Unless otherwise specified or if the context so requires:
| · | References in this half-year report to “the Company” are exclusively to Tenaris S.A., a Luxembourg société anonyme. |
| · | References in this half-year report to “Tenaris”, “we”, “us” or “our” are to Tenaris S.A. and its consolidated subsidiaries. See “Note 2. Accounting policies and basis of presentation” to our unaudited consolidated condensed interim financial statements included in this half-year report. |
| · | References in this half-year report to “San Faustin” are to San Faustin S.A., a Luxembourg société anonyme and the Company’s controlling shareholder. |
| · | “ADSs” refers to the American Depositary Shares, which are evidenced by American Depositary Receipts, and represent two shares each. |
| · | “billion” refers to one thousand million, or 1,000,000,000. |
| · | “OCTG” refers to oil country tubular goods. |
| · | “shares” refers to ordinary shares, par value $1.00, of the Company. |
| · | “tons” refers to metric tons; one metric ton is equal to 1,000 kilograms, 2,204.62 pounds, or 1.102 U.S. (short) tons. |
| · | “U.S. dollars”, “US$”, “USD” or “$” each refers to the United States dollar. |
