TENARIS SA

Unless otherwise specified or if the context so requires:

• References in this annual report to “the Company” are exclusively to Tenaris S.A., a Luxembourg société anonyme.

• References in this annual report to “Tenaris”, “we”, “us” or “our” are to Tenaris S.A. and its consolidated subsidiaries. See “II. Accounting Policies A. Basis of presentation” and “II. Accounting Policies B. Group accounting” to our audited consolidated financial statements included in this annual report.

• References in this annual report to “San Faustin” are to San Faustin S.A., a Luxembourg société anonyme and the Company’s controlling shareholder.

• “shares” refers to ordinary shares, par value $1.00, of the Company.

• “ADSs” refers to the American Depositary Shares, which are evidenced by American Depositary Receipts, and represent two shares each.

• “OCTG” refers to oil country tubular goods. See “Information on the Company – Business Overview – Our Products”.

• “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.

• “billion” refers to one thousand million, or 1,000,000,000.

• “U.S. dollars”, “US$”, “USD” or “$” each refers to the United States dollar.

• “EUR” refers to the Euro.

• “ARS” refers to the Argentine peso.

• “BRL” refers to the Brazilian real.