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<SEC-DOCUMENT>0001292814-11-000472.txt : 20110224
<SEC-HEADER>0001292814-11-000472.hdr.sgml : 20110224
<ACCEPTANCE-DATETIME>20110224062014
ACCESSION NUMBER:		0001292814-11-000472
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110224
DATE AS OF CHANGE:		20110224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TENARIS SA
		CENTRAL INDEX KEY:			0001190723
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31518
		FILM NUMBER:		11634058

	BUSINESS ADDRESS:	
		STREET 1:		23 AVENUE MONTEREY
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2086
		BUSINESS PHONE:		212-376-6500

	MAIL ADDRESS:	
		STREET 1:		23 AVENUE MONTEREY
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2086
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tspr4q10_6k.htm
<DESCRIPTION>EARNINGS RELEASE 4Q10
<TEXT>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face="Arial Rounded MT Bold,sans-serif">FORM 6 - K</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Courier \(W1\)"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Courier \(W1\)"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Courier \(W1\)"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif">Washington, D.C. 20549</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Book Antiqua,serif">Report of Foreign Private Issuer</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Book Antiqua,serif">Pursuant to Rule 13a - 16 or 15d - 16 of</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Book Antiqua,serif">the Securities Exchange Act of 1934</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><EM><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal" face="Times New Roman,serif">This Report on Form 6-K shall be incorporated by reference in our automatic shelf Registration Statement on Form F-3 as amended (File No. 333-171751), to the extent not superseded by documents or reports subsequently filed by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended</FONT></EM></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 13pt" face="Book Antiqua,serif">As of February 24, 2011</FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif">TENARIS, S.A.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Book Antiqua,serif">(Translation of Registrant's name into English)</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif">TENARIS, S.A.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Garamond,serif color=black>46a, Avenue John F. Kennedy</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Garamond,serif color=black>L-1855 Luxembourg</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Book Antiqua,serif"> </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif">(Address of principal executive offices)</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 13pt" face="Book Antiqua,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 2.45pt 0pt 0in; TEXT-INDENT: 21.3pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or 40-F.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">Form 20-F</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp; </FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 16pt" face=Symbol>&#214;</FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;Form 40-F</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12G3-2(b) under the Securities Exchange Act of 1934.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;No</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp; </FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 16pt" face=Symbol>&#214;</FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,se
rif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 21.3pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The attached material is being furnished to the Securities and Exchange Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris's press release announcing its 2010 fourth quarter and annual results.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 16pt; FONT-WEIGHT: normal" face="Book Antiqua,serif">SIGNATURE</FONT></H1>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 15pt" lang=EN-US face="Times New Roman,serif">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.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 15pt" lang=EN-US face="Times New Roman,serif">Date: February 24, 2011</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 15pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif">Tenaris, S.A.</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif">By: /s/ Cecilia Bilesio</FONT></U><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif">Cecilia Bilesio</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif">Corporate Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=IT face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=IT color=silver face="Sabon MT,serif">Giovanni Sardagna</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=IT color=silver face="Sabon MT,serif">Tenaris</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=IT color=silver face="Sabon MT,serif">&nbsp;1-888-300-5432</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=IT color=silver face="Sabon MT,serif">www.tenaris.com</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=IT face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=IT face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 14pt" lang=EN-US face="Frutiger 65 Bold,sans-serif">Tenaris Announces 2010 Fourth Quarter and Annual Results </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">The financial and operational information contained in this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS.&nbsp; </FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Luxembourg, February 23, 2011.</FONT></B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> - Tenaris S.A. (NYSE, Buenos Aires and Mexico: TS and MTA Italy: TEN) (&#147;Tenaris&#148;) today announced its results for the fourth quarter and year ended December 31, 2010 with comparison to its results for the fourth quarter and year ended December 31, 2009. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 10pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 10pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 12pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"><B>Summary of 2010 Fourth Quarter Results</B></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">(Comparison with third quarter of 2010 and fourth quarter of 2009)</FONT></P>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q4 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q3 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q4 2009</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Net sales (US$ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">2,063.9</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">2,027.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,847.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">12%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income (US$ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">453.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">405.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">12%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">330.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">37%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Net income (US$ million)</FONT><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">321.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">302.7</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">240.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">33%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Shareholders&#146; net income (US$ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">320.9</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">304.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">222.4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">44%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Earnings per ADS (US$)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">0.54</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">0.52</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">0.38</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">44%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Earnings per share (US$)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">0.27</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">0.26</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">0.19</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">44%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">EBITDA* (US$ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">515.5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">531.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(3%)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">459.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">12%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">EBITDA margin (% of net sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">25%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">26%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">25%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-US face="Sabon MT,serif">*EBITDA is defined as operating income plus depreciation, amortization and impairment charges/(reversals)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Our sales in the fourth quarter rose 2% sequentially reflecting a limited recovery in shipments in our Projects operating segment. Shipments and sales in our Tubes operating segment declined by 1% sequentially but recorded significant year on year increases, primarily reflecting higher demand in the USA and Canada. Operating income, which included an impairment reversal of $67.3 million at our Canadian welded operations, rose 12% on a sequential basis and 37% year on year. Our net cash position (total financial debt less cash and other current investments) declined by US$195.5 million to US$275.6 million at the end of the quarter, following investments of US$286.1 million in capital expenditures, an increase of US$152.7 million in working capital and the payment of an interim dividend of US$153.5 million.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 12pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"><B>Summary of 2010 Annual Results</B></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">FY 2010</FONT></P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">FY 2009</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Increase/(Decrease)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Net sales (US$ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">7,711.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">8,149.3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(5%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income (US$ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,573.5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,813.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(13%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Net income (US$ million)</FONT><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,141.0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,207.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(6%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Shareholders&#146; net income (US$ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,127.4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,161.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(3%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Earnings per ADS (US$)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1.91</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1.97</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(3%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Earnings per share (US$)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">0.95</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">0.98</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(3%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">EBITDA* (US$ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">2,013.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">2,318.4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(13%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">EBITDA margin (% of net sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">26%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">28%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-US face="Sabon MT,serif">*EBITDA is defined as operating income plus depreciation, amortization and impairment charges/(reversals)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">In 2010, shipments in our Tubes operating segment rose 27% year on year led by a recovery in demand from the USA, Canada and Argentina. Net sales, however, were flat and our Tubes operating income declined reflecting lower prices and a mix with a higher proportion of welded and API products. Shipments, sales and operating income from our Projects operating segment declined heavily reflecting a strong slowdown in pipeline projects in South America. Our net cash position declined by US$400.2 million to US$275.6 million at the end of the year, following substantial investments in capital expenditures amounting to US$847.3 million and an increase in working capital of US$644.0 million. Dividends paid during the year amounted to US$401 million.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=blue face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"><B>Annual Dividend Proposal</B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -19pt; MARGIN: 0in 0in 0pt 19pt; WORD-BREAK: break-all"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT,serif">The board of directors proposes, for the approval of the annual general shareholders&#146; meeting to be</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT,serif">held on June 1, 2011, the payment of an annual dividend of US$0.34 per share (US$0.68 per ADS), or approximately US$401 million, which includes the interim dividend of US$0.13 per share (US$0.26 per ADS), or approximately US$153 million, paid in November, 2010. If the annual dividend is approved by the shareholders, a dividend of US$0.21 per share (US$0.42 per ADS), or approximately US$248 million will be paid on June 23, 2011, with an ex-dividend date of June 20, 2011.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"><B>Market Background and Outlook</B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT,serif">In 2010, global drilling activity recovered led by substantially higher oil drilling activity in the USA and Canada. US gas drilling activity also increased driven by investments in shale and liquid rich plays and production from shale gas reached 23% of total US natural gas production in 2010. In the rest of the world, activity increased in most markets reflecting increased demand for energy, stable oil prices at attractive levels and investment in regional gas developments The international rig count, as published by Baker Hughes, surpassed pre-crisis levels in the third quarter and has continued to climb steadily since then.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT,serif">We expect that drilling activity will continue to grow in 2011 led by increased exploration activity in Eastern Hemisphere markets, more thermal wells in Canada and higher activity in Iraq.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT,serif">We estimate that apparent demand for OCTG rose 30% in 2010 compared to 2009 with the most significant increases occurring in the USA, Canada and Russia.&nbsp; In 2011, we expect that demand will grow further with increases occurring in most markets. We also expect that growth in demand for premium products will be higher than that for API products.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT,serif">We expect that our sales will grow in all our geographical regions in 2011 and that our sales of line pipe, power generation and industrial products will increase as well as those of our OCTG products. Sales in our Projects and Others operating segments are also expected to increase. Although our selling prices are expected to rise, these increases are likely to be initially offset by increases in raw material and other costs. Accordingly, we expect that our sales and operating income will increase in 2011, compared to 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"><B>Analysis of 2010 Fourth Quarter Results</B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 8.3pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 8.3pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Sales volume (metric tons)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 8.3pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q4 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 8.3pt; PADDING-TOP: 0in" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q3 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 8.3pt; PADDING-TOP: 0in" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q4 2009</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Tubes &#150; Seamless</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">555,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">581,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(4%)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">487,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">14%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Tubes &#150; Welded</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">221,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">205,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">104,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">113%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Tubes &#150; Total</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">776,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">786,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">(1%)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">591,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">31%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Projects &#150; Welded</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">65,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">39,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">67%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">63,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">3%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Total</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">841,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">825,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">654,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">29%</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Tubes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q4 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q3 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q4 2009</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">(Net sales - $ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">North America</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">860.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">848.7</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">563.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">53%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">South America</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">271.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">320.7</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(15%)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">261.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">4%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Europe</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">206.3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">161.5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">28%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">167.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">23%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Middle East &amp; Africa</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">299.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">338.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(12%)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">414.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(28%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Far East &amp; Oceania</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">121.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">116.0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">93.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">30%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Total net sales ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,759.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,785.5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(1%)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,500.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">17%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Cost of sales (% of sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">60%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">61%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">61%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income* ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">401.0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">367.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">9%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">264.7</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">51%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income (% of sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">23%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">21%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">18%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Sabon MT,serif">*Operating income includes impairment reversals of US$67.3 million in Q4 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Net sales of tubular products and services</FONT></B><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> decreased 1% sequentially due to a decrease in shipments volumes. Year on year, sales increased 17%, as a 31% increase in volumes was partially offset by an 11% decrease in average selling prices. In North America, sales rose sequentially as stable shipments in the USA and Mexico and higher shipments in Canada offset the effect of a less favourable product mix. In South America, sales on a sequential basis were affected by lower shipments to Venezuela. In Europe, </FONT>


<FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">sales increased sequentially due to higher demand for mechanical pipe and increased shipments of OCTG products in Romania. In the Middle East and Africa, sales declined sequentially due primarily to lower shipments of line pipe products. </FONT></P>
</DIV>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Projects</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q4 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q3 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q4 2009</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Net sales ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">146.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">95.3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">53%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">221.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">(34%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Cost of sales (% of sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">69%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">66%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">69%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">23.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">12.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">87%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">54.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">(57%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income (% of sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">16%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">13%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">25%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Net sales of Projects</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> amounted to US$146.2 million in the fourth quarter of 2010, 53% higher than the third quarter but 34% lower compared to the fourth quarter of 2009. Sequentially, revenues and operating income increased driven by the recovery in shipment volumes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Others</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q4 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q3 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="24%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Q4 2009</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Net sales ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">158.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">146.4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">125.5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">26%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Cost of sales (% of sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">72%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">72%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">76%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">29.3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">24.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">18%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">11.3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">159%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income (% of sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">18%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">17%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">9%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Net sales of other products and services</FONT></B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> amounted to US$158.6 million in the fourth quarter of 2010, 8% higher sequentially and 26% higher compared to the fourth quarter of 2009. The sequential increase in sales was mainly due to higher sales at our Brazilian industrial equipment business.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Selling, general and administrative expenses</FONT></B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">, or SG&amp;A, amounted to 19.7% of net sales, equal to the fourth quarter of 2009, but higher than the 18.3% corresponding to the third quarter of 2010. Sequentially, SG&amp;A increased mainly due to seasonal end-of-year charges and to the effect of foreign exchange currencies on fixed and semi-fixed expenses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Other operating income (expense)</FONT></B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> amounted to a net gain of US$74.8 million in the fourth quarter of 2010, including a gain of US$67.3 million from the reversal of an impairment at our Canadian welded operations. We reversed the impairment registered in 2008, corresponding to Prudential&#146;s customer relationships, as our expectations for the economic and competitive conditions of the Canadian oil and gas market have improved compared to those foreseen at the end of 2008. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Net interest expenses</FONT></B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> amounted to US$4.8 million in the fourth quarter of 2010, compared to a net interest income of US$4.0 million in the previous quarter and to net interest expenses of US$16.1 million in the same period of 2009. Sequentially, interest income decreased from US$14.0 million to US$7.4 million, mainly due to lower gains on fair value valuation of investments.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Other financial results </FONT></B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">generated a loss of US$5.4 million during the fourth quarter of 2010, compared to a loss of US$16.2 million during the third quarter of 2010 and a gain of US$3.4 million in the same period of 2009. These results largely reflect gains and losses on net foreign exchange transactions and the fair value of derivative instruments and are to a large extent offset by changes to our net equity position. These gains and losses are mainly attributable to variations in the exchange rates between our subsidiaries&#146; functional currencies (other than the US dollar) and the US dollar in accordance with IFRS.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Equity in earnings of associated companies</FONT></B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> generated a gain of US$11.7 million in the fourth quarter of 2010, compared to a gain of US$15.6 million in the previous quarter and of US$18.8 million in the same period of 2009. These results mainly derived from our equity investment in Ternium. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Income tax charges</FONT></B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> totalled US$134.2 million in the fourth quarter of 2010, equivalent to 30% of income before equity in earnings of associated companies and income tax, compared to 27% in the previous quarter and 30% in the same period of 2009. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Income attributable to non-controlling interests</FONT></B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> amounted to US$0.3 million in the fourth quarter of 2010, compared to losses attributable to non-controlling interests of US$2.1 million in the previous quarter and gains attributable to non-controlling interests of US$18.4 million in the fourth quarter of 2009. These results are mainly derived from non-controlling interests at our Brazilian subsidiary, Confab, and at our Japanese subsidiary, NKKTubes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"><B>Cash Flow and Liquidity of 2010 Fourth Quarter</B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Net cash provided by operations during the fourth quarter of 2010 was US$253.8 million, compared to US$122.1 million in the previous quarter and US$417.0 million in the fourth quarter of 2009. Working capital increased by US$152.7 million during the fourth quarter of 2010 ( mainly due to an increase in inventories), compared to an increase of US$427.9 million in the previous quarter and a decrease of US$202.4 million in the fourth quarter of 2009. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Capital expenditures amounted to US$286.1 million for the fourth quarter of 2010, compared to US$212.8 million in the previous quarter and US$133.1 million in the fourth quarter of 2009. The increase in the capital expenditures throughout the year is mainly attributable to the construction of the new small diameter rolling mill at our Veracruz facility in Mexico.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">During the quarter, our net cash position (total financial debt less cash and other current investments) declined by US$195.5 million to US$275.6 million at the end of the quarter, following investments of US$286.1 million in capital expenditures, an increase of US$152.7 million in working capital and the payment of an interim dividend of US$153.5 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 10pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"><B>Analysis of 2010 Annual Results</B></FONT><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"><B>&nbsp;</B> </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Sales volume (metric tons)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">FY 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">FY 2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Increase/(Decrease)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Tubes &#150; Seamless</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">2,206,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,970,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">12%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Tubes &#150; Welded</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">744,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">346,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">115%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Tubes &#150; Total</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">2,950,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">2,316,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">27%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Projects &#150; Welded</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">170,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">334,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">(49%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Total &#150; Tubes + Projects</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">3,120,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">2,650,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">18%</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Tubes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">FY 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">FY 2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Increase/(Decrease)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Net sales ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">- North America</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">3,121.7</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">2,756.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">13%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">- South America</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,110.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">981.9</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">13%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">- Europe</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">746.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">828.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(10%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">- Middle East &amp; Africa</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,263.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">1,622.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(22%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">- Far East &amp; Oceania</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">434.4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">481.5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(10%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Total net sales</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">6,676.4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">6,670.9</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">0%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Cost of sales (% of sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">60%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">57%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">1,403.3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">1,576.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">(11%)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income (% of sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">21%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">24%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Net sales of tubular products and services</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> amounted to US$6,676.4 million in 2010, compared to US$6,670.9 million in 2009, as a 27% increase in shipment volumes was offset by lower average selling prices. In North America, higher drilling activity in the USA and Canada and a reduction in US OCTG inventory to more normal level by the end of the first quarter of 2010 led to significantly higher shipments partially offset by lower demand in Mexico but prices were at lower levels than in 2009. In South America, higher drilling activity and overall demand in Argentina and Colombia more than offset a decline in pipe prices. In Europe, lower sales prices and lower demand in the North Sea region more than offset higher shipments of mechanical pipe products. In the</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#777777 fac
e=Arial,sans-serif> </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Middle East and Africa, although shipments of OCTG products remained stable, sales were affected by lower shipments of line pipe products and lower selling prices. In the Far East and Oceania, sales declined due to lower average selling prices.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Cost of sales of tubular products and services, </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">expressed as a percentage of net sales,</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">rose from 57% to 60%, as the reduction in costs of sales did not completely offset the reduction in average selling prices. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Operating income from tubular products and services, </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">decreased 11% to US$1,403.3 million in 2010, from US$1,576.8 million in 2009, (in 2010 operating income included a gain of US$67.3 million from the reversal of an impairment registered in 2008, on Prudential&#146;s customer relationships), as a 27% increase in shipments volumes was offset by the decrease in gross margin. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT></B>&nbsp;</P>
<DIV align=left>
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<TR>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Projects</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">FY 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">FY 2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Increase/(Decrease)</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Net sales ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">428.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">986.5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">(57%)</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Cost of sales (% of sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">67%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">71%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">63.7</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">208.6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">(69%)</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income (% of sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">15%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">21%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Sabon MT,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.3pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Net sales of Projects</FONT></B><FONT style="LETTER-SPACING: -0.3pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> decreased 57% to US$428.8 million in 2010, compared to US$986.5 million in 2009, reflecting a sharp decrease in shipments to gas and other pipeline projects in South America.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Operating income from Projects </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">decreased 69% to US$63.7 million in 2010, from US$208.6 million in 2009, due to the decrease in net sales and a lower operating margin due to the effect of fixed and semi-fixed general and administrative expenses on lower sales, including the effect of the revaluation of the Brazilian real against the U.S. dollar. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Others</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">FY 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">FY 2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: green; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=white face="Frutiger 65 Bold,sans-serif">Increase/(Decrease)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Net sales ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">606.4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">491.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" lang=EN-GB color=green face="Frutiger 45 Light,sans-serif">23%</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Cost of sales (% of net sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">72%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">79%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income ($ million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">106.5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">28.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">279%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">Operating income (% of sales)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">18%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif">6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 9pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Net sales of other products and services</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> increased 23% to US$606.4 million in 2010, compared to US$491.8 million in 2009, mainly due to higher sales of sucker rods, welded pipes for electric conduits and industrial equipment .</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Operating income from other products and services, </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">increased 279% to US$106.5 million in 2010, from US$28.1 million in 2009, due to the increase in net sales and the improvement in margins.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Selling, general and administrative expenses</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">, or SG&amp;A, increased as a percentage of net sales to 19.7% in 2010 compared to 18.1% in 2009, mainly due to the effect of foreign exchange currencies on fixed and semi-fixed expenses. In absolute terms SG&amp;A increased US$42.1 million to US$1,515.9 million in 2010, from US$1,473.8 million in 2009, mainly due to higher labor costs affected by the effect of foreign exchange currencies. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Other operating income and expenses</FONT></B><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> resulted in net income of US$78.6 million in 2010, compared to a net income of US$3.0 million in 2009. In 2010, we recorded a gain of US$67.3 million from the reversal of an impairment at our Canadian welded operations. We reversed the impairment registered in 2008, corresponding to Prudential&#146;s customer relationships, as our expectations for the economic and competitive conditions of the Canadian oil and gas market have improved compared to those foreseen at the end of 2008.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Net interest expenses</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> totalled US$31.2 million in 2010, compared to net interest expenses of US$87.5 million in 2009, reflecting the change in our net debt position to a net cash position and lower interest rates. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; WORD-BREAK: break-all"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Other financial results </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">generated a loss of US$21.3 million in 2010, compared to a loss of US$64.2 million during 2009. These results largely reflect losses on net foreign exchange transactions and the fair value of derivative instruments and are to a large extent offset by changes to our net equity position. </FONT>


<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">These losses are mainly attributable to variations in the exchange rates between our subsidiaries&#146; functional currencies (other than the US dollar) and the US dollar in accordance with IFRS.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Equity in earnings of associated companies</FONT></B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> generated a gain of US$70.1 million in 2010, compared to a gain of US$87.0 million in 2009. These gains were derived mainly from our equity investment in Ternium. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Income tax charges</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> totalled US$450.0 million in 2010, equivalent to 30% of income before equity in earnings of associated companies and income tax, compared to US$513.2 million in 2009, equivalent to 31% of income before equity in earnings of associated companies and income tax. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Result for discontinued operations</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> amounted to a loss of US$28.1 million in 2009, relating to the discontinuation of Tavsa and Matesi&#146;s operations, while there were no results for discontinued operations in 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Net income </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">decreased to US$1,141.0 million in 2010, compared to US$1,207.6 million in 2009, mainly reflecting lower operating results, better financial results and lower income taxes.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Income attributable to equity holders</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> was US$1,127.4 million, or US$0.95 per share (US$1.91 per ADS), in 2010, compared to US$1,161.6 million, or US$0.98 per share (US$1.97 per ADS) in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Income attributable to non-controlling interest</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"> was US$13.7 million in 2010, compared to US$46.0 million in 2009, mainly reflecting lower results at our Brazilian subsidiary, Confab, and losses at our Japanese subsidiary NKKTubes.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Frutiger 65 Bold,sans-serif"><B>Cash Flow and Liquidity of 2010</B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Net cash provided by operations during 2010 was US$870.8 million, compared to US$3,063.9 million during 2009. Working capital increased by US$644.0 million during 2010, compared with a decrease of US$1,737.3 million in 2009, reflecting the positive change in the levels of activity. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Capital expenditures amounted to US$847.3 million in 2010, compared to US$460.9 million in 2009. The increase in the capital expenditures is mainly attributable to the construction of the new small diameter rolling mill at our Veracruz facility in Mexico.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Dividends paid, including dividends paid to minority shareholders in subsidiaries, amounted to US$433.3 million in 2010, of which US$248 million were paid to equity holders in respect of the 2009 fiscal year, while US$153 million were paid to equity holders in November 2010, as an interim dividend in respect of the dividend corresponding to the 2010 fiscal year. This compares to US$553.7 million paid in 2009, of which US$354 million were paid to equity holders in respect of the 2008 fiscal year, while US$153 million were paid to equity holders in November 2009, as an interim dividend for the 2009 fiscal year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">During 2010, total financial debt decreased by US$202.3 million to US$1,244.5 million at December 31, 2010 from US$1,446.8 million at December 31, 2009. Liquidity (cash and cash equivalents and other current investments) decreased by US$602.4 million to US$1,520.1 million at December 31, 2010 from US$2,122.5 million at December 31, 2009. Net cash during 2010 decreased by US$400.2 million to US$275.6 million at December 31, 2010, from US$675.7 million at December 31, 2009. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 11pt" lang=EN-US face="Sabon MT,serif">Some of the statements contained in this press release are &#147;forward-looking statements&#148;. Forward-looking statements are based on management&#146;s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.</FONT></I></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Frutiger 45 Light,sans-serif">Consolidated Income Statement</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Sabon MT,serif"></FONT></I>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(all amounts in thousands of U.S. dollars)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face="Frutiger 45 Light,sans-serif">Three-month period ended December 31,</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face="Frutiger 45 Light,sans-serif">Year ended</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face="Frutiger 45 Light,sans-serif">December 31,</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">2009</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">2010</FONT></B></P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Continuing operations</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="30%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Net sales</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">2,063,873</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,847,213</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">7,711,598</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">8,149,320</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Cost of sales</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(1,277,755)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(1,156,550)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(4,700,810)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(4,864,922)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Gross profit</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">786,118</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">690,663</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,010,788</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,284,398</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Selling, general and administrative expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(407,072)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(363,551)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(1,515,870)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(1,473,791)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Other operating income (expenses)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">74,772</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,504</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">78,629</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Operating income</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">453,818</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">330,616</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,573,547</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,813,607</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Interest income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">7,387</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">7,659</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">32,855</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">30,831</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Interest expense</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(12,142)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(23,712)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(64,103)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(118,301)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.65pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.65pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Other financial results</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.65pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(5,405)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.65pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,413</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.65pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(21,305)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.65pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(64,230)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Income before equity in earnings of associated companies and income tax</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">443,658</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">317,976</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,520,994</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,661,907</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Equity in earnings of associated companies </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">11,668</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">18,812</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">70,057</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">87,041</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Income before income tax </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">455,326</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">336,788</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,591,051</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,748,948</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Income tax</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(134,166)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(96,036)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(450,004)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(513,211)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Income for continuing operations</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">321,160</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">240,752</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,141,047</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,235,737</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Discontinued operations</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.4pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.4pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Result for discontinued operations</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">-&nbsp; </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">-&nbsp; </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">-&nbsp; </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(28,138)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Income for the Year</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">321,160</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">240,752</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,141,047</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,207,599</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Attributable to:</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Equity holders of the Company</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">320,908</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">222,367</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,127,367</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,161,555</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Non-controlling interests</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">252</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">18,385</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">13,680</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">46,044</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">321,160</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">240,752</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,141,047</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,207,599</FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Sabon MT,serif"></FONT>&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name="page_13"></A>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Frutiger 45 Light,sans-serif">Consolidated Statement of Financial Position</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">(all amounts in thousands of U.S. dollars) </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: green; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="BACKGROUND: green; FONT-SIZE: 10pt" color=white face="Frutiger 45 Light,sans-serif">At December 31, 2010</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: green; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=2 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="BACKGROUND: green; FONT-SIZE: 10pt" color=white face="Frutiger 45 Light,sans-serif">At December 31, 2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 3.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="30%" colSpan=2 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="30%" colSpan=2 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">ASSETS</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Non-current assets</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Property, plant and equipment, net</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,780,580</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,254,587</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Intangible assets, net </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,581,816</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,670,920</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Investments in associated companies</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">671,855</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">602,572</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Other investments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">43,592</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">34,167</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Deferred tax assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">210,523</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">197,603</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Receivables</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">120,429</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">8,408,795</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">101,618</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">7,861,467</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 3.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=green face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Current assets</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Inventories </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">2,460,384</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,687,059</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Receivables and prepayments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">282,536</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">220,124</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 2.85pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Current tax assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">249,317</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">260,280</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 2.85pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Trade receivables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,421,642</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,310,302</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Available for sale assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">21,572</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">21,572</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Other investments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">676,224</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">579,675</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Cash and cash equivalents</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">843,861</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">5,955,536</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,542,829</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">5,621,841</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Total assets</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">14,364,331</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">13,483,308</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=green face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">EQUITY&nbsp; </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 22.7pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.7pt; PADDING-TOP: 0in" vAlign=bottom width="38%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Capital and reserves attributable to the Company&#146;s equity holders</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.7pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.7pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">9,902,359</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.7pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.7pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.7pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">9,092,164</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Non-controlling interests</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">648,221</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">628,672</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Total equity</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">10,550,580</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">9,720,836</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=green face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=green face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">LIABILITIES</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Non-current liabilities</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Borrowings</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">220,570</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">655,181</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Deferred tax liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">934,226</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">860,787</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Other liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">193,209</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">192,467</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">83,922</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">80,755</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Trade payables</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,278</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,435,205</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">2,812</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,792,002</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 3.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Current liabilities</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Borrowings</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,023,926</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">791,583</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Current tax liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">207,652</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">306,539</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Other liabilities</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"> </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">233,590</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">192,190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">25,101</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">28,632</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Customer advances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">70,051</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">95,107</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">&nbsp; Trade payables</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">818,226</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">2,378,546</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">556,419</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">1,970,470</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Total liabilities</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,813,751</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">3,762,472</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 4pt" color=green face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 4pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 4pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 4pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 4pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 4pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 14.25pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=green face="Frutiger 45 Light,sans-serif">Total equity and liabilities</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">14,364,331</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">13,483,308</FONT></B></P>
</TD></TR></TABLE></DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name="page_14"></A>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Frutiger 45 Light,sans-serif">Consolidated Statement of Cash Flows </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt; BACKGROUND: green" face="Frutiger 45 Light,sans-serif" color=white>Three-month period ended December 31,</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=white>Year ended</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=white>December 31,</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(all amounts in thousands of U.S. dollars)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>2010</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>2009</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>2010</FONT></B></P>
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     <TD style="PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 13.5pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>2009</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>Cash flows from operating activities</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.75pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
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<TR style="HEIGHT: 4pt">
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Income for the year</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">321,160</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">240,752</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,141,047</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,207,599</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Adjustments for:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 4pt">
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Depreciation and amortization</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">129,012</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">129,014</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">506,902</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">504,864</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Income tax accruals less payments</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">9,563</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(112,655)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(57,979)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(458,086)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Equity in earnings of associated companies</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(11,172)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(18,812)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(70,057)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(86,179)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Interest accruals less payments, net</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(2,613)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(6,210)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">17,700</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(24,167)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 8.3pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.3pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Changes in provisions</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.3pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.3pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(5,644)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.3pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(11,294)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.3pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.3pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(364)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.3pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(7,268)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 5.45pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.45pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Impairment reversal</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.45pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.45pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(67,293)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.45pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">&nbsp;-&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.45pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.45pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(67,293)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.45pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">&nbsp;-&nbsp; </FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Changes in working capital</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(152,658)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">202,400</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(644,050)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,737,348</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Other, including currency translation adjustment</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">33,484</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(6,233)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">44,914</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">189,837</FONT></P>
</TD></TR>
<TR style="HEIGHT: 3pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>Net cash provided by operating activities</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">253,839</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">416,962</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">870,820</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">3,063,948</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.7pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.7pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.7pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.7pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.7pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.7pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.7pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.7pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 6.9pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.9pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>Cash flows from investing activities</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.9pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.9pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.9pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.9pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.9pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.9pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 4.7pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.7pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Capital expenditures</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.7pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.7pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(286,098)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.7pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(133,132)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.7pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.7pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(847,316)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.7pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(460,927)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Acquisitions of subsidiaries and associated companies</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(302)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(20)</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(302)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(64,029)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 6.5pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.5pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Proceeds from disposal of property, plant and equipment and intangible assets</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.5pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.5pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">2,329</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.5pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">4,306</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.5pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.5pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">9,290</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.5pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">16,310</FONT></P>
</TD></TR>
<TR style="HEIGHT: 20.05pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.05pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Dividends and distributions received from associated companies</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.05pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.05pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">302</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.05pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">2,517</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.05pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.05pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">14,034</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 20.05pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">11,420</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 4.6pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.6pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Investments in short terms securities</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.6pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.6pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(34,226)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.6pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(50,814)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.6pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.6pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(96,549)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.6pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(533,812)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 1pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>Net cash used in investing activities</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(317,995)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(177,143)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(920,843)</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(1,031,038)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.5pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.5pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.5pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.5pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.5pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.5pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>Cash flows from financing activities</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 4pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Acquisitions of non-controlling interests</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(57)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">&nbsp;-&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(3,018)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(9,555)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Dividends paid</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(153,470)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(153,470)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(401,383)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(507,631)</FONT></P>
</TD></TR>
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     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.65pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Dividends paid to non-controlling interest in subsidiaries</FONT></P>
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     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.65pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.65pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(12,862)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.65pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(13,388)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.65pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.65pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(31,881)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4.65pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(46,086)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Proceeds from borrowings </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">277,890</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">121,742</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">647,608</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">631,544</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Repayments of borrowings </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(129,053)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(392,752)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(862,921)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(2,096,925)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 3pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>Net cash used in financing activities</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(17,552)</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(437,868)</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(651,595)</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(2,028,653)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 3.1pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.1pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>(Decrease) increase in cash and cash equivalents</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.1pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(81,708)</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.1pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(198,049)</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.1pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.1pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(701,618)</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.1pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">4,257</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>Movement in cash and cash equivalents</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">At the beginning of the period</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">900,769</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,733,420</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,528,707</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,525,022</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Effect of exchange rate changes </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,104</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(6,664)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(6,924)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">9,124</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">Decrease in cash due to deconsolidation</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">&nbsp;-&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">&nbsp;-&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">&nbsp;-&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(9,696)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(Decrease) increase in cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(81,708)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(198,049)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(701,618)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">4,257</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>At December 31,</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">820,165</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,528,707</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">820,165</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.35pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,528,707</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5pt" vAlign=bottom noWrap width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 5pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 5pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 5pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 5pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>Cash and cash equivalents</FONT></B></P>
</TD>
     <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: green; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=bottom width="28%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=white>At December 31,</FONT></B></P>
</TD>
     <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: green; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 4pt" vAlign=bottom width="28%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=white>At December 31,</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 3.5pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.5pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=black></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.5pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.5pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>2010</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.5pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>2009</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.5pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.5pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>2010</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3.5pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=green>2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=black>Cash at banks, liquidity funds and short-term investments</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">843,861</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,542,829</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">843,861</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,542,829</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif" color=black>Bank overdrafts</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(23,696)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(14,122)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(23,696)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">(14,122)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 4pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 4pt" vAlign=bottom noWrap width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 3pt">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">820,165</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,528,707</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom noWrap width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">820,165</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; BACKGROUND: silver; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 3pt" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 9.5pt" face="Frutiger 45 Light,sans-serif">1,528,707</FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0in 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Sabon MT,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt" face="Sabon MT,serif"></FONT>&nbsp;</P>
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