company&rsquo;s consolidated financial statements as of and for the year ended 31 December 2018.</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s consolidated financial statements as of and
for the year ended 31 December 2018 (comprising the consolidated statement of financial position and the related consolidated statements
of income, of cash flows and of changes in equity and the notes to such consolidated financial statements), are included in the
Company&rsquo;s 2018 annual report, copies of which are available to shareholders and ADR holders as of the date of the Notice,
as indicated in this Shareholder Meeting Brochure and Proxy Statement.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Draft resolution proposed to be adopted</I></B>: &ldquo;<I>the
Annual General Meeting of Shareholders resolved to approve the Company&rsquo;s consolidated financial statements as of and for
the year ended 31 December 2018</I>&rdquo;.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><B>3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Approval of the Company&rsquo;s annual accounts as at 31 December 2018.</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s annual accounts as at 31 December 2018 (comprising
the balance sheet, the profit and loss account and the notes to such annual accounts) are included in the Company&rsquo;s 2018
annual report, copies of which are available to shareholders and ADR holders as of the date of the Notice, as indicated in this
Shareholder Meeting Brochure and Proxy Statement.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Draft resolution proposed to be adopted</I></B>: &ldquo;<I>the
Annual General Meeting of Shareholders resolved to approve the Company&rsquo;s annual accounts as at 31 December 2018</I>&rdquo;.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><B>4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Allocation of results and approval of dividend payment for the year ended 31 December 2018.</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In accordance with applicable Luxembourg law and the Company&rsquo;s
articles of association, the Company is required to allocate 5% of its annual net income to a legal reserve, until this reserve
equals 10% of the subscribed capital. As indicated in the Company&rsquo;s annual accounts as at 31 December 2018, the Company&rsquo;s
legal reserve already amounts to 10% of its subscribed capital and, accordingly, the legal requirements in that respect are satisfied.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s board of directors (the &ldquo;<U>Board of Directors</U>&rdquo;)
proposed at its meeting held on 20 February 2019, that a dividend, payable in U.S. dollars, in the amount of US$0.41 per share
(or US$0.82 per ADR), which represents an aggregate sum of approximately US$484 million, be approved and that the Board of Directors
be authorized to determine or amend, in its discretion, the terms and conditions of the dividend payment, including the applicable
record date. This dividend would include the interim dividend of US$0.13 per share (or US$0.26 per ADR), or approximately US$153
million, paid in November 2018, and, accordingly, if this dividend proposal is approved, the Company will make a dividend payment
on 22 May 2019, in the amount of US$0.28 per share (or US$0.56 per ADR) or approximately US$331 million.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s annual accounts as at 31 December 2018, show
a loss for 2018, of approximately US$ 33.3 million, and the Company&rsquo;s consolidated financial statements as of and for the
year ended 31 December 2018, show a net income for the year 2018 of approximately US$ 874 million. However, considering the Company&rsquo;s
retained earnings and other distributable reserves, the Company has distributable amounts which exceed the proposed dividend. The
dividend payment in the amount of US$0.28 per share (or US$0.56 per ADR) to be distributed on 22 May 2019, is to be paid from the
Company&rsquo;s retained earnings reserve. The loss of the year ended 31 December 2018, would be absorbed by the Company&rsquo;s
retained earnings account.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Draft resolution proposed to be adopted</I></B>: &ldquo;<I>the
Annual General Meeting of Shareholders resolved (i) to approve a dividend for the year ended 31 December 2018, in the aggregate
amount of US$0.41 per share (or US$0.82 per ADR), which represents an aggregate sum of approximately US$484 million, and which
includes the interim dividend of US$0.13 per share (or US$0.26 per ADR) paid in November 2018, (ii) to authorize the Board of Directors
to determine or amend, in its discretion, the terms and conditions of the dividend payment so approved, including the applicable
record date, (iii) to make the dividend payment in U.S. dollars on 22 May 2019, in the amount of US$0.28 per share (or US$0.56
per ADR), pursuant to this resolution out of the Company&rsquo;s retained earnings reserve; and (iv) that the loss of the year
ended 31 December 2018, be absorbed by the Company&rsquo;s retained earnings account</I>&rdquo;.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><B>5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Discharge of the members of the Board of Directors for the exercise of their mandate throughout the year ended 31 December
2018.</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In accordance with the Commercial Companies Law, following approval
of the Company&rsquo;s annual accounts as at 31 December 2018, the Annual General Meeting of Shareholders must vote as to whether
those who were members of the Board of Directors throughout the year ended 31 December 2018, are discharged from any liability
in connection with the management of the Company&rsquo;s affairs during such year.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">It is proposed that those who were members of the Board of Directors
throughout the year ended 31 December 2018, be discharged from any liability in connection with the management of the Company&rsquo;s
affairs during such year.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Draft resolution proposed to be adopted</I></B>: &ldquo;<I>the
Annual General Meeting of Shareholders resolved to discharge all those who were members of the Board of Directors throughout the
year ended 31 December 2018, from any liability in connection with the management of the Company&rsquo;s affairs during such year</I>.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><B>6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Election of the members of the Board of Directors.</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Management of the Company is vested in the Board of Directors, which
has the broadest power to act on behalf of the Company and accomplish or authorize all acts and transactions of management and
disposal that are within its corporate purpose and not specifically reserved in the articles of association or by applicable law
to the general shareholders&rsquo; meeting. The Company&rsquo;s articles of association provide for a Board of Directors consisting
of a minimum of three and a maximum of fifteen directors.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As of the date hereof, the Board of Directors is composed of the
following eleven directors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Roberto Bonatti</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Carlos Condorelli</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Germ&aacute;n Cur&aacute;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Roberto Monti</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Gianfelice Mario Rocca</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">Paolo Rocca</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">Jaime Serra Puche</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify">Yves Speeckaert</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify">M&oacute;nica Tiuba</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify">Amadeo V&aacute;zquez y V&aacute;zquez</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify">Guillermo Vogel</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Board members Monti, Serra Puche, Speeckaert, Tiuba and V&aacute;zquez
y V&aacute;zquez qualify as independent directors for purposes of the U.S. Securities Exchange Act Rule 10A-3(b)(1), and board
members Messrs. Monti, Serra Puche, Speeckaert and V&aacute;zquez y V&aacute;zquez also qualify as independent directors under
the Company&rsquo;s articles of association.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">It is proposed that the number of directors be maintained at eleven
and that all of the current directors be reappointed to the Board of Directors, each to hold office until the next annual general
shareholders&rsquo; meeting that will be convened to decide on the Company&rsquo;s 2019 annual accounts.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 8.4pt 0pt 0">Set forth below is summary biographical information of
each of the candidates:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 8.4pt 0pt 0"><B>&nbsp;</B></P>

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Roberto Bonatti</U>. Mr. Bonatti is a member of the Company&rsquo;s
Board of Directors. He is a grandson of Agostino Rocca, founder of the Techint Group, a group of companies controlled by San Faustin.
Throughout his career in the Techint Group he has been involved specifically in the engineering and construction and corporate
sectors. He was first employed by the Techint Group in 1976, as deputy resident engineer in Venezuela. In 1984, he became a director
of San Faustin, and since 2001 he has served as its president. In addition, Mr. Bonatti currently serves as president of Techint
Financial Corporation N.V. He is also a member of the Board of Directors of Ternium. Mr. Bonatti is an Italian citizen.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Carlos Condorelli</U>. Mr. Condorelli is a member of the Company&rsquo;s
Board of Directors.&nbsp;He served as the Company&rsquo;s Chief Financial Officer from October 2002 until September 2007. He is
also a board member of Ternium.&nbsp;He has held several positions within Tenaris, including also the Chief Financial Officer position
in some of the principal Tenaris Group companies and member of the Company&rsquo;s audit committee between November 1, 2017 and
May 2, 2018. He also served as president of the board of directors of Empresa Distribuidora La Plata S.A. (&ldquo;Edelap&rdquo;),
an Argentine utilities company. Mr. Condorelli is an Argentine citizen.&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Germ&aacute;n Cur&aacute;</U>. Mr. Cur&aacute; is a member of
the Company&rsquo;s Board of Directors and also holds the position of Vice Chairman of the Board. He served as president of our
operations in North America until May 2, 2018, a position held&nbsp;since 2006. He was first employed by Siderca in 1988. Previously,
he served as Siderca&rsquo;s exports director, Tamsa&rsquo;s exports director and commercial director, sales and marketing manager
of our Middle East subsidiary, president of Algoma Tubes, president and Chief Executive Officer of Maverick Tubulars and president
and Chief Executive Officer of Hydril, director of our Oilfield Services global business unit and Tenaris commercial director.
He was also a member of the board of directors of API and currently serves as a member of the board of directors of the American
Iron and Steel Institute (AISI) and of Deep Ocean AS. He is a marine engineer from the Instituto Tecnol&oacute;gico de Buenos Aires
and an MBA graduated from the Massachusetts Institute of Technology. Mr. Cur&aacute; is an U.S. citizen.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Roberto Monti</U>. Mr. Monti is a member of the Company&rsquo;s
Board of Directors and of its audit committee. He is a member of the board of directors of YPF S.A (&ldquo;YPF). He has served
as vice president of exploration and production of Repsol YPF and as chairman and Chief Executive Officer of YPF. He was also the
president of Dowell, a subsidiary of Schlumberger and the president of Schlumberger wire &amp; testing division for East Hemisphere
Latin America. Mr. Monti is an Argentine citizen.<FONT STYLE="color: blue">&nbsp;</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Gianfelice Mario Rocca</U>. Mr. Rocca is a member of the Company&rsquo;s
Board of Directors. He is a grandson of Agostino Rocca. He is Chairman of the board of directors of San Faustin, member of the
board of directors of Ternium, president of the Humanitas Group and president of the board of directors of Tenova S.p.A.&nbsp;Moreover,
in Italy, he is member of the board of&nbsp;Bocconi University,&nbsp;of the advisory board of Politecnico di Milano. At international
level, he is member of&nbsp;the Harvard Business School Advisory Board. Mr. Rocca is an Italian citizen.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Paolo Rocca</U>. Mr. Rocca is the Chairman of the Company&rsquo;s
Board of Directors and our Chief Executive Officer. He is a grandson of Agostino Rocca. He is also the chairman of the board of
directors of Ternium, a director and vice president of San Faustin, and a director of Techint Financial Corporation. He is a member
of the executive committee of the World Steel Association. Mr. Rocca is an Italian citizen.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Jaime Serra Puche</U>. Mr. Serra Puche is a member of the Company&rsquo;s
Board of Directors and of its audit committee. He is the chairman of SAI Consultores, a Mexican consulting firm, and a member of
the board of directors of the Mexico Fund, Grupo Vitro, and chairman of the board of BBVA Bancomer. Mr. Serra Puche served as Mexico&rsquo;s
Undersecretary of Revenue, Secretary of Trade and Industry, and Secretary of Finance. He led the negotiation and implementation
of NAFTA. Mr. Serra Puche is a Mexican citizen.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Yves Speeckaert.</U>&nbsp;Mr. Speeckaert is a member of the Company&rsquo;s
Board of Directors. He&nbsp;served as director of KPMG Consulting in London, United Kingdom and Sao Paulo, Brazil, where he led
various high-profile engagements in the telecom, energy and agri-business industries. He was also director of structured finance
of Banca Intesa-Sanpaolo (London). Since 2010 he is a Luxembourg-based independent director of regulated investment funds (mostly
private equity, RE, and UCITS funds, as well as impact funds) and he is a member of the board of directors of several industrial
holdings. He is also active in carbon offsetting and climate change mitigation strategies with funds, governments and corporations
particularly as related to Corporate Environmental and Social Responsibility (ESR). He is a member of the Luxembourg Institute
of Administrators (ILA). He holds an MBA from the University of California at Berkeley. Mr. Speeckaert is a Belgian citizen.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>M&oacute;nica Tiuba.</U>&nbsp;Ms. Tiuba is a member of the Company&rsquo;s
Board of Directors and of its audit committee. She is a Brazilian qualified lawyer and accountant with over 17 years of professional
experience in Brazil and Luxembourg. She started her career at Barbosa, Mussnich &amp; Arag&atilde;o law firm in Rio de Janeiro,
Brazil, where she practiced corporate law, M&amp;A and tax litigation. She worked in EY and PwC, in the Brazil and Luxembourg offices,
advising multinational clients, private equity houses and family offices. She gained banking experience working as international
senior wealth planner at Banque Edmond de Rothschild, in Luxembourg. She holds a specialization in EU tax law from Leiden University
and a Master of Laws in international taxation from Vienna University of Economics. Ms. Tiuba is a Brazilian citizen.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Amadeo V&aacute;zquez y V&aacute;zquez</U>. Mr. V&aacute;zquez
y V&aacute;zquez is a member of the Company&rsquo;s Board of Directors and the chairman of its audit committee. He is an independent
alternate director of Gas Natural BAN, S.A, of Grupo Gas Natural Fenosa. He is a member of the advisory board of the Fundaci&oacute;n
de Investigaciones Econ&oacute;micas Latinoamericanas and member of the Asociaci&oacute;n Empresaria Argentina. He is a business
consultant and previously served as Chief Executive Officer of Banco R&iacute;o de la Plata S.A. until August 1997, independent
director and chairman of the audit committee of BBVA Banco Franc&eacute;s S.A. until 2003, and Chairman of the board of directors
of Telecom Argentina S.A. until April 2007. Mr. V&aacute;zquez y V&aacute;zquez is a Spanish and Argentine citizen.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Guillermo Vogel</U>. Mr. Vogel is a member of the Company&rsquo;s
Board of Directors and also holds the position of Vice Chairman of the Board. He is the chairman of Grupo Collado and Exportaciones
IM Promoci&oacute;n, and served as president of Canacero until April 16, 2018. Mr. Vogel is also a member of the board of directors
of each of Techint, S.A. de C.V., Corporaci&oacute;n Alfa, Banco Santander (M&eacute;xico) S.A, the Universidad Panamericana &ndash;
IPADE, Rassini, Corporaci&oacute;n Mexicana de Inversiones de Capital, Innovare, Grupo Assa and the American Iron and Steel Institute.
In addition, he is a member of The Trilateral Commission and member of the International Board of The Manhattan School of Music.
Mr. Vogel is a Mexican citizen.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 2.45pt 0pt 0">The Board of Directors met eleven times during 2018.
On January 31, 2003, the Board of Directors created the Audit Committee pursuant to Article 11 of the Company&rsquo;s articles
of association, which operates under a charter which has been amended and restated by the Board of Directors on 31 October 2018.
As permitted under applicable laws and regulations, the Board of Directors does not have any executive, nominating or compensation
committee, or any committees exercising similar functions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Draft resolution proposed to be adopted</I></B>: &ldquo;<I>the
Annual General Meeting of Shareholders resolved to (i) maintain the number of members of the Board of Directors at eleven; (ii)
re-appoint Mr. Roberto Bonatti, Mr. Carlos Condorelli, Mr. Germ&aacute;n Cur&aacute;, Mr. Roberto Monti, Mr. Gianfelice Mario Rocca,
Mr. Paolo Rocca, Mr. Jaime Serra Puche, Mr. Yves Speeckaert, Ms. M&oacute;nica Tiuba, Mr. Amadeo V&aacute;zquez y V&aacute;zquez
and Mr. Guillermo Vogel to the Board of Directors; each to hold office until the next annual general meeting of shareholders that
will be convened to decide on the Company&rsquo;s 2019 annual accounts</I>.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Authorization of the compensation of the members of the Board of Directors</B>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">It is proposed that each member of the Board of Directors receive
an amount of US$115,000 as compensation for his/her services during the fiscal year 2019; and it is further proposed that each
of the members of the Board of Directors who are members of the Audit Committee receive an additional fee of US$55,000 and that
the Chairman of such Audit Committee receive, further, an additional fee of US$10,000. In all cases, the proposed compensation
will be net of any applicable Luxembourg social security charges<FONT STYLE="font-size: 10pt">.</FONT></P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Draft resolution proposed to be adopted</I></B><I>: &ldquo;the
Annual General Meeting of Shareholders resolved that (i) each of the members of the Board of Directors receive an amount of US$115,000
as compensation for his/her services during the fiscal year 2019; (ii) each of the members of the Board of Directors who are members
of the Audit Committee receive an additional fee of US$55,000 and; (iii) the Chairman of such Audit Committee receive, further,
an additional fee of US$10,000</I>. <I>In all cases, the approved compensation will be net of any applicable Luxembourg social
security charges</I>.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><B>8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Appointment of the external auditors for the fiscal year ending 31 December 2019, and approval of their fees.</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Pursuant to its charter, the Audit Committee is responsible to consider
and make recommendations to the Board of Directors, to be put to shareholders for approval at the annual general meeting of shareholders,
regarding the appointment, re-appointment or removal of the Company&rsquo;s external auditors. In addition, the Audit Committee
is responsible to review the appropriateness and provision of permitted non-audit fees and to review and approve any fees (whether
for audit, audit-related and non-audit services) payable to the Company&rsquo;s external auditors.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In the performance of its function, at its 19 February 2019 meeting,
the Audit Committee resolved to recommend the re-appointment of PricewaterhouseCoopers <I>S.C.</I>, <I>R&eacute;viseurs d&rsquo;entreprises
agr&eacute;&eacute; </I>(&ldquo;<U>PWC</U>), as the Company&rsquo;s external auditors for the year ending 31 December 2019. At
such meeting, the Audit&nbsp; Committee also reviewed and approved PwC&rsquo;s fee proposal relating to audit, audit-related, tax
compliance and tax advisory services, and other non-audit services to be rendered during the fiscal year ending 31 December 2019,
broken-down into five currencies (Argentine Pesos, Brazilian Reais, Euro, Mexican Pesos and U.S. Dollars), up to a maximum amount
for each currency, equal to ARS61,977,974, BRL347,031, EUR1,401,139, MXN3,891,610, and US$489,555, authorizing management to, within
the maximum amount approved for each reference currency, reallocate such amounts to any audit or audit-related services, provided
that such reallocation is subsequently reported to the Audit Committee on a timely basis and that no reallocation is made for fees
originally allocated to audit or audit-related services of subsidiaries of the Company that are transferred to third parties, liquidated
or dissolved. Such fees will cover the audit of the Company&rsquo;s consolidated financial statements and annual accounts, the
audit of the Company&rsquo;s internal controls over financial reporting, tax compliance and tax advisory services, and other permitted
non-audit services to be rendered by the external auditors during 2019.&nbsp; For information purposes, the aggregate amount of
fees for all services to be rendered by the external auditors during the fiscal year ending 31 December 2019, is equivalent to
US$4,03 million (based on the exchange rate between the U.S. Dollar and each applicable reference currency as of 31 December 2018).&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Finally, at the 19 February 2019 meeting, the Audit Committee resolved
to request the Board of Directors to submit the Audit Committee&rsquo;s recommendation for the appointment of PWC as the Company&rsquo;s
independent registered public accounting firm for fiscal year 2019 and the above described fees, for final approval by the Meeting.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Accordingly, it is proposed that the Meeting approve the appointment
of PWC as the Company&rsquo;s external auditors for the fiscal year ending 31 December 2019, to be engaged until the next annual
general meeting of shareholders that will be convened to decide on the Company&rsquo;s 2019 annual accounts, and that the Meeting
approve PWC&rsquo;s fees and authorize the Audit Committee to approve any increase or reallocation of the external auditors&rsquo;
fees as may be necessary, appropriate or desirable under the circumstances</P>

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Draft resolution proposed to be adopted</I></B><I>: &ldquo;the
Annual General Meeting of Shareholders resolved to (i) appoint PricewaterhouseCoopers S.C., R&eacute;viseurs d&rsquo;entreprises
agr&eacute;&eacute;,&nbsp; as the Company&rsquo;s external auditors for the fiscal year ending 31 December 2019, to be engaged
until the next annual general meeting of shareholders that will be convened to decide on the Company&rsquo;s 2019 annual accounts;
(ii) approve the external auditors&rsquo; fees for audit, audit-related, tax compliance and tax advisory services, and other permitted
non-audit services to be rendered during the fiscal year ending 31 December 2019, broken-down into five currencies (Argentine Pesos,
Brazilian Reais, Euro, Mexican Pesos and U.S. Dollars), up to a maximum amount for each currency equal to ARS61,977,974, BRL347,031,
EUR1,401,139, MXN3,891,610, and US$489,555, and (iii) authorize the Audit Committee to approve any increase or reallocation of
the external auditors&rsquo; fees as may be necessary, appropriate or desirable under the circumstances</I>.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><B>9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Authorization to the Board of Directors to cause the distribution of all shareholder communications, including its shareholder
meeting and proxy materials and annual reports to shareholders, by such electronic means as is permitted by any applicable laws
or regulations.</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In order to expedite shareholder communications and ensure their
timely delivery, it is advisable that the Board of Directors be authorized to cause the distribution of all shareholder communications,
including its shareholder meeting and proxy materials and annual reports to shareholders (either in the form of a separate annual
report containing financial statements of the Company and its consolidated subsidiaries or in the form of an annual report on Form
20-F or similar document, as filed with the securities authorities or stock markets) by such electronic means as are permitted
or required by any applicable laws or regulations (including any interpretations thereof), including, without limitation, by posting
such communication on the Company&rsquo;s website, or by sending electronic communications (e-mails) with attachment(s) in a widely
used format or with a hyperlink to the applicable filing by the Company on the website of the above referred authorities or stock
markets, or by any other existing or future electronic means of communication as is or may be permitted by any applicable laws
or regulations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Through this resolution, the Company seeks authorization under Article
16 of the Transparency Law, to give, send or supply information (including any notice or other document) that is required or authorized
to be given, sent or supplied to a shareholder by the Company whether required under the articles of association or by any applicable
law or any other rules or regulations to which the Company may be subject, by making such information (including any notice or
other document) available on the Company&rsquo;s website or through other electronic means.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Draft resolution proposed to be adopted</I></B>: &ldquo;<I>the
Annual General Meeting of Shareholders resolved to authorize the Board of Directors to cause the distribution of all shareholder
communications, including its shareholder meeting and proxy materials and annual reports to shareholders (either in the form of
a separate annual report containing financial statements of the Company and its consolidated subsidiaries or in the form of an
annual report on Form 20-F or similar document, as filed with the securities authorities or stock markets) by such electronic means
as are permitted or required by any applicable laws or regulations (including any interpretations thereof), including, without
limitation, by posting such communication on the Company&rsquo;s website, or by sending electronic communications (e-mails) with
attachment(s) in a widely used format or with a hyperlink to the applicable filing by the Company on the website of the above referred
authorities or stock markets, or by any other existing or future electronic means of communication as is or may be permitted by
any applicable laws or regulations</I>.&rdquo;</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>* * * * *</B></P>

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

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

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In accordance with the Shareholders&rsquo; Rights Law, shareholders
holding, individually or collectively, at least five per cent (5%) of the issued Shares will have the right to (a) include items
on the agenda for the next Annual General Meeting of Shareholders, that will be convened to decide on the Company&rsquo;s 2019
annual accounts; and (b) propose draft resolutions for the items included or to be included on the agenda for the next Annual General
Meeting of Shareholders, that will be convened to decide on the Company&rsquo;s 2019 annual accounts. To exercise such rights,
shareholders holding, individually or collectively, at least five per cent (5%) of the issued Shares, must submit a written request
to the Company not later than twenty-two days prior to the 2020 annual general meeting of shareholders, satisfying the requirements
of the Shareholders&rsquo; Rights Law.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">PricewaterhouseCoopers <I>S.C., R&eacute;viseurs d&rsquo;entreprises
agr&eacute;&eacute;,</I> are the Company&rsquo;s external auditors. A representative of the external auditors will be present at
the Meeting to respond questions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 8.4pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 8.4pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 8.4pt 0pt 0"><B>Cecilia Bilesio</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 8.4pt 0pt 0">Secretary to the Board of Directors</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">15</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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





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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
