Tenaris Will Replace Banca Nazionale Del Lavoro In The S&P/MIB Index

Standard & Poor’s will make the following changes in the S&P/MIB Index, effective at the open of business, Friday 19 May 2006:

• Tenaris, (Italy, ISIN LU0156801721) will replace Banca Nazionale del Lavoro (Italy, ISIN IT0001254884) in the S&P/MIB Index, following the results of the Public Tender Offer launched on Banca Nazionale del Lavoro ordinary shares.

Tenaris number of shares outstanding is 1,180,536,830, the Investable Weight Factor is 0.396 and it will be added to the S&P/MIB GICS (Global Industry Classification Standard) “Oil & Gas Equipment & Services” sub-industry.

Following is a summary of the announced changes:

S&P/MIB – 19 May 2006
	COMPANY	GICS ECONOMIC SECTOR	GICS SUB-INDUSTRY
ADDED	Tenaris	Energy	Oil & Gas Equipment & Services
DELETED	Banca Nazionale del Lavoro	Financial	Diversified Banks

Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.