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Strategies & Market Trends : Charts for Breakout II

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To: Julius Wong who wrote (3564)	4/9/2006 8:49:46 AM
From: Julius Wong	of 8531

Tenaris S.A. ADS will split 5 for 1 on April 17 LUXEMBOURG--(BUSINESS WIRE)--April 4, 2006--Tenaris S.A. (NYSE:TS - News; BCBA:TS) (BMV:TS) (BI:TEN) announced today that its board of directors has approved a proposal to alter the conversion ratio of its American Depositary Shares (ADSs) from the current ratio of one ADS being equal to ten ordinary shares to a new ratio under which one ADS will be equal to two ordinary shares. To effect the ratio change, each holder of ADSs on record at the close of business on April 17 will receive four additional ADSs for each outstanding ADS that he holds on the record date, with the settlement date to occur on April 26. The implementation of this ratio change is subject to all applicable regulatory and stock exchange approvals and procedures. This ratio change relates exclusively to the ADSs listed on the New York Stock Exchange and does not affect the ordinary shares.

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