Resolution no. 18228

Resolution for removal from Section A of the Special Register held by Consob in relation to third country auditors and audit entities of Price Waterhouse & Co. srl, with registered office in Buenos Aires, Argentina

LA COMMISSIONE NAZIONALE PER LE SOCIETA' E LA BORSA

HAVING REGARD TO article 34, section 1 of Italian Legislative Decree no. 39 of 27 January 2010, which envisages registration in the Register of statutory auditors of third country auditors and audit entities that provide audit reports on the annual or consolidated accounts of a company incorporated in a third country, whose transferable securities are admitted to trading on an Italian regulated market, except when the company is an issuer exclusively of debt securities admitted to trading on a regulated market the denomination per unit of which is at least fifty thousand euro or, in the case of debt securities denominated in another currency, equivalent, at the date of issue, to at least fifty thousand euro;

HAVING REGARD TO article 43, section 9 of the aforementioned Italian Legislative Decree no. 39 of 27 January 2010, based on which, until setup of the Register of statutory auditors, Consob shall register third country auditors and audit entities pursuant to article 34, section 1, in a specific section of the Special Register of Audit Firms pursuant to article 161 of Italian Legislative Decree no. 58 of 24 February 1998, in accordance with the terms and conditions established therein;

HAVING REGARD TO Consob resolution no. 17439 of 27 July 2010, which set up Section A in the Special Register of Audit Firms, in relation to third country auditors and audit entities registered in compliance with European Commission Resolution of 29 July 2008, and Section B, in relation to third country auditors and audit entities registered in compliance with article 45, section 1 of Directive 2006/43/EC, and established the related terms and methods for registration;

HAVING REGARD TO Consob resolution no. 17647 of 8 February 2011 based on which Price Waterhouse & Co. srl with registered office in Buenos Aires, Argentina has been registered in the specific Section A of the Special Register;

HAVING REGARD TO the application for removal  from the specific Section A of the Special Register by Price Waterhouse & Co. srl , dated on 12 march 2012 and filed on the following 27 march, based on the reason that it is no longer the appointed firm to audit of the consolidated accounts of Tenaris sa, starting from the financial statements at 31 December 2011, the company with registered office in Luxembourg, whose transferable securities are admitted to trading on MTA;

CONSIDERED that Tenaris sa was the only client of Price Waterhouse & Co. srl whose transferable securities were admitted to trading on an Italian regulated market ;

CONSIDERED that the premise on the basis of which Price Waterhouse & Co. srl has been registered in the specific Section A of the Special Register is no longer in existence;

HEREBY RESOLVES:

The audit entity Price Waterhouse & Co. srl, with registered office in Buenos Aires, Argentina, is removed from Section A of the Special Register of Audit Firms held by Consob, pursuant to article 161 of Italian Legislative Decree no. 58 of 24 February 1998, with effect from the date of this resolution.

The resolution of cancellation shall be notified to the audit entity concerned and published in Consob's Bulletin.

Rome, May 30, 2012

THE CHAIRMAN
Giuseppe Vegas