<SEC-DOCUMENT>0000950103-21-004319.txt : 20210322
<SEC-HEADER>0000950103-21-004319.hdr.sgml : 20210322
<ACCEPTANCE-DATETIME>20210322073019
ACCESSION NUMBER:		0000950103-21-004319
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210322
FILED AS OF DATE:		20210322
DATE AS OF CHANGE:		20210322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZIM Integrated Shipping Services Ltd.
		CENTRAL INDEX KEY:			0001654126
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39937
		FILM NUMBER:		21759906

	BUSINESS ADDRESS:	
		STREET 1:		9 ANDREI SAKHAROV STREET
		STREET 2:		P.O. BOX 15067
		CITY:			HAIFA
		STATE:			NY
		ZIP:			3190500
		BUSINESS PHONE:		972 (4) 865-2000

	MAIL ADDRESS:	
		STREET 1:		9 ANDREI SAKHAROV STREET
		STREET 2:		P.O. BOX 15067
		CITY:			HAIFA
		STATE:			NY
		ZIP:			3190500
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp148148_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K<BR>
</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -6.85pt"><B>REPORT OF FOREIGN
PRIVATE ISSUER</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -6.85pt"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -6.85pt"><B>PURSUANT TO RULE
13a-16 OR 15d-16 OF THE </B>&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -6.85pt"><B>SECURITIES EXCHANGE
ACT OF 1934</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of March, 2021</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-39937</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ZIM Integrated Shipping Services Ltd.</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<I>Exact Name of Registrant as Specified
in Its Charter</I>)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>9 Andrei Sakharov Street</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>P.O. Box 15067</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Matam, Haifa 3190500, Israel</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+972 (4) 865-2000</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Address of principal executive office)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X</P>
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; width: 14%">
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; width: 14%">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X</P>
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; width: 14%">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X</P>
</TD></TR>
</TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 22, 2021, ZIM Integrated Shipping Services Ltd. (the
&ldquo;Company&rdquo;) issued a press release announcing its consolidated results for the three and twelve months ended December
31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this Form 6-K (including
Exhibit 99.1) shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of 1934 (the &ldquo;Exchange
Act&rdquo;) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing
under the&nbsp;Securities Act of 1933&nbsp;or the&nbsp;Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">ZIM INTEGRATED SHIPPING SERVICES LTD.</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 53%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 23%; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Noam Nativ</FONT></TD>
    <TD STYLE="vertical-align: top; width: 23%; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Noam Nativ</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">EVP General Counsel and Corporate Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: March 22, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 86px; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">EXHIBIT NO.</FONT></TD>
    <TD STYLE="width: 10px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">DESCRIPTION</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Press Release dated March 22, 2021</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dp148148_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red"><B>CONFIDENTIAL</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red">&nbsp;</P>
<P STYLE="margin: 0pt; text-align: left"><B></B></P>

<P STYLE="margin: 0pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">ZIM Press Release:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060"><B>ZIM Reports Financial
Results for the Fourth Quarter<BR>
and Full Year 2020</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060"><B><I>Generates Record Full
Year Net Income of $524 Million </I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060"><B><I>Continues to Deliver
Industry Leading Operating Margins</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060"><B><I>2021 Guidance Highlights
Expected Significant Adjusted EBITDA<BR>
and Adjusted EBIT Growth</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #002060">Haifa, Israel,
March 22, 2021 &ndash; </FONT><FONT STYLE="font-size: 10pt; color: Blue"><U>ZIM Integrated Shipping Services Ltd.</U></FONT> <FONT STYLE="font-size: 10pt; color: #002060">(NYSE:
ZIM), a global container liner shipping company, announced today its consolidated results for the three and twelve months ended
December 31, 2020.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Fourth Quarter
and Full Year 2020 Highlights</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
                                         income for the fourth quarter was $366.4 million (compared to $1.2 million in the fourth
                                         quarter of 2019), or $3.65 per share<SUP>1</SUP>; net income for the full year was $524.2
                                         million (compared to a loss of $13.0 million for the full year of 2019), or $5.18 per
                                         share </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
                                         EBITDA<SUP>2</SUP> for the fourth quarter was $531.3 million, a year-over-year increase
                                         of 360%; Adjusted EBITDA for the full year was $1.04 billion, a year-over-year increase
                                         of 168%</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating
                                         income (EBIT) for the fourth quarter was $439.4 million, a year-over-year increase of
                                         883%; operating income (EBIT) for the full year was $722 million, a year-over-year increase
                                         of 372%</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
                                         EBIT for the fourth quarter was $439.2 million, a year-over-year increase of 827%; Adjusted
                                         EBIT for the full year was $728.6 million, a year-over-year increase of 389%</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues
                                         for the fourth quarter were $1.36 billion, a year-over-year increase of 64%; revenues
                                         for the full year were $3.99 billion, a year-over-year increase of 21%</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;______________</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><SUP>1</SUP>
Earnings per share calculation for all periods reflect a share split of 1:10 that became effective in 2021.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"></P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #002060"><FONT STYLE="font-size: 10pt"><SUP>2</SUP>
See disclosure regarding &ldquo;Use of Non-IFRS Financial Measures&rdquo; below.</FONT></P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ZIM
                                         carried 2,841 thousand TEUs in 2020, a year-over-year increase of 1%</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                         average freight rate per TEU in 2020 was $1,229, a year-over-year increase of 22%</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
                                         leverage ratio<SUP>3</SUP> of 1.2x at December 31, 2020</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subsequent
                                         to year end, completed IPO, raising $204 million in net proceeds </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subsequent
                                         to year end, announced strategic long-term chartering agreement with Seaspan for ten
                                         &ldquo;green&rdquo; LNG-fueled vessels demonstrating ZIM&rsquo;s commitment to reducing
                                         its carbon footprint and leading environment-friendly practices in the shipping industry </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Mr. Yair Seroussi,
Chairman of the Board of Directors stated, &ldquo;ZIM&rsquo;s IPO earlier this year was the culmination of many months of hard
work and dedication by ZIM&rsquo;s management and employees in collaboration with the Board of Directors and marks the successful
turnaround the Company has undergone over the past few years. We are very pleased with the financial results released today, our
first as a public company, and believe that they are proof of the exceptional human capital at ZIM. Moreover, these capabilities
will continue to drive ZIM&rsquo;s future growth and success.&rdquo;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Eli Glickman,
ZIM President &amp; CEO, stated, &ldquo;Our all-time record results in 2020 and the significant milestones we have achieved year-to-date-2021
represent a truly momentous time for ZIM. During a global pandemic, we generated our highest net income in the company&rsquo;s
75-year history, underscoring the benefits of our differentiated strategy and our proactive approach to address COVID-19. We also
ended the year strong, as we achieved EBIT and EBITDA at the high end of our guidance range and continued to achieve industry
leading margins. We are committed to our goal of consistently performing as one of the top three carriers in terms of EBIT margin.&rdquo;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Mr. Glickman added,
&ldquo;We commenced 2021 by becoming the first global container liner to list on the NYSE, highlighting our success creating a
leading asset-light shipping liner at the forefront of digitization. Following our IPO, we also announced a strategic long-term
chartering agreement for ten 15,000 TEU LNG dual-fuel container vessels, positioning ZIM to meet the</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;______________</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><SUP>3</SUP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #002060">Net
leverage ratio is defined as face value of short- and long-term debt less cash, cash equivalents and short-term deposits divided
by Adjusted EBITDA of the last twelve-month period.</FONT></FONT></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">growing market
demand on the Asia - US East Coast trade and advance our leadership in addressing environmental and sustainability issues.&rdquo;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Mr. Glickman concluded,
&ldquo;Today, ZIM is a revitalized company with new strengths, an invigorated spirit and a promising outlook for operating amid
the new realities of shipping. Combined with our dedicated team of professionals and commitment to utilizing big data and technology,
we remain well positioned to enhance our customer experiences, capitalize on favorable industry fundamentals, and maximize long-term
profitability. In 2021, as per the guidance we provide, we expect to continue our positive trajectory, achieving significant Adjusted
EBITDA and Adjusted EBIT growth and maintaining industry leading margins. We also intend to further harness our &ldquo;Startup
Nation&rdquo; DNA based on innovation and technological collaborations to continue to develop growth engines that provide us additional
revenue streams beyond our traditional shipping business.&rdquo;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Summary of
Key Financial and Operational Results</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 52%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 12%"><P STYLE="border-bottom: #002060 0.5pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #002060"><FONT STYLE="font-size: 10pt">Q4&rsquo;20&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 12%"><P STYLE="border-bottom: #002060 0.5pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #002060"><FONT STYLE="font-size: 10pt">Q4&rsquo;19&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 12%"><P STYLE="border-bottom: #002060 0.5pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #002060"><FONT STYLE="font-size: 10pt">2020&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 12%"><P STYLE="border-bottom: #002060 0.5pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #002060"><FONT STYLE="font-size: 10pt">2019&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Carried
    volume (K-TEUs)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">799</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">698</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">2,841</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">2,821</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Average
    freight rate ($)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">1,518</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">1,017</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">1,229</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">1,009</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Revenue
    ($ in millions)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">1,361</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">827</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">3,992</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">3,300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Net
    income ($ in millions) &#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">366</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">524</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">(13)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Adjusted
    EBITDA )$ in millions)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">531</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">115</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">1,036</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">386</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Operating
    income (EBIT) ($ in millions)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">439</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">45</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">722</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">153</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Adjusted
    EBIT ($ in millions)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">439</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">47</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">729</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">149</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Adjusted
    EBITDA margin&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">39.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">13.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">25.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">11.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Adjusted
    EBIT margin&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">32.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">5.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">18.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">4.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Net
    cash generated from operating activities&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">414</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">89</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">881</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">371</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Free
    cash flow ($ in millions)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">392</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">83</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">846</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">409</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Earnings
    per share ($)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">3.65</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">(0.00)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">5.18</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">(0.18)</FONT></TD></TR>




<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Net
    debt ($ in millions)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">1,236</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">1,372</FONT></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Financial and
Operating Results for the Fourth Quarter Ended December 31, 2020</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Net income for
the fourth quarter of 2020 was $366.4 million, compared to $1.2 million for the fourth quarter of 2019. Total revenues were $1.36
billion for the fourth quarter of 2020, compared to $827.3 million for the fourth quarter of 2019, primarily driven by an increase
in revenues from containerized cargo, reflecting increases in both freight rates and carried volume.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">ZIM carried 799
thousand TEUs in the fourth quarter of 2020, compared to 698 thousand TEUs in the fourth quarter of 2019. The average freight
rate per TEU was $1,518 for the fourth quarter of 2020, compared to $1,017 for the fourth quarter of 2019.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Operating income
(EBIT) for the fourth quarter of 2020 was $439.4 million, compared to $44.6 million for the fourth quarter of 2019.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Adjusted EBITDA
was $531.3 million for the fourth quarter of 2020, compared to $115.4 million for the fourth quarter of 2019. Adjusted EBIT was
$439.2 million for the fourth quarter of 2020, compared to $47.4 million for the fourth quarter of 2019. Adjusted EBITDA and Adjusted
EBIT margins for the fourth quarter of 2020 were 39% and 32%, respectively. This compares to 14% and 6% for the fourth quarter
of 2019.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Net cash generated
from operating activities was $414.4 million for the fourth quarter of 2020, compared to $89.3 million for the fourth quarter
of 2019.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Financial and
Operating Highlights for the Full Year Ended December 31, 2020</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Net income for
the full year of 2020 was $524.2 million, compared to a loss of $13.0 million for the full year of 2019. Total revenues were $3.99
billion for the full year of 2020, compared to $3.30 billion for the full year of 2019, primarily driven by an increase in revenues
from containerized cargo, reflecting mainly an increase in freight rates.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Operating income
(EBIT) for the full year of 2020 was $772.0 million, compared to $153.0 million for the full year of 2019.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">ZIM carried 2,841
thousand TEUs in the full year of 2020, compared to 2,821 thousand TEUs in the full year of 2019. The average freight rate per
TEU was $1,229 for the full year of 2020, compared to $1,009 for the full year of 2019.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Adjusted EBITDA
was $1.04 billion for the full year of 2020, compared to $385.9 million for the full year of 2019. Adjusted EBIT was $728.6 million
for the full year of 2020, compared to $148.9 million for the full year of 2019. Adjusted EBITDA and Adjusted EBIT margins for
the full year of 2020 were 26% and 18%, respectively. This compares to 12% and 5% for the full year of 2019.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Net cash generated
from operating activities was $880.8 million for the full year of 2020, compared to $370.6 million for the full year of 2019.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Liquidity,
Cash Flows and Capital Allocation</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">ZIM&rsquo;s cash
and cash equivalents increased by $387 million from $183 million at December 31, 2019 to $570 million at December 31, 2020. Capital
expenditures totaled $42.6 million for the year ended December 31, 2020, compared with $16.2 million for the year ended December
31, 2019. Net debt decreased by $136.0 million from $1.37 billion as of December 31, 2019 to $1.24 billion as of December 31,
2020. ZIM&rsquo;s net leverage ratio as of December 31, 2020 was 1.2x, compared to 3.6x as of December 31, 2019.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">In February 2021,
the Company completed its IPO and issued 15.0 million ordinary shares, including those issued upon the exercise of the underwriters&rsquo;
option, at a price to the public of $15.00 per ordinary share, for net proceeds of $204 million, after deducting underwriting
discounts and commissions and other offering expenses.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Full-Year 2021
Guidance</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">The Company expects
to generate Adjusted EBITDA in 2021 of between $1.40 billion and $1.60 billion and Adjusted EBIT of between $850 million to $1.05
billion.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Use of Non-IFRS
Measures in the Company&rsquo;s 2021 Guidance</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="color: Red; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal"><B>CONFIDENTIAL</B></P></DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">A reconciliation
of the Company&rsquo;s non-IFRS financial measures included in its full-year 2021 guidance to corresponding IFRS measures is not
available on a forward-looking basis. In particular, the Company has not reconciled its Adjusted EBITDA and Adjusted EBIT because
the various reconciling items between such non-IFRS financial measures and such corresponding IFRS measures cannot be determined
without unreasonable effort due to the uncertainty regarding, and the potential variability of, the future costs and expenses
for which the Company adjusts, the effect of which may be significant, and all of which are difficult to predict and are subject
to frequent change.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Conference
Call Details</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Management will
host a conference call and webcast (along with a slide presentation) to review the results and provide a corporate update today
at 8:00 AM ET.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #002060">To access the
live conference call by telephone, please dial the following numbers: United States 1-888-281-1167; Israel 03-918-0644; or international
+44-20-3514-1906. To access the slide presentation, click </FONT><FONT STYLE="font-size: 10pt">here<FONT STYLE="color: #002060">.
The call will also be available via live webcast through ZIM&rsquo;s website, located </FONT>here<FONT STYLE="color: #002060">.
Following the conclusion of the call, a replay of the conference call will be available on the Company&rsquo;s website. </FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>About ZIM</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #002060">ZIM Integrated
Shipping Services Ltd. (NYSE: ZIM) is a global, asset-light container liner shipping company with leadership positions in the
markets where it operates. Founded in Israel in 1945, ZIM is one of the oldest shipping liners, with over 75 years of experience,
providing customers with innovative seaborne transportation and logistics services with a reputation for industry leading transit
times, schedule reliability and service excellence. For additional information, please visit </FONT><FONT STYLE="font-size: 10pt; color: Blue"><U>www.zim.com</U></FONT><FONT STYLE="font-size: 10pt; color: #002060">.
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Forward-Looking
Statements</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">The following
information contains, or may be deemed to contain forward-looking statements (as defined in the U.S. Private Securities Litigation
Reform Act of 1995 and the Israeli Securities Law, 1968). In some cases, you can identify these statements by forward-looking
words such as &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;plan,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential&rdquo; or &ldquo;continue,&rdquo;
the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties
and assumptions about the Company, may include projections of the Company&rsquo;s future financial results, its anticipated growth
strategies and anticipated trends in its business. These statements are only predictions based on the Company&rsquo;s current
expectations and projections about future events or results. There are important factors that could cause the Company&rsquo;s</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">actual results,
level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements
expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited
to: market changes in freight, bunker, charter and other rates or prices, new legislation or regulation affecting the Company&rsquo;s
operations, new competition and changes in the competitive environment, the outcome of legal proceedings to which the Company
is a party, and other risks and uncertainties detailed from time to time in the Company&rsquo;s filings with the U.S. Securities
and Exchange Commission, including under the caption &ldquo;Risk Factors&rdquo; in its 2020 Annual Report.&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Although the Company
believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future
results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility
for the accuracy and completeness of any of these forward-looking statements. The Company assumes no duty to update any of these
forward-looking statements after the date hereof to conform its prior statements to actual results or revised expectations, except
as otherwise required by law.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">The Company prepares
its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International
Accounting Standards Board (IASB).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Use of Non-IFRS
Financial Measures</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">The Company presents
non-IFRS measures as additional performance measures as the Company believes that it enables us to compare operating performance
between periods on a consistent basis. These measures should not be considered in isolation, or as a substitute for operating
income, any other performance measures, or cash flow data, which were prepared in accordance with Generally Accepted Accounting
Principles as measures of profitability or liquidity. Please note that Adjusted EBITDA does not take into account debt service
requirements, or other commitments, including capital expenditures, and therefore, does not necessarily indicate the amounts that
may be available for the Company&rsquo;s use. In addition, Non-IFRS financial measures, as those presented by the Company, may
not be comparable to similarly titled measures reported by other companies, due to differences in the way these measures are calculated.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Adjusted EBITDA
</B>is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net,
income taxes, depreciation and amortization in order to reach EBITDA, and further adjusted to exclude impairment of assets, non-cash
charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Adjusted EBIT
</B>is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net
and income taxes, in order to reach our results from operating activities, or EBIT, and further adjusted to exclude non-cash charter
hire expenses, impairment of assets, capital gains (losses) beyond the ordinary course of business and expenses related to legal
contingencies.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><B>Free cash flow
</B>is a non-IFRS measure which we define as net cash generated from operating activities plus the net cash generated (used) from
investment activities.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">See the reconciliation
of net income to Adjusted EBITDA and Adjusted EBIT and net cash generated from operating activities to free cash flow under &quot;Reconciliation
of Non-IFRS Measures&quot; below.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><U>Investor Relations:</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Elana Holzman<BR>
ZIM Integrated Shipping Services Ltd.<BR>
+972-4-865-2300<BR>
<FONT STYLE="color: Blue"><U>holzman.elana@zim.com</U></FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Leon Berman<BR>
The IGB Group<BR>
212-477-8438<BR>
<FONT STYLE="color: Blue"><U>lberman@igbir.com</U></FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt"><U>Media:</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">Avner Shats<BR>
ZIM Integrated Shipping Services Ltd.<BR>
+972-4-8652520<BR>
<FONT STYLE="color: Blue"><U>shats.avner@zim.com</U></FONT>&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="color: Red; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal"><B>CONFIDENTIAL</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>CONSOLIDATED
BALANCE SHEET</B></FONT></P>

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>(U.S.
dollars in thousands)</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"><B>Year ended<BR> December 31,</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #0C2D83; font-weight: bold">&nbsp;</TD><TD STYLE="color: #002060; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="color: #002060; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #0C2D83; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C2D83; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #0C2D83; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C2D83; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #0C2D83; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #002060; font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; color: #002060">Vessels</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">948,004</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">717,941</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Containers and handling equipment</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">520,887</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">425,738</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Other tangible assets</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">67,133</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">69,102</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Intangible assets</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">66,465</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">64,920</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Investments in associates</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">8,441</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">8,444</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Other investments</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">4,888</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">2,766</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Trade and other receivables</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">5,293</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">5,318</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Deferred tax assets</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">1,502</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">1,048</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left">Total non-current assets</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1,622,613</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1,295,277</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Assets classified as held for sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">11,583</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060">Inventories</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">52,237</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">60,342</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Trade and other receivables</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">520,001</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">317,059</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Other investments</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">58,976</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">59,047</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Cash and cash equivalents</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">570,414</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">182,786</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">1,201,628</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">630,817</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">2,824,241</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">1,926,094</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-indent: 0in">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Issued capital</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">88</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">88</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Capital reserves</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1,790,706</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1,784,469</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Accumulated deficit</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(1,523,528</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(2,042,226</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Equity attributable to owners of the Company</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">267,266</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(257,669</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">7,189</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">5,402</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 1pt">Total equity</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">274,455</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(252,267</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Lease liabilities</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">811,840</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">641,750</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Loans and other liabilities</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">519,471</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">541,932</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Employee benefits</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">66,626</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">67,990</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Deferred tax liabilities</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">339</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">350</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left">Total non-current liabilities</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1,398,276</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1,252,022</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Trade and other payables</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">398,876</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">422,417</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060">Provisions</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">21,420</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">17,998</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Contract liabilities</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">230,469</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">130,281</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Lease liabilities</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">362,176</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">215,576</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Loans and other liabilities</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">138,569</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">140,067</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">1,151,510</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">926,339</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">2,549,786</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">2,178,361</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total equity and liabilities</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">2,824,241</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">1,926,094</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> -</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="color: Red; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal"><B>CONFIDENTIAL</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>CONSOLIDATED
INCOME STATEMENTS</B></FONT></P>

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>(U.S.
dollars in thousands, except per share data)</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #002060; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white"><FONT STYLE="font-size: 10pt"><B>Three months ended<BR> December 31,</B></FONT></P> <P STYLE="color: #002060; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"></FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #002060; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white"><FONT STYLE="font-size: 10pt"><B>Year ended<BR> December 31,</B></FONT></P> <P STYLE="color: #002060; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="color: #002060; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2020</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="color: #002060; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2019</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="color: #002060; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2020</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="color: #002060; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2019</B>&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 48%; color: #002060; text-align: left">Income from voyages and related services</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">1,360,846</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">827,292</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">3,991,696</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">3,299,761</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left">Cost of voyages and related services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Operating expenses and cost of services</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(796,142</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(685,528</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(2,835,112</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(2,810,693</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; padding-bottom: 1pt">Depreciation</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(87,237</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(64,709</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(291,559</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(226,026</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left">Gross profit</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">477,467</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">77,055</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">865,025</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">263,042</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Other operating income</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">4,602</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">6,459</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">12,621</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">38,099</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Other operating expenses</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">4,914</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(5</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">4,272</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(1,239</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">General and administrative expenses</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(48,450</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(40,088</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(163,210</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(151,605</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; padding-bottom: 1pt">Share of profits of associates</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">966</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">1,172</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">3,341</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">4,725</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left">Results from operating activities</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">439,499</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">44,593</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">722,049</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">153,022</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 1pt">Net finance expenses</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(67,706</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(41,820</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(181,260</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(154,300</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 1pt">Profit (loss) before income taxes</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">371,793</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">2,773</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">540,789</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(1,278</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Income taxes</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(5,404</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(1,596</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(16,599</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(11,766</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Profit (loss) for the year</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">366,389</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">1,177</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">524,190</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">(13,044</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left">Attributable to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Owners of the Company</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">365,046</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(408</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">517,961</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(18,149</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">1,343</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">1,585</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">6,229</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">5,105</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Profit (loss) for the year</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">366,389</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">1,177</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">524,190</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">(13,044</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold">Earnings )Loss) per share (US$)*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Basic earnings (losses) per 1 ordinary share</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">3.65</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(0.00</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">5.18</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(0.18</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Diluted earnings (losses) per 1 ordinary share</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">3.49</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(0.00</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">4.96</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(0.18</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold">Weighted average number of shares for EPS calculation*:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060">Basic</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">100,000,000</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">100,000,000</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">100,000,000</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">100,000,000</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060">Diluted</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">104,641,014</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">100,000,000</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">104,530,892</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">100,000,000</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt">(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reflect
a share split of 1:10 that became effective in 2021, in all presented periods.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> -</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="color: Red; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal"><B>CONFIDENTIAL</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>CONSOLIDATED
STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>(U.S.
dollars in thousands)</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: #002060; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"><B>Year
ended December 31,</B>&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"><B>2020</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"><B>2019</B>&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #002060; font-weight: bold">Cash flows from operating activities</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; color: #002060; text-align: left; padding-left: 2.2pt">Profit (loss) for the year</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">524,190</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">(13,044</TD><TD STYLE="width: 1%; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 2.2pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Adjustments for:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Depreciation and amortization</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">314,185</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">245,510</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Impairment loss (recovery) in respect of tangible assets</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(4,329</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1,150</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Net finance expenses</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">181,260</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">154,300</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Share of profits and change in fair value of investees</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(4,143</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(4,725</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Capital gains, net</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(8,814</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(35,471</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt; padding-left: 2.2pt">Income taxes</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">16,599</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">11,766</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 2.2pt">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1,018,948</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">359,486</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Change in inventories</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">8,105</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">9,731</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Change in trade receivables and other receivables</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(204,469</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">43,422</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Change in trade and other payables including contract liabilities</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">68,670</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(28,111</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt; padding-left: 2.2pt">Change in provisions and employee benefits</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(2,152</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(7,690</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 2.2pt">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(129,846</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">17,352</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Dividends received from associates</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">4,360</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">5,453</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Interest received</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">2,317</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1,969</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt; padding-left: 2.2pt">Income taxes paid</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(14,983</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(13,630</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 2.2pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 2.2pt">Net cash generated from operating activities</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">880,796</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">370,630</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 2.2pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-left: 2.2pt">Cash flows from investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-left: 2.2pt">Proceeds from sale of tangible assets, intangible assets and investments</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">6,717</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">44,794</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; text-indent: -4.2pt; padding-left: 6.4pt">Acquisition of tangible assets, intangible assets and investments</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(42,641</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(16,150</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt; text-indent: -18.85pt; padding-left: 21.05pt">Change in other investments and other receivables</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">763</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">9,382</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 2.2pt">Net cash generated from (used in) investing activities</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(35,161</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">38,026</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White; padding-left: 2.2pt">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: left">&nbsp;</TD><TD STYLE="background-color: White; text-align: right">&nbsp;</TD><TD STYLE="background-color: White; text-align: left">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: left">&nbsp;</TD><TD STYLE="background-color: White; text-align: right">&nbsp;</TD><TD STYLE="background-color: White; text-align: left">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> -</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="color: Red; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal"><B>CONFIDENTIAL</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>CONSOLIDATED
STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>(U.S.
dollars in thousands)</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: #002060; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"><B>Year
ended December 31,</B>&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2020</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2019</B>&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #002060; font-weight: bold">Cash flows from financing activities</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; color: #002060; text-align: left; padding-left: 1pt">Receipt of long-term loans and other long-term liabilities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">678</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-left: 1pt">Sale and lease back transactions</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">9,052</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">13,151</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-left: 1pt">Repayment of borrowings and lease liabilities</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(336,225</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(300,763</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-left: 1pt">Change in short-term loans</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">6,071</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">3,324</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Dividend paid to non-controlling interests</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(3,344</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(4,818</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-left: 1pt">Interest paid</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(133,459</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(122,972</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Other financial expenses paid</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(2,493</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -17pt; padding-left: 0.25in">Net cash used in financing activities</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(460,398</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(411,400</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-left: 1pt">Net change in cash and cash equivalents</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">385,237</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(2,744</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-left: 1pt">Cash and cash equivalents at beginning of the year</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">182,786</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">186,291</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Effect of exchange rate fluctuation on cash held</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">2,391</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(761</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 1pt">Cash and cash equivalents at the end of the year</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">570,414</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">182,786</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 12; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="color: Red; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal"><B>CONFIDENTIAL</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>RECONCILIATION
OF NET INCOME TO ADJUSTED EBIT</B></FONT></P>

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>(U.S.
dollars in millions)</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: #002060; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060"><FONT STYLE="font-size: 10pt"><B>Three
months ended<BR> December 31,</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: #002060; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060"><FONT STYLE="font-size: 10pt"><B>Year
ended<BR> December 31,</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2020</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2019</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2020</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2019</B>&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 48%; color: #002060; font-weight: bold; text-align: left">Net income</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; font-weight: bold; text-align: right">366.4</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; font-weight: bold; text-align: right">1.2</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; font-weight: bold; text-align: right">524.2</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; font-weight: bold; text-align: right">(13.0</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Financial expenses (income), net</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">67.6</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">41.8</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">181.2</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">154.3</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Income taxes</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">5.4</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">1.6</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">16.6</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">11.7</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; font-style: italic; text-align: left">Operating income (EBIT)</TD><TD STYLE="color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; font-weight: bold; text-align: right">439.4</TD><TD STYLE="color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; font-weight: bold; text-align: right">44.6</TD><TD STYLE="color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; font-weight: bold; text-align: right">722.0</TD><TD STYLE="color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; font-weight: bold; text-align: right">153.0</TD><TD STYLE="color: #002060; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Non-cash charter hire expenses</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1.4</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">2.4</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">7.7</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">10.5</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Capital gain (loss), beyond the ordinary course of business</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(0.1</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">0.4</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(0.1</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(14.2</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Assets impairment loss (recovery)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(4.8</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">0.0</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(4.3</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1.2</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Expenses related to legal contingencies</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">3.3</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">0.0</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">3.3</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(1.6</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt">Adjusted EBIT</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">439.2</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">47.4</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">728.6</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">148.9</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; text-align: left">Adjusted EBIT margin</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">32.3</TD><TD STYLE="color: #002060; text-align: left">%</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">5.7</TD><TD STYLE="color: #002060; text-align: left">%</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">18.3</TD><TD STYLE="color: #002060; text-align: left">%</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">4.5</TD><TD STYLE="color: #002060; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>RECONCILIATION
OF NET INCOME TO ADJUSTED EBITDA</B></FONT></P>

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>(U.S.
dollars in millions)</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Three
months ended<BR> December 31, </B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Year
ended<BR> December 31, </B>&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"></FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2019</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2020</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2019</B>&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 48%; color: #002060; font-weight: bold; text-align: left">Net income</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; font-weight: bold; text-align: right">366.4</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; font-weight: bold; text-align: right">1.2</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; font-weight: bold; text-align: right">524.2</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; font-weight: bold; text-align: right">(13.0</TD><TD STYLE="width: 1%; color: #002060; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Financial expenses (income), net</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">67.6</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">41.8</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">181.2</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">154.3</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Income taxes</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">5.4</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1.6</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">16.6</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">11.7</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Depreciation and amortization</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">93.4</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">70.1</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">314.2</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">245.5</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; font-style: italic; padding-bottom: 2.5pt">EBITDA</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">532.8</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">114.7</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">1,036.2</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">398.5</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Non-cash charter hire expenses</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">0.1</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">0.3</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">0.7</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">2.0</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left">Capital gain (loss), beyond the ordinary course of business</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(0.1</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">0.4</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(0.1</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(14.2</TD><TD STYLE="color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left">Assets impairment loss (recovery)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(4.8</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">0.0</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">(4.3</TD><TD STYLE="color: #002060; text-align: left">)</TD><TD STYLE="color: #002060">&nbsp;</TD>
    <TD STYLE="color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; text-align: right">1.2</TD><TD STYLE="color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Expenses related to legal contingencies</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">3.3</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">0.0</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">3.3</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(1.6</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt">Adjusted EBITDA</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">531.3</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">115.4</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">1,035.8</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">385.9</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt">Adjusted EBITDA margin</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">39.0</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">%</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">13.9</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">%</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">25.9</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">%</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">11.7</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">%</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> -</P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="color: Red; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal"><B>CONFIDENTIAL</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>RECONCILIATION
OF NET CASH GENERATED FROM OPERATING ACTIVITES TO FREE CASH FLOW</B></FONT></P>

<P STYLE="font: italic 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt; font-style: normal"><B>(U.S.
dollars in millions)</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; background-color: white; color: #002060"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: #002060; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended<BR> December 31,</TD><TD STYLE="color: #002060; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: #002060; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended<BR> December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2020</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2019</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2020</B>&nbsp;</FONT></P></TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #002060; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>2019</B>&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 48%; color: #002060; text-align: left">Net cash generated from operating activities</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">414.4</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">89.3</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">880.8</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #002060">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #002060; text-align: right">370.6</TD><TD STYLE="width: 1%; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 1pt">Net cash generated from (used in) investing activities</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(22.2</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(6.7</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">(35.2</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">)</TD><TD STYLE="color: #002060; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #002060; text-align: right">38.0</TD><TD STYLE="padding-bottom: 1pt; color: #002060; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="color: #002060; text-align: left; padding-bottom: 2.5pt">Free cash flow</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">392.2</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">82.6</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">845.6</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="color: #002060; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #002060; text-align: right">408.6</TD><TD STYLE="padding-bottom: 2.5pt; color: #002060; text-align: left">&nbsp;</TD></TR>
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