<SEC-DOCUMENT>0001102624-16-002468.txt : 20160404
<SEC-HEADER>0001102624-16-002468.hdr.sgml : 20160404
<ACCEPTANCE-DATETIME>20160404131407
ACCESSION NUMBER:		0001102624-16-002468
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20160401
FILED AS OF DATE:		20160404
DATE AS OF CHANGE:		20160404

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:		161549783

	BUSINESS ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2227
		BUSINESS PHONE:		212-376-6500

	MAIL ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L 2227
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
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<FILENAME>tenaris6k.htm
<DESCRIPTION>TENARIS, S.A. 6-K
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 15.95pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">FORM 6 - K</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Rule 13a - 16 or 15d - 16 of</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">the Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 17.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">As of April 1, 2016</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">TENARIS, S.A.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29, Avenue de la Porte-Neuve 3rd floor</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Form 20-F</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#160; </u></font><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 14pt"><u>&#214;</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#160;&#160; </u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Form 40-F ____</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 21.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">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.</div>

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<div style="TEXT-ALIGN: center">Yes____ No<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u> </u></font><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 14pt"><u>&#214;&#160;&#160; </u></font></div>
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<br>
 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' notice of the annual general meeting of shareholders, the Shareholder Meeting Brochure and Proxy Statement and the Company's 2015 annual report (which includes the Company's consolidated financial statements for the years ended December 31, 2015, 2014 and 2013 and the Company's annual accounts as at December 31, 2015, together with the independent auditors' reports and the Board of Directors' management report and certification).</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">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.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Date: April 1, 2016</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-SIZE: 16pt">Tenaris, S.A.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">By: <font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: normal"><u>/s/ Cecilia Bilesio&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Cecilia Bilesio</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tenaris S.A.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Soci&#233;t&#233; Anonyme</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29, avenue de la Porte-Neuve, 3rd Floor</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">L-2227 Luxembourg</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 8.4pt">NOTICE OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Notice is hereby given to holders of ordinary shares of Tenaris S.A. (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Company</u></font>") that the Annual General Meeting of Shareholders of the Company will be held on May 4, 2016, at 9:30 a.m. (Luxembourg time) at the Company's registered office located at 29, avenue de la Porte-Neuve, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">rd</sup> Floor, L-2227 Luxembourg (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Meeting</u></font>"). <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the Meeting, shareholders will vote on the items listed below under the heading "Agenda for the Annual General Meeting of Shareholders".</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agenda for the Annual General Meeting of Shareholders</div>

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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Consideration of the restated consolidated management report and related management certifications on the Company's restated consolidated financial statements as of and for the year ended December 31, 2014, and on the annual accounts as at December 31, 2014, and of the independent auditors' reports on such restated consolidated financial statements and annual accounts.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Approval of the Company's restated consolidated financial statements as of and for the year ended December 31, 2014.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Consideration of the consolidated management report and related management certifications on the Company's consolidated financial statements as of and for the year ended December 31, 2015, and on the annual accounts as at December 31, 2015, and of the independent auditors' reports on such consolidated financial statements and annual accounts.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Approval of the Company's consolidated financial statements as of and for the year ended December 31, 2015.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Approval of the Company's annual accounts as at December 31, 2015.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Allocation of results and approval of dividend payment for the year ended December 31, 2015.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Discharge of the members of the Board of Directors for the exercise of their mandate throughout the year ended December 31, 2015.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Election of the members of the Board of Directors.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Authorization of the compensation of the members of the Board of Directors.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Appointment of the independent auditors for the fiscal year ending December 31, 2016, and approval of their fees.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Authorization to the Board of Directors to cause the distribution of all shareholder communications, including its shareholder meeting and proxy materials and annual reports to shareholders, by such electronic means as is permitted by any applicable laws or regulations.</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Resolutions at the Meeting will be passed by the simple majority of the votes validly cast, irrespective of the number of shares present or represented.</div>

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<br>
 Holders of Shares: procedures for attending and voting at the Meeting</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In accordance with the Luxembourg law of 24 May 2011 on the exercise of certain rights of shareholders in general meetings of listed companies (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Shareholders' Rights Law</u></font>"), the right to attend, speak and vote at the Meeting is restricted to those shareholders who are holders of shares of the Company on April 20, 2016 at 24:00 (midnight), Central European Time (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Shareholders' Record Time</u></font>").</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A shareholder will only be entitled to attend and/or to vote (personally or by proxy) at the Meeting in respect of those shares of the Company which such shareholder duly evidences to hold at the Shareholders' Record Time. Any changes to a shareholder's holding of shares after the Shareholders' Record Time shall be disregarded for purposes of determining the right of such shareholder to attend and/or to vote (personally or by proxy) at the Meeting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Set out below are instructions on how to attend and/or vote (personally or by proxy) at the Meeting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If you are a holder of shares of the Company on the Shareholders' Record Time and you wish to attend and/or vote (personally or by proxy) at the Meeting, you must complete and return to the Company:</div>

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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">the Intention to Participate Form, if you wish to attend the Meeting; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>and/or</u></font></td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">the AGMS Proxy Form, if you wish to vote by proxy at the Meeting.</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A shareholder <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">wishing to attend </font>the Meeting must complete and return to the Company the Intention to Participate Form. The Intention to Participate Form must be received by the Company <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ON OR BEFORE APRIL 20, 2016 AT 24:00 (MIDNIGHT), CENTRAL EUROPEAN TIME (i.e. THE SHAREHOLDERS' RECORD TIME)</font>. A shareholder who has timely submitted the Intention to Participate Form, may elect either to (i) attend the Meeting and vote in person (in which case the shareholder is not required to submit the AGMS Proxy Form), or (ii) have a proxy holder attend the Meeting in person and vote by proxy, in which case the shareholder must also submit (in addition to the Intention to Participate Form) the AGMS Proxy Form as soon as possible and, in any event, must be received by the Company <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ON OR BEFORE APRIL 27, 2016 AT 24:00 (MIDNIGHT), CENTRAL EUROPEAN TIME</font>. <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Please note that in the event that the Company does not receive the Intention to Participate Form and, if applicable, the AGMS Proxy Form, properly completed and signed, by the dates indicated above, you will not be able to participate or vote (neither in person nor by proxy) at the Meeting</font>.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A shareholder who does not wish to attend the Meeting but nonetheless <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">wishes to vote by proxy </font>at the Meeting must only complete and return to the Company the AGMS Proxy Form (and need not submit the Intention to Participate Form) which must be received by the Company <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ON OR BEFORE APRIL 20, 2016 AT 24:00 (MIDNIGHT), CENTRAL EUROPEAN TIME (i.e. THE SHAREHOLDERS' RECORD TIME)</font>.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Please note that in the event that the Company does not receive the AGMS Proxy Form, properly completed and signed, by the date indicated above, you will not be able to vote (neither in person nor by proxy) at the Meeting</font>.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Shareholders' Rights Law provides that any shareholder wishing to attend and/or vote (personally or by proxy) at the Meeting is required to provide reasonably satisfactory evidence to the Company (prior to the Meeting) as to the number of shares of the Company held by such shareholder on the Shareholders' Record Time. Such evidence of shareholding must include at least: shareholder's name, shareholder's registered office/address, shareholder status, number of shares held by the shareholder on the Shareholders' Record Time, the stock exchange on which the shareholder's shares trade and signature of the relevant shareholder's bank or stockbroker (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Evidence</u></font>"). Shareholders need to contact their bank or stockbroker with respect to the provision of such Evidence and completion of the applicable certificate. The certificate that constitutes the Evidence of the shareholding must be completed and delivered to the Company as soon as possible and in any event must be received by the Company <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ON OR BEFORE APRIL 27, 2016 AT 24:00 (MIDNIGHT), CENTRAL EUROPEAN TIME</font>.<br>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In compliance with the Shareholders' Rights Law and other applicable laws and regulations, this convening notice (which contains the agenda for the Meeting and the procedures for attending and/or voting at the Meeting), the total number of shares of the Company and voting rights as of the date of this notice, the Shareholder Meeting Brochure and Proxy Statement (which contains reports on each item of the agendas for the Meeting and draft resolutions proposed to be adopted at the Meeting), the Company's 2014 restated annual report</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(which contains the Company's restated consolidated financial statements as of and for the year ended December 31, 2014, together with the independent auditors' reports and the restated consolidated management report and certifications), the Company's 2015 annual report (which contains the Company's consolidated financial statements as of and for the year ended December 31, 2015, and the Company's annual accounts as at December 31, 2015, together with the independent auditors' reports and the consolidated management report and certifications), the Intention to Participate Form, the AGMS Proxy Form and the model certificate that constitutes the Evidence of shareholding, required to be submitted to the Company for purposes of participating and/or voting at the Meeting, are available to shareholders as of the date of this notice, and may be obtained free of charge from the Company's website at </font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">www.tenaris.com/investors</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or at the Company's registered office in Luxembourg. In addition, shareholders registered in the Company's registry can obtain electronic copies of these documents free of charge by sending an electronic message to the following electronic address: </font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>investors@tenaris.com.</u></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Intention to Participate Form (if you wish to attend the Meeting), the AGMS Proxy Form (if you wish to be represented and vote by proxy at the Meeting) and the certificate that constitutes the Evidence of the shareholding must be received by the Company, properly completed and signed, by the dates indicated above,<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>at any of the following postal addresses, or by electronic message to the following electronic address: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>investors@tenaris.com</u></font>.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.95pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 49.6pt; FONT-SIZE: 10pt">Attn: Ad&#233;lia Soares</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.95pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 49.6pt; FONT-SIZE: 10pt">Piazza Caduti 6 luglio 1944 n. 1 24044</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.95pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 49.6pt; FONT-SIZE: 10pt">c/o Tubos de Acero de M&#233;xico, S.A.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.95pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 49.6pt; FONT-SIZE: 10pt">Attn: F&#233;lix Todd and/or Cecilia P&#233;rez Valencia</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 49.65pt; FONT-SIZE: 10pt">In the case of shares held through fungible securities accounts in Mexico, the certificate that constitutes the Evidence of shareholding must be delivered to S.D. Indeval, S.A. de C.V. (Paseo de la Reforma #255, 2o. y 3er. piso Col. Cuauht&#233;moc, Mexico City.<br>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The AGMS Proxy Form will only be valid if it includes the shareholder's name, registered office/address and signature and, in the event of shares owned by a corporation or any other legal entity, the name, registered office/address and signature of the individual(s) representing such corporation or other legal entity. INCOMPLETE OR ERRONEOUS AGMS PROXY FORMS OR AGMS PROXY FORMS WHICH ARE NOT TIMELY DELIVERED OR DO NOT SATISFY THE REQUIRED FORMALITIES WILL BE DISCARDED AND THE UNDERLYING SHARES WILL NOT BE VOTED AT THE MEETING.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No admission cards will be issued to shareholders. Shareholders and their proxy holders attending the Meeting in person will be required to identify themselves at the Meeting with a valid official identification document (e.g. identity card, passport). In the event of shares owned by a corporation or any other legal entity, individuals representing such entity who wish to attend the Meeting in person and vote at the Meeting on behalf of such legal entity, must submit &#8211;in addition to the Intention to Participate Form and the AGMS Proxy Form, as indicated above- evidence of their authority to represent the shareholder at the Meeting by means of a proper document (such as a general or special power-of-attorney) issued by the such legal entity. A copy of such power of attorney or other proper document must be received by the Company on or before <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">APRIL 27, 2016 AT 24:00 (MIDNIGHT), CENTRAL EUROPEAN TIME</font>, at any of the postal addresses indicated above or by electronic message to the following electronic address: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>investors@tenaris.com</u></font>.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A shareholder's proxy holder shall enjoy the same rights to speak and ask questions at the Meeting as those afforded to the respective shareholder. <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to the Shareholders' Rights Law, irrespective of the number of shares held, a shareholder may appoint only one proxy holder to represent such shareholder at the Meeting</font>, except that:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A person acting as shareholder's proxy holder may represent one or more shareholders. In the event a person represents more than one shareholder, such proxy holder may vote the shares of the represented shareholders differently, in accordance with the instructions given to such proxy holder by each shareholder such person represents.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Each share is indivisible for purposes of attending and voting at the Meeting. Co-owners of shares, beneficiaries and bare-owners of shares, and pledgors and pledgees of pledged shares must be represented by one single person at the Meeting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In accordance with the Shareholders' Rights Law, shareholders holding, individually or collectively, at least five per cent (5%) of the issued shares of the Company have the right to (a) include items on the agendas for the Meeting; and (b) propose draft resolutions for the items included or to be included on the agendas for the Meeting. To exercise such rights, shareholders holding, individually or collectively, at least five per cent (5%) of the issued shares of the Company, must submit a written request to the Company <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ON OR BEFORE APRIL 12, 2016</font>, to any of the postal addresses of the Company indicated above, or by sending an electronic message to the following electronic address: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">investors@tenaris.com</font>. The request must be accompanied by a justification or a draft resolution proposed to be adopted in the Meeting and must include the postal or electronic address at which the Company can acknowledge receipt of such request. Requests which are not timely delivered or do not satisfy the required formalities will be discarded and the proposals included in such requests shall not be included in the agenda for the Meeting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In accordance with the Shareholders' Rights Law, shareholders (or their proxy holders) will have the right to ask questions at the Meeting on the items of the agenda for the Meeting. The right to ask questions and the Company's duty to answer any such questions are subject to the procedures adopted by the Company to ensure the proper identification of shareholders (and their proxy holders), the good order of the Meeting as well as the protection of confidentiality of the Company's business and the safeguarding of the Company's corporate interests.<br>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holders of ADRS: procedures for voting at the Meeting</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Holders of American Depositary Receipts ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>ADRs</u></font>") as of <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">APRIL 20, 2016 </font>(the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>ADR Holders' Record Date</u></font>") are entitled to instruct DEUTSCHE BANK TRUST COMPANY AMERICAS, as Depositary (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Depositary</u></font>"), as to the exercise of the voting rights in respect of the Company's shares underlying such holder's ADRs. Only those ADR holders of record as of the ADR Holders' Record Date will be entitled to provide the Depositary with voting instructions.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Proxy materials will be available to ADR holders as of the date of this notice on the Company's website at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">www.tenaris.com/investors</font>.Voting instructions and voting cards will be sent to ADR holders by the Depositary. Any eligible ADR holder who wishes to give voting instructions in respect of the shares underlying its ADRs must follow the instructions and meet the deadlines set forth in such voting instructions and voting cards.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In accordance with the Luxembourg law of 11 January 2008 on transparency obligations for issuers of securities, each shareholder of the Company must notify the Company and the Luxembourg <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Commission de Surveillance du Secteur Financier </font>(CSSF) on an ongoing basis whenever the proportion of the Company's voting rights held or controlled by such shareholder (or shareholders acting in concert) reaches, exceeds or falls below any of the following thresholds: 5%, 10%, 15%, 20%, 25%, 33 1/3%, 50% and 66 2/3%. Any such notification shall be made as indicated in the Company's website at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>www.tenaris.com/investors</u></font> and in accordance with CSSF regulations. Failure to make such notification will cause the suspension of the exercise of voting rights relating to the shares exceeding the proportion that should have been notified.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On March 31, 2016, the Company had a total issued share capital of $1,180,536,830, represented by 1,180,536,830 shares, each share carrying one vote.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The contact details of Tenaris S.A. are as follows:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tenaris S.A.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Registered office:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29, avenue de la Porte-Neuve</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Email: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>investors@tenaris.com</u></font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Website: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>www.tenaris.com/investors</u></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For convenience of the holders of shares the following postal addresses may also be used:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Argentina:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">c/o Siderca S.A.I.C.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Carlos Mar&#237;a della Paolera 299, piso 16&#176;</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">c/o DalmineS.p.A.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Attn: Marco Tajana and/or Alessandro Vottero</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">c/o Tubos de Acero de M&#233;xico, S.A.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11560 M&#233;xico D.F.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Attn: F&#233;lix Todd and/or Cecilia P&#233;rez Valencia</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cecilia Bilesio</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Secretary of the Board of Directors</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">March 31, 2016</div>

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 Tenaris S.A.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Soci&#233;t&#233; Anonyme</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29, Avenue de la Porte-Neuve</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">L &#8211; 2227 LUXEMBOURG</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">R.C.S. Luxembourg B-85.203</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dear Tenaris Shareholder and ADR Holder,</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">I am pleased to invite you to attend the Annual General Meeting of Shareholders (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Meeting</u></font>") of Tenaris S.A. (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Company</u></font>"), to be held on Wednesday May 4, 2016, at the Company's registered office located at 29, avenue de la Porte-Neuve, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">rd</sup> Floor, L-2227 Luxembourg. The Meeting will begin at 9:30 a.m. (Luxembourg time).</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the Meeting you will hear a report on the Company's business, financial condition and results of operation and will be able to vote on various matters, including the approval of the Company's financial statements, the election of the members of the board of directors and the appointment of the independent auditors.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The convening notice of the Meeting (which contains the agenda for the Meeting and the procedures for attending and/or voting at the Meeting), the total number of shares of the Company and voting rights as of the date of the convening notice, the Shareholder Meeting Brochure and Proxy Statement (which contains reports on each item of the agenda for the Meeting and draft resolutions proposed to be adopted at the Meeting), the Company's 2014 restated annual report (which contains the Company's restated consolidated financial statements as of and for the year ended December 31, 2014, together with the independent auditors' reports and the restated consolidated management report and certifications), the Company's 2015 annual report (which contains the Company's consolidated financial statements as of and for the year ended December 31, 2015, and the Company's annual accounts as at December 31, 2015, together with the independent auditors' reports and the consolidated management report and certifications), and the forms required to be submitted to the Company for purposes of participating and/or voting at the Meeting are available to shareholders as of the date of the convening notice, and may be obtained free of charge from the Company's website at www.tenaris.com/investors or at the Company's registered office in Luxembourg. In addition, shareholders registered in the Company's registry can obtain electronic copies of these documents free of charge by sending an electronic message to the following electronic address: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">investors@tenaris.com</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>.</u></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Even if you only own a few shares or ADRs, I hope that you will exercise your right to vote or instruct voting at the Meeting. If you are a holder of shares on April 20, 2016 at 24:00 (midnight), Central European Time, you can attend and/or vote, personally or by proxy, at the Meeting. If you are a holder of ADRs, please see the letter from Deutsche Bank Trust Company Americas, the depositary bank, or contact your broker/custodian, for instructions on how to exercise the voting rights in respect of the shares underlying your ADRs.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Please note the requirements you must satisfy to attend and/or vote your shares at the Meeting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Yours sincerely,</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Paolo Rocca</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Chairman and Chief Executive Officer</div>

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 DEUTSCHE BANK TRUST COMPANY AMERICAS</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Depositary's Notice of Annual</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General Meeting of Shareholders of Tenaris S.A.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Issuer:</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tenaris S.A. / </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CUSIP 88031M109</font></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Symbol:</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; TS (listed in NYSE)</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; MARGIN-BOTTOM: 9pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Country:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Luxembourg</font></div>

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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Annual General Meeting of Shareholders of Tenaris</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> S.A.,</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> currently scheduled for May 4, 2016. The Meeting will be held at the Company's registered office at 29, avenue de la Porte-Neuve, 3rd Floor, L-2227 Luxembourg. The Annual General Meeting of Shareholders will begin at 9:30 a.m. (Luxembourg time).</font></td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">April 20, 2016</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Ratio&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1 ADR / 2 Ordinary Shares</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deutsche Bank Trust Company Americas, as depositary (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Depositary</u></font>") for the American Depositary Receipt ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>ADR</u></font>") program of Tenaris S.A. (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Company</u></font>") has received notice from the Company of an Annual General Meeting of Shareholders (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Meeting</u></font>") currently scheduled on the date set forth above. A copy of the notice of the Meeting is available to ADR holders on the Company's website at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">www.tenaris.com/investors</font>.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In accordance with the provisions of the Amended and Restated Deposit Agreement, effective as of March 13, 2013 among the Company, the Depositary, and all holders from time to time of ADRs issued thereunder (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Deposit Agreement</u></font>") governing the ADRs, registered owners of ADRs ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Owners</u></font>") representing ordinary shares, US$1 par value each ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Shares</u></font>"), at the close of business (NY time) on the ADR Record Date set forth above will be entitled, subject to any applicable law and the provisions of the Deposit Agreement, to instruct the Depositary as to the exercise of the voting rights pertaining to the Shares represented by such Owner's ADRs. A voting instruction form is enclosed for that purpose.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">With respect to any properly completed voting instructions received by the Depositary on or prior to the Voting Instruction Deadlines set forth above, the Depositary shall endeavor, insofar as practicable and permitted under applicable law and the provisions of the Deposit Agreement, vote or cause the Custodian to vote the Shares and/or other Deposited Securities (as defined in the Deposit Agreement) (in person or by proxy) represented by ADRs in accordance with such voting instructions.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If by the above referred Voting Instruction Deadlines, the Depositary receives no instructions from the Owner, or the instructions received by the Depositary are not in proper form, then the Depositary shall deem such Owner to have instructed the Depositary to vote the Shares underlying its ADRs in favor of any proposals or recommendations of the Company (including any recommendation by the Company to vote such underlying Shares on any given item of the agenda in accordance with the majority shareholder vote on that item) and, for these purposes, the Depositary shall issue a proxy to a person appointed by the Company to vote the Shares underlying such holder's ADRs in favor of any such proposals or recommendations. No instruction shall be deemed given, and no proxy shall be given, with respect to any matter as to which the Company informs the Depositary that (i) it does not wish such proxy given, (ii) it has knowledge that substantial opposition exists with respect to the action to be taken at the Meeting, or (iii) the matter materially and adversely affects the rights of the holders of ADRs. The Depositary shall have no obligation to notify Owners if it should receive any such notification from the Company.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Any Owner entitled to provide the Depositary with voting instructions in respect of the Shares underlying its ADRs, is also entitled to revoke any instructions previously given to the Depositary by filing with the Depositary a written revocation or submitting new instructions on a later date, in each case, at any time prior to the above referred Voting Instruction Deadlines. No instructions, revocations or revisions thereof shall be accepted by the Depositary after such Voting Instruction Deadlines.<br>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Owners maintaining non-certificated positions must follow voting instructions given by their broker or custodian bank, which may provide for earlier deadlines for submitting voting instructions than the Voting Instruction Deadlines indicated above.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or non-action is in good faith and without the Depositary's gross negligence or willful misconduct.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Owners are advised that the Company has also informed the Depositary that the Company's 2014 restated annual report (which contains the Company's restated consolidated financial statements as of and for the year ended December 31, 2014, together with the independent auditors' reports and the restated consolidated management report and certifications) and the Company's 2015 annual report (which contains the Company's consolidated financial statements as of and for the year ended December 31, 2015, and the Company's annual accounts as at December 31, 2015, together with the independent auditors' reports and the consolidated management report and certifications) are available to ADR holders as of the date of the convening notice, and may be obtained free of charge from the Company's website at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">www.tenaris.com/investors</font> or at the Company's registered office in Luxembourg. Neither the Depositary, nor any of its affiliates, controls, is responsible for, endorses, adopts, or guarantees the accuracy or completeness of any information contained on the Company's website and none of them are liable or responsible for any information contained therein.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For further Information, contact:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Phone: 212 250 9100 <br>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tenaris S.A.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29, avenue de la Porte-Neuve, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">rd</sup> Floor,</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">L-2227 Luxembourg</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">RCS Luxembourg B 85 203</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 6.75pt">Annual General Meeting of Shareholders to be held on May 4, 2016</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">This Shareholder Meeting Brochure and Proxy Statement is furnished by Tenaris S.A. (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Company</u></font>") in connection with the Annual General Meeting of Shareholders of the Company (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Meeting</u></font>"), to be held on May 4, 2016, at the Company's registered office located at 29, avenue de la Porte-Neuve, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">rd</sup> Floor, L-2227 Luxembourg, for the purposes set forth in the convening notice of the Meeting (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Notice</u></font>"). The Meeting will begin at 9:30 a.m. (Luxembourg time).</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Meeting has been convened by the Notice, which contains the agenda for the Meeting and the procedures for attending and/or voting at the Meeting. The Notice has been published in Luxembourg and in the markets where the shares of the Company, or other securities representing shares of the Company, are listed. A copy of the Notice may be obtained free of charge from the Company's website at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>www.tenaris.com/investors</u></font> or at the Company's registered office in Luxembourg. In addition, shareholders registered in the Company's registry can obtain electronic copies of these documents free of charge by sending an electronic message to the following electronic address: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>investors@tenaris.com</u></font>.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of the date hereof, there are issued and outstanding 1,180,536,830 ordinary shares, US$1 par value each, of the Company (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Shares</u></font>"), including the Shares (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Deposited Shares</u></font>") deposited with various agents for DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Depositary</u></font>"), under the Amended and Restated Deposit Agreement, effective as of March 13, 2013,<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>among the Company, the Depositary and all holders from time to time of American Depositary Receipts (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>ADRs</u></font>") issued thereunder. The Deposited Shares are represented by American Depositary Shares, which are evidenced by the ADRs (one ADR equals two Deposited Shares). Each Share entitles the holder thereof to one vote at general meetings of shareholders of the Company.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In accordance with the Luxembourg Law of 11 January 2008, on transparency obligations for issuers of securities (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Transparency Law</u></font>"), each shareholder of the Company must notify the Company and the Luxembourg <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Commission de Surveillance du Secteur Financier</font> (CSSF) on an ongoing basis whenever the proportion of the Company's voting rights held or controlled by such shareholder (or shareholders acting in concert) reaches, exceeds or falls below any of the following thresholds: 5%, 10%, 15%, 20%, 25%, 33 1/3%, 50% and 66 2/3%. Any such notification shall be made as indicated in the Company's website at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>www.tenaris.com/investors</u></font> and in accordance with CSSF regulations. Failure to make such notification will cause the suspension of the exercise of voting rights relating to the Shares exceeding the proportion that should have been notified.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In accordance with the Luxembourg Law of 24 May 2011 on the exercise of certain rights of shareholders in general meetings of listed companies (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Shareholders' Rights Law</u></font>"), the right to attend, speak and vote at the Meeting is restricted to those shareholders who are holders of Shares on <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 20, 2016 at 24:00 (midnight), Central European Time</font> (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Shareholders' Record Time</u></font>").</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">A shareholder will only be entitled to attend and/or to vote (personally or by proxy) at the Meeting in respect of those Shares which such shareholder duly evidences to hold at the Shareholders' Record Time. Any changes to a shareholder's holding of Shares after the Shareholders' Record Time shall be disregarded for purposes of determining the right of such shareholder to attend and/or to vote (personally or by proxy) at the Meeting.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">To attend and/or vote (personally or by proxy) at the Meeting, shareholders must complete and return to the Company:<br>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A shareholder wishing to attend the Meeting must complete and return to the Company the Intention to Participate Form. The Intention to Participate Form must be received by the Company, properly completed and signed, on or before <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">the Shareholder's Record Time</font>. A shareholder who has timely submitted the Intention to Participate Form, may elect either to (i) attend the Meeting and vote in person (in which case the shareholder is not required to submit the AGMS Proxy Form), or (ii) have a proxy holder attend the Meeting in person and vote by proxy, in which case the shareholder must also submit (in addition to the Intention to Participate Form) the AGMS Proxy Form as soon as possible and, in any event, must be received by the Company on or before <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 27, 2016 at 24:00 (midnight), Central European Time</font>. Please note that in the event that the Company does not receive the Intention to Participate Form and, if applicable, the AGMS Proxy Form, properly completed and signed, by the dates indicated above, you will not be able to participate or vote (neither in person nor by proxy) at the Meeting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A shareholder who does not wish to attend the Meeting but nonetheless <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">wishes to vote by proxy </font>at the Meeting must only complete and return to the Company the AGMS Proxy Form (and need not submit the Intention to Participate Form) which must be received by the Company on or before <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">the Shareholders' Record Time</font>. Please note that in the event that the Company does not receive the AGMS Proxy Form, properly completed and signed, by the date indicated above, you will not be able to vote (neither in person nor by proxy) at the Meeting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Shareholders' Rights Law provides that any shareholder wishing to attend and/or vote (personally or by proxy) at the Meeting is required to provide reasonably satisfactory evidence to the Company (prior to the Meeting) as to the number of shares of the Company held by such shareholder on the Shareholders' Record Time. Such evidence of shareholding must include at least: shareholder's name, shareholder's registered office/address, shareholder status, number of shares held by the shareholder on the Shareholders' Record Time, the stock exchange on which the shareholder's shares trade and signature of the relevant shareholder's bank or stockbroker (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Evidence</u></font>"). Shareholders need to contact their bank or stockbroker with respect to the provision of such Evidence and completion of the applicable certificate. The model certificate that constitutes the Evidence of the shareholding must be completed and delivered to the Company as soon as possible and in any event must be received by the Company on or before<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> April 27, 2016 at 24:00 (Midnight), Central European Time</font>.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Intention to Participate Form (if you wish to attend the Meeting), the AGMS Proxy Form (if you wish to be represented and vote by proxy at the Meeting) and the model certificate that constitutes the Evidence of the shareholding may be obtained free of charge from the Company's website at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>www.tenaris.com/investors</u></font> or at the Company's registered office in Luxembourg. In addition, shareholders registered in the Company's registry can obtain electronic copies of these documents free of charge by sending an electronic message to the following electronic address: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">investors@tenaris.com</font>.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The forms and certificates must be received by the Company, properly completed and signed, by the dates indicated above, at any of the postal addresses indicated in the Notice, or by electronic message to the following electronic address: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>investors@tenaris.com</u></font>.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No admission cards will be issued to shareholders. Shareholders and their proxy holders attending the Meeting in person will be required to identify themselves at the Meeting with a valid official identification document (e.g. identity card, passport). In the event of shares owned by a corporation or any other legal entity, individuals representing such entity who wish to attend the Meeting in person and vote at the Meeting on behalf of such legal entity, must submit &#8211;in addition to the Intention to Participate Form and the AGMS Proxy Form, as indicated above- evidence of their authority to represent the shareholder at the Meeting by means of a proper document (such as a general or special power-of-attorney) issued by such legal entity. A copy of such power of attorney or other proper document must be received by the Company on or before <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 27, 2016 at 24:00 (midnight), Central European Time</font>, in any of the postal addresses indicated in the Notice or through electronic message to the following electronic address: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>investors@tenaris.com</u></font>.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A shareholder's proxy holder shall enjoy the same rights to speak and ask questions at the Meeting as those afforded to the respective shareholder. Pursuant to the Shareholders' Rights Law, irrespective of the number of Shares held, a shareholder may appoint only one proxy holder to represent such shareholder at the Meeting, except that:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="WIDTH: 49.6pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">if a shareholder holds Shares through more than one securities account, such shareholder may appoint one proxy holder for each securities account;</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="WIDTH: 49.6pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">a shareholder acting professionally for the account of a natural person or legal entity may appoint such natural person or legal entity, or any other third party designated by them, as proxy holder.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A person acting as shareholder's proxy holder may represent one or more shareholders. In the event a person represents more than one shareholder, such proxy holder may vote the Shares of the represented shareholders differently, in accordance with the instructions given to such proxy holder by each shareholder such person represents.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Each Share is indivisible for purposes of attending and voting at the Meeting. Co-owners of Shares, beneficiaries and bare-owners of Shares, and pledgors and pledgees of pledged Shares must be represented by one single person at the Meeting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A shareholder who has completed and delivered to the Company the AGMS Proxy Form, is entitled to, on a later date, (i) revoke such AGMS Proxy Form, and/or (ii) replace such AGMS Proxy Form with a new AGMS Proxy Form, appointing a different proxy holder and/or submitting new voting instructions, in each case, by delivering to the Company a notice of revocation and/or a properly completed and signed replacement AGMS Proxy Form, provided, that, in each case, such notice of revocation and/or replacement AGMS Proxy From must be received by the Company by the dates indicated above, at any of the postal addresses indicated in the Notice, or by electronic message to the following electronic address: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">investors@tenaris.com</font>. No revocations or replacement of the AGMS Proxy Form shall be accepted by the Company if received after such deadlines.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In accordance with the Shareholders' Rights Law, shareholders holding, individually or collectively, at least five per cent (5%) of the issued shares of the Company have the right to (a) include items on the agenda for the Meeting; and (b) propose draft resolutions for the items included or to be included on the agendas for the Meeting. To exercise such rights, shareholders holding, individually or collectively, at least five per cent (5%) of the issued shares of the Company, must submit a written request to the Company <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">on or before April 12, 2016</font>, to any of the postal addresses of the Company indicated above, or by sending an electronic message to the following electronic address: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">investors@tenaris.com</font>. The request must be accompanied by a justification or a draft resolution proposed to be adopted in the Meeting and must include the postal or electronic address at which the Company can acknowledge receipt of such request. Requests which are not timely delivered or do not satisfy the required formalities will be discarded and the proposals included in such requests shall not be included in the agenda for the Meeting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In accordance with the Shareholders' Rights Law, shareholders (or their proxy holders) will have the right to ask questions at the Meeting on the items of the agenda for the Meeting. The right to ask questions and the Company's duty to answer any such questions are subject to the procedures adopted by the Company to ensure the proper identification of shareholders (and their proxy holders), the good order of the Meeting, as well as the protection of confidentiality of the Company's business and the safeguarding of the Company's corporate interests.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Meeting will appoint a chairperson <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">pro tempore</font> to preside the Meeting. The chairperson <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">pro tempore</font> will have broad authority to conduct the Meeting in an orderly and timely manner and to establish behavior rules, including rules for shareholders (or proxy holders) to speak and ask questions at the Meeting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Holders of ADRs as of <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 20, 2016</font> (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>ADR Holders' Record Date</u></font>") are entitled to instruct the Depositary as to the exercise of the voting rights in respect of the Shares underlying such holder's ADRs.&#160; Only those ADR holders of record as of the ADR Holders' Record Date will be entitled to provide the Depositary with voting instructions.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Any eligible ADR holder who wishes to give voting instructions in respect of the Shares underlying its ADRs must follow the instructions and meet the deadlines set forth in the voting instructions and voting cards. If the Depositary receives proper instructions (i) in the case of any ADR holder giving instructions through a written proxy card, by 5:00 p.m., New York City time, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">on April 28, 2016</font>, and (ii) in the case of any ADR holder using internet or telephone voting by <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11:59 p.m., New York City time, on April 27, 2016</font>, then the Depositary shall vote, or cause to be voted, the Shares underlying such holder's ADRs in the manner prescribed by the instructions. However, if by the above referred deadlines, the Depositary receives no instructions from the ADR holder, or the instructions received by the Depositary are not in proper form, then the Depositary shall deem such ADR holder to have instructed the Depositary to vote the Shares underlying its ADRs in favor of any proposals or recommendations of the Company (including any recommendation by the Company to vote such underlying Shares on any given issue in accordance with the majority shareholder vote on that issue) and, for these purposes, the Depositary shall issue a proxy to a person appointed by the Company to vote the Shares underlying such holder's ADRs in favor of any such proposals or recommendations. No instruction shall be deemed given, and no proxy shall be given, with respect to any matter as to which the Company informs the Depositary that (i) it does not wish such proxy given, (ii) it has knowledge that substantial opposition exists with respect to the action to be taken at the Meeting, or (iii) the matter materially and adversely affects the rights of the holders of ADRs.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Any holder of ADRs entitled to provide the Depositary with voting instructions in respect of the Shares underlying its ADRs, is also entitled to revoke any instructions previously given to the Depositary by filing with the Depositary a written revocation or submitting new instructions on a later date, in each case, at any time prior to the above referred deadlines. No instructions, revocations or revisions thereof shall be accepted by the Depositary after such deadlines.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Holders of ADRs maintaining non-certificated positions must follow voting instructions given by their broker or custodian bank, which may provide for earlier deadlines for submitting voting instructions than those indicated above.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Resolutions at the Meeting will be passed by the simple majority of the votes validly cast, irrespective of the number of shares present or represented.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Meeting is called to address and vote on the items of the agenda included in the Notice. The agenda for the Meeting, including reports on each item of the agenda and the draft resolution proposed to be adopted thereon are included below:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consideration of the restated consolidated management report and related management certifications on the Company's restated consolidated financial statements as of and for the year ended December 31, 2014, and on the annual accounts as at December 31, 2014, and of the independent auditors' reports on such restated consolidated financial statements and annual accounts.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In connection with the restatement of the Company's consolidated financial statements as of and for the year ended December 31, 2014, which will be submitted for approval at the Meeting, management has amended and restated the previously issued consolidated management report, presented to the Company's shareholders at the Annual General Meeting of Shareholders held on May 6, 2015 (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>2015 Meeting</u></font>") and the independent auditors have reissued their reports on such restated financial statements.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The restated consolidated management report and related management certifications on the Company's restated consolidated financial statements as of and for the year ended December 31, 2014, and on the Company's annual accounts as at&#160; December 31, 2014, and the independent auditors' reports on such restated consolidated financial statements and annual accounts, are included in the Company's 2014 restated annual report, copies of which are available to shareholders and ADR holders as of the date of the Notice, as indicated in this Shareholder Meeting Brochure and Proxy Statement. The Company's 2014 restated annual report includes all the information required by article 11 of the law of 19 May 2006, implementing Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Draft resolution proposed to be adopted</font>: "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Annual General Meeting of Shareholders resolved to acknowledge the restated consolidated management report and related management certifications on the Company's consolidated financial statements as of and for the year ended December 31, 2014, and on the Company's annual accounts as at December 31, 2014, and the independent auditors' reports on such restated consolidated financial statements and annual accounts</font>."</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Approval of the Company's restated consolidated financial statements as of and for the year ended December 31, 2014.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Following the conclusion of previously disclosed discussions with the Staff of the U.S. Securities and Exchange Commission ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>SEC</u></font>") regarding Staff's comments relating to the carrying value of the Company's investment in Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; Usiminas ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Usiminas</u></font>") under International Financial Reporting Standards ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>IFRS</u></font>") as of September 30, 2014, and subsequent periods, the Company has restated its consolidated financial statements as of and for the year ended December 31, 2014, previously approved by the 2015 Meeting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Staff had requested information regarding the Company's value in use calculations and the differences between the carrying amounts and certain other indicators of value, including the purchase price of BRL12 (approximately USD4.8) per share which the Company's affiliate, Ternium S.A. ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Ternium</u></font>"), paid in October 2014 for the acquisition of 51.4 million additional Usiminas ordinary shares from Caixa de Previd&#234;ncia dos Funcion&#225;rios do Banco do Brazil &#8211; PREVI ("PREVI"), and indicated that the PREVI transaction price provided objective evidence of the value of the Usiminas investment.&#160; As a result of these discussions, the Company has re-evaluated and revised the assumptions used to calculate the carrying value of the Usiminas investment at September 30, 2014. In calculating the value in use of the Usiminas investment initially reported at September 30, 2014, the Company had combined the assumptions used in two different projected scenarios. For the purposes of the restatement of the financial statements, however, the Company recalculated value in use as of September 30, 2014, based primarily on the assumptions in the most conservative scenario, including, among other revisions, an increase in the discount rate and a decrease in the perpetuity growth rate. As a result, the Company recorded and impairment of US$161.2 million as of September 30, 2014, resulting in a carrying value for the Usiminas investment of BRL12 per share.&#160; In addition, the Company's investment in Ternium was also adjusted to reflect the change in carrying value of that company's participation in Usiminas. Because of this impairment and adjustment as of September 30, 2014, the Company did not record a further impairment or adjustment as of December 31, 2014.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The restatement impacts the consolidated statement of financial position, the consolidated statement of changes in equity, the consolidated income statement, the consolidated statement of other comprehensive income and the consolidated statement of cash flows for the year ended December 31, 2014. The restatement impacts only the year ended December 31, 2014. No impact was recorded on the financial statements for the years ended December 31, 2013 and 2012.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The restated Company's consolidated financial statements as of and for the year ended December 31, 2014 (comprising the restated consolidated balance sheets and the related restated consolidated statements of income, of cash flows and of changes in equity and the notes to such restated consolidated financial statements), are included in the Company's 2014 restated annual report, copies of which are available to shareholders and ADR holders as of the date of the Notice, as indicated in this Shareholder Meeting Brochure and Proxy Statement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Draft resolution proposed to be adopted</font>: "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Annual General Meeting of Shareholders resolved to approve the Company's restated consolidated financial statements as of and for the year ended December 31, 2014</font>".</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Consideration of the consolidated management report and related management certifications on the Company's consolidated financial statements as of and for the year ended December 31, 2015, and on the annual accounts as at December 31, 2015, and of the independent auditors' reports on such consolidated financial statements and annual accounts.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The consolidated management report and related management certifications on the Company's consolidated financial statements as of and for the year ended December 31, 2015, and on the Company's annual accounts as at&#160; December 31, 2015, and the independent auditors' reports on such consolidated financial statements and annual accounts, are included in the Company's 2015 annual report, copies of which are available to shareholders and ADR holders as of the date of the Notice, as indicated in this Shareholder Meeting Brochure and Proxy Statement. The Company's 2015 annual report includes all the information required by article 11 of the law of 19 May 2006, implementing Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Draft resolution proposed to be adopted</font>: "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Annual General Meeting of Shareholders resolved to acknowledge the consolidated management report and related management certifications on the Company's consolidated financial statements as of and for the year ended December 31, 2015, and on the Company's annual accounts as at</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">December 31, 2015, and the independent auditors' reports on such consolidated financial statements and annual accounts</font>."</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's consolidated financial statements as of and for the year ended December 31, 2015 (comprising the consolidated balance sheets and the related consolidated statements of income, of cash flows and of changes in equity and the notes to such consolidated financial statements), are included in the Company's 2015 annual report, copies of which are available to shareholders and ADR holders as of the date of the Notice, as indicated in this Shareholder Meeting Brochure and Proxy Statement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Draft resolution proposed to be adopted</font>: "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Annual General Meeting of Shareholders resolved to approve the Company's consolidated financial statements as of and for the year ended December 31, 2015</font>".</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's annual accounts as at December 31, 2015 (comprising the balance sheet, the profit and loss account and the notes to such annual accounts) are included in the Company's 2015 annual report, copies of which are available to shareholders and ADR holders as of the date of the Notice, as indicated in this Shareholder Meeting Brochure and Proxy Statement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Draft resolution proposed to be adopted</font>: "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Annual General Meeting resolved to approve the Company's annual accounts as at December 31, 2015</font>".</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Allocation of results and approval of dividend payment for the year ended December 31, 2015.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In accordance with applicable Luxembourg law and the Company's articles of association, the Company is required to allocate 5% of its annual net income to a legal reserve, until this reserve equals 10% of the subscribed capital.&#160; As indicated in the Company's annual accounts as at December 31, 2015, the Company's legal reserve already amounts to 10% of its subscribed capital and, accordingly, the legal requirements in that respect are satisfied.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's board of directors (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Board of Directors</u></font>") proposed that a dividend, payable in U.S. dollars, in the amount of US$0.45 per share (or US$0.90 per ADR), which represents an aggregate sum of approximately US$531 million, be approved and that the Board of Directors be authorized to determine or amend, in its discretion, the terms and conditions of the dividend payment, including the applicable record date. This dividend would include the interim dividend of US$0.15 per share (or US$0.30 per ADR), or approximately US$177 million, paid in November 2015, and, accordingly, if this dividend proposal is approved, the Company will make a dividend payment on May 25, 2016, in the amount of US$0.30 per share (or US$0.60 per ADR) or approximately US$354 million.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's annual accounts as at December 31, 2015, show a loss for 2015, of approximately US$ 2.5 billion, and the Company's consolidated financial statements as of and for the year ended December 31, 2015, show a loss for the year 2015 of approximately US$ 74 million. However, considering the Company's retained earnings and other distributable reserves, the Company has distributable amounts which exceed the proposed dividend. The dividend payment in the amount of US$0.30 per share (or US$0.60 per ADR) to be distributed on May 25, 2016, is to be paid from the Company's retained earnings reserve. The loss of the year ended December 31, 2015, would be absorbed by the Company's retained earnings account.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Draft resolution proposed to be adopted</font>: "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Annual General Meeting resolved (i) to approve a dividend for the year ended December 31, 2015, in the aggregate amount of US$0.45 per share (or US$0.90 per ADR), which represents an aggregate sum of approximately US$531 million, and which includes the interim dividend of US$0.15 per share (or US$0.30 per ADR) paid in November 2015, (ii) to authorize the Board of Directors to determine or amend, in its discretion, the terms and conditions of the dividend payment so approved, including the applicable record date, (iii) to make the dividend payment in U.S. dollars on May 25, 2016, in the amount of US$0.30 per share (or US$0.60 per ADR), pursuant to this resolution out of the Company's retained earnings reserve; and (iv) that the loss of the year ended December 31, 2015, be absorbed by the Company's retained earnings account</font>".<br>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Discharge of the members of the Board of Directors for the exercise of their mandate throughout the year ended December 31, 2015.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In accordance with the Luxembourg Law of 10 August 1915, on commercial companies, as amended (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Commercial Companies Law</u></font>"), following approval of the Company's annual accounts as at December 31, 2015, the Meeting shall vote as to whether those who were members of the Board of Directors throughout the year ended December 31, 2015, are discharged from any liability in connection with the management of the Company's affairs during such year.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">It is proposed that those who were members of the Board of Directors throughout the year ended December 31, 2015, be discharged from any liability in connection with the management of the Company's affairs during such year.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Draft resolution proposed to be adopted</font>: "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Annual General Meeting resolved to discharge all those who were members of the Board of Directors throughout the year ended December 31, 2015, from any liability in connection with the management of the Company's affairs during such year</font>."</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Election of the members of the Board of Directors.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Pursuant to article 8 of the Company's articles of association, the annual general meeting must elect a Board of Directors of not less than five and not more than fifteen members, who shall have a term of office of one year, but may be reappointed. Pursuant to article 11 of the Company's articles of association and applicable securities laws and regulations, the Company must have an audit committee (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Audit Committee</u></font>") composed of three members who shall qualify as "independent directors".</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The current Board of Directors consists of ten directors, three of whom (i.e., Messrs. Jaime Serra Puche, Amadeo V&#225;zquez y V&#225;zquez and Roberto Monti) qualify as "independent directors" under the Company's articles of association and applicable law, and are members of the Audit Committee.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">It is proposed that the number of members of the Board of Directors be reduced to nine (9) and that all of the current members of the Board of Directors, except for Mr. Carlos Franck, namely:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mr. Roberto Bonatti</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">be re-appointed to the Board of Directors, each to hold office until the next annual general meeting of shareholders that will be convened to decide on the Company's 2016 annual accounts.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 8.4pt">Set forth below is summary biographical information of each of the candidates:</div>

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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Roberto Bonatti</u></font>. Mr. Bonatti is a member of the Board of Directors. He is a grandson of Agostino Rocca, founder of the Techint group, a group of companies controlled by San Faustin S.A. ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>San Faustin</u></font>"). Throughout his career in the Techint group, he has been involved specifically in the engineering and construction and corporate sectors. He was first employed by the Techint group in 1976, as deputy resident engineer in Venezuela. In 1984, he became a director of San Faustin, and since 2001 he has served as its president. In addition, Mr. Bonatti currently serves as president of Sadma Uruguay S.A. He is also a member of the board of directors of Ternium. Mr. Bonatti is an Italian citizen.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Carlos Condorelli</u></font>. Mr. Condorelli is a member of the Board of Directors. He served as the Company's chief financial officer from October 2002 until September 2007. He is also a board member of Ternium S.A. He began his career within the Techint group in 1975 as an analyst in the accounting and administration department of Siderar S.A.I.C. He has held several positions within Tenaris and other Techint group companies, including finance and administration director of Tubos de Acero de M&#233;xico S.A. ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Tamsa</u></font>") and president of the board of directors of Empresa Distribuidora La Plata S.A., an Argentine utilities company. Mr. Condorelli is an Argentine citizen.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Roberto Monti</u></font>. Mr. Monti is a member of the Board of Directors. He is a member of the board of directors of Petrobras Energia. He has served as vice president of Exploration and Production of Repsol YPF and as chairman and chief executive officer of YPF. He was also the president of Dowell, a subsidiary of Schlumberger and the president of Schlumberger Wire &amp; Testing division for East Hemisphere Latin America. Mr. Monti is an Argentine citizen.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Gianfelice Mario Rocca</u></font>. Mr. Rocca is a member of the Board of Directors. He is a grandson of Agostino Rocca. He is the chairman of the board of directors of San Faustin, a member of the board of directors of Ternium S.A., president of the Humanitas Group and president of Tenova S.p.A. In addition, he sits on the board of directors or executive committees of several companies, including Allianz S.p.A, Brembo and Buzzi Unicem. He is president of Assolombarda, the largest territorial association of entrepreneurs in Italy and part of Confindustria (Italian employers' organization). In addition, he is member of the EIT Governing Board (European Institute of Innovation and Technology). He is chairman of Humanitas University, board member of Bocconi University. He is a member of the Advisory Board of Politecnico di Milano, the Allianz Group, the Aspen Institute Executive Committee, the Trilateral Commission, and the European Advisory Board of Harvard Business School. Mr. Rocca is an Italian citizen.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Paolo Rocca</u></font>. Mr. Rocca is the chairman of the Board of Directors and the Company's chief executive officer. He is a grandson of Agostino Rocca. He is also chairman of the board of directors of Tamsa. He is also the chairman of the board of directors of Ternium S.A., a director and vice president of San Faustin, and a director of Techint Financial Corporation N.V. He is a member of the Executive Committee of the World Steel Association. Mr. Rocca is an Italian citizen.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Jaime Serra Puche</u></font>. Mr. Serra Puche is a member of the Board of Directors. He is the chairman of SAI Consultores, a Mexican consulting firm, and a member of the board of directors of the Mexico Fund, Grupo Vitro, Grupo Modelo and Alpek S.A. Mr. Serra Puche served as Mexico's Undersecretary of Revenue, Secretary of Trade and Industry, and Secretary of Finance. He led the negotiation and implementation of NAFTA. Mr. Serra Puche is a Mexican citizen.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Alberto Valsecchi</u></font>. Mr. Valsecchi is a member of the Board of Directors. He served as the Company's chief operating officer from February 2004 until July 2007. He joined the Techint group in 1968 and has held various positions within Tenaris and other Techint group companies. He has retired from his executive positions. He is also a member of the board of directors of San Faustin. and chairman of the board of directors of Dalmine S.p.A., a position he assumed in May 2008. Mr. Valsecchi is an Italian citizen.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Amadeo V&#225;zquez y V&#225;zquez</u></font>. Mr. V&#225;zquez y V&#225;zquez is a member of the Board of Directors. He is an independent alternate director of Gas Natural BAN, S.A, of Grupo Gas Natural Fenosa. He is a member of the advisory board of the Fundaci&#243;n de Investigaciones Econ&#243;micas Latinoamericanas and member of the Asociaci&#243;n Empresaria Argentina. He served as chief executive officer of Banco R&#237;o de la Plata S.A. until August 1997, independent director and chairman of the Audit Committee of BBVA Banco Franc&#233;s S.A. until 2003, and chairman of the board of directors of Telecom Argentina S.A. until April 2007. Mr. V&#225;zquez y V&#225;zquez is a Spanish and Argentine citizen.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Guillermo Vogel</u></font>. Mr. Vogel is vicepresident finance of the Company's board of directors. He is the vice chairman of Tamsa, the chairman of Grupo Collado, Exportaciones IM Promoci&#243;n and Canacero, a member of the board of directors of each of Techint, S.A de C.V, Corporaci&#243;n&#160; Alfa, the Universidad Panamericana &#8211; IPADE, Rassini, Corporaci&#243;n Mexicana de Inversiones de Capital, Innovare, Grupo Assa and the American Iron and Steel <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Institute. In addition, he is a member of The Trilateral Commission and member of the International Board of The Manhattan School of Music. Mr. Vogel is a Mexican citizen.</font></td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 2.45pt">The Board of Directors met eight times during 2015. On January 31, 2003, the Board of Directors created an Audit Committee pursuant to Article 11 of the Company's articles of association. As permitted under applicable laws and regulations, the Board of Directors does not have any executive, nominating or compensation committee, or any committees exercising similar functions.<br>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Draft resolution proposed to be adopted</font>: "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Annual General Meeting resolved to (i) reduce the number of members of the Board of Directors to nine; and (ii) re-appoint Mr. Roberto Bonatti, Mr. Carlos</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> Condorelli, Mr. </font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Roberto Monti, Mr. Gianfelice Mario Rocca, Mr. Paolo Rocca,</font><font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mr. Jaime Serra Puche, Mr. Alberto Valsecchi, Mr. Amadeo V&#225;zquez y V&#225;zquez and Mr. Guillermo Vogel to the Board of Directors, each to hold office until the next annual general meeting of shareholders that will be convened to decide on the Company's 2016 annual accounts</font>."</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Authorization of the compensation of members of the Board of Directors</font>.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">It is proposed that each member of the Board of Directors receive an amount of US$85,000 as compensation for his services during the fiscal year 2016; and it is further proposed that each of the members of the Board of Directors who are members of the Audit Committee receive an additional fee of US$55,000 and that the Chairman of such Audit Committee receive, further, an additional fee of US$10,000. In all cases, the proposed compensation will be net of any applicable Luxembourg social security charges.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Draft resolution proposed to be adopted</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">: "the Annual General Meeting resolved that (i) each of the members of the Board of Directors receive an amount of US$85,000 as compensation for his services during the fiscal year 2016; (ii) each of the members of the Board of Directors who are members of the Audit Committee receive an additional fee of US$55,000 and; (iii) the Chairman of such Audit Committee receive, further, an additional fee of US$10,000</font>. <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In all cases, the approved compensation will be net of any applicable Luxembourg social security charges</font>."</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appointment of the independent auditors for the fiscal year ending December 31, 2016, and approval of their fees.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Audit Committee has recommended that PricewaterhouseCoopers, s<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">oci&#233;t&#233; coop&#233;rative</font>, be appointed as the Company's independent auditors (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">r&#233;viseur d'entreprises agr&#233;&#233;</font>)<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>for the fiscal year ending December 31, 2016, to be engaged until the next annual general meeting of shareholders that will be convened to decide on the Company's 2016 annual accounts.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In addition, the Audit Committee has recommended the approval of the independent auditors' fees for audit, audit-related and other services to be rendered during the fiscal year ending December 31, 2016, broken-down into five currencies (Argentine Pesos, Brazilian Reais, Euro, Mexican Pesos and U.S. Dollars), up to a maximum amount for each currency equal to AR$ 24,936,951, BR$ 487,876, EUR 1,418,182, MX$ 4,405,233, and US$ 348,545. Such fees will cover the audit of the Company's consolidated financial statements and annual accounts, the audit of the Company's internal controls over financial reporting as mandated by the Sarbanes-Oxley Act of 2002, other audit-related services, and other services rendered by the independent auditors. For information purposes, based on the exchange rate between the U.S. Dollar and each applicable other currency as of December 31, 2015, the aggregate amount of fees for audit, audit-related and other services to be rendered by the independent auditors during the fiscal year ending December 31, 2016, is equivalent to US$3,845,211. Finally, it is proposed that the Audit Committee be authorized to approve any increase or reallocation of the independent auditors' fees as may be necessary, appropriate or desirable under the circumstances.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Draft resolution proposed to be adopted</font>: "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Annual General</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Meeting resolved to (i) appoint PricewaterhouseCoopers, soci&#233;t&#233; coop&#233;rative, as the Company's independent auditors (r&#233;viseur d'entreprises agr&#233;&#233;) for the fiscal year ending December 31, 2016, to be engaged until the next annual general meeting of shareholders that will be convened to decide on the Company's 2016 annual accounts; (ii) approve the independent auditors' fees for audit, audit-related and other services to be rendered during the fiscal year ending December 31, 2016, broken-down into five currencies (Argentine Pesos, Brazilian Reais, Euro, Mexican Pesos and U.S. Dollars), up to a maximum amount for each currency equal to AR$ 24,936,951, BR$ 487,876, EUR 1,418,182, MX$ 4,405,233, and US$ 348,545, and (iii) authorize the Audit Committee to approve any increase or reallocation of the independent auditors' fees as may be necessary, appropriate or desirable under the circumstances</font>."</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Authorization to the Board of Directors to cause the distribution of all shareholder communications, including its shareholder meeting and proxy materials and annual reports to shareholders, by such electronic means as is permitted by any applicable laws or regulations.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In order to expedite shareholder communications and ensure their timely delivery, it is advisable that the Board of Directors be authorized to cause the distribution of all shareholder communications, including its shareholder meeting and proxy materials and annual reports to shareholders (either in the form of a separate annual report containing financial statements of the Company and its consolidated subsidiaries or in the form of an annual report on Form 20-F or similar document, as filed with the securities authorities or stock markets) by such electronic means as are permitted or required by any applicable laws or regulations (including any interpretations thereof), including, without limitation, by posting such communication on the Company's website, or by sending electronic communications (e-mails) with attachment(s) in a widely used format or with a hyperlink to the applicable filing by the Company on the website of the above referred authorities or stock markets, or by any other existing or future electronic means of communication as is or may be permitted by any applicable laws or regulations.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Through this resolution, the Company seeks authorization under Article 16 of the Transparency Law, to give, send or supply information (including any notice or other document) that is required or authorized to be given, sent or supplied to a shareholder by the Company whether required under the articles of association or by any applicable law or any other rules or regulations to which the Company may be subject, by making such information (including any notice or other document) available on the Company's website or through other electronic means.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Draft resolution proposed to be adopted</font>: "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Annual General Meeting resolved to authorize the Board of Directors to cause the distribution of all shareholder communications, including its shareholder meeting and proxy materials and annual reports to shareholders (either in the form of a separate annual report containing financial statements of the Company and its consolidated subsidiaries or in the form of an annual report on Form 20-F or similar document, as filed with the securities authorities or stock markets) by such electronic means as are permitted or required by any applicable laws or regulations (including any interpretations thereof), including, without limitation, by posting such communication on the Company's website, or by sending electronic communications (e-mails) with attachment(s) in a widely used format or with a hyperlink to the applicable filing by the Company on the website of the above referred authorities or stock markets, or by any other existing or future electronic means of communication as is or may be permitted by any applicable laws or regulations</font>."</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">*&#160; *&#160; *&#160; *&#160; *</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Pursuant to article 15 of the Company's articles of association, the next Annual General Meeting of Shareholders will be convened to decide on the Company's 2016 annual accounts, will be held on May 3, 2017, at 9:30 a.m. (Luxembourg time).</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In accordance with the Shareholders' Rights Law, shareholders holding, individually or collectively, at least five per cent (5%) of the issued Shares will have the right to (a) include items on the agenda for the next Annual General Meeting of Shareholders, that will be convened to decide on the Company's 2016 annual accounts; and (b) propose draft resolutions for the items included or to be included on the agenda for the next Annual General Meeting of Shareholders, that will be convened to decide on the Company's 2016 annual accounts. To exercise such rights, shareholders holding, individually or collectively, at least five per cent (5%) of the issued Shares, must submit a written request to the Company on or before April 10, 2017, satisfying the requirements of the Shareholders' Rights Law.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">PricewaterhouseCoopers s<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">oci&#233;t&#233; coop&#233;rative</font>, are the Company's independent auditors (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">r&#233;viseur d'entreprises agr&#233;&#233;</font>). A representative of the independent auditors will be present at the Meeting to respond questions.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 8.4pt">Cecilia Bilesio</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 8.4pt">Secretary of the Board of Directors</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Leading Indicators</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Information on Tenaris</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">The Company</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">History and Development of Tenaris</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Principal Risks and Uncertainties</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris is a leading supplier of tubes and related services for the world's energy industry and certain other industrial applications. Our mission is to deliver value to our customers through product development, manufacturing excellence and supply chain management. We seek to minimize risk for our customers and help them reduce costs, increase flexibility and improve time-to-market. Our employees around the world are committed to continuous improvement by sharing knowledge across a single global organization.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dear Shareholders,</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The collapse in the price of oil and the decline in oil and gas drilling activity worldwide are resulting in profound changes in the markets where we operate. This is the most severe downturn in our industry I have experienced and, this month, the number of active rigs drilling for oil and gas reached the lowest level recorded since Baker Hughes began publishing this statistic over 60 years ago.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Our operating and financial results are clearly being affected. In a market where demand for OCTG products fell from 17.7 million tons in 2014 to 11.2 million tons in 2015, reflecting sharply lower drilling activity and inventory adjustments, particularly in the USA and Canada, our sales for the year fell 31% to $7.1 billion. EBITDA declined to $1.3 billion, or 18% of sales, and we recorded a net loss for shareholders of $80 million, or $0.07 per share, after impairment and other charges.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">These results reflect ongoing efforts to adjust Tenaris to the changing market environment. We have focused strongly on reducing costs using the flexibility of our industrial structure, maintaining high levels of efficiency in our mills even with low volumes, improving the efficiency of our purchasing processes and reducing our fixed cost structure.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We have focused on cash flow management, generating $2.2 billion from operations during the year, including a $1.4 billion reduction in working capital, and maintained investments in strategic projects including the Bay City mill and service development for our customers.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Our financial position remains solid with net cash of $1.8 billion at the end of the year. In this context, we are proposing to maintain our dividend at $0.45 per share for the 2015 fiscal year.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Around the world, we are strengthening our market position in the many distinct geographical and product segments where we operate. Each of our business units is developing strategies to take advantage of the eventual recovery, leveraging on our competitive advantages of financial strength, product technology, service development and on-the-ground customer relationships. In a low price environment, customers are looking for ways to transform the costs in their supply chain on a sustainable basis and we stand out as a supplier that can guarantee continuity, commitment, quality and innovation in every operational situation.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In the United States, we rolled out our Rig Direct<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#8482;</font> service program in the Eagle Ford and Permian regions, investing in new service centers in Freeport and Midland. This way of operating the tubular supply chain, where we synchronize deliveries from our mills and manage the supply of pipes and accessories directly to the rig, contributes to a more sustainable, cost-efficient operation, reducing working capital and inventory obsolescence and simplifying operating procedures. By the end of the year we were supplying 50 rigs and the program will be strengthened when our Bay City mill starts operations later this year.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In the North Sea, we were awarded a multi-year contract to supply Maersk's Culzean development, which is expected to supply 5% of the UK's natural gas requirements from 2020. The supply package of sour service casing includes our newly developed Blue&#174; Max and Blue&#174; Heavy Wall connections fully tested under the API 5C5 CAL IV protocol, our Dopeless&#174; technology and a full scope of pipe management services supported by local threading and repair capabilities.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We are in the final stages of negotiation of a global long-term agreement with Chevron. As part of the process, we recently concluded agreements to serve their operations in Thailand and Permian. In Thailand, we are preparing two local service centers to supply pipes and accessories ready for running offshore on a just-in-time basis using an innovative pipe by pipe tracking solution to optimize material and quality management. In the Permian, Chevron's operation is being served under our Rig Direct&#8482; program.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Through the year we have consolidated our leading position in the offshore line pipe segment supplying major projects in the Gulf of Mexico and sub-Saharan Africa and our coating facility in Nigeria made an important contribution to our results.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In the difficult environment for the energy sector, other segments of our business are receiving more visibility. In the automotive sector, for example, we have built a leading position in tubular components for airbags, where we have a 40% global market share. In 2015 we delivered a record 70 million pieces. This year, we have been awarded a long-term contract for the supply of tubes for the ring gears in the new 10-speed gearbox transmission developed for Ford and GM. This is a sector which requires constant effort and focus on the long-term to develop products, service, quality and reliability for demanding customers.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We are taking care to maintain the long-term values on which the company has been founded. Safety is a key value for an industrial company like ours, essential for our competitive differentiation and the long-term sustainability of our operations. Our main safety indicators improved as we implemented a zero tolerance program alongside our safe hour and safe start programs. Our average injury frequency rate declined 15% in 2015 compared to 2014 and has declined 46% over the past four years.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I would also like to mention the recognition that TenarisUniversity has achieved over the past year. The MOOCs (Massive Online Open Courses) on OCTG products and services that it produced in 2015 for the edX platform founded by Harvard and MIT achieved outstanding performance ratings and completion rates around the world. And Tenaris was included within the top ten companies for its employee training and development practices in 2016 by Training Magazine, an established US publication.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As we enter 2016, oil and gas prices have declined further and oil and gas companies are making further substantial cutbacks on their investment programs. Demand for OCTG continues to decline, particularly in the United States and Canada where drilling activity is falling rapidly and inventory levels remain high in relation to consumption.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In this difficult context, we are organizing the company and defining our strategies to be prepared for an extended period of low oil prices. At the same time, we are concentrating on preparing for the inevitable recovery in each of our business units. Thus we are maintaining our strategic investments in the Bay City mill, product development, service development and human resources.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Our customers need to develop transformational changes to their supply structures with partners having the global reach and financial strength to support them in their operations worldwide. We think we are well positioned to help them. Ours is a cyclical industry, and however long this downturn lasts, we are confident that we will emerge from it with a stronger market position.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I am aware of the profound impact this downturn is having on our employees and our communities: we are making many difficult decisions to secure the future growth and competitiveness of the company. I especially want to thank them for the spirit, commitment and support that I see in all areas. </font>I would also like to express my thanks to our customers, suppliers and shareholders for their continuing support and confidence in Tenaris.</div>

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<div style="TEXT-ALIGN: justify; FONT: 10pt/11.4pt 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt"><u>/s/ Paolo Rocca&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">References in this annual report to "the Company" refer exclusively to Tenaris S.A., a Luxembourg public limited liability company (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">soci&#233;t&#233; anonyme</font>).</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">References in this annual report to "Tenaris", "we", "us" or "our" refer to Tenaris S.A. and its consolidated subsidiaries. See Accounting Policies A, B and L to our audited consolidated financial statements included in this annual report.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">References in this annual report to "San Faustin" refer to San Faustin S.A., a Luxembourg public limited liability company (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">soci&#233;t&#233; anonyme</font>) and the Company's controlling shareholder.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We prepare our consolidated financial statements in conformity with International Financial Reporting Standards, as issued by the International Accounting Standards Board, or IFRS, and adopted by the European Union, or E.U.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We publish consolidated financial statements expressed in U.S. dollars. Our consolidated financial statements included in this annual report are those as of December 31, 2015 and 2014, and for the years ended December 31, 2015, 2014 and 2013. Information as of December 31, 2014, included in this annual report is derived from our audited restated consolidated financial statements for the year ended December 31, 2014.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We use words such as "aim", "will likely result", "will continue", "contemplate", "seek to", "future", "objective", "goal", "should", "will pursue", "anticipate", "estimate", "expect", "project", "intend", "plan", "believe" and words and terms of similar substance to identify forward-looking statements, but they are not the only way we identify such statements. This annual report contains forward-looking statements, including with respect to certain of our plans and current goals and expectations relating to Tenaris's future financial condition and performance. Sections of this annual report that by their nature contain forward-looking statements include, but are not limited to, "Business Overview", "Principal Risks and Uncertainties", and "Operating and Financial Review and Prospects". In addition to the risks related to our business discussed under "Principal Risks and Uncertainties", other factors could cause actual results to differ materially from those described in the forward-looking statements. These factors include, but are not limited to:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">our ability to implement our business strategy or to grow through acquisitions, joint ventures and other investments;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">our ability to price our products and services in accordance with our strategy;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">our ability to absorb cost increases and to secure supplies of essential raw materials and energy;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#183;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">our ability to adjust fixed and semi-fixed costs to fluctuations in product demand;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">trends in the levels of investment in oil and gas exploration and drilling worldwide; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">and</font></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">general macroeconomic and political conditions in the countries in which we operate or distribute pipes.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">By their nature, certain disclosures relating to these and other risks are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses that may affect our financial condition and results of operations could differ materially from those that have been estimated. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this annual report. Except as required by law, we are not under any obligation, and expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Leading Indicators</div>

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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2" nowrap="nowrap">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2" nowrap="nowrap">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TUBES SALES VOLUMES (thousands of tons)</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Seamless</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,028</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,790</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,612</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Welded</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">605</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">885</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,049</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,633</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,675</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,661</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TUBES PRODUCTION VOLUMES (thousands of tons)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Seamless</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,780</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,940</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,611</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Welded</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">633</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">908</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">988</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,413</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,848</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">FINANCIAL INDICATORS (millions of $)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,101</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,338</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,597</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">195</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,899</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,185</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EBITDA (1)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,255</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,720</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,795</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net income (loss)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(74</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,181</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,574</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash flow from operations</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,215</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,044</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,377</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital expenditures</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,132</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,089</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">753</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">BALANCE SHEET (millions of $)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total assets</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,887</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,511</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15,931</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total borrowings</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">972</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">999</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">931</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net financial debt/ (cash) (2)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,849</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,257</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(911</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total liabilities</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,021</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,704</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,461</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Shareholders' equity including non-controlling interests</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,866</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,806</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,470</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">PER SHARE / ADS DATA ($ PER SHARE / PER ADS)(3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Number of shares outstanding (4) (thousands of shares)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,537</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,537</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,537</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Loss) Earnings per share</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.07</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.98</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.31</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Loss) Earnings per ADS</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.14</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.96</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.63</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends per share (5)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.45</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.45</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.43</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends per ADS (5)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.90</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.90</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.86</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">ADS Stock price at year-end</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23.80</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">30.21</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">43.69</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Number of employees (4)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,741</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,816</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">26,825</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div>
<table style="MARGIN-TOP: 6pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e2254cf924cc491883e66c78a1ccd976" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.85pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; MARGIN-TOP: 6pt; TEXT-INDENT: 0.15pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Defined as operating income plus depreciation, amortization and impairment charges/(reversals). In 2015, the EBITDA figure excludes an impairment charge of $400 million on our North American welded pipe operations and in 2014 excludes an impairment charge of $206 million on our welded pipe operations in Colombia and Canada. EBITDA in 2015 includes severance charges of $177 million. If these charges were not included 2015 EBITDA would have been $1,432 million.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="MARGIN-TOP: 6pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6dc1194ee2934f8a95bfcc3af457074d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.85pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; MARGIN-TOP: 6pt; TEXT-INDENT: 0.15pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Defined as borrowings less cash and cash equivalents, other current investments and fixed income investments held to maturiy.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="MARGIN-TOP: 6pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bcea436580de456090020a3e1f648f8d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.85pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; MARGIN-TOP: 6pt; TEXT-INDENT: 0.15pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Each ADS represents two shares.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="MARGIN-TOP: 6pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c7a21d9c1683490eaba22b70ae6f68bd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.85pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; MARGIN-TOP: 6pt; TEXT-INDENT: 0.15pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="MARGIN-TOP: 6pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="38f0765a1bcc4ba897a8badaff89fd0a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.85pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; MARGIN-TOP: 6pt; TEXT-INDENT: 0.15pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Proposed or paid in respect of the year.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our holding company's legal and commercial name is Tenaris S.A. The Company was established as a public limited liability company (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">soci&#233;t&#233; anonyme</font>) organized under the laws of the Grand Duchy of Luxembourg. The Company's registered office is located at 29 avenue de la Porte-Neuve, 3rd Floor, L-2227, Luxembourg, telephone (352) 2647-8978.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Company has no branches. For information on the Company's subsidiaries, see note 29 "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Principal subsidiaries</font>" to our audited consolidated financial statements included in this annual report.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overview</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We are a leading global manufacturer and supplier of steel pipe products and related services for the world's energy industry and for other industrial applications. Our customers include most of the world's leading oil and gas companies as well as engineering companies engaged in constructing oil and gas gathering, transportation, processing and power generation facilities. Our principal products include casing, tubing, line pipe, and mechanical and structural pipes.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We operate an integrated worldwide network of steel pipe manufacturing, research, finishing and service facilities with industrial operations in the Americas, Europe, Asia and Africa and a direct presence in most major oil and gas markets.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our mission is to deliver value to our customers through product development, manufacturing excellence, and supply chain management. We seek to minimize risk for our customers and help them reduce costs, increase flexibility and improve time-to-market. Our employees around the world are committed to continuous improvement by sharing knowledge across a single global organization.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">History and Development of Tenaris</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Tenaris began with the formation of Siderca S.A.I.C., or Siderca, the sole Argentine producer of seamless steel pipe products, by San Faustin's predecessor in Argentina in 1948. We acquired Siat, an Argentine welded steel pipe manufacturer, in 1986. We grew organically in Argentina and then, in the early 1990s, began to evolve beyond this initial base into a global business through a series of strategic investments. As of to date, our investments include controlling or strategic interests in: Tubos de Acero de M&#233;xico S.A., or Tamsa, the sole Mexican producer of seamless steel pipe products; Dalmine S.p.A., or Dalmine, a leading Italian producer of seamless steel pipe products; Confab Industrial S.A., or Confab, the leading Brazilian producer of welded steel pipe products; NKKTubes, a leading Japanese producer of seamless steel pipe products; Algoma Tubes Inc., or AlgomaTubes, the sole Canadian producer of seamless steel pipe products; S.C. Silcotub S.A., or Silcotub, a leading Romanian producer of seamless steel pipe products; Maverick Tube Corporation, or Maverick, a leading North American producer of welded steel pipe products with operations in the United States, Canada and Colombia; Hydril Company, or Hydril, a leading North American manufacturer of premium connection products for oil and gas drilling production; Seamless Pipe Indonesia Jaya, or SPIJ, an Indonesian oil country tubular goods, or OCTG, processing business with heat treatment and premium connection threading facilities; Pipe Coaters Nigeria Ltd, the leading company in the Nigerian coating industry; Usinas Sider&#250;rgicas de Minas Gerais S.A., or Usiminas, a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries; and a sucker rod business, in Campina, Romania.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In addition, we have established a global network of pipe finishing, distribution and service facilities with a direct presence in most major oil and gas markets and a global network of research and development centers.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our business strategy is to continue expanding our operations worldwide and further consolidate our position as a leading global supplier of high-quality tubular products and services to the energy and other industries by:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">pursuing strategic investment opportunities in order to strengthen our presence in local and global markets;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">expanding our comprehensive range of products and developing new high-value products designed to meet the needs of customers operating in increasingly challenging environments;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">securing an adequate supply of production inputs and reducing the manufacturing costs of our core products; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">and</font></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">enhancing our offer of technical and pipe management services designed to enable customers to optimize their selection and use of our products and reduce their overall operating costs.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Pursuing strategic investment opportunities and alliances</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We have a solid record of growth through strategic investments and acquisitions. We pursue selective strategic investments and acquisitions as a means to expand our operations and presence in select markets, enhance our global competitive position and capitalize on potential operational synergies. Our track record on companies' acquisitions is described above (See "History and Development of Tenaris"). In addition, we continue to build a new greenfield seamless mill in Bay City, Texas. The new facility will include a state-of-the-art rolling mill as well as finishing and heat treatment lines. We plan to bring the 600,000 tons per year capacity mill and logistics center into operation in 2017, within a budget of approximately $1.5 billion to $1.8 billion. As of December 31, 2015, approximately $0.8 billion had already been invested and an additional $0.3 billion had been committed.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We have developed an extensive range of high-value products suitable for most of our customers' operations using our network of specialized research and testing facilities and by investing in our manufacturing facilities. As our customers expand their operations, we seek to supply high-value products that reduce costs and enable them to operate safely in increasingly challenging environments.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We seek to secure our existing sources of raw material and energy inputs, and to gain access to new sources, of low-cost inputs which can help us maintain or reduce the cost of manufacturing our core products over the long term. For example, in February 2014, we entered into an agreement with our affiliates Ternium S.A., or Ternium and Tecpetrol International S.A. (a wholly-owned subsidiary of San Faustin, the controlling shareholder of both Tenaris and Ternium) to build a natural gas-fired combined cycle electric power plant in Mexico&#184; expected to be completed in 2016, which will supply Tenaris's and Ternium's respective Mexican industrial facilities. For information on the new power plant, see note 12 c) "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Investments in non-consolidated companies &#8211; Techgen S.A. de C.V.</font>" to our audited consolidated financial statements included in this annual report.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We continue to enhance our offer of technical and pipe management services for our customers worldwide. Through the provision of these services, we seek to enable our customers to optimize their operations, reduce costs and to concentrate on their core businesses. They are also intended to differentiate us from our competitors and further strengthen our relationships with our customers worldwide through long-term agreements. For example, in Mexico, since 1994, we supply Pemex, the state-owned oil company, one of the world's largest crude oil and condensates producers under just-in-time, or JIT, agreements, which allow us to provide it with comprehensive pipe management services on a continuous basis.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">We believe our main competitive strengths include:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">our global production, commercial and distribution capabilities, offering a full product range with flexible supply options backed up by local service capabilities in important oil and gas producing and industrial regions around the world;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">our solid and diversified customer base and historic relationships with major international oil and gas companies around the world, and our strong and stable market shares in the countries in which we have manufacturing operations;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">our low-cost operations, primarily at state-of-the-art, strategically located production facilities with favorable access to raw materials, energy and labor, and more than 60 years of operating experience; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">and</font></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris has one major business segment, Tubes, which is also the reportable operating segment.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the oil and gas industry worldwide, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales made through local subsidiaries. Corporate general and administrative expenses have been allocated to the Tubes segment.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others include all other business activities and operating segments that are not required to be separately reported, including the production and selling of sucker rods, welded steel pipes for electric conduits, industrial equipment, coiled tubing, energy and raw materials that exceed internal requirements.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For more information on our business segments, see accounting policy C "Segment information" to our audited consolidated financial statements included in this annual report.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Our principal finished products are seamless and welded steel casing and tubing, line pipe and various other mechanical and structural steel pipes for different uses. Casing and tubing products are also commonly referred to as OCTG products. We manufacture our steel pipe products in a wide range of specifications, which vary in diameter, length, thickness, finishing, steel grades, coating, threading and coupling. For most complex applications, including high pressure and high temperature applications, seamless steel pipes are usually specified and, for some standard applications, welded steel pipes can also be used.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Casing</font>. Steel casing is used to sustain the walls of oil and gas wells during and after drilling.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Line pipe</font>. Steel line pipe is used to transport crude oil and natural gas from wells to refineries, storage tanks and loading and distribution centers.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mechanical and structural pipes</font>. Mechanical and structural pipes are used by general industry for various applications, including the transportation of other forms of gas and liquids under high pressure.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cold-drawn pipe</font>. The cold-drawing process permits the production of pipes with the diameter and wall thickness required for use in boilers, superheaters, condensers, heat exchangers, automobile production and several other industrial applications.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Premium joints and couplings</font>. Premium joints and couplings are specially designed connections used to join lengths of steel casing and tubing for use in high temperature or high pressure environments. A significant portion of our steel casing and tubing products are supplied with premium joints and couplings. We own an extensive range of premium connections, and following the integration of the premium connections business of Hydril , we market our premium connection products under the TenarisHydril brand name. In addition, we hold licensing rights to manufacture and sell the Atlas Bradford range of premium connections outside of the United States.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Coiled tubing. </font>Coiled tubing is used for oil and gas drilling and well workovers and for subsea pipelines.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other Products. </font>We also manufacture sucker rods used in oil extraction activities, industrial equipment of various specifications and diverse applications, including liquid and gas storage equipment, and welded steel pipes for electric conduits used in the construction industry. In addition, we sell raw materials that exceed our internal requirements.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Research and Development</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Research and development, or R&amp;D, of new products and processes to meet the increasingly stringent requirements of our customers is an important aspect of our business.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">R&amp;D activities are carried out primarily at our specialized research facilities located at Campana in Argentina, at Veracruz in Mexico, at Dalmine in Italy, at the product testing facilities of NKKTubes in Japan and at the new R&amp;D center at Ilha do Fundao, Rio de Janeiro, Brazil (which commenced operations in 2014). We strive to engage some of the world's leading industrial research institutions to solve the problems posed by the complexities of oil and gas projects with innovative applications. In addition, our global technical sales team is made up of experienced engineers who work with our customers to identify solutions for each particular oil and gas drilling environment.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Product development and research currently being undertaken are focused on the increasingly challenging energy markets and include:</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">proprietary premium joint products including Dopeless&#174; technology;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">heavy wall deep water line pipe, risers and welding technology;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">proprietary steels;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">tubes and components for the car industry and mechanical applications;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">welded pipes for oil and gas and other applications;</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">sucker rods; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">and</font></td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In addition to R&amp;D aimed at new or improved products, we continuously study opportunities to optimize our manufacturing processes. Recent projects in this area include modeling of rolling and finishing process and the development of different process controls, with the goal of improving product quality and productivity at our facilities.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We seek to protect our intellectual property, from R&amp;D and innovation, through the use of patents and trademarks that allow us to differentiate ourselves from our competitors.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We spent $89 million for R&amp;D in 2015, compared to $107 million in 2014 and $106 million in 2013.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Risks and Uncertainties</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We face certain risks associated to our business and the industry in which we operate. We are a global steel pipe manufacturer with a strong focus on manufacturing products and related services for the oil and gas industry. Demand for our products depends primarily on the level of exploration, development and production activities of oil and gas companies and the corresponding capital spending by oil and gas companies depends primarily on current and expected future prices of oil and natural gas and is sensitive to the industry's view of future economic growth and the resulting impact on demand for oil and natural gas. The level of drilling activity has been severely affected by a strong decline in prices of oil and natural gas. Several factors, such as the supply and demand for oil and gas, and political and global economic conditions, affect, and may continue to affect, these prices. Oil and gas prices are reaching levels which, in some areas, are close to or even below operating costs; accordingly, oil and gas companies may cut back further on their investment plans and consequently, absent a significant improvement in market conditions, demand for our products may decline further. Inventory levels of steel pipe in the oil and gas industry can vary significantly and these fluctuations can affect demand for our products. When oil and gas prices fall, as has recently happened, oil and gas companies draw from existing inventory and are generally expected to hold or reduce purchases of additional steel pipe products.&#160; Furthermore, competition in the global market for steel pipe products may cause us to lose market share and hurt our sales and our profitability may be hurt if increases in the cost of raw materials and energy cannot be offset by higher selling prices. In addition, there is an increased risk that unfairly-traded steel pipe imports in markets in which Tenaris produces and sells its products may affect Tenaris's market share, deteriorate the pricing environment and hurt sales and profitability. A recession in the developed countries, a cooling of emerging market economies or an extended period of below-trend growth in the economies that are major consumers of steel pipe products would likely result in reduced demand of our products, adversely affecting our revenues, profitability and financial condition.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We have temporarily suspended certain of our operations given the impact to our business of the sharp decline of oil prices and high levels of unfairly traded imports of products. Temporary suspensions of operations may give rise to labor conflicts and affect operations, profitability and may trigger impairment assessments of assets. Performance may also be affected by changes in governmental policies, the impact of credit restrictions on our customers' ability to perform their payment obligations with us, and any adverse economic, political or social developments in our major markets. We have significant operations in various countries, including Argentina, Brazil, Canada, Colombia, Italy, Japan, Mexico, Nigeria, Romania and the United States, and we sell our products and services throughout the world. Therefore, like other companies with worldwide operations, our business and operations have been, and could in the future be, affected from time to time to varying degrees by political, economic and social developments and changes in, laws and regulations. These developments and changes may include, among others, nationalization, expropriations or forced divestiture of assets; restrictions on production, imports and exports, interruptions in the supply of essential energy inputs; exchange and/or transfer restrictions, inability or increasing difficulties to repatriate income or capital or to make contract payments; inflation; devaluation; war or other international conflicts; civil unrest and local security concerns, including high incidences of crime and violence involving drug trafficking organizations that threaten the safe operation of our facilities and operations; direct and indirect price controls; tax increases and changes in the interpretation, application or enforcement of tax laws and other retroactive tax claims or challenges; changes in laws, norms and regulations; cancellation of contract rights; and delays or denials of governmental approvals. As a global company, a portion of our business is carried out in currencies other than the U.S. dollar, which is the Company's functional currency. As a result, we are exposed to foreign exchange rate risk, which could adversely affect our financial position and results of operations.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Beginnig in 2009, Venezuela nationalized our investments in, and assumed exclusive operation control over the assets of, Tubos de Acero de Venezuela S.A. or Tavsa, Matesi, Materiales Sider&#250;rgicos S.A., or Matesi, and Complejo Siderurgico de Guayana, C.A., or Comsigua. Our investments in Tavsa, Matesi and Comsigua are protected under applicable bilateral investment treaties, including the bilateral investment treaty between Venezuela and the Belgian-Luxembourgish Union, and Tenaris continues to reserve all of its rights under contracts, investment treaties and Venezuelan and international law. Tenaris has consented to the jurisdiction of the International Centre for Settlement of Investment Disputes, or ICSID, in connection with the nationalization process. The Company and its wholly-owned subsidiary Talta - Trading e Marketing Sociedad Unipessoal Lda, or Talta, initiated arbitration proceedings against Venezuela before the ICSID seeking adequate and effective compensation for the expropriation of their investments in Matesi, Tavsa and Comsigua. On January 29, 2016, the ICSID released its award for the expropriation of our investment in Matesi and granted compensation in the amount of $87 million for the breaches and ordered Venezuela to pay an additional amount of $86 million in pre-award interest, aggregating to a total award of $173 million, payable in full and net of any applicable Venezuelan tax, duty or charge. However, given the current economic and political situation of Venezuela, we can give no assurance that the Venezuelan government will honor the award for the expropriation of our investments in Matesi nor agree to pay a fair and adequate compensation for our interest in Tavsa and Comsigua, or that any such compensation will be freely convertible into or exchangeable for foreign currency. For further information on the nationalization of the Venezuelan subsidiaries, see note 30 "Nationalization of Venezuelan Subsidiaries" to our audited consolidated financial statements included in this annual report.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">A key element of our business strategy is to develop and offer higher value-added products and services and to continue to pursue growth-enhancing strategic opportunities. Any of the components of our overall business strategy could cost more than anticipated or may not be successfully implemented or could be delayed or abandoned. We must necessarily base any assessment of potential acquisitions, joint ventures and investments, on assumptions with respect to operations, profitability and other matters that may subsequently prove to be incorrect. Failure to successfully implement our strategy, or to integrate future acquisitions and strategic investments, or to sell acquired assets or business unrelated to our business under favorable terms and conditions, could affect our ability to grow, our competitive position and our sales and profitability.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We may be required to record a significant charge to earnings if we must reassess our goodwill or other assets as a result of changes in assumptions underlying the carrying value of certain assets, particularly as a consequence of deteriorating market conditions. At December 31, 2015 we had $1,334 million in goodwill corresponding mainly to the acquisition of Hydril, in 2007 ($920 million) and Maverick, in 2006 ($275 million). As of December 31, 2015, we recorded an impairment charge of $400 million on the goodwill of our welded pipe assets in the United States, reflecting the decline in oil prices, and their impact on drilling activity and the demand outlook for welded pipe products in the United States. Additionally, as of December 31, 2015 we also recorded a $29 million impairment on the carrying value of our investment in Usiminas. If our management were to determine in the future that the goodwill or other assets were impaired, particularly as a consequence of deteriorating market conditions, we would be required to recognize a non-cash charge to reduce the value of these assets, which would adversely affect our results of operations.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Potential environmental, product liability and other claims arising from the inherent risks associated with the products we sell and the services we render, including well failures, line pipe leaks, blowouts, bursts and fires, that could result in death, personal injury, property damage, environmental pollution or loss of production could create significant liabilities for us. Environmental laws and regulations may, in some cases, impose strict liability (even joint and several strict liability) rendering a person liable for damages to natural resources or threats to public health and safety without regard to negligence or fault. In addition, we are subject to a wide range of local, provincial and national laws, regulations, permit requirements and decrees relating to the protection of human health and the environment, including laws and regulations relating to hazardous materials and radioactive materials and environmental protection governing air emissions, water discharges and waste management. Laws and regulations protecting the environment have become increasingly complex and more stringent and expensive to implement in recent years. The cost of complying with such regulations is not always clearly known or determinable since some of these laws have not yet been promulgated or are under revision. These costs, along with unforeseen environmental liabilities, may increase our operating costs or negatively impact our net worth.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We conduct business in certain countries known to experience governmental corruption. Although we are committed to conducting business in a legal and ethical manner in compliance with local and international statutory requirements and standards applicable to our business, there is a risk that our employees or representatives may take actions that violate applicable laws and regulations that generally prohibit the making of improper payments to foreign government officials for the purpose of obtaining or keeping business, including laws relating to the 1997 OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions such as the U.S. Foreign Corrupt Practices Act, and the U.K Bribery Act 2010.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As a holding company, our ability to pay expenses, debt service and cash dividends depends on the results of operations and financial condition of our subsidiaries, which could be restricted by legal, contractual or other limitations, including exchange controls or transfer restrictions, and other agreements and commitments of our subsidiaries.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's controlling shareholder may be able to take actions that do not reflect the will or best interests of other shareholders.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Our financial risk management is described in Section III. Financial Risk Management, and our provisions and contingent liabilities are described in accounting policy P and notes 22, 23 and 25 of our audited consolidated financial statements included in this annual report.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following discussion and analysis of our financial condition and results of operations are based on, and should be read in conjunction with, our audited consolidated financial statements and the related notes included elsewhere in this annual report. This discussion and analysis presents our financial condition and results of operations on a consolidated basis. We prepare our consolidated financial statements in conformity with IFRS, as issued by the IASB and adopted by the E.U.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Certain information contained in this discussion and analysis and presented elsewhere in this annual report, including information with respect to our plans and strategy for our business, includes forward&#8209;looking statements that involve risks and uncertainties. See "Cautionary Statement Concerning Forward-Looking Statements". In evaluating this discussion and analysis, you should specifically consider the various risk factors identified in "Principal Risks and Uncertainties", other risk factors identified elsewhere in this annual report and other factors that could cause results to differ materially from those expressed in such forward&#8209;looking statements.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overview</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">We are a leading global manufacturer and supplier of steel pipe products and related services for the energy industry and other industries.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We are a leading global manufacturer and supplier of steel pipe products and related services for the world's energy industry as well as for other industrial applications. Our customers include most of the world's leading oil and gas companies as well as engineering companies engaged in constructing oil and gas gathering and processing and power facilities. We operate an integrated worldwide network of steel pipe manufacturing, research, finishing and service facilities with industrial operations in the Americas, Europe, Asia and Africa and a direct presence in most major oil and gas markets.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">Our main source of revenue is the sale of products and services to the oil and gas industry, and the level of such sales is sensitive to international oil and gas prices and their impact on drilling activities.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Demand for our products and services from the global oil and gas industry, particularly for tubular products and services used in drilling operations, represents a substantial majority of our total sales. Our sales, therefore, depend on the condition of the oil and gas industry and our customers' willingness to invest capital in oil and gas exploration and development as well as in associated downstream processing activities. The level of these expenditures is sensitive to oil and gas prices as well as the oil and gas industry's view of such prices in the future. Crude oil prices have fallen from over $100 per barrel in June 2014 to their current levels of around $40 per barrel, as rapid production growth in the U.S. and Canada, slowing global demand growth and OPEC's decision not to cut production levels have combined to create an excess of supply in the market. Natural gas prices have also fallen on increased supply and limited demand growth. In this context, oil and gas operators are cutting back further on their investment plans, with a second successive year of substantial capital expenditure reductions expected in North America and the rest of the world.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In 2015, worldwide drilling activity declined 35% compared to the level of 2014. In the United States the rig count in 2015 declined by 48% and in Canada by 49%. In the rest of the world, the rig count declined 13% in 2015.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">A growing proportion of exploration and production spending by oil and gas companies has been directed at offshore, deep drilling and non-conventional drilling operations in which high-value tubular products, including special steel grades and premium connections, are usually specified. Technological advances in drilling techniques and materials are opening up new areas for exploration and development. More complex drilling conditions are expected to continue to demand new and high value products and services in most areas of the world. However, in the current low oil price environment this trend will be temporarily affected as some complex projects have been cancelled or postponed.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The global market for steel pipes is highly competitive, with the primary competitive factors being price, quality, service and technology. We sell our products in a large number of countries worldwide and compete primarily against European and Japanese producers in most markets outside North America. In the United States and Canada we compete against a wide range of local and foreign producers. Competition in markets worldwide has been increasing, particularly for products used in standard applications, as producers in countries like China and Russia increase production capacity and enter export markets.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In addition, there is an increased risk of unfairly-traded steel pipe imports in markets in which we produce and sell our products. In August 2014, the United States imposed anti-dumping duties on OCTG imports from various countries, including Korea. However, despite the trade case ruling, imports from Korea continued at a very high level for some months and in September 2015 the petitioners filed for the initiation of the annual review. Similarly, in Canada, the Canada Border Services Agency introduced anti-dumping duties on OCTG imports from Korea and other countries in March 2015.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We purchase substantial quantities of steelmaking raw materials, including ferrous steel scrap, direct reduced iron (DRI), pig iron, iron ore and ferroalloys, for use in the production of our seamless pipe products. In addition, we purchase substantial quantities of steel coils and plate for use in the production of our welded pipe products. Our production costs, therefore, are sensitive to prices of steelmaking raw materials and certain steel products, which reflect supply and demand factors in the global steel industry and in the countries where we have our manufacturing facilities.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The costs of steelmaking raw materials and of steel coils and plates declined during 2015. As a reference, prices for hot rolled coils, HRC Midwest USA Mill, published by CRU, averaged $506 per ton in 2015 and $724 per ton in 2014. However, our costs were negatively affected by lower absorption of fixed costs on lower sales.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In 2015, our net sales declined 31% compared to 2014, affected by adverse market conditions. Sales of Tubes were down 45% in North America and 21% in the rest of the world where they were supported by our positioning in Argentina and a good level of shipments to South American pipeline projects. EBITDA, which included restructuring costs of $177 million, declined 54% year on year to $1.3 billion in 2015, with the margin affected by lower absorption of fixed costs on lower sales. In our operating income, we recorded an impairment charge of $400 million on the goodwill of our welded pipe assets in the United States, reflecting the decline in oil prices, and their impact on drilling activity and the demand outlook for welded pipe products in the regions served by these facilities. Our net result was further affected by noncash deferred income tax charges of $152 million resulting from currency depreciation in Argentina and Mexico and a net loss of $40 million on our share of the earnings of non-consolidated companies. Net loss attributable to owners of the parent during 2015 was $80 million.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Cash flow from operations amounted to $2.2 billion for the year. After capital expenditure of $1.1 billion and dividend payments of $531 million, we had a net cash position (cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings) of $1.8 billion at December 31, 2015, compared with $1.3 billion at December 31, 2014.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">As we enter 2016, oil and gas prices have fallen further and are now reaching levels which, in some areas, are close to or even below operating costs. At these levels, oil and gas companies are cutting back further on their investment plans, with a second successive year of substantial capital expenditure reductions expected in North America and the rest of the world. Drilling activity continues to decline and the U.S. rig count has reached levels below those seen in previous downturns.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Global demand for OCTG will decline further in 2016, particularly in the United States and Canada where substantial activity reductions are expected and inventories remain high in relation to the level of consumption. In the rest of the world, demand in the Middle East will benefit from the end of last year's inventory reductions but in many other regions it will be affected by further declines in activity and inventory reductions. Absent a significant improvement in market conditions during the year, we expect global OCTG demand in 2016 to fall around 20% over the level of 2015.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our sales in 2016 will be further affected by lower selling prices reflecting the intense competitive environment and lower shipments for South American pipeline projects. We will continue to adjust our operations in these unfavorable conditions, reducing costs and strengthening our market position in preparation for an eventual recovery.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Selected consolidated income statement data</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Continuing operations</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,101</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,338</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cost of sales<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,885</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,287</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Gross profit<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,216</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,051</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Selling, general and administrative expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,624</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,964</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other operating income (expenses), net</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(396</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(188</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">195</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,899</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finance income<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">35</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">38</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finance cost<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(23</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(44</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other financial results<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">39</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income before equity in earnings of non-consolidated companies and income tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">210</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,932</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in earnings (losses) of non-consolidated companies</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(40</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(165</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: -13.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Income before income tax<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">170</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,767</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(245</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(586</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Loss) Income for the year <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup><font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(74</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,181</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Loss) Income attributable to <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup>:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Owners of the parent<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(80</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,159</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-controlling interests<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Loss) Income for the year<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup><font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(74</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,181</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: -13.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Depreciation and amortization<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(659</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(616</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Weighted average number of shares<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font>&#160;outstanding<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,536,830</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,536,830</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Basic and diluted (loss) earnings per share</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.07</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.98</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends per share<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2)</sup><font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.45</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.45</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">_______________</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt" id="b03ceddb6eaf44aaa5d5beae9777a285" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 20.25pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 2.25pt; FONT-SIZE: 10pt">(1)</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt">International Accounting Standard No. 1 ("IAS 1") (revised), requires that income for the year as shown on the income statement does not exclude non-controlling interests. Earnings per share, however, continue to be calculated on the basis of income attributable solely to the owners of the parent.</div>
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt" id="69d4ca37014f4961891b12c131a1c70b" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 20.25pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 2.25pt; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt">Dividends per share correspond to the dividends proposed or paid in respect of the year.</div>
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<div style="LINE-HEIGHT: 9.1pt; MARGIN-BOTTOM: 3pt">&#160;</div>

<div style="LINE-HEIGHT: 9.1pt; MARGIN-BOTTOM: 3pt">&#160;</div>

<div style="LINE-HEIGHT: 9.1pt; MARGIN-BOTTOM: 3pt">&#160;</div>

<div style="LINE-HEIGHT: 9.1pt; MARGIN-BOTTOM: 3pt"><br style="LINE-HEIGHT: 9.1pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">18</font></div>

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<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1dde79489c234805a81285fa04f754c7" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Millions of U.S. dollars (except number of shares)</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31,</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Selected consolidated financial position data</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Current assets<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,743</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,396</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Property, plant and equipment, net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,672</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,160</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other non-current assets<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,472</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,955</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total assets<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,887</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,511</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Current liabilities<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,755</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,603</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-current borrowings<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">223</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">31</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deferred tax liabilities<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">714</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other non-current liabilities<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">293</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">357</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total liabilities<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,021</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,704</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital and reserves attributable to the owners of the parent</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,713</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,654</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-controlling interests<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">153</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">152</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total equity<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,866</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,806</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total liabilities and equity</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,887</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,511</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: -13.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Share capital<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,181</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,181</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: -13.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Number of shares outstanding<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font>(Fa</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,536,830</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,536,830</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">19</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table sets forth our operating and other costs and expenses as a percentage of net sales for the periods indicated.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="059b696549b44981bf368d5b7207a10d" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Percentage of net sales</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the year ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Continuing Operations</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100.0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100.0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cost of sales<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(68.8</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(60.8</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Gross profit<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">31.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">39.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Selling, general and administrative expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(22.9</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(19.0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other operating income (expenses), net</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(5.6</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1.8</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.8</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18.4</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finance income<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.5</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.4</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finance cost<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.3</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.4</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other financial results<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.4</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income before equity in earnings of non-consolidated companies and income tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18.7</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in earnings (losses) of non-consolidated companies</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.6</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1.6</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: -13.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">Income before income tax<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.4</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17.1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3.4</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(5.7</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Loss) Income for the year<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1.0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11.4</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Loss) Income attributable to:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Owners of the parent<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1.1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-controlling interests<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 9.1pt; MARGIN-BOTTOM: 6pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="LINE-HEIGHT: 9.1pt; MARGIN-BOTTOM: 6pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal Year Ended December 31, 2015, Compared to Fiscal Year Ended December 31, 2014</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table shows our net sales by business segment for the periods indicated below:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="457b0d7f54184e929e984c903a82c414" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Millions of U.S. dollars</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="14">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the year ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="6">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="6">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Increase / (Decrease)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tubes<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,444</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">91</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,582</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">93</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(33</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">657</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">756</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(13</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,101</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,338</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(31</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Tubes</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ae4a79ec5d4a4f2cbe5688afe35e551f" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Thousands of tons</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the year ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Increase / (Decrease)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Seamless<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,028</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,790</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(27</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Welded<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">605</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">885</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(32</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,633</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,675</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(28</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">20</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e09f0fbc10664de9b08ab98f4e385242" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Millions of U.S. dollars</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the year ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Increase / (Decrease)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">- North America</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,538</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,609</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(45</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">- South America</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,858</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,823</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">- Europe</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">695</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">924</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(25</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">- Middle East &amp; Africa</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,082</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,817</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(40</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">- Far East &amp; Oceania</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">272</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">408</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(33</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total net sales</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,444</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,582</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(33</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating income<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">138</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,866</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(93</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating income (% of sales)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19.5</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup>Tubes operating income includes severance charges of $164 million in 2015. Additionally, in 2015 includes a goodwill impairment charge of $400 million on our welded pipe operations in the United States and in 2014 includes an impairment charge of $206 million on our welded pipe operations in Colombia and Canada.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales of tubular products and services</font> decreased 33% to $6,444 million in 2015, compared to $9,582 million in 2014, reflecting a 28% decline in volumes and a 6% decrease in average selling prices. Sales were negatively affected by the adjustment in oil and gas drilling activity in response to the collapse in oil and gas prices and inventory adjustments taking place particularly in the Middle East and Africa and in the United States. We estimate that demand for OCTG products in 2015 declined 37% when compared to 2014. In North America, sales decreased 45%, mainly due to lower sales in the U.S. onshore and Canada reflecting a decline in average drilling activity and pricing pressures due to inventory adjustments. In South America, sales remained stable as higher sales of tubular products for pipeline projects in Brazil and Argentina were offset by lower shipments of OCTG products in the region. In Europe, sales decreased mainly due to a lower level of sales of OCTG and line pipe products in continental Europe. In the Middle East and Africa, sales decreased mainly due to lower sales in the Middle East reflecting OCTG destocking and lower sales to offshore projects in sub-Saharan Africa. In the Far East and Oceania, sales decreased due to lower activity in the region.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income from tubular products and services</font>, decreased 93% to $138 million in 2015, from $1,866 million in 2014. Operating income in 2015 includes an impairment charge of $400 million on our welded pipe operations in the United States, while in 2014 it includes an impairment charge of $206 million on our welded pipe operations in Colombia and Canada. Additionally, in 2015 we had severance costs in the Tubes segment, to adjust the workforce to current market conditions, which amounted to $164 million. Excluding these non-recurring events, Tubes operating income declined 66%, as it was negatively affected by a decline in sales of 33% and a decline in operating margins of 10 percentage points, mostly due to industrial inefficiencies associated with low levels of capacity utilization.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">Others</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="85384d5c8e374311899d593ded62d716" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Millions of U.S. dollars</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the year ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Increase / (Decrease)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">657</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">756</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(13</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">58</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">33</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">74</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income (% of sales)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8.8</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.4</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales of other products and services</font> decreased 13% to $657 million in 2015, compared to $756 million in 2014, mainly due to lower sales of energy related products, e.g., sucker rods and coiled tubing, following the decline in oil and gas drilling activity in response to the collapse in oil and gas prices.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income from other products and services</font>, increased 74% to $58 million in 2015, from $33 million in 2014, mainly reflecting an improved operating performance and margins at our industrial equipment business in Brazil.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Selling, general and administrative expenses, or SG&amp;A,</font> decreased by $ 340 million (17%) in 2015 from $1,964 million in 2014 to $1,624 million in 2015, mainly reflecting lower selling expenses due to the decline in sales. However, SG&amp;A expenses increased as a percentage of net sales to 22.9% in 2015 compared to 19.0% in 2014, mainly due to the effect of fixed and semi fixed expenses on lower sales (e.g., depreciation and amortization and labor costs). During 2015, SG&amp;A labor costs include $73 million of severance charges related to workforce adjustments to the difficult market conditions.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other operating income and expenses</font> resulted in losses of $396 million in 2015, compared to losses of $188 million in 2014, mainly due to asset impairment charges amounting to $400 million in 2015 and $206 million in 2014. These impairment charges mainly reflect the decline in oil prices, and its impact on drilling activity and therefore on the expected demand for OCTG products, particularly on our welded pipe operations in the United States, Colombia and Canada.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">21</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13pt; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial results</font> amounted to a gain of $14 million in 2015, compared to a gain of $33 million in 2014.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity in (losses) earnings of non-consolidated companies</font> generated a loss of $40 million in 2015, compared to a loss of $165 million in 2014. During 2015 we recorded an impairment charge of $29 million on our direct investment in Usiminas, while during 2014 we recorded an impairment charge of $161 million related to our direct investment in Usiminas. Apart from the impairment result, these results were mainly derived from our equity investment in Ternium (NYSE:TX).</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income tax</font> charges totalled $245 million in 2015, including a deferred tax charge of $152 million on the effect of currency translation on tax base.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net loss</font> for the year amounted to $74 million in 2015, compared to a gain of $1,181 million in 2014. The decline in net income mainly reflects a challenging operating environment affected by lower shipments and prices, inefficiencies associated with low utilization of production capacity, severance costs to adjust the workforce to current market conditions, impairments and a high deferred-tax charge affected by the effect of currency translation on tax base.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income attributable to non-controlling interest</font> was $6 million in 2015, compared to $23 million in 2014. These results are mainly attributable to NKKTubes, our Japanese subsidiary.</div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liquidity and Capital Resources</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table provides certain information related to our cash generation and changes in our cash and cash equivalents position for each of the last two years:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="87802e7d748049278914a53142855f8d" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Millions of U.S. dollars</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the year ended December 31,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net cash provided by operating activities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,215</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,044</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net cash used in investing activities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,774</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,786</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net cash used in financing activities</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(535</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(424</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Decrease in cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(94</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(165</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and cash equivalents at the beginning of year (excluding overdrafts)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">416</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">598</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: -14.4pt; MARGIN-LEFT: 14.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Effect of exchange rate changes</font><font style="WIDTH: 181.5pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(37</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(16</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Decrease in cash and cash equivalents</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(94</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(165</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and cash equivalents at the end of year (excluding overdrafts)</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">286</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">416</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and cash equivalents at the end of year (excluding overdrafts)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">286</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">416</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank overdrafts</font><font style="WIDTH: 181.5pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other current investments</font><font style="WIDTH: 181.5pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,141</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,838</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed income investments held to maturity</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">393</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowings</font><font style="WIDTH: 181.5pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(972</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(999</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net cash</font><font style="WIDTH: 181.5pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,849</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,257</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our financing strategy aims at maintaining adequate financial resources and access to additional liquidity. During 2015 we generated $2.2 billion of operating cash flow, our capital expenditures amounted to $1.1 billion and we paid dividends amounting to $531 million. At the end of the year we had a net cash position of $1.8 billion, compared to $1.3 billion at the beginning of the year.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We believe that funds from operations, the availability of liquid financial assets and our access to external borrowing through the financial markets will be sufficient to satisfy our working capital needs, to finance our planned capital spending program, to service our debt in the foreseeable future and to address short-term changes in business conditions.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We have a conservative approach to the management of our liquidity, which consists mainly of cash and cash equivalents and other current investments, comprising cash in banks, liquidity funds and highly liquid short and medium-term securities. These assets are carried at fair market value, or at historical cost which approximates fair market value.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">At December 31, 2015, liquid financial assets as a whole (i.e., cash and cash equivalents, other current investments and fixed income investments held to maturity) were 19% of total assets compared to 14% at the end of 2014.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We hold primarily investments in liquidity funds and variable or fixed-rate securities from investment grade issuers. We hold our cash and cash equivalents primarily in U.S. dollars and in major financial centers. As of December 31, 2015, U.S. dollar denominated liquid assets represented 87%, of total liquid financial assets compared to 83% at the end of 2014.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Operating activities</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Net cash provided by operations during 2015 was $2.2 billion, compared to $2.0 billion during 2014. This 8% increase was mainly attributable to a decrease in working capital needs. During 2015 working capital decreased $1.4 billion, while during 2014 it increased $72 million. The main yearly variation was related to a decrease in inventories during 2015, amounting to $936 million, which compares with an increase in inventory of $73 million in 2014. Additionally, during 2015 trade receivables decreased $828 million, partially offset by an increase in trade payables of $328 million and an increase in other liabilities of $124 million. For more information on cash flow disclosures and changes to working capital, see note 27 "Cash flow disclosures" to our audited consolidated financial statements included in this annual report.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Investing activities</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Net cash used in investing activities was $1.8 billion in 2015, similar to 2014. Capital expenditures were also stable at $1.1 billion during each year, as we advanced with the construction of the greenfield seamless mill in Bay City, Texas.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Financing activities</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Net cash used in financing activities, including dividends paid, proceeds and repayments of borrowings and acquisitions of non-controlling interests, was $535 million in 2015, compared to $424 million in 2014.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Dividends paid during 2015 amounted to $531 million, equal to 2014.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">During 2015 we had no significant net proceeds/repayments from borrowings as our short-term facilities were mostly renewed as they became due, while in 2014 we had net proceeds from borrowings of $156 million.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our total liabilities to total assets ratio was 0.20:1 as of December 31, 2015 and 0.22:1 as of December 31, 2014.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Sources of Funding</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">During 2015, we funded our operations with operating cash flows and bank financing. Short-term bank borrowings were used as needed throughout the year.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Financial liabilities</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">During 2015, borrowings decreased by $28 million, to $972 million at December 31, 2015, from $999 million at December 31, 2014.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowings consist mainly of bank loans. As of December 31, 2015 U.S. dollar-denominated borrowings plus borrowings denominated in other currencies swapped to the U.S. dollar represented 82% of total borrowings.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">For further information about our financial debt, please see note 19 "Borrowings" to our audited consolidated financial statements included in this annual report.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table shows the composition of our financial debt at December 31, 2015 and 2014:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Millions of U.S. dollars</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
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<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Bank borrowings</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">971</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">997</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank overdrafts</font><font style="WIDTH: 148.85pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finance lease liabilities</font><font style="WIDTH: 148.85pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total borrowings</font><font style="WIDTH: 148.85pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">972</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">999</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Our weighted average interest rates before tax (considering hedge accounting), amounted to 1.5% at December 31, 2015 and to 1.9% at December 31, 2014.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">23</font></div>

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</div>
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<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The maturity of our financial debt is as follows:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b5bc4c9f559e4d10885bd1c3a4254671" cellspacing="0" cellpadding="0">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Millions of U.S. dollars</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</font></div>
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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1 year or less</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 4.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1 - 2</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 4.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">years</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2 &#8211; 3 years</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 4.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3 - 4</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 4.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">years</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4 - 5 years</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Over 5 years</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">748</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">201</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">972</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interests to be accrued</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">749</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">202</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">978</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our current borrowings to total borrowings ratio decreased from 0.97:1 as of December 31, 2014 to 0.77:1 as of December 31, 2015. Our liquid financial assets exceeded our total borrowings, we had a net cash position (cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings) of $1.8 billion at December 31, 2015, compared to $1.3 billion at December 31, 2014.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">For information on our derivative financial instruments, please see "Quantitative and Qualitative Disclosure about Market Risk &#8211; Accounting for Derivative Financial Instruments and Hedging Activities" and note 24 "Derivative financial instruments" to our audited consolidated financial statements included in this annual report.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">For information regarding the extent to which borrowings are at fixed rates, please see "Quantitative and Qualitative Disclosure about Market Risk".</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Significant Borrowings</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our most significant borrowings as of December 31, 2015 were as follows:</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a8d62ecd023141b685001f4f01af8ee8" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom" colspan="9">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Millions of U.S. dollars</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Disbursement date</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrower</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Type</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Original &amp; Outstanding</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Final maturity</div>
</td>
</tr>

<tr style="HEIGHT: 11px">
<td style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2015</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tamsa</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank loans</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">607</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
</tr>

<tr>
<td style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mainly 2015</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Siderca</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank loans</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">105</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
</tr>

<tr>
<td style="WIDTH: 32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2015</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tubocaribe</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank loan</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">200</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">January 2017</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015, Tenaris was in compliance with all of its covenants.</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 8pt">&#160;</div>

<div style="LINE-HEIGHT: 8pt">&#160;</div>

<div style="LINE-HEIGHT: 8pt">&#160;</div>

<div style="LINE-HEIGHT: 8pt">&#160;</div>

<div style="LINE-HEIGHT: 8pt">&#160;</div>

<div style="LINE-HEIGHT: 8pt">&#160;</div>

<div style="LINE-HEIGHT: 8pt">&#160;</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">24</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
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<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Quantitative and Qualitative Disclosure about Market Risk</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The multinational nature of our operations and customer base expose us to a variety of risks, including the effects of changes in foreign currency exchange rates, interest rates and commodity prices. In order to reduce the impact related to these exposures, management evaluates exposures on a consolidated basis to take advantage of natural exposure netting. For the residual exposures, we may enter into various derivative transactions in order to reduce potential adverse effects on our financial performance. Such derivative transactions are executed in accordance with internal policies and hedging practices. We do not enter into derivative financial instruments for trading or other speculative purposes, other than non-material investments in structured products.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following information should be read together with section III, "Financial risk management" to our audited consolidated financial statements included elsewhere in this annual report.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Debt Structure</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following tables provide a breakdown of our debt instruments at December 31, 2015 and 2014 which included fixed and variable interest rate obligations, detailed by maturity date:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="22">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expected maturity date</div>
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<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2017</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2018</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2019</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2020</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Thereafter</div>
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<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-FAMILY: 'Times New Roman Bold', 'Times New Roman', serif">(1)</sup></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="26">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in millions of U.S. dollars)</div>
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<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

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<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-current Debt</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed rate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">201</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">223</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Floating rate</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current Debt</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed rate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">732</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">732</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Floating rate</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">16</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">748</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">201</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">972</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="67e08520f6234a978a63ad8956c6916c" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2014</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="22">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expected maturity date</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2017</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2018</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2019</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Thereafter</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-FAMILY: 'Times New Roman Bold', 'Times New Roman', serif">(1)</sup></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="26">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in millions of U.S. dollars)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-current Debt</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed rate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">30</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Floating rate</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current Debt</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed rate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">725</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">725</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Floating rate</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">243</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">243</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">968</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">999</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
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<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup>As most borrowings are based on short-term fixed rates, or floating rates that approximate market rates, with interest rate resetting every 3 to 6 months, the fair value of the borrowings approximates its carrying amount and is not disclosed separately.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our weighted average interest rates before tax (considering hedge accounting), amounted to 1.5% at December 31, 2015 and to 1.9% at December 31, 2014.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our financial liabilities (other than trade payables and derivative financial instruments) consist mainly of bank loans. As of December 31, 2015 U.S. dollar denominated financial debt plus debt denominated in other currencies swapped to the U.S. dollar represented 82% of total financial debt. For further information about our financial debt, please see note 19 "Borrowings" to our audited consolidated financial statements included in this annual report.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Interest Rate Risk</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Fluctuations in market interest rates create a degree of risk by affecting the amount of our interest payments. At December 31, 2015, we had variable interest rate debt of $17 million and fixed rate debt of $955 million ($732 million of the fixed rate debt are short-term).</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">25</font></div>

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<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Foreign Exchange Rate Risk</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We manufacture and sell our products in a number of countries throughout the world and consequently we are exposed to foreign exchange rate risk. Since the Company's functional currency is the U.S. dollar, the purpose of our foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of other currencies against the U.S. dollar.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Most of our revenues are determined or influenced by the U.S. dollar. In addition, most of our costs correspond to steelmaking raw materials and steel coils and plates, also determined or influenced by the U.S. dollar. However, outside the United States, a portion of our expenses is incurred in foreign currencies (e.g. labor costs). Therefore, when the U.S. dollar weakens in relation to the foreign currencies of the countries where we manufacture our products, the U.S. dollar-reported expenses increase. In 2015, had the U.S. dollar average exchange rate been weaker by 5% against the currencies of the countries where we have labor costs, operating income (excluding impairment charges) would have decreased approximately by 10%, compared with 3% in 2014, mainly because these foreign currency expenses were less affected by the downturn of the activity.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our consolidated exposure to currency fluctuations is reviewed on a periodic basis. A number of hedging transactions are performed in order to achieve an efficient coverage in the absence of operative or natural hedges. Almost all of these transactions are forward exchange rate contracts. </div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Because certain subsidiaries have functional currencies other than the U.S. dollar, the results of hedging activities as reported in the income statement under IFRS may not reflect entirely management's assessment of its foreign exchange risk hedging needs. Also, intercompany balances between our subsidiaries may generate exchange rate results to the extent that their functional currencies differ.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The value of our financial assets and liabilities is subject to changes arising out of the variation of foreign currency exchange rates. The following table provides a breakdown of our main financial assets and liabilities (including foreign exchange derivative contracts) that impact our profit and loss as of December 31, 2015<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 8.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Currency Exposure</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 12pt; FONT-SIZE: 10pt">Argentine Peso<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(73)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 12pt; FONT-SIZE: 10pt">Brazilian real<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 19.35pt; FONT-SIZE: 10pt">U.S. dollar</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 31%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(67)</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The main relevant exposures as of December&#160;31, 2015 corresponds to <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Euro-denominated intercompany liabilities at certain subsidiaries which functional currency is the U.S. dollar and</font> Argentine peso-denominated financial, trade, social and fiscal payables at our Argentine subsidiaries which functional currency is the U.S. dollar<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">.</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Foreign Currency Derivative Contracts</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The net fair value of our foreign currency derivative contracts amounted to a liability of $16 million at December 31, 2015 and $31 million at December 31, 2014. For further detail on our foreign currency derivative contracts, please see note 24 "Derivative financial instruments &#8211; Foreign exchange derivative contracts and hedge accounting" to our audited consolidated financial statements included in this annual report.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accounting for Derivative Financial Instruments and Hedging Activities</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Derivative financial instruments are classified as financial assets (or liabilities) at fair value through profit or loss. Their fair value is calculated using standard pricing techniques and, as a general rule, we recognize the full amount related to the change in its fair value under financial results in the current period.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We designate for hedge accounting certain derivatives that hedge risks associated with recognized assets, liabilities or highly probable forecast transactions. These instruments are classified as cash flow hedges. The effective portion of the fair value of such derivatives is accumulated in a reserve account in equity. Amounts accumulated in equity are then recognized in the income statement in the same period than the offsetting losses and gains on the hedged item are recorded. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of our derivative financial instruments (assets or liabilities) continues to be reflected on the consolidated statement of financial position.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">At December 31, 2015, the effective portion of designated cash flow hedges, included in other reserves in shareholders' equity amounted to a gain of $3 million.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Concentration of credit risk</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">There is no significant concentration of credit from customers. No single customer comprised more than 10% of our net sales in 2015.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our credit policies related to sales of products and services are designed to identify customers with acceptable credit history, and to allow us to use credit insurance, letters of credit and other instruments designed to minimize credit risk <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">whenever deemed necessary. We maintain allowances for potential credit losses</font>.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commodity Price Sensitivity</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We use commodities and raw materials that are subject to price volatility caused by supply conditions, political and economic variables and other unpredictable factors. As a consequence, we are exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Although we fix the prices of such raw materials and commodities for short-term periods, typically not in excess of one year, in general we do not hedge this risk.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Recent Developments</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; TEXT-INDENT: -14.2pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 14.2pt; FONT-SIZE: 10pt">Annual Dividend Proposal</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On February <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">24</font>, 2016 the Company's board of directors proposed, for the approval of the annual general shareholders' meeting to be held on May 4, 2016, the payment of an annual dividend of $0.45 per share ($0.90 per ADS), or approximately $531 million, which includes the interim dividend of $0.15 per share ($0.30 per ADS) or approximately $177 million, paid in November 2015. If the annual dividend is approved by the shareholders, a dividend of $0.30 per share ($0.60 per ADS), or approximately $354 million will be paid on May 25, 2016, with an ex-dividend date of May 23, 2016 and record date on May 24, 2016.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Environmental Regulation</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We are subject to a wide range of local, provincial and national laws, regulations, permit requirements and decrees relating to the protection of human health and the environment, including laws and regulations relating to hazardous materials and radioactive materials and environmental protection governing air emissions, water discharges and waste management. Laws and regulations protecting the environment have become increasingly complex and more stringent and expensive to implement in recent years. International environmental requirements vary.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The ultimate impact of complying with existing laws and regulations is not always clearly known or determinable since regulations under some of these laws have not yet been promulgated or are undergoing revision. The expenditures necessary to remain in compliance with these laws and regulations, including site or other remediation costs, or costs incurred from potential environmental liabilities, could have a material adverse effect on our financial condition and profitability. While we incur and will continue to incur expenditures to comply with applicable laws and regulations, there always remains a risk that environmental incidents or accidents may occur that may negatively affect our reputation or our operations.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Compliance with applicable environmental laws and regulations is a significant factor in our business. We have not been subject to any material penalty for any material environmental violation in the last five years, and we are not aware of any current material legal or administrative proceedings pending against us with respect to environmental matters which could have an adverse material impact on our financial condition or results of operations.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Related Party Transactions</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Tenaris is a party to several related party transactions, which include, among others, purchases and sales of goods (including steel pipes, flat steel products, steel bars, raw materials, gas and electricity) and services (including engineering services and related services) from or to entities controlled by San Faustin or in which San Faustin holds significant interests. Material related party transactions, as explained in Corporate Governance &#8211; Audit Committee, are subject to the review of the audit committee of the Company's board of directors and the requirements of the Company's articles of association and Luxembourg law. For further detail on Tenaris's related party transactions, see Note 28 "Related party transactions" to our audited consolidated financial statements, included in this annual report.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;</div>

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<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">27</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Employees</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table shows the number of persons employed by Tenaris:</div>

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<td style="WIDTH: 70.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 29.99%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31,</div>
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<td style="PADDING-BOTTOM: 2px; WIDTH: 70.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.99%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Argentina</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.99%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,388</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mexico</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.99%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,101</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">United States</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.99%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,190</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Brazil</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.99%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,050</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Italy</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.99%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,030</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Romania</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.99%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,624</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Colombia</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.99%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">636</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Canada</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.99%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">546</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indonesia</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.99%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">532</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Japan</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.99%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">508</div>
</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other Countries</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 29.99%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,136</div>
</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total employees</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">21,741</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">At December 31, 2014 and December 31, 2013, the number of persons employed by Tenaris was 27,816 and 26,825 respectively.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We estimate that global OCTG demand declined 37% in 2015 and in 2016 it could fall around 20% over the level of 2015. The number of our employees declined 22% during 2015 as we adjusted our operations to face the new environment. We are reducing our labor costs worldwide through a wide set of measures, while preserving our key competences and maintaining our focus on the relation with our communities.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Approximately 55% of our employees are unionized. We believe that we enjoy good or satisfactory relations with our employees and their unions in each of the countries in which we have manufacturing facilities, and we have not experienced any major strikes or other labor conflicts with a material impact on our operations over the last five years. In some of the countries in which we have significant production facilities (e.g., Argentina and Brazil), significant fluctuations in exchange rates, together with inflationary pressures, affect our costs, increase labor demands and could eventually generate higher levels of labor conflicts.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporate Governance</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's corporate governance practices are governed by Luxembourg Law (including, among others, the law of August 10, 1915 on commercial companies, the law of January 11, 2008, implementing the European Union's transparency directive, and the law of May 24, 2011, implementing the European Union's directive on the exercise of certain shareholders' rights in general meetings of listed companies) and the Company's articles of association. As a Luxembourg company listed on the New York Stock Exchange (the NYSE), the Bolsa Mexicana de Valores, S.A. de C.V. (the Mexican Stock Exchange), the Bolsa de Comercio de Buenos Aires (the Buenos Aires Stock Exchange) and the Borsa Italiana S.p.A. (the Italian Stock Exchange), the Company is required to comply with some, but not all, of the corporate governance standards of these exchanges. The Company, however, believes that its corporate governance practices meet, in all material respects, the corporate governance standards that are generally required for controlled companies by all of the exchanges on which the Company's securities trade.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For a summary of the significant ways in which the Company's corporate governance practices differ from the corporate governance standards required for controlled companies by the exchanges on which the Company's shares trade, please visit our website at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">http://www.tenaris.com/investors/</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shareholders' Meetings; Voting Rights; Election of Directors</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Each Share entitles the holder thereof to one vote at the Company's general shareholders' meetings. Shareholder action by written consent is not permitted, but proxy voting is permitted. Notices of general shareholders' meetings are governed by the provisions of Luxembourg law. Pursuant to applicable Luxembourg law, the Company must give notice of the calling of any general shareholders' meeting at least 30 days prior to the date for which the meeting is being called, by publishing the relevant convening notice in the Luxembourg Official Gazette and in a leading newspaper having general circulation in Luxembourg and by issuing a press release informing of the calling of such meeting. In case Shares are listed on a foreign regulated market, notices of general shareholders' meetings shall also comply with the requirements (including as to content and publicity) and follow the customary practices of such regulated market.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Pursuant to our articles of association, for as long as the Shares or other securities of the Company are listed on a regulated market within the European Union (as they currently are), and unless otherwise provided by applicable law, only shareholders holding Shares as of midnight, central European time, on the day that is fourteen days prior to the day of any given general shareholders' meeting can attend and vote at such meeting. The board of directors may determine other conditions that must be satisfied by shareholders in order to participate in a general shareholders' meeting in person or by proxy, including with respect to deadlines for submitting supporting documentation to or for the Company.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">No attendance quorum is required at ordinary general shareholders' meetings, and resolutions may be adopted by a simple majority vote of the Shares validly cast at the meeting. Unless otherwise provided by applicable law, an extraordinary general shareholders' meeting may not validly deliberate on proposed amendments to the Company's articles of association unless a quorum of at least half of the Shares is represented at the meeting. If a quorum is not reached at the first extraordinary shareholders' meeting, a second extraordinary shareholders' meeting may be convened&#160; in accordance with the Company's articles of association and applicable law and such second extraordinary general shareholders' meeting shall validly deliberate regardless of the number of Shares represented. In both cases, the Luxembourg Companies Law and the Company's articles of association require that any resolution of an extraordinary general shareholders' meeting as to amendments to the Company's articles of association be adopted by a two-thirds majority of the votes validly cast at the meeting. If a proposed resolution consists of changing the Company's nationality or of increasing the shareholders' commitments, the unanimous consent of all shareholders is required. Directors are elected at ordinary general shareholders' meetings.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Cumulative voting is not permitted. The Company's articles of association do not provide for staggered terms and directors are elected for a maximum of one year and may be reappointed or removed by the general shareholders' meeting at any time, with or without cause, by resolution passed by a simple majority vote of the Shares validly cast at the meeting. In the case of a vacancy occurring in the Board of Directors, the remaining directors may temporarily fill such vacancy with a temporary director appointed by resolution adopted with the affirmative vote of a majority of the remaining directors; provided that the next general shareholder's meeting shall be called upon to ratify such appointment. The term of any such temporary director shall expire at the end of the term of office of the director whom such temporary director replaced.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The next Company's annual general shareholders' meeting, that will consider, among other things our restated consolidated financial statements for the year 2014 and our consolidated financial statements and annual accounts included in this report, will take place in the Company's registered office in Luxembourg, on Wednesday May 4, 2016, at 9:30 A.M., Luxembourg time.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The rights of the shareholders attending the meetings are governed by the Luxembourg law of 24 May 2011 on the exercise of certain rights of shareholders in general meetings of listed companies. For a description of the items of the agenda of the meetings and the procedures for attending and voting the meetings, please see the "Notice of the Annual General Meeting of Shareholders" on the Company's website at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">www.tenaris.com/investors</font>.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Board of Directors</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Management of the Company is vested in a board of directors with the broadest power to act on behalf of the Company and accomplish or authorize all acts and transactions of management and disposal that are within its corporate purpose and not specifically reserved in the articles of association or by applicable law to the general shareholders' meeting<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">. </font>The Company's articles of association provide for a board of directors consisting of a minimum of three and a maximum of fifteen directors; however, for as long as the Company's shares are listed on at least one regulated market, the minimum number of directors must be five. The Company's current board of directors is composed of ten directors; however, at the next annual general shareholders' meeting, it will be proposed that the number of members of the board of directors be reduced to nine.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The board of directors is required to meet as often as required by the interests of the Company and at least four times per year. A majority of the members of the board of directors in office present or represented at the board of directors' meeting constitutes a quorum, and resolutions may be adopted by the vote of a majority of the directors present or represented. In the case of a tie, the chairman is entitled to cast the deciding vote.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Directors are elected at the annual ordinary general shareholders' meeting to serve one-year renewable terms, as determined by the general shareholders' meeting. The general shareholders' meeting also determines the number of directors that will constitute the board and their compensation. The general shareholders' meeting may dismiss all or any one member of the board of directors at any time, with or without cause, by resolution passed by a simple majority vote, irrespective of the number of Shares represented at the meeting.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Under the Company's articles of association the board of directors is authorized until 2020, to increase the issued share capital in whole or in part from time to time, through issues of Shares within the limits of the authorized share capital against compensation in cash, compensation in kind at a price or if Shares are issued by way of incorporation of reserves, at an amount, which shall not be less than the par value and may include such issue premium as the board of directors shall decide. Under the Company's articles of association, however, the Company's existing shareholders shall have a preferential right to subscribe for any new Shares issued pursuant to the authorization granted to its board of directors, except in the following cases (in which cases no preferential subscription rights shall apply):</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">any issuance of Shares (including, without limitation, the direct issuance of Shares or upon the exercise of options, rights convertible into shares, or similar instruments convertible or exchangeable into Shares) against a contribution other than in cash;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">any issuance of Shares (including by way of free Shares or at discount), up to an amount of 1.5% of the issued share capital of the Company, to directors, officers, agents, employees of the Company, its direct or indirect subsidiaries, or its affiliates (collectively, the "Beneficiaries"), including, without limitation, the direct issuance of Shares or upon the exercise of options, rights convertible into Shares, or similar instruments convertible or exchangeable into Shares, issued for the purpose of compensation or incentive of the Beneficiaries or in relation thereto (which the board of directors shall be authorized to issue upon such terms and conditions as it deems fit).</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table sets forth the name of the Company's current directors, their respective positions on the board, their principal<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> occupation, their years of service as board members and their age. </font>At the next annual general shareholders' meeting, it will be proposed that all of the current directors, except for <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mr. Carlos Franck, be reappointed to the board of directors</font>, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">each to hold office until the next annual general shareholders' meeting that will be convened to decide on the Company's 2016 annual accounts.</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Name</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Position</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Occupation</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Years as<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> Director</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Age at<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> December 31, 2015</div>
</td>
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<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Roberto Bonatti<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">President of San Faustin</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">66</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Carlos Condorelli</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director of Tenaris and Ternium</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">64</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Carlos Franck</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">President of Inverban</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">65</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Roberto Monti</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Member of the board of directors of Petrobras Energia</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">76</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Gianfelice Mario Rocca<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Chairman of the board of directors of San Faustin</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">67</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Paolo Rocca<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Chairman and chief executive officer of Tenaris</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">63</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Jaime Serra Puche</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Chairman of SAI Consultores</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">64</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Alberto Valsecchi</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director of Tenaris</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">71</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amadeo V&#225;zquez y V&#225;zquez</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director of Tenaris</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">73</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Guillermo Vogel</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Director</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Vice chairman of Tamsa</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">65</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 2.25pt; FONT-SIZE: 10pt">(1)</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Paolo Rocca and Gianfelice Rocca are brothers, and Roberto Bonatti is Paolo and Gianfelice Rocca's first cousin.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Roberto Bonatti</u></font>.<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Mr. Bonatti is a member of the Company's board of directors. He is a grandson of Agostino Rocca, founder of the Techint group, a group of companies controlled by San Faustin. Throughout his career in the Techint group he has been involved specifically in the engineering and construction and corporate sectors. He was first employed by the Techint group in 1976, as deputy resident engineer in Venezuela. In 1984, he became a director of San Faustin, and since 2001 he has served as its president. In addition, Mr. Bonatti currently serves as president of Sadma Uruguay S.A. He is also a member of the board of directors of Ternium. Mr. Bonatti is an Italian citizen.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Carlos Condorelli</u></font>. Mr. Condorelli is a member of the Company's board of directors. He served as our chief financial officer from October 2002<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>until September 2007. He is also a board member of Ternium. He began his career within the Techint group in 1975 as an analyst in<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>the accounting and administration department of Siderar S.A.I.C., or Siderar. He has held several positions within Tenaris and other Techint group<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>companies, including finance and administration director of Tamsa and president of the board of directors of Empresa Distribuidora<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>La Plata S.A., or Edelap, an Argentine utilities company. Mr. Condorelli is an Argentine citizen.<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Carlos Franck</u></font>. Mr. Franck is a member of the Company's board of directors. He is president of Inverban S.A. and a member of the board of directors of Siderca, Techint Holdings S.&#224; r.l. and Siderar. He has financial planning and control responsibilities in subsidiaries of San Faustin. He serves as treasurer of the board of the Di Tella University and as president of Adobe, an Argentine NGO. Mr. Franck is an Argentine citizen. Mr. Franck intends to retire and accordingly, at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the next annual general shareholders's meeting, </font>he will not be proposed as candidate to <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the board of directors.</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Roberto Monti</u></font>.<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Mr. Monti is a member of the Company's board of directors. He is a member&#160;of the board of directors of Petrobras Energia. He has served as vice president of Exploration and&#160;Production of Repsol YPF and as chairman and chief executive officer of YPF. He was also the president of Dowell, a subsidiary of Schlumberger and the president of Schlumberger Wire &amp; Testing division for East Hemisphere Latin America. Mr. Monti is an Argentine citizen.<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Gianfelice Mario Rocca.</u></font> Mr. Rocca is a member of the Company's board of directors. He is a grandson of Agostino Rocca. He is the chairman of the board of directors of San Faustin, a member of the board of directors of Ternium, the president of the Humanitas Group and the president of Tenova S.p.A. In addition, he sits on the board of directors or executive committees of several companies, including Allianz S.p.A., Brembo and Buzzi Unicem.&#160; He is president of Assolombarda, the largest territorial association of entrepreneurs in Italy and part of Confindustria (Italian employers' organization). In addition, he is member of the EIT Governing Board (European Institute of Innovation and Technology). He is chairman of Humanitas University, board member of Bocconi University, member of the Advisory Board of Politecnico di Milano, the Allianz Group, the Aspen Institute Executive Committee, the Trilateral Commission, and the European Advisory Board of Harvard Business School. Mr. Rocca is an Italian citizen.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Paolo Rocca</u></font>. Mr. Rocca is the chairman of the Company's board of directors and our chief executive officer. He is a grandson of Agostino Rocca. He is also chairman of the board of directors of Tamsa. He is also the chairman of the board of directors of Ternium, a director and vice president of San Faustin, and a director of Techint Financial Corporation N.V. He is a member of the Executive Committee of the World Steel Association. Mr. Rocca is an Italian citizen.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Jaime Serra Puche</u></font>.<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Mr. Serra Puche is a member of the Company's board of directors. He is the chairman of SAI Consultores, a Mexican consulting firm, and a member of the board of directors of the Mexico Fund, Grupo Vitro, Grupo Modelo and Alpek S.A.. Mr. Serra Puche served as Mexico's Undersecretary of Revenue, Secretary of Trade and Industry, and Secretary of Finance. He led the negotiation and implementation of NAFTA. Mr. Serra Puche is a Mexican citizen.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Alberto Valsecchi</u></font>. Mr. Valsecchi is a member of the Company's board of directors. He served as our chief operating officer from February 2004 until July 2007. He joined the Techint group in 1968 and has held various positions within Tenaris and other Techint group companies. He has retired from his executive positions. He is also a member of the board of directors of San Faustin and chairman of the board of directors of Dalmine, a position he assumed in May 2008. Mr. Valsecchi is an Italian citizen.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Amadeo V&#225;zquez y V&#225;zquez</u></font>. Mr. V&#225;zquez y V&#225;zquez is a member of the Company's board of directors. He is an independent alternate director of Gas Natural BAN, S.A, of Grupo Gas Natural Fenosa. He is a member of the advisory board of the Fundaci&#243;n de Investigaciones Econ&#243;micas Latinoamericanas and member of the Asociaci&#243;n Empresaria Argentina. He served as chief executive officer of Banco R&#237;o de la Plata S.A. until August 1997, independent director and chairman of the Audit Committee of BBVA Banco Franc&#233;s S.A. until 2003, and chairman of the board of directors of Telecom Argentina S.A. until April 2007. Mr. V&#225;zquez y V&#225;zquez is a Spanish and Argentine citizen.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Guillermo Vogel</u></font>. Mr.&#160;Vogel is vicepresident finance of the Company's board of directors. He is the vice chairman of Tamsa, the chairman of Grupo Collado, Exportaciones IM Promoci&#243;n and Canacero, a member of the board of directors of each of Techint, S.A. de C.V., Corporaci&#243;n Alfa, the&#160;Universidad Panamericana &#8211; IPADE, Rassini, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Corporaci&#243;n Mexicana de Inversiones de Capital,</font> Innovare, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Grupo</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Assa</font> and the&#160;American Iron and Steel Institute. In addition, he is a member of The Trilateral Commission and member of the International Board of The Manhattan School of Music.&#160;Mr. Vogel is a Mexican citizen.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Messrs. Monti, Serra Puche and V&#225;zquez y V&#225;zquez qualify as independent directors under the Company's articles of association.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Each director must act in the interest of the Company, and in accordance with applicable laws, regulations, and the Company's articles of association. Directors are also bound by a general duty of care owed to the Company.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Under Luxembourg law, a director may be liable to the Company for any damage caused by management errors, such as wrongful acts committed during the execution of his or her mandate, and to the Company, its shareholders and third parties in the event that the Company, its shareholders or third parties suffer a loss due to an infringement of either the Luxembourg law on commercial companies or the Company's articles of association.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Under Luxembourg law, any director having a conflict of interest in respect of a transaction submitted for approval to the board of directors may not take part in the deliberations concerning such transaction and must inform the board of such conflict and cause a record of his statement to be included in the minutes of the meeting. Subject to certain exceptions, transactions in which any directors may have had an interest conflicting with that of the Company must be reported at the next general shareholders' meeting following any such transaction.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">A director will not be liable for acts committed pursuant to a board resolution if, notwithstanding his or her presence at the board meeting at which such resolution was adopted, such director advised the board of directors that he or she opposed the resolution and caused a record of such opposition to be included in the minutes of the meeting.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Causes of action against directors for damages may be initiated by the Company upon a resolution of the general shareholders' meeting passed by a simple majority vote, irrespective of the number of Shares represented at the meeting. Causes of action against directors who misappropriate corporate assets or commit a breach of trust may be brought by any shareholder for personal losses different from those of the Company.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">It is customary in Luxembourg that the shareholders expressly discharge the members of the board of directors from any liability arising out of or in connection with the exercise of their mandate when approving the annual accounts of the Company at the annual general shareholders meeting. However, such discharge will not release the directors from liability for any damage caused by wrongful acts committed during the execution of their mandate or due to an infringement of either the Luxembourg law on commercial companies or the Company's articles of association vis-&#224;-vis third parties.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Audit Committee</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Pursuant to the Company's articles of association, as supplemented by the audit committee's charter, for as long as the Company's shares are listed on at least one regulated market, the Company must have an audit committee composed of three members, all of which must qualify as independent directors under the Company's articles of association.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">Under the Company's articles of association, an independent director is a director who:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">is not and has not been employed by us or our subsidiaries in an executive capacity for the preceding five years;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">is not a person that controls us, directly or indirectly, and is not a member of the board of directors of a company controlling us, directly or indirectly;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">does not have (and is not affiliated with a company or a firm that has) a significant business relationship with us, our subsidiaries or our controlling shareholder;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">is not and has not been affiliated with or employed by a present or former auditor of us, our subsidiaries or our controlling shareholder for the preceding five years; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">and</font></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">is not a spouse, parent, sibling or relative up to the third degree of any of the above persons.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's board of directors has an audit committee consisting of three members. On May 6, 2015, the Company's board of directors reappointed Jaime Serra Puche, Amadeo V&#225;zquez y V&#225;zquez and Roberto Monti as members of the Company's audit committee. All three members of the audit committee qualify as independent directors under the Company's articles of association.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">Under the Company's articles of association, the audit committee is required to report to the board of directors on its activities from time to time, and on the adequacy of the systems of internal control over financial reporting once a year at the time the annual accounts are approved. In addition, the charter of the audit committee sets forth, among other things, the audit committee's purpose and responsibilities. The audit committee assists the board of directors in its oversight responsibilities with respect to our financial statements, and the independence, performance and fees of our independent auditors. The audit committee also performs other duties entrusted to it by the Company's board of directors.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In addition, the audit committee is required by the Company's articles of association to review "material transactions", as such term is defined under the Company's articles of association, to be entered into by the Company or its subsidiaries with "related parties", as such term is defined in the Company's articles of association, in order to determine whether their terms are consistent with market conditions or are otherwise fair to the Company and/or its subsidiaries. In the case of material transactions entered into by the Company's subsidiaries with related parties, the Company's audit committee will review those transactions entered into by those subsidiaries whose boards of directors do not have independent members.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">Under the Company's articles of association, as supplemented by the audit committee's charter, a material transaction is:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">any transaction between the Company or its subsidiaries with related parties (x) with an individual value equal to or greater than $10 million, or (y) with an individual value lower than $10 million, when the aggregate sum &#8211; as reflected in the financial statements of the four fiscal quarters of the Company preceding the date of determination- of any series of transactions for such lower value that can be deemed to be parts of a unique or single transaction (but excluding any transactions that were reviewed and approved by Company's audit committee or board of directors, as applicable, or the independent members of the board of directors of any of its subsidiaries) exceeds 1.5% of the Company's consolidated net sales made in the fiscal year preceding the year on which the determination is made;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">any corporate reorganization transaction (including a merger, spin-off or bulk transfer of a business) affecting the Company for the benefit of, or involving, a related party; and</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">any corporate reorganization transaction (including a merger, spin-off or bulk transfer of a business) not reviewed and approved by the independent members of the board of directors of any of the Company's direct or indirect subsidiaries, affecting any of the Company's direct or indirect subsidiaries for the benefit of, or involving, a related party.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The audit committee has the power (to the maximum extent permitted by applicable laws) to request that the Company or relevant subsidiary provide any information necessary for it to review any material transaction. A material related party transaction shall not be entered into without prior review by the Company's audit committee and approval by the board of directors unless (i) the circumstances underlying the proposed transaction justify that it be entered into before it can be reviewed by the Company's audit committee or approved by the board of directors and (ii) the related party agrees to unwind the transaction if the Company's audit committee or board of directors does not approve it.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The audit committee has the authority to engage independent counsel and other advisors to review specific issues as the committee may deem necessary to carry out its duties and to conduct any investigation appropriate to fulfill its responsibilities, and has direct access to the Company's internal and external auditors as well as to the Company's management and employees and, subject to applicable laws, its subsidiaries.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our current senior management as of the date of this annual report consists of:</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2015</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Gabriel Casanova</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Supply Chain Director</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">57</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Vincenzo Crapanzano</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Industrial Director</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">63</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Alejandro Lammertyn</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Planning Director</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">50</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Paola Mazzoleni</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Human Resources Director</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">39</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Carlos Pappier</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Chief Process and Information Officer</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">54</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Marcelo Ramos</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Technology Director</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">52</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Germ&#225;n Cur&#225;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">North American Area Manager</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">53</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Sergio de la Maza</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Central American Area Manager</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">59</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Renato Catallini</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Brazilian Area Manager</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">49</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Javier Mart&#237;nez Alvarez</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Southern Cone Area Manager</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">49</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Gabriel Podskubka</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Eastern Hemisphere Area Manager</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">42</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Sergio Tosato</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">European Area Manager</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">66</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Paolo Rocca</u></font>. Mr. Rocca is the chairman of the Company's board of directors and our chief executive officer. He is a grandson of Agostino Rocca. He is also the chairman of the board of directors of Ternium, a director and vice president of San Faustin, and a director of Techint Financial Corporation N.V. He is a member of the Executive Committee of the World Steel Association. Mr. Rocca is an Italian citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Edgardo Carlos</u></font>. Mr. Carlos currently serves as our chief financial officer, a position that he assumed on July 1, 2013. He joined the Techint Group in 1987 in the accounting department of Siderar. After serving as financial manager for Sidor, in Venezuela, in 2001 he joined Tenaris as our financial director. In 2005 he was appointed administration and financial manager for North America and in 2007 he became administration and financial director for Central America. In 2009 he was appointed economic and financial planning director, until he assumed his current position. Mr. Carlos is an Argentine citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Gabriel Casanova</u></font>. Mr. Casanova currently serves as our supply chain director, with responsibility for the execution of all contractual deliveries to customers. After graduating as a marine and mechanical engineer, he joined Siderca's export department in 1987.&#160; In 1995 he became Siderca's Chief Representative in China and from 1997 to 2009 he held several positions in the commercial area in Dalmine. In 2009 he became the head of our supply chain network and in October 2012 he assumed his current position. Mr. Casanova is an Argentine citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Vincenzo Crapanzano</u></font>. Mr. Crapanzano currently serves as our industrial director, a position he assumed in April 2011. Previously he served as our European area manager, Mexican area manager and executive vice president of Tamsa. Prior to joining Tenaris, he held various positions at Grupo Falck from 1979 to 1989. When Dalmine acquired the tubular assets of Grupo Falck in 1990, he was appointed managing director of the cold drawn tubes division. Mr. Crapanzano is an Italian citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Alejandro Lammertyn</u></font>. Mr. Lammertyn currently serves as our planning director, a position he assumed in April 2013. Mr. Lammertyn began his career with Tenaris in 1990. Previously he served as assistant to the CEO for marketing, organization and mill allocation, supply chain director, commercial director and Eastern Hemisphere area manager. Mr. Lammertyn is an Argentine citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Paola Mazzoleni</u></font>. Ms. Mazzoleni currently serves as our human resources director, a position she assumed on January 1, 2016. After receiving a degree in Philosophy, she started her career in Dalmine in 2001 in the human resources department, working in recruitment and selection. She next coordinated the company's Global Trainee Program and then served as the regional head in Italy of TenarisUniversity. Ms. Mazzoleni was appointed as human resources director in Romania in 2008, in Italy in 2012 and in the United States in 2014. Ms. Mazzoleni is an Italian citizen</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Carlos Pappier</u></font>. Mr. Pappier currently serves as our chief process and information officer. Previously, he served as planning director. He began his career within the Techint group in 1984 as a cost analyst in Siderar. After holding several positions within Tenaris and other Techint group companies in 2002, he became chief of staff of Tenaris. He assumed his current position in May 2010. Mr. Pappier is an Argentine citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Marcelo Ramos</u></font>. Mr. Ramos currently serves as our technology director, with responsibility over technology and quality. Previously he served as corporate quality director and managing director of NKKTubes in our Japanese operations. He joined the Techint group in 1987 and has held various positions within Tenaris. He assumed his current position in April 2010, when both, the quality and technology departments were combined. Mr. Ramos is an Argentine citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Germ&#225;n Cur&#225;</u></font>. Mr. Cur&#225; currently serves as our North American area manager. He is a marine engineer and was first employed with Siderca in 1988. Previously, he served as Siderca's exports director, Tamsa's exports director and commercial director, sales and marketing manager of our Middle East office, president of Algoma Tubes, president and chief executive officer of Maverick Tubulars and president and chief executive officer of Hydril, director of our Oilfield Services business unit and Tenaris commercial director. He was also a member of the board of directors of API. He assumed his current position in October 2006. Mr. Cur&#225; is a U.S. citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Sergio de la Maza</u></font>. Mr. de la Maza currently serves as our Central American area manager and also serves as a director and executive vice-president of Tamsa. Previously he served as our Mexican area manager. He first joined Tamsa in 1980. From 1983 to 1988, Mr. de la Maza worked in several positions in Tamsa and Dalmine. He then became manager of Tamsa's new pipe factory and later served as manufacturing manager and quality director of Tamsa. Subsequently, he was named manufacturing director of Siderca. He assumed his current position in 2006. Mr. de la Maza is a Mexican citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Renato Catallini</u></font>. Mr. Catallini currently serves as our Brazilian area manager, a position that he assumed in October 2012, after having served as our supply chain director since August 2007. He joined Tenaris in 2001 in the supply management area, as a general manager of Exiros Argentina. In July 2002, he was appointed operations director and subsequently, in January 2005, became managing director of Exiros. Before joining Tenaris, he worked for ten years in the energy sector, working for TGN, Nova Gas Internacional, TransCanada Pipelines and TotalFinaElf, among others. Mr. Catallini is an Argentine and Italian citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Javier Mart&#237;nez Alvarez</u></font>. Mr. Mart&#237;nez Alvarez currently serves as our Southern Cone area manager, a position he assumed in June 2010, having previously served as our Andean area manager. He began his career in the Techint group in 1990, holding several positions including planning manager of Siderar and commercial director of Ternium-Sidor. In 2006, he joined Tenaris as our Venezuela area manager. Mr. Mart&#237;nez Alvarez is an Argentine citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Gabriel Podskubka</u></font>.&#160;Mr. Podskubka currently serves as our Eastern Hemisphere area manager, based in Dubai. He assumed his current position in April 2013 after serving as the head of our operations in Eastern Europe for 4 years. After graduating as an industrial engineer Mr. Podskubka joined the Techint group in 1995 in the marketing department of Siderca. He&#160;held various positions in the marketing, commercial, and industrial areas until he was appointed as oil &amp; gas sales director in the United States in 2006. Mr. Podskubka is an Argentine citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Sergio Tosato</u></font>. Mr. Tosato currently serves as our European Area Manager, a position he assumed in April 2015. Mr. Tosato first joined Dalmine in 1974 in the personnel organization area, and has held many positions within Tenaris, including industrial coordination director, director of operations in Siderca and manufacturing director in Dalmine. Since 2013, he was the director for industrial expansion, with responsibility over the greenfield seamless mill project in Bay City, Texas, until he assumed his current position. Mr. Tosato is an Italian citizen.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Directors' and senior management compensation</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The compensation of the members of the Company's board of directors is determined at the annual ordinary general shareholders' meeting. Each member of the board of directors received as compensation for their services for the year 2015 a fee of $85,000. The chairman of the audit committee received as additional compensation a fee of $65,000 while the other members of the audit committee received an additional fee of $55,000. Under the Company's articles of association, the members of the audit committee are not eligible to participate in any incentive compensation plan for employees of the Company or any of its subsidiaries.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;</div>

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</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">During the years ended December 31, 2015, 2014 and 2013, the cash compensation of directors and senior managers amounted to $29.2 million, $26.0 million and $28.1 million, respectively. In addition, directors and senior managers received 540, 567 and 534 thousand units for a total amount of $5.4 million, $6.2 million and $5.6 million, respectively, in connection with the Employee retention and long term incentive program described in note O (2) "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Employee benefits &#8211;Other long term benefits</font>" to our audited consolidated financial statements included in this annual report.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">There are no service contracts between any director and Tenaris that provide for material benefits upon termination of employment.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Auditors</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The Company's articles of association require the appointment of an independent audit firm in accordance with applicable law. The primary responsibility of the auditor is to audit the Company's annual accounts and to submit a report on the accounts to shareholders at the annual shareholders' meeting. In accordance with applicable law, auditors are chosen from among the members of the Luxembourg Institute of Independent Auditors (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Institut des r&#233;viseurs d'entreprises</font>). Auditors are appointed by the general shareholders' meeting upon recommendation from our audit committee through a resolution passed by a simple majority vote, irrespective of the number of Shares represented at the meeting, to serve one-year renewable terms. Auditors may be dismissed by the general shareholders meeting at any time, with or without cause. Luxembourg law does not allow directors to serve concurrently as independent auditors. As part of their duties, the auditors report directly to the audit committee.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Company's audit committee is responsible for, among other things, the oversight of the Company's independent auditors. The audit committee has adopted in its charter a policy of pre-approval of audit and permissible non-audit services provided by its independent auditors. Under the policy, the audit committee makes its recommendations to the shareholders' meeting concerning the continuing appointment or termination of the Company's independent auditors. On a yearly basis, the audit committee reviews together with management and the independent auditor, the audit plan, audit related services and other non-audit services and approves, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">ad-referendum</font> of the general shareholders' meeting, the related fees. The general shareholders' meeting normally approves such audit fees and authorizes the audit committee to approve any increase or reallocation of such audit fees as may be necessary, appropriate or desirable under the circumstances. The audit committee delegates to its Chairman the authority to consider and approve, on behalf of the audit committee, additional non-audit services that were not recognized at the time of engagement, which must be reported to the other members of the audit committee at its next meeting. No services outside the scope of the audit committee's approval can be undertaken by the independent auditor.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our independent auditor for the fiscal year ended December 31, 2015, appointed by the shareholders' meeting held on May 6, 2015, was PricewaterhouseCoopers Soci&#233;t&#233; Coop&#233;rative., <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cabinet de r&#233;vision agr&#233;&#233;</font>,<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>in connection with all of our annual accounts and financial statements.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt">Fees Paid to the Company's Independent Auditor</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">In 2015, PwC served as the principal external auditor for the Company. Fees payable to PwC in 2015 are detailed below.</div>

<table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3193e0ca8ad8470994a5877cc27d5137" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 73.44%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the year ended December &#160;31,</div>
</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 73.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Thousands of U.S. dollars</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.44%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.56%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 10pt; FONT-SIZE: 10pt">Audit Fees<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,372</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 10pt; FONT-SIZE: 10pt">Audit-Related Fees<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">78</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 10pt; FONT-SIZE: 10pt">Tax Fees<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 73.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 10pt; FONT-SIZE: 10pt">All Other Fees<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 73.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 26.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,490</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Audit Fees</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Audit fees were paid for professional services rendered by the auditors for the audit of the consolidated financial statements and internal control over financial reporting of the Company, the statutory financial statements of the Company and its subsidiaries, and any other audit services required for the SEC or other regulatory filings.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">35</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Audit-Related Fees</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Audit-related fees are typically services that are reasonably related to the performance of the audit or review of the consolidated financial statements of the Company and the statutory financial statements of the Company and its subsidiaries and are not reported under the audit fee item above. This item includes fees for attestation services on financial information of the Company and its subsidiaries included in their annual reports that are filed with their respective regulators.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Tax Fees</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Fees paid for tax compliance professional services.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">All Other Fees</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Fees paid for the support in the development of training courses.</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-WEIGHT: bold">Share Ownership</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">To our knowledge, the total number of Shares (in the form of ordinary shares or ADSs) beneficially owned by our directors and senior management as of the date of this annual report, was 1,400,603, which represents 0.12% of our outstanding Shares.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following table provides information regarding share ownership by our directors and senior management:</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7e09b22db0c1442b9954825714685e31" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 73%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Director or Officer</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of Shares Held</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Guillermo Vogel<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,325,446</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Carlos Condorelli<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">67,211</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Edgardo Carlos<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,000</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 73%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Gabriel Podskubka<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,946</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 73%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,400,603</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Major Shareholders</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table shows the beneficial ownership of the Shares by (1) the Company's major shareholders (persons or entities that have notified the Company of holdings in excess of 5% of the Company's share capital), (2) non-affiliated public shareholders, and (3) the Company's directors and senior management as a group. The information below is based on the most recent information provided to the Company.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 8.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Identity of Person or Group</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number</div>
</td>
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<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percent</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 8.6pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">San Faustin</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller"> (1)</sup><font style="WIDTH: 212.25pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 10.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">713,605,187</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 10.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">60.45</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">%</div>
</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 8.6pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Aberdeen Asset Management PLC </font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2)</sup><font style="WIDTH: 212.25pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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<div style="LINE-HEIGHT: 10.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">81,903,771</div>
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<div style="LINE-HEIGHT: 10.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6.94</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 8.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Directors and senior management as a group</div>
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<div style="LINE-HEIGHT: 10.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,400,603</div>
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<div style="LINE-HEIGHT: 10.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.12</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 8.6pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Public</font><font style="WIDTH: 212.25pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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<div style="LINE-HEIGHT: 10.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">383,627,269</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 10.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">32.50</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 8.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font><font style="WIDTH: 212.25pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,536,830</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100.00</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">__________</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">San Faustin owns all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.&#224; r.l. The Dutch private foundation (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Stichting</font>) Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin ("RP STAK") holds voting rights in San Faustin sufficient to control San Faustin. No person or group of persons controls RP STAK.</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; MARGIN-BOTTOM: 12pt">
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">On March 1, 2016, Aberdeen Asset Management PLC filed a Schedule 13(G) with the SEC informing that, as of December 31, 2015, it is deemed to be the beneficial owner of 79,833,738 Shares of Tenaris, representing 6.8% of Tenaris's issued and outstanding capital share. In addition, Aberdeen Asset Management PLC informed Tenaris that, as of December 31, 2015, (i) it held 2,070,033 Shares, representing 0.14% (in addition to its ADSs holdings reported in the above mentioned Schedule 13(G)); and (i) based on it ADSs and Shares' holdings, it held 5.41% of Tenaris's votes.</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The voting rights of the Company's major shareholders do not differ from the voting rights of other shareholders. None of its outstanding shares have any special control rights. There are no restrictions on voting rights, nor are there, to the Company's knowledge, any agreements among shareholders of the Company that might result in restrictions on the transfer of securities or the exercise of voting rights.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Company does not know of any significant agreements or other arrangements to which the Company is a party and which take effect, alter or terminate in the event of a change of control of the Company. The Company does not know of any arrangements, the operation of which may at a subsequent date result in a change of control of the Company.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Information required under the Luxembourg Law on takeovers of May 19, 2006</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company has an authorized share capital of a single class of 2,500,000,000 shares with a par value of $ 1.00 per share. Our authorized share capital is fixed by the Company's articles of association as amended from time to time with the approval of our shareholders in an extraordinary shareholders' meeting. There were 1,180,536,830 shares issued as of December 31, 2015. All issued shares are fully paid.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Company's articles of association authorize the board of directors until 2020, to increase the issued share capital in whole or in part from time to time, through issues of shares within the limits of the authorized share capital against compensation in cash, compensation in kind at a price or if shares are issued by way of incorporation of reserves, at an amount, which shall not be less than the par value and may include such issue premium as the board of directors shall decide. However, under the Company's articles of association, the Company's existing shareholders shall have a preferential right to subscribe for any new Shares issued pursuant to the authorization granted to its board of directors, except in the following cases (in which cases no preferential subscription rights shall apply):</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">any issuance of Shares (including, without limitation, the direct issuance of Shares or upon the exercise of options, rights convertible into shares, or similar instruments convertible or exchangeable into Shares) against a contribution other than in cash;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any issuance of Shares (including by way of free Shares or at discount), up to an amount of 1.5% of the issued share capital of the Company, to directors, officers, agents or employees of the Company, its direct or indirect subsidiaries, or its affiliates (collectively, the "Beneficiaries"), including, without limitation, the direct issuance of Shares or upon the exercise of options, rights convertible into Shares, or similar instruments convertible or exchangeable into Shares, issued for the purpose of compensation or incentive of the Beneficiaries or in relation thereto (which the board of directors shall be authorized to issue upon such terms and conditions as it deems fit).</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's articles of association do not contain any redemption or sinking fund provisions, nor do they impose any restrictions on the transfer of the Company's shares.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amendment of the Company's articles of association requires the approval of shareholders at an extraordinary shareholders' meeting with a two-thirds majority vote of the Shares represented at the meeting.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company is controlled by San Faustin, which owns 60.45% of the Company's outstanding shares, through its wholly owned subsidiary Techint Holdings S.&#224; r.l. The Dutch private foundation (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Stichting</font>) RP STAK holds voting rights in San Faustin sufficient to control San Faustin. No person or group of persons controls RP STAK.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Our directors and senior management as a group own 0.12% of the Company's outstanding shares, while the remaining 39.44% are publicly traded. The Company's shares trade on the Italian Stock Exchange, the Buenos Aires Stock Exchange and the Mexican Stock Exchange; in addition, the Company's ADSs trade on the New York Stock Exchange. See "Corporate Governance &#8211; Major Shareholders".</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">None of the Company's outstanding securities has any special control rights. There are no restrictions on voting rights, nor are there, to our knowledge, any agreements among our shareholders that might result in restrictions on the transfer of securities or the exercise of voting rights.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">There are no significant agreements to which the Company is a party and which take effect, alter or terminate in the event of a change in the control of the Company following a takeover bid, thereby materially and adversely affecting the Company, nor are there any agreements between us and members of our board of directors or employees that provide for compensation if they resign or are made redundant without reason, or if their employment ceases pursuant to a takeover bid.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Management is vested in a board of directors. Directors are elected at the annual ordinary shareholders' meeting to serve one-year renewable terms. See "Corporate Governance &#8211; Board of Directors".</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Internal control over financial reporting</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Management is responsible for establishing and maintaining adequate internal control over financial reporting. Tenaris's internal control over financial reporting was designed by management to provide reasonable assurance regarding the reliability of financial reporting and the preparation and fair presentation of its consolidated financial statements for external purposes in accordance with IFRS.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In addition, under the Company's articles of association, the audit committee is required to report to the board of directors on its activities from time to time, and on the adequacy of the systems of internal control over financial reporting once a year at the time the annual accounts are approved.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements or omissions. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On a yearly basis, management conducts its assessment of the effectiveness of Tenaris's internal control over financial reporting based on the framework in <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Internal Control- Integrated Framework</font> issued by the Committee of Sponsoring Organizations of the Treadway Commission.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On February 24, 2016, management reported to the audit committee of the Company's board of directors that management had conducted its assessment of the effectiveness of the Company's internal controls over financial reporting for the year ended December 31, 2015, and that, based on management's evaluation and considering the inherent limitations to the effectiveness of any internal control system, management had concluded that the Company's internal controls over financial reporting were effective as of December 31, 2015.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">We confirm, to the best of our knowledge, that:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">the consolidated financial statements prepared in conformity with International Financial Reporting Standards<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> as issued by the International Accounting Standards Board and as adopted by the European Union</font>, included in this annual report, give a true and fair view of the assets, liabilities, financial position and profit or loss of Tenaris S.A. and its consolidated subsidiaries, taken as a whole;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">the annual accounts prepared in accordance with Luxembourg legal and regulatory requirements, included in this annual report, give a true and fair view of the assets, liabilities, financial position and profit or loss of Tenaris S.A.; and</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">the consolidated management report on the consolidated financial statements included in this annual report, which has been combined with the management report on the annual accounts included in this annual report, gives a fair review of the development and performance of the business and the position of Tenaris S.A., or Tenaris S.A. and its consolidated subsidiaries, taken as a whole, as applicable, together with a description of the principal risks and uncertainties they face.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">To the Shareholders of</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We have audited the accompanying consolidated financial statements of Tenaris S.A. and its subsidiaries, which comprise the consolidated statement of financial position as at 31 December 2015, and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended and a summary of significant accounting policies and other explanatory information.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Board of Directors is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and as adopted by the European Union, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Responsibility of the "R&#233;viseur d'entreprises agr&#233;&#233;"</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier". Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the judgment of the "R&#233;viseur&#160;d'entreprises agr&#233;&#233;" including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the "R&#233;viseur d'entreprises agr&#233;&#233;" considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#160;</sup>An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the consolidated financial statements.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 8pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">PricewaterhouseCoopers, Soci&#233;t&#233; coop&#233;rative, 2, rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 8pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">T : +352 494848 1, F : +352 494848 2900, www.pwc.lu</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 8pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cabinet de r&#233;vision agr&#233;&#233;. Expert-comptable (autorisation gouvernementale n&#176;10028256)</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In our opinion, these consolidated financial statements give a true and fair view of the consolidated financial position of Tenaris S.A. and its subsidiaries as of 31 December 2015, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and as adopted by the European Union.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The management report, including the corporate governance statement, which is the responsibility of the Board of Directors, is consistent with the consolidated financial statements and includes the information required by the law with respect to the corporate governance statement.</div>

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<div style="TEXT-ALIGN: justify; FONT: 10pt/11.4pt 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt"><u>/s/ Mervyn R. Martins&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 14.2pt; FONT-SIZE: 10pt">Mervyn R. Martins</div>

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<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">42</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris S.A. Consolidated Financial Statements for the years ended December 31, 2015, 2014 and 2013</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED INCOME STATEMENT</div>

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<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="522a02bbeb3c4ae7bd17b8349c766ae4" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars, unless otherwise stated)</div>
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<td style="WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.59%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
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<tr>
<td style="WIDTH: 59.53%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 6.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,100,753</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,337,962</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,596,781</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cost of sales</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(4,885,078)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(6,287,460)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(6,456,786)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross profit</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,215,675</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,050,502</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,139,995</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Selling, general and administrative expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(1,624,275)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(1,963,952)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(1,941,213)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,603</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,855</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,305</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other operating expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(410,575)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(215,589)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(28,257)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">195,428</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,898,816</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,184,830</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finance Income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34,574</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">38,211</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34,767</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finance Cost</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(23,058)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(44,388)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(70,450)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other financial results</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,694</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">39,214</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,004</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income before equity in earnings of non-consolidated companies and income tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">209,638</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,931,853</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,156,151</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in earnings (losses) of non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(39,558)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(164,616)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">46,098</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income before income tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">170,080</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,767,237</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,202,249</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(244,505)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(586,061)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(627,877)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Loss) Income for the year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(74,425)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,181,176</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,574,372</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Attributable to:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Owners of the parent</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(80,162)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,158,517</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,551,394</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-controlling interests</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,737</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22,659</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22,978</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(74,425)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,181,176</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,574,372</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Earnings per share attributable to the owners of the parent during the period:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Weighted average number of ordinary shares (thousands)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,537</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,537</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,537</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Basic and diluted (loss) earnings per share (U.S. dollars per share)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.07)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.98</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.31</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Basic and diluted (loss) earnings per ADS (U.S. dollars per ADS) (*)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.14)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.96</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.63</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(*) Each ADS equals two shares.</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 18.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 18.8pt"><br style="LINE-HEIGHT: 18.8pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0dc00ee397614c4aa84bec47ff7eb584" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 67.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.96%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 67.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 67.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 67.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Loss) Income for the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(74,425)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,181,176</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,574,372</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Items that will not be reclassified to profit or loss:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Remeasurements of post employment benefit obligations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,181</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,850</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,314</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax on items that will not be reclassified</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,242)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(513)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,865)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">9,939</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,337</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">13,449</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Items that may be subsequently reclassified to profit or loss:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Currency translation adjustment</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(256,260)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(197,711)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,941)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Change in value of cash flow hedges and available for sale financial instruments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,185</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,483)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,941</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Share of other comprehensive income of non-consolidated companies:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;- Currency translation adjustment</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(92,914)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(54,688)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(87,666)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;- Changes in the fair value of derivatives held as cash flow hedges and others</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,239)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3,857)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,682</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax related to cash flow hedges and available for sale financial instruments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(284)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">400</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">478</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(340,512)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(266,339)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(83,506)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 67.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other comprehensive (loss) for the year, net of tax</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(330,573)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(265,002)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(70,057)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 67.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total comprehensive (loss) income for the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(404,998)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">916,174</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,504,315</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 67.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Attributable to:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 67.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Owners of the parent</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(410,187)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">894,929</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,480,572</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 67.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-controlling interests</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,189</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,245</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23,743</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 67.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(404,998)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.18%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">916,174</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.32%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,504,315</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The accompanying notes are an integral part of these Consolidated Financial Statements.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">43</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENT OF FINANCIAL POSITION</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e2b4bc6cc0d047ee9330476a1766ca02" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 40.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.25%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</div>
</td>
<td style="WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.32%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40.37%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notes</div>
</td>
<td style="WIDTH: 11.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.64%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 23.32%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ASSETS</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.64%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-current assets</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.64%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Property, plant and equipment, net</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,672,258</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,159,557</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Intangible assets, net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,143,452</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,757,630</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Investments in non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">490,645</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">643,630</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Available for sale assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">30</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">394,746</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,539</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Deferred tax assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">20</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">200,706</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">268,252</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Receivables</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">13</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">220,564</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,143,943</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">262,176</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,114,356</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Inventories</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,843,467</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,779,869</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Receivables and prepayments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">15</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">148,846</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">267,631</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Current tax assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">16</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">188,180</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">129,404</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Trade receivables</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">17</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,135,129</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,963,394</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,140,862</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,838,379</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">286,547</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,743,031</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">417,645</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,396,322</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14,886,974</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">16,510,678</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EQUITY</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital and reserves attributable to owners of the parent</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,713,344</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,654,114</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-controlling interests</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">152,712</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">152,200</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total equity</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,866,056</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12,806,314</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LIABILITIES</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-current liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">223,221</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">30,833</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Deferred tax liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">20</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">750,325</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">714,123</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">21 (i)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">231,176</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">285,865</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Provisions</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">22 (ii)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">61,421</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,266,143</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">70,714</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,101,535</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">748,295</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">968,407</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Current tax liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">16</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">136,018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">352,353</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">21 (ii)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">222,842</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">296,277</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Provisions</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23 (ii)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,995</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,380</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Customer advances</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">134,780</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">133,609</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Trade payables</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">503,845</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,754,775</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">831,803</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,602,829</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,020,918</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,704,364</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total equity and liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14,886,974</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">16,510,678</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="7">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Contingencies, commitments and restrictions on the distribution of profits are disclosed in Note 25.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The accompanying notes are an integral part of these Consolidated Financial Statements.</div>

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<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">44</font></div>

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<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris S.A. Consolidated Financial Statements for the years ended December 31, 2015, 2014 and 2013</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 3pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c00acb27df26419ea49f27ecb96b2510" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" colspan="7">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Attributable to owners of the parent</div>
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<td style="WIDTH: 8.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Capital (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Legal Reserves</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Premium</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Currency Translation Adjustment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Reserves (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retained Earnings (3)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-controlling interests</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,180,537</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">118,054</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">609,733</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(658,284)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(317,799)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,721,873</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12,654,114</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">152,200</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12,806,314</div>
</td>
</tr>

<tr>
<td style="WIDTH: 24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 8.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Loss) income for the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(80,162)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(80,162)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,737</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(74,425)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.1pt; FONT-SIZE: 10pt">Currency translation adjustment</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(255,569)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(255,569)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(691)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(256,260)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.1pt; FONT-SIZE: 10pt">Remeasurements of post employment benefit obligations, net of taxes</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,213</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10,213</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(274)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">9,939</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.1pt; FONT-SIZE: 10pt">Change in value of available for sale financial instruments and cash flow hedges net of tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,484</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12,484</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">417</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12,901</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.1pt; FONT-SIZE: 10pt">Share of other comprehensive income of non-consolidated companies</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(92,914)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(4,239)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(97,153)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(97,153)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other comprehensive (loss) income for the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(348,483)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18,458</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(330,025)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(548)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(330,573)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total comprehensive (loss) income for the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(348,483)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18,458</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(80,162)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(410,187)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,189</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(404,998)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Acquisition of non-controlling interests</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">659</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">659</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(1,727)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(1,068)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends paid in cash</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(531,242)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(531,242)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(2,950)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(534,192)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,180,537</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">118,054</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">609,733</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(1,006,767)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(298,682)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,110,469</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,713,344</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">152,712</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,866,056</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 9.1pt; MARGIN-BOTTOM: 3pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt">(1) The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2015 there were 1,180,536,830 shares issued. All issued shares are fully paid.</div>

<div style="LINE-HEIGHT: 6pt"><br style="LINE-HEIGHT: 6pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2) Other reserves include mainly the result of transactions with non-controlling interest that do not result in a loss of control, the remeasurement of post-employment benefit obligations and the changes in value of cash flow hedges and in available for sale financial instruments.</div>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -28.35pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 28.35pt; FONT-SIZE: 10pt">(3) The Distributable Reserve and Retained Earnings calculated according to Luxembourg Law are disclosed in Note 25.</div>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The accompanying notes are an integral part of these Consolidated Financial Statements.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">45</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 6pt"><br style="LINE-HEIGHT: 6pt">
</div>

<div style="LINE-HEIGHT: 3pt"><br style="LINE-HEIGHT: 3pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Cont.)</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 6pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="50b240ff524a4b8b9987ab51a586609b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="WIDTH: 36pt; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right"></td>
<td style="TEXT-ALIGN: center; WIDTH: auto; VERTICAL-ALIGN: top"></td>
</tr>
</table>
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7f1fb1145a5148f1b5ddcdba38b974c1" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" colspan="7">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Attributable to owners of the parent</div>
</td>
<td style="WIDTH: 8.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Capital (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Legal Reserves</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Premium</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Currency Translation Adjustment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Reserves (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retained Earnings</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-controlling interests</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at December 31, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,180,537</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">118,054</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">609,733</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(406,744)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(305,758)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,094,598</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12,290,420</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">179,446</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12,469,866</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income for the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,158,517</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,158,517</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">22,659</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,181,176</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.2pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Currency translation adjustment</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(196,852)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(196,852)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(859)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(197,711)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.2pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Remeasurements of post employment benefit obligations, net of taxes</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,503</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,503</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(166)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,337</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.2pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Change in value of available for sale financial instruments and cash flow hedges net of tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(9,694)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(9,694)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(389)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(10,083)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.2pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Share of other comprehensive income of non-consolidated companies</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(54,688)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(3,857)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(58,545)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(58,545)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other comprehensive (loss) income for the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(251,540)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(12,048)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(263,588)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(1,414)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(265,002)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total comprehensive income for the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(251,540)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(12,048)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,158,517</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">894,929</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">21,245</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">916,174</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Acquisition of non-controlling interests</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(152)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(145)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends paid in cash</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(531,242)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(531,242)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(48,339)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(579,581)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,180,537</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">118,054</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">609,733</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(658,284)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(317,799)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,721,873</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12,654,114</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">152,200</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12,806,314</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9pt; MARGIN-BOTTOM: 3pt"><br style="LINE-HEIGHT: 9pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f88ff08b431246e49c8432465dfb7298" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" colspan="7">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Attributable to owners of the parent</div>
</td>
<td style="WIDTH: 8.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Capital (1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Legal Reserves</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Premium</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Currency Translation Adjustment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Reserves (2)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retained Earnings</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-controlling interests</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at December 31, 2012</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,180,537</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">118,054</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">609,733</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(316,831)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(314,297)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10,050,835</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,328,031</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">171,561</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,499,592</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 3.6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income for the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,551,394</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,551,394</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">22,978</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,574,372</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.2pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Currency translation adjustment</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,247)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(2,247)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">306</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1,941)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.2pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Effect of adopting IAS 19R</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,449</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">13,449</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">13,449</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.2pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Hedge reserve, net of tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,960</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,960</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">459</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,419</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 0.2pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Share of other comprehensive income of non-consolidated companies</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(87,666)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,682</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(84,984)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(84,984)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other comprehensive (loss) income for the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(89,913)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,091</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(70,822)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">765</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(70,057)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total comprehensive income for the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(89,913)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,091</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,551,394</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,480,572</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23,743</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,504,315</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Acquisition of non-controlling interests</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,552)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(10,552)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,784</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(7,768)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends paid in cash</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(507,631)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(507,631)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(18,642)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(526,273)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at December 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,180,537</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">118,054</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">609,733</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.14%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(406,744)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(305,758)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,094,598</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12,290,420</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">179,446</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12,469,866</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 3pt; MARGIN-BOTTOM: 3pt"><br style="LINE-HEIGHT: 3pt">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt" id="d800fd24d98044728c0df201678ad3de" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: 27pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt">The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2014 and 2013 there were 1,180,536,830 shares issued. All issued shares are fully paid.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt" id="eca87caa31df42fe841c23a3394d3a31" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: 27pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt">&#160;Other reserves include mainly the result of transactions with non-controlling interest that do not result in a loss of control, the remeasurement of post-employment benefit obligations and the changes in value of cash flow hedges and in available for sale financial instruments.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 8pt; MARGIN-BOTTOM: 3pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The accompanying notes are an integral part of these Consolidated Financial Statements.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">46</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONSOLIDATED STATEMENT OF CASH FLOWS</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="95c001ff5f8444b293cffedf0f1edb0c" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="WIDTH: 10.65%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 39.56%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from operating activities</div>
</td>
<td style="WIDTH: 10.65%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Loss) income for the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(74,425)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,181,176</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,574,372</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Adjustments for:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10 &amp; 11</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">658,778</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">615,629</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">610,054</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Impairment charge</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">400,314</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">205,849</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax accruals less payments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27(ii)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(91,080)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">79,062</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">125,416</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in (earnings) losses of non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">39,558</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">164,616</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(46,098)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest accruals less payments, net</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27(iii)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,975)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(37,192)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(29,723)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in provisions</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(20,678)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,982)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,800)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in working capital</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27(i)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,373,985</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(72,066)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">188,780</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other, including currency translation adjustment</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(69,473)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(88,025)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(43,649)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net cash provided by operating activities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,215,004</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,044,067</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,377,352</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from investing activities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital expenditures</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10 &amp; 11</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,131,519)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,089,373)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(753,498)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in advance to suppliers of property, plant and equipment</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">49,461</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(63,390)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(22,234)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Investment in non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12 c</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,400)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,380)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Acquisition of subsidiaries and non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">26</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(28,060)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net loan to non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(22,322)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(21,450)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Proceeds from disposal of property, plant and equipment and intangible assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,090</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,156</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">33,186</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends received from non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,674</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17,735</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,334</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in investments in securities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(695,566)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(611,049)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(582,921)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net cash used in investing activities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1,773,582)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1,785,811)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1,309,133)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from financing activities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends paid</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">9</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(531,242)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(531,242)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(507,631)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends paid to non-controlling interest in subsidiaries</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,950)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(48,339)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(18,642)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Acquisitions of non-controlling interests</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,068)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(145)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(7,768)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Proceeds from borrowings (*)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,064,218</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,046,837</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,460,409</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Repayments of borrowings (*)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,063,992)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,890,717)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3,143,241)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net cash used in financing activities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(535,034)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(423,606)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1,216,873)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 8.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Decrease in cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(93,612)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(165,350)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(148,654)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Movement in cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">416,445</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">598,145</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">772,656</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Effect of exchange rate changes</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(36,635)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(16,350)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(25,857)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Decrease in cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(93,612)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(165,350)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(148,654)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31,</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27(iv)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">286,198</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">416,445</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">598,145</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 39.56%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31,</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and bank deposits</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">286,547</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">417,645</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">614,529</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 49.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank overdrafts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(349)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,200)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(16,384)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 49.8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">286,198</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">416,445</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">598,145</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(*) </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mainly</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">related to the renewal of short-term local facilities carried out during the years 2015, 2014 and 2013.</font></div>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The accompanying notes are an integral part of these Consolidated Financial Statements.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">47</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INDEX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="804aa22f2e004e35b3b761948f8cc739" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">I.</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">GENERAL INFORMATION</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IV.</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Segment information</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">II.</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ACCOUNTING POLICIES ("AP")</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cost of sales</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Basis of presentation</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Selling, general and administrative expenses</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">B</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Group accounting</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">C</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Segment information</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other operating income and expenses</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">D</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Foreign currency translation</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial results</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">E</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Property, plant and equipment</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in earnings (losses) of non-consolidated companies</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">F</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Intangible assets</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">G</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Impairment of non-financial assets</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends distribution</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">H</div>
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<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other investments</div>
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<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Property, plant and equipment, net</div>
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<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I</div>
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<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Inventories</div>
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<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Intangible assets, net</div>
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<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">J</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade and other receivables</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Investments in non-consolidated companies</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">K</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and cash equivalents</div>
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<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Receivables - non current</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">L</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity</div>
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<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Inventories</div>
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<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">M</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowings</div>
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<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Receivables and prepayments</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">N</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Current and Deferred income tax</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Current tax assets and liabilities</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">O</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Employee benefits</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade receivables</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">P</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Provisions</div>
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<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and cash equivalents and Other investments</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade payables</div>
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<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowings</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">R</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Revenue recognition</div>
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<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deferred income tax</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">S</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cost of sales and sales expenses</div>
</td>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other liabilities</div>
</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">T</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Earnings per share</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22</div>
</td>
<td style="WIDTH: 53.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-current allowances and provisions</div>
</td>
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<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">U</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial instruments</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Current allowances and provisions</div>
</td>
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<tr>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">24</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Derivative financial instruments</div>
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<tr>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Contingencies, commitments and restrictions on the distribution of profits</div>
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<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">III.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FINANCIAL RISK MANAGEMENT</div>
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<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">26</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Acquisition of subsidiaries and non-consolidated companies</div>
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<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash flow disclosures</div>
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<tr>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial Risk Factors</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">28</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Related party transactions</div>
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<tr>
<td style="WIDTH: 5.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">B</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial instruments by category</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Principal subsidiaries</div>
</td>
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<tr>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">C</div>
</td>
<td style="WIDTH: 36.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fair value hierarchy</div>
</td>
<td style="WIDTH: 5.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">30</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Nationalization of Venezuelan Subsidiaries</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">D</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fair value estimation</div>
</td>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">31</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fees paid to the Company's principal accountant</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">E</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Accounting for derivative financial instruments and hedging activities</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">32</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Subsequent event</div>
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<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris S.A. (the "Company") was established as a public limited liability company (societ&#233; anonyme) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. The Company holds, either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses. References in these Consolidated Financial Statements to "Tenaris" refer to Tenaris S.A. and its consolidated subsidiaries. A list of the principal Company's subsidiaries is included in Note 29 to these Consolidated Financial Statements.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's shares trade on the Buenos Aires Stock Exchange, the Italian Stock Exchange and the Mexican Stock Exchange; the Company's American Depositary Securities ("ADS") trade on the New York Stock Exchange.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">These Consolidated Financial Statements were approved for issuance by the Company's Board of Directors on February 24, 2016.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restatement of 2014 Financial Statements</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On May 28, 2015, the Company restated its Consolidated Financial Statements for the year ended December 31, 2014 to reduce the carrying amount of the Company's investment in Usinas Sider&#250;rgicas de Minas Gerais S.A. Usiminas ("Usiminas"). All information as of December 31, 2014 included in these Consolidated Financial Statements is derived from the Company's audited Restated Consolidated Financial Statements for the year ended December 31, 2014.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">II. ACCOUNTING POLICIES</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basis of presentation</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB") and adopted by the European Union, under the historical cost convention, as modified by the revaluation of available for sale financial assets and financial assets and liabilities (including derivative instruments) at fair value through profit or loss. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars ("$").</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in the current year.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the reporting dates, and the reported amounts of revenues and expenses during the reporting years. Actual results may differ from these estimates.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">IFRS 15, "Revenue from contracts with customers"</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In May 2014, the IASB issued IFRS 15, "Revenue from contracts with customers", which sets out the requirements in accounting for revenue arising from contracts with customers and which is based on the principle that revenue is recognized when control of a good or service is transferred to the customer. IFRS 15 must be applied on annual periods beginning on or after January 1, 2018.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">IFRS 9, "Financial instruments"</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In July 2014, the IASB issued IFRS 9, "Financial instruments", which replaces the guidance in IAS 39. It includes requirements on the classification and measurement of financial assets and liabilities, as well as an expected credit losses model that replaces the current incurred loss impairment model. IFRS 9 must be applied on annual periods beginning on or after January 1, 2018.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amendments to IFRS 10, "Consolidated financial statements" and IAS 28, "Investments in associates and joint ventures"</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In September 2014, the IASB issued the Amendments to IFRS 10, "Consolidated financial statements" and IAS 28, "Investments in associates and joint ventures", which addresses an acknowledged inconsistency between the requirements of both standards in dealing with the sale or contribution of assets between an investor and its associate or joint venture. These amendments must be applied on annual periods beginning on or after January 1, 2016.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">These standards are not effective for the financial year beginning January 1, 2015 and have not been early adopted.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">These standards have not been endorsed by the EU.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's management has not yet assessed the potential impact that the application of these standards may have on the Company's financial condition or results of operations.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amendments to IAS 32, 'Financial instruments: Presentation',&#160;IAS 36, 'Impairment of assets' and IAS 39, 'Financial instruments: Recognition and measurement'.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">All the amendments to the standards IAS 32, 'Financial instruments: Presentation' &#8211; Offsetting &#64257;nancial assets and &#64257;nancial liabilities, IAS 36, 'Impairment of assets' &#8211; Recoverable amount disclosures for non-&#64257;nancial assets and IAS 39, 'Financial instruments: Recognition and measurement' &#8211; Novation of derivatives and continuation of hedge accounting have been analyzed by the Company. The application of these standards did not materially affect the Company's financial condition or results of operations.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The purchase method of accounting is used to account for the acquisition of subsidiaries by Tenaris. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest's proportionate share of the acquiree's net assets. The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Income Statement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transactions with non-controlling interests that do not result in a loss of control are accounted as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Material inter-company transactions, balances and unrealized gains (losses) on transactions between Tenaris subsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is its respective local currency, some financial gains (losses) arising from inter-company transactions are generated. These are included in the Consolidated Income Statement under <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other financial results</font>.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies (associated and joint ventures) are accounted for by the equity method of accounting and are initially recognized at cost. The Company's investment in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris' interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies have been adjusted where necessary to ensure consistency with IFRS.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in earnings (losses) of non-consolidated companies</font>. The Company's pro-rata share of changes in other reserves is recognized in the Consolidated Statement of Changes in Equity under <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other Reserves.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At December 31, 2015, Tenaris holds 11.46% of Ternium's common stock. The following factors and circumstances evidence that Tenaris has significant influence (as defined by IAS 28, "Investments in associates companies") over Ternium, and as a result the Company's investment in Ternium has been accounted for under the equity method:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Both the Company and Ternium are under the indirect common control of San Faustin S.A.;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Four out of eight members of Ternium's Board of Directors (including Ternium's chairman) are also members of the Company's Board of Directors;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Under the shareholders' agreement by and between the Company and Techint Holdings S.&#224; r.l, a wholly owned subsidiary of San Faustin S.A. and Ternium's main shareholder, dated January 9, 2006, Techint Holdings S.&#224; r.l, is required to take actions within its power to cause (a) one of the members of Ternium's Board of Directors to be nominated by the Company and (b) any director nominated by the Company to be only removed from Ternium's Board of Directors pursuant to previous written instructions of the Company.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company's investment in Ternium is carried at incorporation cost plus proportional ownership of Ternium's earnings and other shareholders' equity accounts. Because the exchange of its holdings in Amazonia and Ylopa for shares in Ternium was considered to be a transaction between companies under common control of San Faustin S.A. (formerly San Faustin N.V.), Tenaris recorded its initial ownership $22.6 million less than its proportional ownership of Ternium's shareholders' equity at the transaction date. As a result of this treatment, Tenaris' investment in Ternium will not reflect its proportional ownership of Ternium's net equity position.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At December 31, 2015, Tenaris holds through its Brazilian subsidiary Confab Industrial S.A. ("Confab"), 5.0% of the shares with voting rights and 2.5% of Usiminas's total share capital. The acquisition of Usiminas shares was part of a larger transaction performed <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">on January 16, 2012,</font> pursuant to which Ternium, certain of its subsidiaries and Confab joined Usiminas's existing control group through the acquisition of ordinary shares representing 27.7% of Usiminas' total voting capital and 13.8% of Usiminas' total share capital. <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The rights of Ternium and its subsidiaries and Confab within the Ternium/Tenaris Group are governed under a separate shareholders agreement. </font>Those circumstances evidence that Tenaris has significant influence over Usiminas, consequently, accounted it for under the equity method (as defined by IAS 28, "Investments in Associates and Joint Ventures").</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris reviews investments in non-consolidated companies for impairment whenever events or changes in circumstances indicate that the asset's carrying amount may not be recoverable, such as a significant or prolonged decline in fair value below the carrying value.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris carries its investment in Ternium and Usiminas at its proportional equity value, with no additional goodwill or intangible assets recognized. At December 31, 2015, 2014 and 2013, no impairment provisions were recorded on Tenaris' investment in Ternium while in 2014 and 2015, impairment charges were recorded on Tenaris' investment in Usiminas. See Note 7 and Note 12.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company is organized in one major business segment, Tubes, which is also the reportable operating segment.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the oil and gas industry worldwide, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales are made through local subsidiaries. Corporate general and administrative expenses have been allocated to the Tubes segment.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others include all other business activities and operating segments that are not required to be separately reported, including the production and selling of sucker rods, welded steel pipes for electric conduits, industrial equipment, coiled tubing, energy and raw materials that exceed internal requirements.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris' Chief Operating Decision Maker (CEO) holds monthly meetings with senior management, in which operating and financial performance information is reviewed, including financial information that differs from IFRS principally as follows:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption of production overheads and depreciations;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris groups its geographical information in five areas: North America, South America, Europe, Middle East and Africa, and Far East and Oceania. For purposes of reporting geographical information, net sales are allocated to geographical areas based on the customer's location; allocation of assets, capital expenditures and associated depreciations and amortizations are based on the geographical location of the assets.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">IAS 21 (revised) defines the functional currency as the currency of the primary economic environment in which an entity operates.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best reflects the economic substance of the underlying events and circumstances relevant to Tenaris global operations.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Except for the Brazilian and Italian subsidiaries whose functional currencies are their local currencies, Tenaris determined that the functional currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Sales are mainly negotiated, denominated and settled in U.S. dollars. If priced in a currency other than the U.S. dollar, the sales price considers exposure to fluctuation in the exchange rate versus the U.S. dollar;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Prices of their critical raw materials and inputs are priced and settled in U.S. dollars;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transaction and operational environment and the cash flow of these operations have the U.S. dollars as reference currency;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Significant level of integration of the local operations within Tenaris' international global distribution network;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net financial assets and liabilities are mainly received and maintained in U.S. dollars;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The exchange rate of certain legal currencies has long-been affected by recurring and severe economic crises.</div>
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<font style="FONT-STYLE: normal; FONT-WEIGHT: bold">D&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Foreign currency translation (Cont.)</font><br>
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<font style="FONT-STYLE: italic">(2)&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transactions in currencies other than the functional currency</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are re-measured.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">"Other financial results"</font> in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges. Translation differences in non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the "fair value gain or loss," while translation differences on non-monetary financial assets such as equities classified as available for sale are included in the "available for sale reserve" in equity. Tenaris had no such assets or liabilities for any of the periods presented.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation of financial information in currencies other than the functional currency</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial Statement positions are translated at the end-of-year exchange rates. Translation differences are recognized in a separate component of equity as currency translation adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference would be recognized in income as a gain or loss from the sale.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">E</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Property, plant and equipment</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Property, plant and equipment acquired through acquisitions accounted for as business combinations have been valued initially at the fair market value of the assets acquired.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the group and the investment enhances the condition of assets beyond its original condition. The carrying amount of the replaced part is derecognized. Ordinary maintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of the asset, in accordance with<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> IAS 23(R) ("Borrowing Costs")</font>. Assets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to depreciate the cost of each asset to its residual value over its estimated useful life, as follows:</div>

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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Buildings and improvements</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">30-50 years</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Plant and production equipment</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 40.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10-40 years</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Vehicles, furniture and fixtures, and other equipment</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;4-10 years</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The assets' residual values and useful lives of significant plant and production equipment are reviewed and adjusted, if appropriate, at each year-end date.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Management's re-estimation of assets useful lives, performed in accordance with IAS 16 ("Property, Plant and Equipment"), did not materially affect depreciation expenses for 2015, 2014 and 2013.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">E</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Property, plant and equipment (Cont.)</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris depreciates each significant part of an item of property, plant and equipment for its different production facilities that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property, plant and equipment.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other operating income </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">or </font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other operating </font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">expenses</font> in the Consolidated Income Statement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">F</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Intangible assets</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Goodwill</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Goodwill represents the excess of the acquisition cost over the fair value of Tenaris' share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included in the Consolidated Statement of Financial Position under <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Intangible assets, net.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">For the purpose of impairment testing, goodwill is allocated to a subsidiary or group of subsidiaries that are expected to benefit from the business combination which generated the goodwill being tested.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Information systems projects</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Costs associated with maintaining computer software programs are generally recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information systems are recognized as intangible assets if it is probable that they have economic benefits exceeding one year.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, generally not exceeding a period of 3 years. Amortization charges are mainly classified as Selling, general and administrative expenses in the Consolidated Income Statement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Management's re-estimation of assets useful lives, performed in accordance with IAS 38 ("Intangible Assets"), did not materially affect depreciation expenses for 2015, 2014 and 2013.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Licenses, patents, trademarks and proprietary technology</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Licenses, patents, trademarks, and proprietary technology acquired in a business combination are initially recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over their estimated useful lives, and does not exceed a period of 10 years.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to $86.7<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>million at December 31, 2015 and 2014, included in Hydril CGU. Main factors considered in the determination of the indefinite useful lives, include the years that they have been in service and their recognition among customers in the industry.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Management's re-estimation of assets useful lives, performed in accordance with IAS 38 ("Intangible Assets"), did not materially affect depreciation expenses for 2015, 2014 and 2013.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Research and development</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Research expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cost of sales</font> in the Consolidated Income Statement as incurred. Research and development expenditures included in <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cost of sales</font> for the years 2015, 2014 and 2013 totaled $89.0 million, $106.9 million and $105.6 million, respectively.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">F</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Intangible assets</font></div>

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<td style="FONT-STYLE: italic; WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(5)</td>
<td style="TEXT-ALIGN: justify; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Customer relationships</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.9pt">In accordance with IFRS 3 and IAS 38, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick and Hydril groups.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.9pt">Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the expected life of approximately 14 years for Maverick and 10 years for Hydril.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Prudential, a welded pipe mill producing OCTG and line pipe products in Canada, has been negatively affected by current market conditions (including an increase in unfairly traded imports of OCTG and line pipe products), reflected in a loss of market share and in the decline in the level of its profitability. Based on these circumstances, the Company has reviewed the useful life of Prudential's customer relationships and decided to reduce the remaining amortization period from 5 years to 2 years, consequently a higher amortization charge of approximately $31.2 million was included in Consolidated Income Statement under <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Selling, general and administrative expenses</font> for the year ended December 31, 2015.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">G</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Impairment of non-financial assets</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (cash generating units, or CGU). Most of the Company's principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiary represents the lowest level of asset aggregation that generates largely independent cash inflows.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful life, including goodwill, are subject to at least an annual impairment test.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate used in Tenaris' cash flow projections and the business condition in terms of competitive and economic factors, such as the cost of raw materials, oil and gas prices, competitive environment, capital expenditure programs for Tenaris' customers and the evolution of the rig count.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset's value in use and fair value less costs to sell. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair value less cost to sell, its value in use or zero.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The value in use of each CGU is determined on the basis of the present value of net future cash flows which would be generated by such CGU. Tenaris uses cash flow projections for a five year period with a terminal value calculated based on perpetuity and appropriate discount rates.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For purposes of calculating the fair value less costs to sell, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting techniques.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">H</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other investments</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other investments consist primarily of investments in financial instruments and time deposits with a maturity of more than three months at the date of purchase.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Certain non-derivative financial assets that the Company has both the ability and the intention to hold to maturity have been categorized as held to maturity financial assets. They are carried at amortized cost and the results are recognized in "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial Results" </font>in the Consolidated Income Statement using the effective interest method. Held to maturity instruments with maturities greater than 12 months after the balance sheet date are included in the non-current assets.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">All other investments in financial instruments and time deposits are categorized as financial assets "at fair value through profit or loss" because such investments are both (i) held for trading and (ii) designated as such upon initial recognition because they are managed and their performance is evaluated on a fair value basis. The results of these investments are recognized in Financial Results in the Consolidated Income Statement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Purchases and sales of financial investments are recognized as of their settlement date.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The fair values of quoted investments are generally based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques (see Section III Financial Risk Management).</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">I</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inventories</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process is comprised of raw materials, direct labor and utilities (based on FIFO method) and other direct costs and related production overhead costs. It excludes borrowing costs. Tenaris estimates net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. Goods in transit at year end are valued based on supplier's invoice cost.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris establishes an allowance for obsolete or slow-moving inventory related to finished goods, supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on management's analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence due to technological changes.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade and other receivables are recognized initially at fair value, generally the original invoice amount. Tenaris analyzes its trade receivables on a regular basis and, when aware of a specific counterparty's difficulty or inability to meet its obligations, impairs any amounts due by means of a charge to an allowance for doubtful accounts. For this purpose, trade accounts receivable overdue by more than 180 days and which are not covered by a credit collateral, guarantee, insurance or similar surety, are fully provisioned.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and cash equivalents are comprised of cash in banks, liquidity funds and short-term investments with a maturity of less than three months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash and cash equivalents are carried at fair market value or at historical cost which approximates fair market value.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In the Consolidated Statement of Financial Position, bank overdrafts are included in <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowings</font> in current liabilities.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents includes overdrafts.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Consolidated Statement of Changes in Equity includes:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance with Luxembourg law;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The currency translation adjustment, other reserves, retained earnings and non-controlling interest calculated in accordance with IFRS.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> Share capital</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share.<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>Total ordinary shares issued and outstanding as of December 31, 2015, 2014 and 2013 are 1,180,536,830 with a par value of $1.00 per share with one vote each. All issued shares are fully paid.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> Dividends distribution by the Company to shareholders</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends distributions are recorded in the Company's financial statements when Company's shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law (see Note 25).</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">M</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Borrowings</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized cost.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">N</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current and Deferred income tax</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The tax expense for the period comprises current and deferred tax. Tax is recognized in the Consolidated Income Statement, except for tax items recognized in the Consolidated Statement of Other Comprehensive Income.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company's subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions when appropriate.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. The principal temporary differences arise from fair value adjustments of assets acquired in business combinations, the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and equipment, valuation of inventories and provisions for pension plans. Deferred tax assets are also recognized for net operating loss carry-forwards. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deferred tax assets are recognized to the extent it is probable that future taxable income will be available against which the temporary differences can be utilized. At the end of each reporting period, Tenaris reassesses unrecognized deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company applied IAS 19 (amended 2011), "Employee Benefits", as from January 1, 2013. In accordance with the amended standard, post-employment benefits are accounted as follows.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other comprehensive income</font>" in the period in which they arise. Past-service costs are recognized immediately in the income statement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For defined benefit plans, net interest income/expense is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less plan assets. For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 10.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined benefits based on years of service and final average salary.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 10.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Employees' service rescission indemnity: the cost of this obligation is charged to the Consolidated Income Statement over the expected service lives of employees. This provision is primarily related to the liability accrued for employees at Tenaris' Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, Tenaris' Italian subsidiary pays every year the required contribution to the funds with no further obligation. As a result, the plan changed from a defined benefit plan to a defined contribution plan effective from that date, but only limited to the contributions of 2007 onwards.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 10.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Funded retirement benefit plans held in Canada for salary and hourly employees hired prior a certain date based on years of service and, in the case of salaried employees, final average salary. Plan assets consist primarily of investments in equities and money market funds. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan will be frozen for the purposes of credited service as well as determination of final average pay.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 3.45pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Funded retirement benefit plan held in the US for the benefit of some employees hired prior a certain date, frozen for the purposes of credited service as well as determination of final average pay for the retirement benefit calculation. Plan assets consist primarily of investments in equities and money market funds. Additionally, an unfunded postretirement health and life plan that offers limited medical and life insurance benefits to the retirees, hired before a certain date.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During 2007, Tenaris launched an employee retention and long term incentive program<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>(the "Program") applicable to certain senior officers and employees of the Company, who will be granted a number of Units throughout the duration of the Program. The value of each of these Units is based on Tenaris' shareholders' equity (excluding non-controlling interest). Also, the beneficiaries of the Program are entitled to receive cash amounts based on (i) the amount of dividend payments made by Tenaris to its shareholders, and (ii) the number of Units held by each beneficiary to the Program. Units vest ratably over a period of four years and will be redeemed by the Company ten years after grant date, with the option of an early redemption at seven years after grant date. As the cash payment of the benefit is tied to the book value of the shares, and not to their market value, Tenaris valued this long-term incentive program as a long term benefit plan as classified in IAS 19.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015 and 2014, the outstanding liability corresponding to the Program amounts to $84.0 million and $98.1 million, respectively. The total value of the units granted to date under the program, considering the number of units and the book value per share as of December 31, 2015 and 2014, is $105.3 million and $107.4 million, respectively.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Employee entitlements to annual leave and long-service leave are accrued as earned.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">P</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. Tenaris' potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically reviews the status of each significant matter and assesses potential financial exposure. If, as a result of past events, a potential loss from a claim or proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration Tenaris' litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. As the scope of liabilities become better defined, there may be changes in the estimates of future costs which could have a material adverse effect on its results of operations, financial condition and cash flows.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as a receivable.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Q</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Trade payables</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade payables are recognized initially at fair value, generally the nominal invoice amount.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">R</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revenue recognition</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of Tenaris' activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the group.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris' products and services are sold based upon purchase orders, contracts or upon other persuasive evidence of an arrangement with customers, including that the sales price is known or determinable. Sales are recognized as revenue upon delivery, when neither continuing managerial involvement nor effective control over the products is retained by Tenaris and when collection is reasonably assured. Delivery is defined by the transfer of risk and may include delivery to a storage facility located at one of the Company's subsidiaries. For bill and hold transactions revenue is recognized only to the extent (a) it is highly probable delivery will be made; (b) the products have been specifically identified and are ready for delivery; (c) the sales contract specifically acknowledges the deferred delivery instructions; (d) the usual payment terms apply.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The percentage of total sales that were generated from bill and hold arrangements for products located in Tenaris' storage facilities that have not been shipped to customers amounted to 2.9%, 1.1% and 1.3% as of December 31, 2015, 2014 and 2013, respectively. The Company has not experienced any material claims requesting the cancellation of bill and hold transactions.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Other revenues earned by Tenaris are recognized on the following basis:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Construction contracts (mainly applicable to Tenaris Brazilian subsidiaries and amounted to 1.55% of total sales). The revenue recognition of the contracts follows the IAS 11 guidance, that means, when the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue is recognized over the period of the contract by reference to the stage of completion (measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract).</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest income: on the effective yield basis.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividend income from investments in other companies: when Tenaris' right to receive payment is established.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">S</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost of sales and sales expenses</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cost of sales and sales expenses are recognized in the Consolidated Income Statement on the accrual basis of accounting.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Commissions, freight and other selling expenses, including shipping and handling costs, are recorded in "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Selling, general and administrative expenses"</font> in the Consolidated Income Statement.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">T</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Earnings per share</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Earnings per share are calculated by dividing the income attributable to owners of the parent by the daily weighted average number of common shares outstanding during the year.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial instruments</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowings and trade and other payables. Tenaris' non derivative financial instruments are classified into the following categories:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial instruments at fair value through profit and loss: comprise mainly Other Investments expiring in less than ninety days from the measurement date (included within cash and cash equivalents) and investments in certain financial debt instruments and time deposits held for trading.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Loans and receivables: comprise cash and cash equivalents, trade receivables and other receivables and are measured at amortized cost using the effective interest rate method less any impairment.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Available for sale assets: comprise the Company's interest in the Venezuelan Companies (see Note 30).</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Held to maturity: comprise financial assets that the Company has both the ability and the intention to hold to maturity. They are measured at amortized cost using the effective interest method.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other financial liabilities: comprise borrowings, trade and other payables and are measured at amortized cost using the effective interest rate method.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The categorization depends on the nature and purpose that the Company sets to the financial instrument.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial assets and liabilities are recognized and derecognized on their settlement date.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Accounting for derivative financial instruments and hedging activities is included within the Section III, Financial Risk Management.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">III. FINANCIAL RISK MANAGEMENT</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The multinational nature of Tenaris' operations and customer base exposes the Company to a variety of risks, mainly related to market risks (including the effects of changes in foreign currency exchange rates and interest rates), credit risk and capital market risk. In order to manage the volatility related to these exposures, the management evaluates exposures on a consolidated basis, taking advantage of logical exposure netting. The Company or its subsidiaries may then enter into various derivative transactions in order to prevent potential adverse impacts on Tenaris' financial performance. Such derivative transactions are executed in accordance with internal policies and hedging practices. The Company's objectives, policies and processes for managing these risks remained unchanged during 2015.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A. Financial Risk Factors</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital Risk Management</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris seeks to maintain a low debt to total equity ratio considering the industry and the markets where it operates. The year-end ratio of debt to total equity (where "debt" comprises financial borrowings and "total equity" is the sum of financial borrowings and equity) is 0.08 as of December 31, 2015 and 0.07 as of December 31, 2014. The Company does not have to comply with regulatory capital adequacy requirements as known in the financial services industry.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Foreign exchange risk</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris manufactures and sells its products in a number of countries throughout the world and consequently is exposed to foreign exchange rate risk. Since the Company's functional currency is the U.S. dollar the purpose of Tenaris' foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of other currencies against the U.S. dollar.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris' exposure to currency fluctuations is reviewed on a periodic consolidated basis. A number of derivative transactions are performed in order to achieve an efficient coverage in the absence of operative or natural hedges. Almost all of these transactions are forward exchange rates contracts (see Note 24 Derivative financial instruments).</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris does not&#160;enter into derivative financial instruments for trading or other speculative purposes, other than non-material investments in structured products.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Because certain subsidiaries have functional currencies other than the U.S. dollar, the results of hedging activities, reported in accordance with IFRS, may not reflect entirely the management's assessment of its foreign exchange risk hedging program. Inter-company balances between Tenaris' subsidiaries may generate financial gains (losses) to the extent that functional currencies differ.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The value of Tenaris' financial assets and liabilities is subject to changes arising out of the variation of foreign currency exchange rates. The following table provides a breakdown of Tenaris' main financial assets and liabilities (including foreign exchange derivative contracts) which impact the Company's profit and loss as of December 31, 2015 and 2014:</div>

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<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3a0d4f613b5b45889f9b068262ccf0e3" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">All amounts Long / (Short) in thousands of U.S. dollars</div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of December 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Currency Exposure / Functional currency</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Argentine Peso / U.S. Dollar</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(73,399)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(191,095)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Euro / U.S. Dollar</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(334,831)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(189,366)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Brazilian Real / U.S. Dollar</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(66,826)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">150,486</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

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<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">61</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A. Financial Risk Factors (Cont.)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Foreign exchange risk (Cont.)</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The main relevant exposures correspond to:</div>

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<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e599265341694987a9fff912599dc08b" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt">&#167;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Argentine Peso / U.S. dollar</div>
</td>
</tr>
</table>
</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015 and 2014 consisting primarily of Argentine Peso-denominated financial, trade, social and fiscal payables at certain Argentine </font>subsidiaries which functional currency is the U.S. dollar. A change of 1% in the ARS/USD exchange rate would have generated a pre-tax gain / loss of $0.7 million and $1.9 million as of December 31, 2015 and 2014, respectively.</div>

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<div>
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<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt">&#167;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Euro / U.S. dollar</div>
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</tr>
</table>
</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">As of December 31, 2015 and 2014, consisting primarily of Euro-denominated intercompany liabilities at certain subsidiaries which functional currency is the U.S. dollar. A change of 1% in the EUR/USD exchange rate would have generated a pre-tax gain / loss of $3.3<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>million and $1.9 million as of December 31, 2015 and 2014, respectively, which would have been to a large extent offset by changes to Tenaris' net equity position.</div>

<div style="LINE-HEIGHT: 10.25pt"><br style="LINE-HEIGHT: 10.25pt">
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Considering the balances held as of December 31, 2015 on financial assets and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous 1% favorable / unfavorable movement in the levels of foreign currencies exchange rates relative to the U.S. dollar, would be a pre-tax gain / loss of $5.1 million (including a loss / gain of $5.3 million due to foreign exchange derivative contracts), which would be partially offset by changes to Tenaris' net equity position of $3.9 million. For balances held as of December 31, 2014, a simultaneous 1% favorable / unfavorable movement in the foreign currencies exchange rates relative to the U.S. dollar, would have generated a pre-tax gain / loss of $7.5 million (including a loss / gain of $2.8 million due to foreign exchange derivative contracts), which would have been partially offset by changes to Tenaris' net equity position of $1.8 million.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iii)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest rate risk</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Tenaris is subject to interest rate risk on its investment portfolio and its debt. The Company uses a mix of variable and fixed rate debt in combination with its investment portfolio strategy. From time to time, the Company may choose to enter into <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">foreign exchange derivative contracts and / or</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>interest rate swaps to mitigate the exposure to changes in the interest rates.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following table summarizes the proportions of variable-rate and fixed-rate debt as of each year end.</div>

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<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e07b677b53ed4ca78c91fbf100a14966" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 35.82%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 64.18%; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of December 31,</div>
</td>
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<tr>
<td style="WIDTH: 35.82%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.74%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.44%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35.82%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount in thousands of U.S. dollars</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount in thousands of U.S. dollars</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed rate (short term financing)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">954,681</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">98%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">755,498</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">76%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Variable rate</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,835</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 22.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">243,742</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">24%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 23.58%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">971,516</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 22.82%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">999,240</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.62%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 10pt"><br style="LINE-HEIGHT: 10pt">
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(*) As of December 31, 2015 approximately 59% of the total debt balance corresponded to fixed-rate borrowings where the original period was nonetheless equal to or less than 360 days. This compares to approximately 73% of the total outstanding debt balance as of December 31, 2014.</div>

<div style="LINE-HEIGHT: 10pt"><br style="LINE-HEIGHT: 10pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company estimates that, if market interest rates applicable to Tenaris' borrowings had been 100 basis points higher, then the additional pre-tax loss would have been $10.8<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>million in 2015 and $6.3 million in 2014.</div>

<div style="LINE-HEIGHT: 10pt"><br style="LINE-HEIGHT: 10pt">
</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">62</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A. Financial Risk Factors (Cont.)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(iv)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Credit risk</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Company also actively monitors the creditworthiness of its treasury, derivative and insurance counterparties in order to minimize its credit risk.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">There is no significant concentration of credit risk from customers. No single customer comprised more than 10% of Tenaris' net sales in 2015, 2014 and 2013.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris' credit policies related to sales of products and services are designed to identify customers with acceptable credit history, and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments designed to minimize credit risks <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit losses</font> (See Section II J).</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015 and 2014 trade receivables amount to $1,135.1 million and $1,963.4 million respectively. Trade receivables have guarantees under credit insurance of $325.1 million and $460.5 million, letter of credit and other bank guarantees of $20.5 million and $98.4 million, and other guarantees of $7.9 million and $12.3 million as of December 31, 2015 and 2014 respectively.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015 and 2014 past due trade receivables amounted to $333.8 million and $350.1 million, respectively. Out of those amounts $84.9 million and $75.8 million are guaranteed trade receivables while $101.5 million and $69.0 million are included in the allowance for doubtful accounts. Past due receivable not provisioned relate to a number of customers for whom there is no recent history of default. The allowance for doubtful accounts and the existing guarantees are sufficient to cover doubtful trade receivables.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(v)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Counterparty risk</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris has investment guidelines with specific parameters to limit issuer risk on marketable securities. Counterparties for derivatives and cash transactions are limited to high credit quality financial institutions, normally investment grade.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Approximately 92% of Tenaris' liquid financial assets correspond to Investment Grade-rated instruments as of December 31, 2015, in comparison with approximately 89% as of December 31, 2014.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(vi)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Liquidity risk</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris financing strategy aims to maintain adequate financial resources and access to additional liquidity. During 2015, Tenaris has counted on cash flows from operations as well as additional bank financing to fund its transactions.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris also has appropriate access to market for short-term working capital needs.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Liquid financial assets as a whole (comprising cash and cash equivalents, other current investments and fixed income investments held to maturity) were 19% of total assets at the end of 2015 compared to 14% at the end of 2014.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris has a conservative approach to the management of its liquidity, which consists of cash in banks, liquidity funds and short-term investments mainly with a maturity of less than three months at the date of purchase.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment grade issuers. As of December 31, 2015 and 2014, Tenaris does not have direct exposure to financial instruments issued by European sovereign counterparties.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris holds its investments primarily in U.S. dollars. As of December 31, 2015 and 2014, U.S. dollar denominated liquid assets represented approximately 87%<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>and 83% of total liquid financial assets respectively.</div>

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<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">63</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A. Financial Risk Factors (Cont.)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(vii)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Commodity price risk</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price volatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris is exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the prices of such raw materials and commodities for short-term periods, typically not in excess of one year, in general Tenaris does not hedge this risk.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B. Financial instruments by category</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Accounting policies for financial instruments have been applied to the line items below:</div>

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<td style="WIDTH: 39.77%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2015</div>
</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets at fair</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">value through<br>
 profit and loss</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Held to maturity</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.64%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Loans and receivables</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Available for sale</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets as per statement of financial position</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.64%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Derivative financial instruments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,248</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,248</div>
</td>
</tr>

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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade receivables</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,135,129</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,135,129</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other receivables</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">131,896</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">131,896</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Available for sale assets (See note 30)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,142,524</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">393,084</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,535,608</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">185,528</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">101,019</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">286,547</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,346,300</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">393,084</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.64%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,368,044</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">21,572</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,129,000</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="be75353b7dfc468691cb6d182c3b1482" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 43%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities at fair <br>
value through <br>
 profit and loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other financial <br>
 liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities as per statement of financial position</div>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">971,516</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">971,516</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Derivative financial instruments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34,540</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34,540</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade and other payables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">518,714</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">518,714</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">34,540</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,490,230</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,524,770</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="28bba07c038e4641a57a7bcaf968cc74" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 43%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets at fair <br>
value through <br>
 profit and loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Loans and receivables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Available for sale</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets as per statement of financial position</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Derivative financial instruments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25,588</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25,588</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade receivables</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,963,394</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,963,394</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other receivables</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">172,190</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">172,190</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Available for sale assets (See note 30)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,452,159</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">387,759</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,839,918</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">296,873</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">120,772</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">417,645</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,774,620</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,256,356</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">409,331</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,440,307</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9435a5bf6e1b4a6587282ee346766c37" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 43%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities at fair <br>
value through <br>
 profit and loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other financial <br>
 liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities as per statement of financial position</div>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">999,240</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">999,240</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Derivative financial instruments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">56,834</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">56,834</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade and other payables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">866,688</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">866,688</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">56,834</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,865,928</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,922,762</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">64</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C. Fair value hierarchy</div>

<div style="LINE-HEIGHT: 10.25pt"><br style="LINE-HEIGHT: 10.25pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">IFRS 13 requires for financial instruments that are measured in the statement of financial position at fair value, a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).</div>

<div style="LINE-HEIGHT: 10.25pt"><br style="LINE-HEIGHT: 10.25pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following table presents the assets and liabilities that are measured at fair value as of December 31, 2015 and 2014.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a10a11a48ab54f53949137b37f9eefff" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 3 (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td style="WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">185,528</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">185,528</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,348,269</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">792,593</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,662</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,142,524</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Derivatives financial instruments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,250</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,250</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Available for sale assets (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,533,797</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">810,843</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23,234</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,367,874</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Derivatives financial instruments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34,540</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34,540</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">34,540</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">34,540</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="dfd00e5e704241f5a4a0d0d0d82109a1" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 3 (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td style="WIDTH: 15.63%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.05%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">296,873</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">296,873</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,277,465</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">560,914</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,539</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,839,918</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Derivatives financial instruments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25,588</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25,588</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Available for sale assets (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,574,338</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">586,502</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23,111</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,183,951</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Derivatives financial instruments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">56,834</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">56,834</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 43.75%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.63%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.07%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">56,834</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.05%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">56,834</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 10.25pt"><br style="LINE-HEIGHT: 10.25pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(*) For further detail regarding Available for sale assets, see Note 30.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">There were no transfers between Level 1 and 2 during the period.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by Tenaris is the current bid price. These instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates of deposits with original maturity of more than three months, forward and interest rate derivative instruments) is determined by using valuation techniques which maximize the use of observable market data when available and rely as little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the instrument is included in Level 2. Tenaris values its assets and liabilities included in this level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market contributors as of the valuation date.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">65</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 10.25pt"><br style="LINE-HEIGHT: 10.25pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C. Fair value hierarchy (Cont.)</div>

<div style="LINE-HEIGHT: 10.25pt"><br style="LINE-HEIGHT: 10.25pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If one or more of the significant inputs are not based on observable market data, the instruments are included in Level 3. Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which reflect the Company's best estimate on how market participants would price the asset or liability at measurement date. Main balances included in this level correspond to Available for sale assets related to Tenaris' interest in Venezuelan companies under process of nationalization (see Note 30).</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following table presents the changes in Level 3 assets and liabilities:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7e8461445d024558a4b0a1ff972f964b" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 69.23%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.77%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.23%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.39%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.23%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.77%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets / Liabilities</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the period</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.39%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23,111</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">24,070</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Currency translation adjustment and others</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.39%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">123</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(959)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.39%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23,234</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23,111</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D. Fair value estimation</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial assets or liabilities classified as assets at fair value through profit or loss are measured under the framework established by the IASB accounting guidance for fair value measurements and disclosures.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The fair values of quoted investments are generally based on current bid prices. If the market for a financial asset is not active or no market is available, fair values are established using standard valuation techniques.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Some of Tenaris investments are designated as held to maturity and measured at amortized cost. Tenaris estimates that the fair value of these financial assets is 99% of its carrying amount including interests accrued as of December 31, 2015.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The fair value of all outstanding derivatives is determined using specific pricing models that include inputs that are observable in the market or can be derived from or corroborated by observable data. The fair value of forward foreign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency, based on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowings are comprised primarily of fixed rate debt and variable rate debt with a short term portion where interest has already been fixed. They are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that the fair value of its main financial liabilities is approximately 99% of its carrying amount including interests accrued in 2015 as compared with 100% in 2014. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting flows.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">E. Accounting for derivative financial instruments and hedging activities</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Derivative financial instruments are initially recognized in the statement of financial position at fair value through profit and loss on each date a derivative contract is entered into and are subsequently remeasured at fair value. Specific tools are used for calculation of each instrument's fair value and these tools are tested for consistency on a monthly basis. Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates matching the nature of each underlying risk.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments in <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial results</font> in the Consolidated Income Statement.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris designates certain derivatives as hedges of particular risks associated with recognized assets or liabilities or highly probable forecast transactions. These transactions (mainly currency forward contracts on highly probable forecast transactions) are classified as cash flow hedges. The effective portion of the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts accumulated in equity are then recognized in the income statement in the same period than the offsetting losses and gains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of Tenaris' derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial position. The full fair value of a hedging derivative is classified as a current or non current asset or liability according to its expiry date.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. Tenaris also documents its assessment on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair value or cash flow of hedged items. At December 31, 2015 and 2014, the effective portion of designated cash flow hedges which is included in "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other Reserves"</font> in equity amounts to <font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$2.8 million credit and $7.9 million debit</font> (see Note 24 Derivative financial instruments).</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The fair values of various derivative instruments used for hedging purposes are disclosed in Note 24. Movements in the hedging reserve included within "<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other Reserves"</font> in equity are also shown in Note 24.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IV. OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(In the notes all amounts are shown in thousands of U.S. dollars, unless otherwise stated)</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 6pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment information</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As mentioned in section II. AP &#8211; C, the Segment Information is disclosed as follows:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Reportable operating segments</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2015</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tubes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.77%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.31%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
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<td style="WIDTH: 64.62%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.31%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="WIDTH: 10.77%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="WIDTH: 12.31%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IFRS - Net Sales</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6,443,814</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">656,939</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7,100,753</div>
</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Management View - Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">685,870</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">66,431</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">752,301</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#183;&#160;&#160; Differences in cost of sales and others</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(228,948)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(9,794)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(238,742)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;&#160;Differences in impairment / Depreciation and amortization</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(319,293)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,162</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(318,131)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IFRS - Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">137,629</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">57,799</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">195,428</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial income (expense), net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,210</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income before equity in earnings of non-consolidated companies and income tax</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">209,638</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in losses of non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(39,558)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income before income tax</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">170,080</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital expenditures</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,088,901</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">42,618</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,131,519</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">638,456</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,322</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">658,778</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 7pt"><br style="LINE-HEIGHT: 7pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c22f180f0d2b4e2b8ee7a6d2b9550a7c" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35.38%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.31%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tubes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.77%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.31%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.62%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.31%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="WIDTH: 10.77%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="WIDTH: 12.31%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IFRS - Net Sales</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">9,581,615</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">756,347</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10,337,962</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Management View - Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,022,429</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27,735</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,050,164</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#183;&#160;&#160; Differences in cost of sales and others</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(35,463)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,197</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(30,266)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;&#160;Depreciation and amortization/Impairment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(121,289)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">207</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(121,082)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IFRS - Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,865,677</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">33,139</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,898,816</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial income (expense), net</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">33,037</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income before equity in earnings of non-consolidated companies and income tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,931,853</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in losses of non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(164,616)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income before income tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,767,237</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital expenditures</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,051,148</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">38,225</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,089,373</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">593,671</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,958</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">615,629</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 7pt"><br style="LINE-HEIGHT: 7pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f1fc276c3f2842f397fbf665778d193d" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35.38%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tubes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IFRS - Net Sales</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">9,812,295</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">784,486</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10,596,781</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Management View - Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,098,160</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">91,265</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,189,425</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#183;&#160;&#160; Differences in cost of sales and others</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(1,855)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(3,337)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(5,192)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;&#160;Depreciation and amortization</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">711</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(114)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">597</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IFRS - Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,097,016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">87,814</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,184,830</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial income (expense), net</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(28,679)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income before equity in earnings of non-consolidated companies and income tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,156,151</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in earnings of non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">46,098</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income before income tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,202,249</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital expenditures</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">721,869</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">31,629</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">753,498</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">589,482</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,572</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">610,054</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 7pt"><br style="LINE-HEIGHT: 7pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transactions between segments, which were eliminated in consolidation, mainly related to sales of scrap, energy, surplus raw materials and others from the Other segment to the Tubes segment for $57,468, $233,863 and $276,388 in 2015, 2014 and 2013, respectively.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Net income under Management view amounted to $18.2 million, while under IFRS amounted to $74.4 million loss. In addition to the amounts reconciled above, the main differences arise from the impact of functional currencies on financial result, deferred income taxes as well as the result of investment in non-consolidated companies and changes on the valuation of inventories according to cost estimation internally defined.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">68</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 9.7pt; MARGIN-BOTTOM: 6pt"><br style="LINE-HEIGHT: 9.7pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 6pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment information (Cont.)</font></div>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Geographical information</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="830b48bf4d7a4d2a809d513876cec14b" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.5%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">North America</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.52%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">South America</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.5%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Europe</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.48%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Middle East &amp; Africa</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Far East &amp; Oceania</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.46%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unallocated (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.44%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2015</div>
</td>
<td style="WIDTH: 10.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 10.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 10.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 10.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 10.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,865,041</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,133,534</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">728,815</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,096,688</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">276,675</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,100,753</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,713,235</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,931,297</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,877,429</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">429,317</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">423,479</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">512,217</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,886,974</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade receivables</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">367,439</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">396,834</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">181,084</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">137,278</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">52,494</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,135,129</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Property, plant and equipment, net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,253,317</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,269,995</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">907,466</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">86,181</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">155,299</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,672,258</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital expenditures</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">823,602</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">168,140</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">82,344</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">36,867</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,566</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,131,519</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">390,654</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">125,754</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">112,742</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,912</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19,716</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">658,778</div>
</td>
</tr>

<tr>
<td style="WIDTH: 28.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.48%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2014</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,977,239</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,125,984</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">979,042</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,843,778</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">411,919</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,337,962</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,550,349</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,340,973</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,857,285</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">598,175</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">498,694</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">665,202</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,510,678</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade receivables</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">733,864</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">554,542</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">259,115</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">340,880</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">74,993</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,963,394</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Property, plant and equipment, net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,953,763</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,303,162</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">683,283</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">60,354</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">158,995</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,159,557</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital expenditures</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">610,252</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">338,995</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">111,232</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,891</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,003</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,089,373</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">345,185</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">120,905</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">119,226</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,154</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,159</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">615,629</div>
</td>
</tr>

<tr>
<td style="WIDTH: 28.13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.48%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,412,263</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,586,496</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">958,178</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,119,896</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">519,948</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,596,781</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,130,812</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,150,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,561,557</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">562,206</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">592,065</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">934,330</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15,930,970</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade receivables</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">613,735</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">506,044</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">364,806</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">373,844</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">124,550</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,982,979</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Property, plant and equipment, net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,292,811</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,098,733</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,059,887</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">59,196</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">163,140</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,673,767</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital expenditures</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">285,413</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">283,265</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">151,550</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,048</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">28,222</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">753,498</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">327,344</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">110,496</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">140,180</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,594</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,440</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">610,054</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 10.25pt"><br style="LINE-HEIGHT: 10.25pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">There are no revenues from external customers attributable to the Company's country of incorporation (Luxembourg). For geographical information purposes, "North America" comprises Canada, Mexico and the USA (27.4%); "South America" comprises principally Argentina (18.8%), Brazil and Colombia; "Europe" comprises principally Italy, Norway and Romania; "Middle East and Africa" comprises principally Angola, Nigeria and Saudi Arabia and; "Far East and Oceania" comprises principally China, Japan and Indonesia.</div>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(*) Includes Investments in non-consolidated companies and Available for sale assets for $21.6 million in 2015, 2014 and 2013 (see Note 12 and 30).</div>

<div style="LINE-HEIGHT: 12pt">&#160;</div>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">69</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost of sales</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="211e5126140744e98c229e4d998f676e" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 62.61%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.39%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 62.61%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 62.61%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 24.92%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 12.46%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inventories at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,779,869</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,702,647</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,985,805</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.61%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.61%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plus: Charges of the period</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Raw materials, energy, consumables and other</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,934,209</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,944,283</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,749,921</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase in inventory due to business combinations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,338</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.61%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Services and fees</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">298,470</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">453,818</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">422,142</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.61%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Labor cost</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">947,997</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,204,720</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,199,351</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.61%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation of property, plant and equipment</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">377,596</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">366,932</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">368,507</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.61%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amortization of intangible assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">24,100</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17,324</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,263</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.61%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Maintenance expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">184,053</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">217,694</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">202,338</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.61%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Allowance for obsolescence</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">68,669</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,704</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">70,970</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.61%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Taxes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,523</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,024</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,956</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">92,059</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">130,845</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">147,180</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.61%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,948,676</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6,364,682</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6,173,628</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.61%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Less: Inventories at the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,843,467)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,779,869)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,702,647)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.61%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,885,078</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6,287,460</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6,456,786</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For the year ended December 2015, labor cost includes approximately $104 million of severance indemnities related to the adjustment of the workforce to current market conditions.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Selling, general and administrative expenses</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d4809364cee841ffa07a5d84e9c8755a" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 62.5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.5%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 62.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 62.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Services and fees</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">158,541</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">178,700</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">177,996</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Labor cost</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">579,360</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">594,660</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">575,588</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation of property, plant and equipment</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,543</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,197</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19,132</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amortization of intangible assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">238,539</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">211,176</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">214,152</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Commissions, freight and other selling expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">351,657</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">598,138</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">600,239</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Provisions for contingencies</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19,672</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">35,557</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">31,429</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Allowances for doubtful accounts</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">36,788</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,704</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23,236</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Taxes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">129,018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">165,675</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">170,659</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">92,157</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">138,145</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">128,782</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,624,275</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,963,952</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,941,213</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For the year ended December 2015, labor cost includes approximately $73 million of severance indemnities related to the adjustment of the workforce to current market conditions.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e16d017b1e134b67b9081b0900e481fb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 35.45pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="104f8d88acd34902b1f7f214ec0ac735" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 62.94%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.06%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 62.94%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.35%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 62.94%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 24.71%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 12.35%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Wages, salaries and social security costs</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,504,918</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,743,253</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,714,471</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Employees' service rescission indemnity (including those classified as defined contribution plans)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,286</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17,431</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,978</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Pension benefits - defined benefit plans</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,813</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,645</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">32,112</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 62.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Employee retention and long term incentive program</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(5,660)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,051</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17,378</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 62.94%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,527,357</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,799,380</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.35%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,774,939</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the year-end, the number of employees was 21,741<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>in 2015, 27,816 in 2014 and 26,825 in 2013.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">70</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="35766eec1af84aa08347151d506f2f15" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 35.45pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Labor costs (included in Cost of sales and in Selling, general and administrative expenses) (Cont.)</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following table shows the geographical distribution of the employees:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="55162571df764dfd8d09ea0ae4a316bb" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.93%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Country</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.16%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.14%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.76%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Argentina</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,388</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,421</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,379</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mexico</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,101</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,518</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,290</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Brazil</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,050</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,835</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,309</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USA</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,190</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,549</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,449</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Italy</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,030</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,352</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,352</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Romania</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,624</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,725</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,637</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Canada</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">546</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,225</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,280</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indonesia</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">532</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">677</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">711</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Colombia</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">636</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">614</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">627</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Japan</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">508</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">588</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">565</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,136</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,312</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,226</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.93%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.16%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">21,741</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.14%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27,816</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">26,825</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other operating income and expenses</font></div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ed227da638a240fc8463517e01ae0f83" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 64.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35.51%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 24%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 11.52%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other operating income</div>
</td>
<td style="WIDTH: 11.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.52%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net income from other sales</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,480</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,843</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,663</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net rents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,462</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,041</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,494</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">661</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,971</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">148</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14,603</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27,855</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14,305</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.49%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.5%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other operating expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Contributions to welfare projects and non-profits organizations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,052</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,961</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,147</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Provisions for legal claims and contingencies</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(760)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Loss on fixed assets and material supplies disposed / scrapped</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">94</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">203</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">39</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Impairment charge</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">400,314</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">205,849</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Allowance for doubtful receivables</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,114</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">336</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,708</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,365</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">410,575</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">215,589</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">28,257</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Impairment charge</u></div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris' main source of revenue is the sale of products and services to the oil and gas industry, and the level of such sales is sensitive to international oil and gas prices and their impact on drilling activities.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A continuous decline in oil prices and futures resulted in reductions in Tenaris customers` investments. Drilling activity and demand of products and services, particularly in North America, continues to decline. Selling prices of products in North America were also affected by high levels of unfairly traded imported products (including the accumulation of excess inventories of imported products).</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris regularly conducts assessments of the carrying values of its assets. <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The value-in-use was used to determine the recoverable value. Value-in-use is calculated by discounting the estimated cash flows over a five year period based on forecasts approved by management. For the subsequent years beyond the five-year period, a terminal value is calculated based on perpetuity considering a nominal growth rate of 2%. The growth rate considers the long-term average growth rate for the oil and gas industry, the higher demand to offset depletion of existing fields and the Company's expected market penetration.</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The main key assumptions, used in estimating the value in use are oil and natural gas prices evolution, the level of drilling activity and Tenaris' market share.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For purposes of assessing key assumptions, Tenaris uses external sources of information and management judgment based on past experience.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">71</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other operating income and expenses (Cont.)</font></div>

<div style="LINE-HEIGHT: 9pt"><br style="LINE-HEIGHT: 9pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The discount rates used are based on the respective weighted average cost of capital (WACC) which is considered to be a good indicator of capital cost. For each CGU where assets are allocated, a specific WACC was determined taking into account the industry, country and size of the business. In 2015, the main discount rates used were in a range between 9% and 13%.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During the third quarter 2015 and as a result of the deterioration of business conditions for its welded pipe assets in the United States, Tenaris decided to write down the goodwill value on these assets recording an impairment charge of&#160; $400.3 million. Consequently, the <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">carrying value of the assets impaired was as follows:</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="efaedab5b47b4f768acd105da0bbb566" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 48%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 17%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Assets before impairment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Impairment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 17%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Assets after impairment</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;OCTG - USA</div>
</td>
<td style="WIDTH: 17%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,382,993</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(400,314)</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="WIDTH: 17%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">982,679</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The main factors that could result in additional impairment charges in future periods would be an increase in the discount rate / decrease in growth rate used in the Company's cash flow projections and a further deterioration of the business, competitive and economic factors, such as the oil and gas prices, capital expenditure program of Tenaris' clients, the evolution of the rig count, the competitive environment and the cost of raw materials.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015 for the OCTG &#8211; USA CGU an increase of 100 Bps in the discount rate, a decline of 100 Bps in the growth rate or a decline of 5% in the cash flow projections, would not generate a material effect on the carrying amount of the CGU as of that date.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Following the requirements of IAS 36, Tenaris has determined the CGU for which a reasonable possible change in a key assumptions would cause the CGU's carrying amount to exceed its recoverable amount. For Tubocaribe an increase of 100 Bps in the discount rate would generate an impairment of $32 million; a decline of 100 Bps in the growth rate would generate an impairment of $19 million; and a decline of 5% in the cash flow projections would generate an impairment of $14 million.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At December 31, 2014, the Company recorded an impairment charge over its welded pipe assets in Colombia and Canada. The carrying value of the assets impaired (i.e., property, plant and equipment and intangible assets) was as follows:</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="278858d20aad42d2838859b5399af469" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 48%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Assets before impairment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Impairment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Assets after impairment</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 48%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Tubocaribe &#8211; Colombia</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">255,060</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(174,239)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">80,821</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 48%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Prudential &#8211; Canada</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">261,497</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(31,610)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">229,887</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 48%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 17%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">516,557</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(205,849)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 17%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">310,708</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial results</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="73de68123b4c41e493fbd12af2e9fb3b" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 60.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 39.67%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60.33%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 24.75%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 5.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 14.92%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 60.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;Interest Income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">39,516</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34,582</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34,046</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 60.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;Interest from available-for-sale financial assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,992</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">191</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 60.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;Net result on changes in FV of financial assets at FVTPL</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,942)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,478)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">540</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 60.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;Net result on available-for-sale financial assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">115</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 60.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Finance income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">34,574</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">38,211</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">34,767</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 60.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Finance Cost</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(23,058)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(44,388)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(70,450)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 60.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;Net <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">foreign</font> exchange transactions results</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(13,301)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">50,298</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">37,179</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 60.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;Foreign exchange derivatives contracts results</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">30,468</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,733)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,414</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 60.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(14,473)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,351)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(34,589)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 60.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Financial results</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,694</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">39,214</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7,004</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 60.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Financial results</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14,210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">33,037</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.92%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(28,679)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During the period Tenaris has derecognized all its fixed income financial instruments categorized as available for sale. Following is an evolution of the available for sale financial assets reserve in Other Comprehensive Income.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f105197c763242cfb14e3acc51f87478" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 25.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Reserve Dec-13</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Movements 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Reserve Dec-14</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Movements 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Reserve Dec-15</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Available for sale</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 16.05%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(39)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,447)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 17.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,486)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.45%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,486</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total Available for sale reserve</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.05%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(39)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(2,447)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 17.43%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(2,486)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.45%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,486</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.46%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">72</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity in earnings (losses) of non-consolidated companies</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt"><br style="LINE-HEIGHT: 9pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6417c125595c4b9396ea668dab361b38" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 64.07%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.07%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.07%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.41%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;From non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(10,674)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(24,696)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.41%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">46,098</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Gain on equity interest (see Note 26)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,302</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.41%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;Impairment loss on non-consolidated companies (see Note 12)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(28,884)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(161,222)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.41%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(39,558)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(164,616)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.41%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">46,098</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 9pt"><br style="LINE-HEIGHT: 9pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income tax</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="66047416592a457c81111662ab98c72d" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 64.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35.93%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.07%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.07%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 12.41%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Current tax</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">164,562</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">695,136</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.41%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">594,179</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 64.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deferred tax</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">79,943</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(109,075)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.41%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">33,698</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 64.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">244,505</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">586,061</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.41%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">627,877</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 9pt"><br style="LINE-HEIGHT: 9pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The tax on Tenaris' income before tax differs from the theoretical amount that would arise using the tax rate in each country as follows:</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="b7d4875aa7f74129a3bd1f0113c0d89e" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 63.71%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 36.29%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 63.71%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.99%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 63.71%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.99%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.87%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 63.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income before income tax</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">170,080</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,767,237</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,202,249</div>
</td>
</tr>

<tr>
<td style="WIDTH: 63.71%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.99%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.87%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 63.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tax calculated at the tax rate in each country (*)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(61,624)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">312,714</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">465,029</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 63.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non taxable income / Non deductible expenses, net (*)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">149,789</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">132,551</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">72,768</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 63.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in the tax rates</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,436</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,249</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,287</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 63.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Effect of currency translation on tax base (**)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">151,615</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">138,925</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">92,695</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 63.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Utilization of previously unrecognized tax losses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,711)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,378)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,902)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 63.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tax charge</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.43%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">244,505</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.99%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">586,061</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">627,877</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; TEXT-INDENT: -21.3pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.3pt; FONT-SIZE: 10pt">(*) Include the effect of the impairment charges of approximately $400.3 million and $205.8 million in 2015 and 2014, respectively.</div>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; TEXT-INDENT: -14.2pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 14.2pt; FONT-SIZE: 10pt">(**) Tenaris applies the liability method to recognize deferred income tax on temporary differences between the tax basis of assets and their carrying amounts in the financial statements. By application of this method, Tenaris recognizes gains and losses on deferred income tax due to the effect of the change in the value on the tax basis in subsidiaries (mainly Argentinian, Colombia and Mexican), which have a functional currency different than their local currency. These gains and losses are required by IFRS even though the revalued / devalued tax basis of the relevant assets will not result in any deduction / obligation for tax purposes in future periods.</div>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">9</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividends distribution</font></div>

<div style="LINE-HEIGHT: 10pt"><br style="LINE-HEIGHT: 10pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On November 4, 2015, the Company's Board of Directors approved the payment of an interim dividend of $0.15 per share ($0.30 per ADS), or approximately $177 million, on November 25, 2015, with an ex-dividend date of November 23, 2015.</div>

<div style="LINE-HEIGHT: 10pt"><br style="LINE-HEIGHT: 10pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On May 6, 2015 the Company's Shareholders approved an annual dividend in the amount of $0.45 per share ($0.90 per ADS). The amount approved included the interim dividend previously paid in November 27, 2014 in the amount of $0.15 per share ($0.30 per ADS). The balance, amounting to $0.30 per share ($0.60 per ADS), was paid on May 20, 2015. In the aggregate, the interim dividend paid in November 2014 and the balance paid in May 2015 amounted to approximately $531.2 million.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On May 7, 2014 the Company's Shareholders approved an annual dividend in the amount of $0.43 per share ($0.86 per ADS). The amount approved included the interim dividend previously paid in November 21, 2013 in the amount of $0.13 per share ($0.26 per ADS). The balance, amounting to $0.30 per share ($0.60 per ADS), was paid on May 22, 2014. In the aggregate, the interim dividend paid in November 2013 and the balance paid in May 2014 amounted to approximately $507.6 million.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On May 2, 2013, the Company's shareholders approved an annual dividend in the amount of $0.43 per share ($0.86 per ADS). The amount approved included the interim dividend previously paid in November 2012, in the amount of $0.13 per share ($0.26 per ADS). The balance, amounting to $0.30 per share ($0.60 per ADS), was paid on May 23, 2013. In the aggregate, the interim dividend paid in November 2012 and the balance paid in May 2013 amounted to approximately $507.6 million.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">73</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Property, plant and equipment, net</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="54750a8082f2421a83c0d369f263b877" border="0" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 68px">
<td style="WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Land, <br>
 building and improvements</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plant and production equipment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vehicles, furniture <br>
and <br>
 fixtures</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Work in progress</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Spare <br>
parts and<br>
 equipment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</div>
</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,633,797</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,233,902</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">359,554</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">846,538</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">38,075</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,111,866</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(28,711)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(250,470)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(9,382)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,352)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,919)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(300,834)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Additions (*)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,065</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,064</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,022</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,036,818</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,246)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,065,723</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Disposals / Consumptions</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,892)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(55,452)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(8,940)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(5,691)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(285)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(72,260)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transfers / Reclassifications</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">149,844</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">475,748</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23,718</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(649,631)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(974)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,295)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Values at the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,766,103</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8,419,792</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">366,972</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,217,682</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">32,651</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,803,200</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Depreciation and impairment</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Accumulated at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">418,210</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,301,765</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">216,982</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15,352</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,952,309</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(8,956)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(135,538)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(7,528)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,093)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(153,115)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation charge</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">45,644</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">325,241</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">24,313</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">941</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">396,139</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transfers / Reclassifications</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,474</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,114)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,987</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,485)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,138)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Disposals / Consumptions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,873)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(54,639)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,788)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">47</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(63,253)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accumulated at the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">455,499</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,432,715</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">228,966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">13,762</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6,130,942</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,310,604</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,987,077</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">138,006</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,217,682</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18,889</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,672,258</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ca506c783fbe4e369c57d683532f00da" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Land, <br>
 building and improvements</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plant and production equipment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vehicles, furniture <br>
and <br>
 fixtures</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Work in progress</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Spare <br>
 parts and equipment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</div>
</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,498,188</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,073,413</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">339,314</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">441,902</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">37,754</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,390,571</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(15,137)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(241,044)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,445)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(7,719)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(854)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(269,199)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Additions (*)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">56,078</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,359</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,959</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">937,927</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,823</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,008,146</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Disposals / Consumptions</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,179)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(32,567)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,436)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,922)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(46,104)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase due to business combinations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,059</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,803</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,758</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">859</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">31</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29,510</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transfers / Reclassifications</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">91,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">409,938</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23,404</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(526,431)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">243</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,058)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Values at the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,633,797</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8,233,902</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">359,554</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">846,538</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">38,075</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,111,866</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation </font>and impairment</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Accumulated at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">373,304</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,131,501</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">197,555</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,444</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,716,804</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(5,996)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(134,723)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3,677)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(256)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(144,652)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation charge</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">47,132</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">313,745</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25,088</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,164</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">387,129</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transfers / Reclassifications</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(38)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">603</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">588</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase due to business combinations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,044</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,745</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,291</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17,080</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Impairment charge (See Note 5)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,905</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,924</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Disposals / Consumptions</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,316)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(29,370)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,878)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(35,564)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accumulated at the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">418,210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,301,765</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">216,982</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">15,352</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,952,309</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,215,587</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,932,137</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">142,572</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">846,538</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">22,723</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,159,557</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 10.25pt"><br style="LINE-HEIGHT: 10.25pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Property, plant and equipment include capitalized interests for net amounts at December 31, 2015 and 2014 of $15.5 million and $3.3 million, respectively.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(*) The increase is mainly due to progress in the construction of the greenfield seamless facility in Bay City, Texas.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">74</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Intangible assets, net</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3169b1a865eb4b32bf56bf090edf7afb" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Information system projects</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Licenses,&#160; patents and <br>
 trademarks (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Goodwill</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Customer relationships</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">471,935</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">494,014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,182,004</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,059,946</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,207,899</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(12,127)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(127)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(11,295)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(23,549)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Additions</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">65,022</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">774</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">65,796</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transfers / Reclassifications</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">95</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,028</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,123</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Disposals</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(56)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,027)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,083)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Values at the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">524,869</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">494,662</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,170,709</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,059,946</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,250,186</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amortization and impairment</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Accumulated at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">283,679</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">332,823</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">436,625</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,397,142</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,450,269</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(7,454)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(7,454)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amortization charge</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">59,342</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">30,588</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">172,709</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">262,639</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Impairment charge (See Note 5)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">400,314</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">400,314</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transfers / Reclassifications</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(35)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,001</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">966</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accumulated at the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">335,532</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">364,412</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">836,939</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,569,851</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,106,734</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">189,337</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">130,250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,333,770</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">490,095</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,143,452</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5ac593e9f48346a886e0b76821fcb4f1" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Information system projects</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Licenses,&#160; patents and trademarks (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Goodwill</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Customer relationships</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">400,488</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">492,829</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,147,242</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,059,946</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,100,505</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(9,590)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(63)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,481)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(16,134)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Additions</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">79,983</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,244</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">81,227</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transfers / Reclassifications</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,090</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">556</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,646</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase due to business combinations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">28</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">41,243</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">41,271</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Disposals</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(64)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(552)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(616)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Values at the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">471,935</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">494,014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,182,004</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,059,946</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,207,899</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amortization and</font> impairment</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Accumulated at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">249,916</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">302,444</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">340,488</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,140,421</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,033,269</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,425)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,425)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amortization charge</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">40,188</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">30,379</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">157,933</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">228,500</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Impairment charge (See Note 5)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">96,137</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">98,788</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">194,925</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accumulated at the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">283,679</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">332,823</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">436,625</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,397,142</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,450,269</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">188,256</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">161,191</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,745,379</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">662,804</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,757,630</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;(*) Includes Proprietary Technology.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The geographical allocation of goodwill for the year ended December 31, 2015 was $1.214.3 million for North America, $116.9 million for South America $1.9 million for Europe, and $0.7 million for Middle East &amp; Africa.</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The carrying amount of goodwill allocated by CGU, as of December 31, 2015, was as follows:</div>

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<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="27685d16f8774bada05c24c4e75a9228" cellspacing="0" cellpadding="0">
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of December 31, 2015</div>
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<td style="WIDTH: 2.85%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 41.8%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tubes Segment</div>
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<td style="TEXT-ALIGN: center; WIDTH: 15.06%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Segment</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CGU</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.71%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Maverick Acquisition</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.54%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Hydril Acquisition</div>
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<td style="WIDTH: 2.84%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.85%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other</div>
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<td style="WIDTH: 2.84%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.06%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Maverick Acquisition</div>
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<td style="WIDTH: 2.84%; VERTICAL-ALIGN: middle">
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.73%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">OCTG (USA)</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">225</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.73%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">225</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tamsa (Hydril and other)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">346</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.73%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">365</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Siderca (Hydril and other)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">265</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">93</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.73%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">358</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Hydril</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">309</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.73%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">309</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Electric Conduits</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">46</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.73%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">46</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Coiled Tubing</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.73%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">26</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.73%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">26</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 13.71%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">271</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 13.54%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">920</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.85%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">139</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 15.06%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.84%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.73%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,334</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">75</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investments in non-consolidated companies</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="752356b14f8e4598b6c5d0af2c14b324" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.99%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 5.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 5.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 14.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">643,630</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">912,758</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(92,914)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(54,688)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in earnings of non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,674)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(24,696)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Impairment loss in non-consolidated companies</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(28,884)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(161,222)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends and distributions received</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(20,674)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(17,735)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Additions (c)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,400</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,380</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Decrease due to consolidation (*)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(8,310)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Decrease / increase in equity reserves</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,239)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3,857)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the end of the period</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">490,645</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">643,630</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(*) See Note 26</div>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The principal non-consolidated companies are:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 5pt"><br style="LINE-HEIGHT: 5pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e4e566bcc1e0423bae4eabb0e6c24a6e" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 21.23%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 27.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.07%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% ownership - voting rights at December 31,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.66%; VERTICAL-ALIGN: middle" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value at December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 21.23%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Company</div>
</td>
<td style="WIDTH: 27.04%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Country of incorporation</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.55%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.56%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.1%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.23%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">a) Ternium S.A.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.04%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Luxembourg</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11.46% (*)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11.46% (*)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">449,375</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">527,080</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">b) Usiminas S.A.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Brazil</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.5% - 5%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.5% - 5%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">36,109</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">113,099</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;Others</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 27.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,161</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,451</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.23%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.55%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.56%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">490,645</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">643,630</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 10.25pt"><br style="LINE-HEIGHT: 10.25pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>(*) Including treasury shares.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">a) Ternium S.A.</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Ternium S.A. ("Ternium"), is a steel producer with production facilities in Mexico, Argentina, Colombia, United States and Guatemala and is one of Tenaris' main suppliers of round steel bars and flat steel products for its pipes business.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At December 31, 2015, the closing price of Ternium's ADSs as quoted on the New York Stock Exchange was $12.4 per ADS, giving Tenaris' ownership stake a market value of approximately $285.5 million (Level 1). At December 31, 2015, the carrying value of Tenaris' ownership stake in Ternium, based on Ternium's IFRS financial statements, was approximately $449.4 million. See Section II.B.2.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company reviews periodically the recoverability of its investment in Ternium. To determine the recoverable value, the Company estimates the value in use of the investment by calculating the present value of the expected cash flows. The key assumptions used by the Company are based on external and internal sources of information, and management judgment based on past experience and expectations of future changes in the market.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Value-in-use was calculated by discounting the estimated cash flows over a five year period based on forecasts approved by management. For the subsequent years beyond the five-year period, a terminal value was calculated based on perpetuity considering a nominal growth rate of 2%. The discount rates used are based on the respective weighted average cost of capital (WACC), which is considered to be a good indicator of capital cost. The discount rate used to test the investment in Ternium for impairment was 10.6%.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">b) Usiminas S.A.</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Usiminas is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries and it is Tenaris' principal supplier of flat steel in Brazil for its pipes and industrial equipment businesses.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At December 31, 2015, the closing price of the Usiminas' ordinary shares as quoted on the BM&amp;F Bovespa Stock Exchange was BRL 4.0 (approximately $1.03) per share, giving Tenaris' ownership stake a market value of approximately $25.7 million (Level 1). At December 31, 2015, the carrying value of Tenaris' ownership stake in Usiminas, was approximately $36.1 million.</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">76</font></div>

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</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9295411e59a0452dbf4712f1171a008b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 21.3pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investments in non-consolidated companies (Cont.)</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">b) Usiminas S.A. (Cont.)</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company reviews periodically the recoverability of its investment in Usiminas. To determine the recoverable value, the Company estimates the value in use of the investment by calculating the present value of the expected cash flows. There is a significant interaction among the principal assumptions made in estimating Usiminas' cash flow projections, which include iron ore and steel prices, foreign exchange and interest rates, Brazilian GDP and steel consumption in the Brazilian market. The key assumptions used by the Company are based on external and internal sources of information, and management judgment based on past experience and expectations of future changes in the market.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Usiminas' financial statements as of December 31, 2015 described a downgraded economic scenario for the company that caused a significant impact on its financial leverage and cash generation. In addition, Usiminas' auditors included in their report on these financial statements an emphasis of matter paragraph which, without qualifying their opinion, indicated the existence of "a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern" as a result of the risk of&#160; not achieving an action plan defined by Usiminas' management to equalize its financial obligations with cash generation. Consequently, Tenaris, in a conservative approach and considering the guidance of IAS 36, assessed the recoverable value of its investment in Usiminas based on Usiminas ordinary shares average market price for December 2015, and impaired its investment by $28.9 million.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">c) Techgen, S.A. de C.V. ("Techgen")</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Techgen is a Mexican company currently undertaking the construction and operation of a natural gas-fired combined cycle electric power plant in the Pesquer&#237;a area of the State of Nuevo Le&#243;n, Mexico, with a power capacity of between 850 and 900 megawatts. As of February 2014, Tenaris completed the initial investments in Techgen of 22% of its share capital, the remaining ownership is held by Ternium and Tecpetrol International S.A. (a wholly-owned subsidiary of San Faustin S.A., the controlling shareholder of both Tenaris and Ternium) by 48% and 30% respectively.</div>

<div style="LINE-HEIGHT: 9pt"><br style="LINE-HEIGHT: 9pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Techgen is a party to transportation capacity agreements for a purchasing capacity of 150,000 MMBtu/Gas per day starting on June 1, 2016 and ending on May 31, 2036, and a party to a contract for the purchase of power generation equipment and other services related to the equipment. As of December 31, 2015, Tenaris exposure under these agreements amount to $62.6 million and $2.2 million respectively.</div>

<div style="LINE-HEIGHT: 9pt"><br style="LINE-HEIGHT: 9pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris issued a Corporate Guarantee covering 22% of the obligations of Techgen under a syndicated loan agreement between Techgen and several banks. The loan agreement amounted to $800 million to be used in the construction of the facility. The main covenants under the Corporate Guarantee are limitations on the sale of certain assets and compliance with financial ratios (e.g. leverage ratio). As of December 31, 2015, disbursements under the loan agreement amounted $800 million, as a result the amount guaranteed by Tenaris was approximately $176 million.</div>

<div style="LINE-HEIGHT: 9pt"><br style="LINE-HEIGHT: 9pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Summarized selected financial information of Ternium and Usiminas, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9pt"><br style="LINE-HEIGHT: 9pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="17731112eeac4a9f82b6ec72ef8c84a6" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 35.04%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.96%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.22%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Usiminas S.A.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.7%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ternium S.A.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.04%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.24%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Usiminas S.A.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.96%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ternium S.A.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-current assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,343,038</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,480,389</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,372,431</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,341,290</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Current assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,765,733</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,582,204</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,104,137</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,348,869</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7,108,771</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8,062,593</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11,476,568</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">9,690,159</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-current liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,117,536</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,558,979</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,617,657</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,964,070</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Current liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,151,383</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,700,617</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,795,583</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,091,386</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,268,919</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,259,596</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,413,240</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,055,456</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-controlling interests</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">405,880</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">769,849</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">768,749</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">937,502</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Revenues</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,115,551</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,877,449</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,016,528</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,726,057</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Gross profit</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">70,801</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,400,177</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">447,311</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,800,888</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net (loss) income for the year attributable to owners of the parent</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,053,806)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,127</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">61,531</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(198,751)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total comprehensive loss for the year, net of tax, attributable to owners of the parent</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(457,750)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(495,603)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">77</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">13</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Receivables &#8211; non current</font></div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d1839ad4c28a402e9bd1a139537e236f" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.16%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 30.16%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Government entities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,113</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,697</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Employee advances and loans</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,485</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,214</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tax credits</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25,660</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29,997</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Receivables from related parties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">62,675</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">43,093</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Legal deposits</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,719</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,313</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Advances to suppliers and other advances</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">70,509</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">119,970</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">35,515</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">35,588</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">221,676</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">263,872</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Allowances for doubtful accounts (see Note 22 (i))</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,112)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,696)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">220,564</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">262,176</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">14</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inventories</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8fe67f4adf0a4e778a90bf937e24ce84" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.16%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 30.16%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finished goods</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">741,437</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,012,297</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Goods in process</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">407,126</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">622,365</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Raw materials</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">277,184</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">396,847</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Supplies</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">503,692</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">554,946</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Goods in transit</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">143,228</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">386,954</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,072,667</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,973,409</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Allowance for obsolescence (see Note 23 (i))</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(229,200)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(193,540)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,843,467</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,779,869</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">15</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Receivables and prepayments</font></div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="793151d8707d455c89d9024f8476c3cb" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.16%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 30.16%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Prepaid expenses and other receivables</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29,463</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">40,377</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Government entities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,498</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,189</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Employee advances and loans</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,951</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,478</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Advances to suppliers and other advances</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,823</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">42,832</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Government tax refunds on exports</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,053</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,956</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Receivables from related parties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,249</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">63,733</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Derivative financial instruments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,155</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25,588</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Miscellaneous</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">44,736</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">66,470</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">155,928</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">275,623</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Allowance for other doubtful accounts (see Note 23 (i))</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(7,082)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(7,992)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">148,846</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">267,631</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">16</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current tax assets and liabilities</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="87a7e0a726cb415c93a0353207726701" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.16%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current tax assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">V.A.T. credits</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">60,730</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">74,129</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Prepaid taxes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">127,450</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">55,275</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">188,180</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">129,404</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="45e69e284c5945518b503aa2e69a898a" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current tax liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">46,600</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">239,468</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">V.A.T. liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">24,661</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,156</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other taxes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">64,757</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">85,729</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">136,018</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">352,353</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">78</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">17</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Trade receivables</font></div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d7c905fe77244783a1c34c9556d07438" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.16%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Current accounts</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,216,126</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,002,867</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Receivables from related parties</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,483</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29,505</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,236,609</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,032,372</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Allowance for doubtful accounts (see Note 23 (i))</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(101,480)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(68,978)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 69.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,135,129</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,963,394</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following table sets forth details of the aging of trade receivables:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1e4895b7361841a4ac9f839fd5d388a7" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid" rowspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Trade Receivables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid" rowspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Not Due</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.16%; VERTICAL-ALIGN: middle; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Past due</div>
</td>
</tr>

<tr>
<td style="WIDTH: 42.87%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1 - 180 days</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&gt; 180 days</div>
</td>
</tr>

<tr>
<td style="WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</div>
</td>
<td style="WIDTH: 14.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 15.87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 14.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Guaranteed</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">353,537</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">268,606</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">33,706</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">51,225</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Not guaranteed</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">883,072</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">634,250</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">152,173</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">96,649</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Guaranteed and not guaranteed</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,236,609</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.68%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">902,856</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">185,879</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">147,874</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Allowance for doubtful accounts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(101,480)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,664)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(99,816)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,135,129</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.68%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">902,856</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">184,215</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">48,058</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.68%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Guaranteed</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">571,170</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">495,336</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">70,239</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,595</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Not guaranteed</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,461,202</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,186,958</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">203,116</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">71,128</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Guaranteed and not guaranteed</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,032,372</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.68%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,682,294</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">273,355</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">76,723</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Allowance for doubtful accounts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(68,978)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(902)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(68,076)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,963,394</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.68%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,682,294</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.87%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">272,453</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8,647</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 2pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 2pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Trade receivables are mainly denominated in <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">U.S. dollar</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash and cash equivalents and Other investments</font></div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="63db2b8813e14da1a97b1fbffd2f3477" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 27.57%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 13.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 13.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash at banks</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">101,019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">120,772</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Liquidity funds</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">81,735</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">110,952</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Short &#8211; term investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">103,793</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">185,921</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">286,547</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">417,645</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other investments - current</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">877,436</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">718,877</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bonds and other fixed Income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,203,695</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">817,823</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fund Investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">59,731</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">301,679</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,140,862</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,838,379</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other investments - Non-current</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bonds and other fixed Income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">393,084</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,662</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,539</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.43%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">394,746</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,539</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">79</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Borrowings</font></div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="28a1c61370d04d98835aa39b093a715d" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28.87%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-current</div>
</td>
<td style="WIDTH: 14.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">223,050</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">30,104</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finance lease liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">171</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">729</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">223,221</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">30,833</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.42%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank borrowings and other loans including related companies</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">747,704</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">966,741</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank overdrafts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">349</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,200</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Finance lease liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">371</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">486</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Costs of issue of debt</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(129)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(20)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">748,295</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">968,407</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.42%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 71.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Borrowings</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.44%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">971,516</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.42%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">999,240</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The maturity of borrowings is as follows:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 4pt"><br style="LINE-HEIGHT: 4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="414958a882794e0e8d692b49f34eb3aa" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 30.19%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;1 year or less</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;1 - 2 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;2 &#8211; 3 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;3 - 4 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;4 - 5 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Over 5 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial lease</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">371</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">138</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">542</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other borrowings</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">747,924</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">201,152</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,261</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,285</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">880</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,472</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">970,974</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total borrowings</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">748,295</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">201,290</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,290</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,289</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">880</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18,472</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">971,516</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest to be accrued (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,152</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,050</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,031</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,010</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">990</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,046</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,279</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">749,447</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">202,340</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,321</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,299</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,870</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,518</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">977,795</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 4pt"><br style="LINE-HEIGHT: 4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="02398a51c8014f86b3485c5f7d97568f" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 30.19%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;1 year or less</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;1 - 2 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;2 &#8211; 3 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;3 - 4 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;4 - 5 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Over 5 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30.19%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2014</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial lease</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">487</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">392</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">219</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">97</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,216</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other borrowings</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">967,920</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,117</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,147</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,259</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,207</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19,374</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">998,024</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total borrowings</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">968,407</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7,509</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,366</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,356</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,228</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,374</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">999,240</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest to be accrued (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19,398</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,586</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,074</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,057</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,055</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,168</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,338</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">987,805</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10,095</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,440</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,413</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,283</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">21,542</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,026,578</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(*) Includes the effect of hedge accounting.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Significant borrowings include:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a0c4e33407e9439fa9e02bf97c45fe11" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.56%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In million of USD</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Disbursement date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrower</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Type</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Original &amp; Outstanding</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Final maturity</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.37%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.32%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tamsa</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.76%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank loans</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.52%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">607</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.04%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mainly 2015</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Siderca</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank loans</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">105</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TuboCaribe</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank loan</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">200</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Jan-17</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 10.25pt"><br style="LINE-HEIGHT: 10.25pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015, Tenaris was in compliance with all of its covenants.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, 2015 and 2014 (considering hedge accounting where applicable).</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="afd25f647e044df381f9e8228d79a3b6" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 63.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 63.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total borrowings</div>
</td>
<td style="WIDTH: 18.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.52%</div>
</td>
<td style="WIDTH: 18.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.89%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 3.4pt"><br style="LINE-HEIGHT: 3.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 3.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 3.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">80</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Borrowings (Cont.)</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Breakdown of long-term borrowings by currency and rate is as follows:</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non current borrowings</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5e74519739ba4b47ac4ea761897e0422" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Currency</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Interest rates</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">219,778</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,079</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">ARS</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,933</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EUR</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,922</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,981</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Variable</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">521</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">840</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total non-current borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">223,221</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">30,833</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Breakdown of short-term borrowings by currency and rate is as follows:</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current borrowings</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ea7e715c74164bc9b21f68287e6a658f" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.9%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Currency</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Interest rates</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Variable</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,046</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">184,103</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,482</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,577</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EUR</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Variable</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">66</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">24,030</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EUR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,047</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,272</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">MXN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">614,916</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">522,225</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">ARS</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">113,326</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">184,791</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">BRL</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Variable</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34,446</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">ARS</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Variable</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">37</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">71</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Variable</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">165</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">252</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fixed</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,640</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total current borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 34.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">748,295</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">968,407</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">20</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deferred income tax</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of each country.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The evolution of deferred tax assets and liabilities during the year are as follows:</div>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deferred tax liabilities</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f763aac683e649ff9ae5b5302f1fc938" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 46.17%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.31%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fixed assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.84%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inventories</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.38%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Intangible and Other (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.3%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.17%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">346,385</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">44,234</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">482,446</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">873,065</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(13,641)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,154</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,487)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Charged directly to Other Comprehensive Income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,999</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,999</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income statement credit / (charge)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(18,903)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,718)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">51,958</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">31,337</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">313,841</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.84%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">42,516</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">549,557</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">905,914</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e8fc4198948f4667bdc945616659a4ed" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 46.17%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.31%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fixed assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.84%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inventories</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.38%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Intangible and Other (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.3%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.17%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 12.31%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 13.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 15.38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 12.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">360,208</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,526</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">548,219</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">929,953</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3,067)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">849</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,218)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Charged directly to Other Comprehensive Income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">682</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(906)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(224)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income statement credit / (charge)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,756)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22,026</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(65,716)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(54,446)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.31%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">346,385</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.84%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">44,234</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.38%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">482,446</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">873,065</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(*) Includes the effect of currency translation on tax base explained in Note 8.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">81</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">20</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deferred income tax (Cont.)</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deferred tax assets</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bc75eb1ac81e4cea9085e2577ff9f28d" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 43.64%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.36%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions and allowances</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.84%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inventories</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.24%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax losses (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.86%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.06%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.64%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 56.36%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="5">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(45,336)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(189,709)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(41,652)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(150,497)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(427,194)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,709</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,049</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,988</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,020</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,766</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Charged directly to Other Comprehensive Income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">527</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">527</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income statement charge / (credit)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(11,500)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">78,282</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(64,730)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">46,554</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">48,606</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.36%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(47,127)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.84%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(107,378)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(99,394)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(102,396)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.06%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(356,295)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(*) As of December 31, 2015, the recognized deferred tax assets on tax losses amount to $99.4 million&#160; and the net unrecognized deferred tax assets amount to $33.7 million.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d7317c48b6e64e5eb9e0525dabe60880" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 43.76%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.12%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Provisions and allowances</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.82%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inventories</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.22%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tax losses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.86%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.76%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 56.24%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="5">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(53,636)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(162,242)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(25,810)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(134,319)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(376,007)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,317</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,334</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,500</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">322</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,473</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase due to business combinations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,255)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(297)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3,535)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(281)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(5,368)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Charged directly to Other Comprehensive Income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">979</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(682)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">40</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">337</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income statement charge / (credit)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,259</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(28,822)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(13,807)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(16,259)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(54,629)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.12%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(45,336)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.82%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(189,709)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(41,652)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.22%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(150,497)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(427,194)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The recovery analysis of deferred tax assets and deferred tax liabilities is as follows:</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="32368a4dda8c4a67b102fb205f199da4" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 71.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 1.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28.06%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 4.9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 71.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 4.9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 71.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 28.06%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 71.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deferred tax assets to be recovered after 12 months</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(109,025)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(119,192)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 71.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deferred tax liabilities to be recovered after 12 months</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">843,022</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">868,289</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deferred income tax assets and liabilities are offset when (1) there is a legally enforceable right to set-off current tax assets against current tax liabilities and (2) when the deferred income taxes relate to the same fiscal authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The following amounts, determined after appropriate set-off, are shown in the Consolidated Statement of Financial Position:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="97474a3c27634989a26376cb6418b128" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.19%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 26.19%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deferred tax assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(200,706)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(268,252)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deferred tax liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">750,325</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">714,123</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">549,619</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">445,871</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The movement in the net deferred income tax liability account is as follows:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6ec17074db8b4e17a1e7af8b596a101d" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 26.74%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">445,871</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">553,946</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19,279</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,255</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Charged directly to Other Comprehensive Income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,526</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">113</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income statement credit (debit)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">79,943</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(109,075)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase due to business combinations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(5,368)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At the end of the period</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.86%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">549,619</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.88%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">445,871</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">82</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 6pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">21</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other liabilities</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(i)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other liabilities &#8211; Non current</font></div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f448c8b585c448d8aff4f9139267ad54" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.76%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Post-employment benefits</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">135,880</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">164,217</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other-long term benefits</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">78,830</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">98,069</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Miscellaneous</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,466</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23,579</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.84%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">231,176</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.92%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">285,865</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Post-employment benefits</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt" id="19d7e9ce19e244bfbd60b882fe12704c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 21.3pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: Wingdings; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">&#167;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unfunded</div>
</td>
</tr>
</table>
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="52e67bf6d7ee43459c56068fd090f6fd" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the beginning of the period</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">126,733</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">136,931</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Current service cost</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,918</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,582</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest cost</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,164</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,254</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Curtailments and settlements</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(128)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(236)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Remeasurements (*)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(9,743)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(9,824)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(8,418)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(8,665)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Benefits paid from the plan</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(16,062)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(8,006)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,137</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(303)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.37%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.92%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">107,601</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.7%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">126,733</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 12pt; MARGIN-BOTTOM: 6pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">(*) For 2015 and 2014, a gain of $9.1 and $12.2 million respectively is attributable to demographic assumptions, and a gain of $0.6 and a loss of $2.4 million respectively is attributable to financial assumptions.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The principal actuarial assumptions used were as follows:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="43b4d32547f748b795efc331d74b5691" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Discount rate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2% - 7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2% - 7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Rate of compensation increase</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0% - 3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2% - 3%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.32%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015, an increase / (decrease) of 1% in the discount rate assumption would have generated a (decrease) / increase on the defined benefit obligation of $8.6 million and $9.1 million respectively, and an increase / (decrease) of 1% in the rate of compensation assumption would have generated an increase / (decrease) impact on the defined benefit obligation of $4.7 million and $4.2 million respectively. The above sensitivity analyses are based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt" id="1dfb116293624fa1a75fa33b13630b1b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 21.3pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: Wingdings; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#167;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Funded</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.95pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The amounts recognized in the statement of financial position for the current annual period and the previous annual period are as follows:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="676cd6be74954f888592abee83fca43f" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Present value of funded obligations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">153,974</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">183,085</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fair value of plan assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(128,321)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(147,991)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liability (*)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">25,653</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">35,094</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(*) In 2015 and 2014, $2.6<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>million and $2.4 million corresponding to an overfunded plan were reclassified within other non-current assets, respectively.</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">83</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">21</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other liabilities (Cont.)</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(i)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other liabilities &#8211; Non current (Cont.)</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The movement in the present value of funded obligations is as follows:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="2b17a78b05da49eaba8bfb9cfcab44e1" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">183,085</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">177,433</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(18,507)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(10,000)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Current service cost</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,155</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,266</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest cost</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,725</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,621</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Remeasurements (*)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(6,124)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,104</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Benefits paid</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(12,360)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(10,339)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Movement in the fair value of plan assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">153,974</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">183,085</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(*)For 2015 and 2014, a gain of $1.1 and a loss of $1.5 million respectively is attributable to demographic assumptions, and a gain of $5 and a loss of $ 14.6 million respectively is attributable to financial assumptions.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The movement in the fair value of plan assets is as follows:</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d0070b5f0f2f4c959cf39c58b8c99688" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(147,991)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(145,777)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Return on plan assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(5,021)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(7,842)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Remeasurements</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,686</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(8,130)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15,651</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,911</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Contributions paid to the plan</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(5,066)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(5,548)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Benefits paid from the plan</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,360</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,339</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">60</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">56</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(128,321)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(147,991)</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The major categories of plan assets as a percentage of total plan assets are as follows:</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d651815b65ad4ca58d21c46df6ca0ce8" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity instruments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">52.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">52.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Debt instruments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">44.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">43.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.6%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The principal actuarial assumptions used were as follows:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="9722f23e188b4d5fa7bfcf30475c24de" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Discount rate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Rate of compensation increase</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0 % - 2 %</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2 % - 3 %</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">84</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">21</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other liabilities (Cont.)</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(i)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other liabilities &#8211; Non current (Cont.)</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The expected return on plan assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected return on plan assets is determined based on long-term, prospective rates of return as of the end of the reporting period.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015, an increase / (decrease) of 1% in the discount rate assumption would have generated a (decrease) / increase on the defined benefit obligation of $18 million and $22.2<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>million respectively, and an increase / (decrease) of 1% in the compensation rate assumption would have generated an increase / (decrease) on the defined benefit obligation of $2.2 million and $2 million respectively. The above sensitivity analyses are based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The employer contributions expected to be paid for the year 2016 amount approximately to $3.9 million.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The expected maturity of undiscounted post- employment benefits is as follows:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1e6f0fcfb7d845b384812c053370b8de" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 31.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At 31 December 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Less than 1 year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;1 - 2 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;2 - 3 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;3 - 4 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;4 - 5 years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Over 5 years</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Unfunded Post-employment benefits</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,488</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,334</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,694</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,587</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,343</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">234,606</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Funded Post-employment benefits</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,144</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,437</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,768</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,001</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,239</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">290,089</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.87%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,632</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,771</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25,462</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,588</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.4%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,582</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.24%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">524,695</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the previous period.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(ii)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other liabilities &#8211; current</font></div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a2a352c7c823449ca3864d43ac8ecba7" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.19%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Payroll and social security payable</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">173,528</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">204,558</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Liabilities with related parties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">351</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,305</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Derivative financial instruments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34,445</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">56,834</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Miscellaneous</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,518</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29,580</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">222,842</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">296,277</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">22</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-current allowances and provisions</font></div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" id="b679e530506140828490859407b174f6" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 38.25pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 2.25pt; FONT-SIZE: 10pt">(i)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Deducted from non current receivables</div>
</td>
</tr>
</table>
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="93a62caf8bb545f7b1028ca0554a92f8" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.19%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 26.19%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,696)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,979)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">584</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">534</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Used</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">749</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1,112)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1,696)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 9pt"><br style="LINE-HEIGHT: 9pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Liabilities</font></div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d72c17bb48354ba59b2fb6fdfa3dd0f7" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.19%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 26.19%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">70,714</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">66,795</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(20,725)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,253)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Additional provisions</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,390</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,029</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Reclassifications</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,562</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,276)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Used</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,520)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(5,146)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase due to business combinations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,565</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 73.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the end of the year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">61,421</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">70,714</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">85</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current allowances and provisions</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Deducted from assets</font></div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ff40b7cdf1e34694a679494a63062dcf" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 35.58%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Allowance for doubtful accounts - Trade receivables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Allowance for other doubtful accounts - Other receivables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Allowance for inventory obsolescence</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 21.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 23.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.57%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(68,978)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(7,992)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(193,540)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,033</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,732</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,056</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Additional allowances</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(36,788)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,114)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(68,669)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Used</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,253</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">292</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22,953</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(101,480)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(7,082)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(229,200)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 5.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 5.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 5.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 5.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 5.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 5.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 5.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 5.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.58%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Allowance for doubtful accounts - Trade receivables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Allowance for other doubtful accounts - Other receivables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Allowance for inventory obsolescence</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 2.85pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(51,154)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(9,396)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(228,765)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">384</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,335</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,141</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Additional allowances</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(21,704)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(336)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,704)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase due to business combinations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(88)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(38)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(875)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Used</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,584</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">443</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">35,663</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 21.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(68,978)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 23.08%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(7,992)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19.57%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(193,540)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt">
<div id="DSPFPageHeader"></div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="13750560ec97411690ea0d04fdcce9fc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 38.25pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 2.25pt; FONT-SIZE: 10pt">(ii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Liabilities</div>
</td>
</tr>
</table>
</div>
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="eb0eb4e37bf647bbb3df1a2edcf71ea5" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sales risks</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other claims and contingencies</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,205</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,175</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,380</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(517)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(973)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,490)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Additional allowances</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,540</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,743</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,283</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Reclassifications</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">47</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,610)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,563)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Used</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(8,985)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,630)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(13,615)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6,290</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,705</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8,995</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sales risks</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other claims and contingencies</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Values at the beginning of the year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,670</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,045</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25,715</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Translation differences</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(747)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,777)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,524)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Additional allowances</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,100</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,668</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,768</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Reclassifications</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,275</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,275</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Used</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(15,818)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,036)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(21,854)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.93%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 21.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7,205</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 22.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">13,175</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">20,380</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">86</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">24</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Derivative financial instruments</font></div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 6pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Net fair values of derivative financial instruments</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The net fair values of derivative financial instruments disclosed within Other Receivables and Other Liabilities at the reporting date, in accordance with IAS 39, are:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="4df3f4fa10204da19b3fd7866f7019fc" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72.53%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 27.47%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 72.53%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Foreign exchange derivatives contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.74%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,247</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25,588</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 72.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contracts with positive fair values</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.74%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18,247</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">25,588</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.53%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.74%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 72.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Foreign exchange derivatives contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(34,540)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(56,834)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contracts with negative fair values</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(34,540)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(56,834)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 72.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.74%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(16,293)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(31,246)</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Foreign exchange derivative contracts and hedge accounting</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris applies hedge accounting to certain cash flow hedges of highly probable forecast transactions. The net fair values of exchange rate derivatives and those derivatives that were designated for hedge accounting as of December 2015 and 2014, were as follows:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="475a710063c9420aa02c4fcab02df86b" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 21.68%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.74%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 24.79%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair Value</div>
</td>
<td style="WIDTH: 27.49%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Hedge Accounting Reserve</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Purchase currency</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sell currency</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Term</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">MXN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(24,364)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(45,061)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">320</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">120</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">MXN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,466</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,105</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(21)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(66)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EUR</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">331</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(6,186)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(6,186)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EUR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">957</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">982</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(819)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EUR</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">BRL</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(96)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">138</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">JPY</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(24)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(5,079)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(1,797)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">KWD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">28</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,908</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">28</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">630</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">ARS</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(8,639)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,632</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,175</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(1,245)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">BRL</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">402</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,089</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">CNH</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">95</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">87</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USD</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">GBP</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">85</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">438</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">403</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">465</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">927</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(16,293)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(31,246)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,783</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(7,916)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 21.68%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.74%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.4%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.76%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.72%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Following is a summary of the hedge reserve evolution:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="0027a24a06f647ffa3c722f093396358" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 22.71%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Reserve Dec-13</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Movements 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Reserve Dec-14</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Movements 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity Reserve Dec-15</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Foreign Exchange</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">120</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(8,036)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 16.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(7,916)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.68%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,699</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 16.98%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,783</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 22.71%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total Cash flow Hedge</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">120</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.8%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(8,036)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.02%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(7,916)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.68%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10,699</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.98%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,783</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris estimates that the cash flow hedge reserve at December 31, 2015 will be recycled to the Consolidated Income Statement during 2016.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">87</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">25</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contingencies, commitments and restrictions on the distribution of profits</font></div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contingencies</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer claims, in which third parties are seeking payment for alleged damages, reimbursement for losses or indemnity. Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues are subject to substantial uncertainties. Accordingly, the potential liability with respect to a large portion of such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management with the assistance of legal counsel periodically reviews the status of each significant matter and assesses potential financial exposure. If a potential loss from a claim, lawsuit or proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration litigation and settlement strategies. The Company believes that the aggregate provisions recorded for potential losses in these financial statements (Notes 22 and 23) are adequate based upon currently available information. However, if management's estimates prove incorrect, current reserves could be inadequate and Tenaris could incur a charge to earnings which could have a material adverse effect on Tenaris' results of operations, financial condition, net worth and cash flows.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Set forth below is a description of Tenaris' material ongoing legal proceedings:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.3pt; FONT-SIZE: 10pt">An Italian subsidiary of Tenaris, received on December 24, 2012 a tax assessment from the Italian tax authorities related to allegedly omitted withholding tax on dividend payments made in 2007. The assessment, which was for an estimated amount of EUR292 million (approximately $318 million), comprising principal, interest and penalties, was appealed with the first-instance tax court in Milan. In February 2014, the first-instance tax court issued its decision on this tax assessment, partially reversing the assessment and lowering the claimed amount to approximately EUR9 million (approximately $10 million), including principal, interest and penalties. On October 2, 2014, the Italian tax authorities appealed against the second-instance tax court decision on the 2007 assessment. On June 12, 2015, the second-instance tax court accepted the Tenaris subsidiary defense arguments and rejected the appeal by the Italian tax authorities, thus reversing the entire 2007 assessment and recognizing that the dividend payment was exempt from withholding tax. The Italian tax authorities have appealed the second-instance tax court decision before the Supreme Court.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.25pt; FONT-SIZE: 10pt">On December 24, 2013, the Italian subsidiary received a second tax assessment from the Italian tax authorities, based on the same arguments as those in the first assessment, relating to allegedly omitted withholding tax on dividend payments made in 2008 &#8211; the last such distribution made by the Italian subsidiary. The assessment, which was for an estimated amount of EUR254 million (approximately $276 million), comprising principal interest and penalties, was appealed with the first-instance tax court in Milan. On January 27, 2016, the first-instance tax court rejected the appeal filed by the Italian subsidiary. This first-instance ruling, which held that the Italian subsidiary is required to pay an amount of EUR220 million (approximately $240 million) including principal interest and penalties, contradicts the first- and second-instance tax court rulings in connection with the 2007 assessment. Tenaris continues to believe that the Italian subsidiary has correctly applied the relevant legal provisions; accordingly, the Italian subsidiary will appeal the January 2016 first-instance ruling against the second-instance tax court and will also request the suspension of its effects.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.25pt; FONT-SIZE: 10pt">Based, among other things, on the tax court decisions on the 2007 assessment and the opinion of counsels, Tenaris believes that it is not probable that the ultimate resolution of either the 2007 or the 2008 tax assessment will result in a material obligation.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">CSN claims relating to the January 2012 acquisition of Usiminas shares</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.3pt; FONT-SIZE: 10pt">In 2013, Confab was notified of a lawsuit filed in Brazil by Companhia Sider&#250;rgica Nacional (CSN) and various entities affiliated with CSN against Confab and the other entities that acquired a participation in Usiminas' control group in January 2012.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">25</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contingencies, commitments and restrictions on the distribution of profits (Cont.)</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">CSN claims relating to the January 2012 acquisition of Usiminas shares (Cont.)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.3pt; FONT-SIZE: 10pt">The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or BRL28.8, and seeks an order to compel the acquirers to launch an offer at that price plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas not belonging to Usiminas' control group, and Confab would have a 17.9% share in that offer.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.3pt; FONT-SIZE: 10pt">On September 23, 2013, the first instance court issued its decision finding in favor of Confab and the other defendants and dismissing the CSN lawsuit. The claimants appealed the court decision and the defendants filed their response to the appeal. It is currently expected that the court of appeals will issue its judgment on the appeal in the first half of 2016.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.3pt; FONT-SIZE: 10pt">The Company is aware that on November 10, 2014, CSN filed a separate complaint with Brazil's securities regulator Comiss&#227;o de Valores Mobili&#225;rios (CVM) on the same grounds and with the same purpose as the lawsuit referred to above. The CVM proceeding is underway and the Company has not yet been served with process or requested to provide its response.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.3pt; FONT-SIZE: 10pt">Finally, on December 11, 2014, CSN filed a claim with Brazil's antitrust regulator Conselho Administrativo de Defesa Econ&#244;mica (CADE). In its claim, CSN alleged that the antitrust clearance request related to the January 2012 acquisition, which was approved by CADE without restrictions in August 2012, contained a false and deceitful description of the acquisition aimed at frustrating the minority shareholders' right to a tag-along tender offer, and requested that CADE investigate and reopen the antitrust review of the acquisition and suspend the Company's voting rights in Usiminas until the review is completed. On May 6, 2015, CADE rejected CSN's claim. CSN did not appeal the decision and on May 19, 2015, CADE finally closed the file.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 21.3pt; FONT-SIZE: 10pt">Tenaris believes that all of CSN's claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel and previous decisions by CVM, including a February 2012 decision determining that the above mentioned acquisition did not trigger any tender offer requirement, and, more recently, the first instance court decision on this matter first referred to above. Accordingly, no provision was recorded in these Consolidated Financial Statements.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Set forth is a description of Tenaris' main outstanding commitments:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A Tenaris company is a party to a contract with Nucor Corporation under which it is committed to purchase on a monthly basis a minimum volume of hot-rolled steel coils at prices that are negotiated annually by reference to prices to comparable Nucor customers. The contract became effective in May 2013 and will be in force until December 2017; provided, however, that either party may terminate the contract at any time after January 1, 2015 with a 12-month prior notice. Due to the current weak pipe demand associated with the reduction in drilling activity, the parties entered into a temporary agreement pursuant to which application of the minimum volume requirements were suspended, and Tenaris is temporarily allowed to purchase steel volumes in accordance with its needs. As of December 31, 2015, the estimated aggregate contract amount through December 31, 2016, calculated at current prices, is approximately $221 million.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">A Tenaris company entered into various contracts with suppliers pursuant to which it committed to purchase goods and services for a total amount of approximately $347.9 million related to the investment plan to&#160;expand Tenaris' U.S. operations with the construction of a state-of-the-art seamless pipe mill in Bay City, Texas.&#160;As of December 31, 2015 approximately $836.5 million had already been invested.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">25</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contingencies, commitments and restrictions on the distribution of profits (Cont.)</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restrictions to the distribution of profits and payment of dividends</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015, equity as defined under Luxembourg law and regulations consisted of:</div>

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<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="c46ed4098f0d46028b0951f552b789fd" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 87.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
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<td style="WIDTH: 12.94%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 87.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Share capital</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,537</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 87.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Legal reserve</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">118,054</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 87.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Share premium</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">609,733</div>
</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 87.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Retained earnings including net income for the year ended December 31, 2015</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,024,204</div>
</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total equity in accordance with Luxembourg law</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.94%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,932,528</div>
</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At least 5% of the Company's net income per year, as calculated in accordance with Luxembourg law and regulations, must be allocated to the creation of a legal reserve equivalent to 10% of the Company's share capital. As of December 31, 2015, this reserve is fully allocated and additional allocations to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At December 31, 2015, distributable amount under Luxembourg law totals $18.6 billion, as detailed below:</div>

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<tr>
<td style="WIDTH: 87.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 87.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Retained earnings at December 31, 2014 under Luxembourg law</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,072,180</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other income and expenses for the year ended December 31, 2015 (*)</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,516,734)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends approved</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(531,242)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 87.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retained earnings at December 31, 2015 under Luxembourg law</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18,024,204</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 87.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Share premium</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">609,733</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 87.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Distributable amount at December 31, 2015 under Luxembourg law</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.52%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18,633,937</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(*) In 2015 result under Luxembourg GAAP was affected by the written down of the value of its investment.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">26</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Acquisition of subsidiaries and non-consolidated companies</font></div>

<div style="LINE-HEIGHT: 9pt"><br style="LINE-HEIGHT: 9pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In September 2014, Tenaris closed the acquisition of 100% of the shares of Socobras Participa&#231;&#245;es Ltda. ("Socobras"), a holding company that owned 50% of&#160;the shares of Socotherm Brasil S.A.("Socotherm"). Tenaris already owned the other 50% interest in Socotherm, following completion of this transaction, Tenaris now owns 100% of Socotherm.</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The purchase price amounted to $29.6 million, net assets acquired (including PPE, inventories and cash and cash equivalents) amounted to $9.6 million and goodwill for $20 million.</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris accounted for this transaction as a step-acquisition whereby Tenaris' ownership interest in Socotherm held before the acquisition was remeasured to fair value at that date. As a result, Tenaris recorded a result of approximately $21.3 million resulting from the difference between the carrying value of its initial investments in Socotherm and the fair value which was included in "Equity in earnings (losses) of non-consolidated companies" in the Consolidated Income Statement.</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Had the transaction been consummated on January 1, 2014, then Tenaris' unaudited pro forma net sales and net income from continuing operations would not have changed materially.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">90</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 9pt"><br style="LINE-HEIGHT: 9pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flow disclosures</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ecab3ae36334459fa2638fb9cbbf51b9" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 61.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.1%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</div>
</td>
<td style="WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in working capital</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Inventories</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">936,402</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(72,883)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">287,874</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Receivables and prepayments and Current tax assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">60,009</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(31,061)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">62,114</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade receivables</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">828,265</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,886</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">129,939</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(123,904)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(61,636)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(151,578)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Customer advances</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,171</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">76,383</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(77,099)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trade payables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(327,958)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3,755)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(62,470)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,373,985</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(72,066)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">188,780</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 61.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.97%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax accruals less payments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tax accrued</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">244,505</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">586,061</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">627,877</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Taxes paid</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(335,585)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(506,999)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(502,461)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(91,080)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">79,062</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">125,416</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iii)</div>
</td>
<td style="WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest accruals less payments, net</div>
</td>
<td style="WIDTH: 11.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.97%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest accrued</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(11,517)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,174</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">37,356</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest received</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">28,238</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">31,306</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">42,091</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest paid</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(18,696)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(74,672)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(109,170)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1,975)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(37,192)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(29,723)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 61.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.16%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="WIDTH: 10.98%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="WIDTH: 10.97%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iv)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash at banks, liquidity funds and short - term investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">286,547</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">417,645</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">614,529</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank overdrafts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(349)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,200)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(16,384)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.24%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.16%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">286,198</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.98%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">416,445</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.97%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">598,145</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015, 2014 and 2013, the components of the line item "other, including currency translation adjustment" are immaterial to net cash provided by operating activities.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">28</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Related party transactions</font></div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015:</div>

<div style="LINE-HEIGHT: 8pt"><br style="LINE-HEIGHT: 8pt">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="e539ebfbe3f5461ebf59e7ee60ead935" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt">&#167;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">San Faustin S.A., a Luxembourg Soci&#233;t&#233; Anonyme ("San Faustin"), owned 713,605,187 shares in the Company, representing 60.45% of the Company's capital and voting rights.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div>
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<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt">&#167;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.&#224; r.l., a Luxembourg Soci&#233;t&#233; &#224; Responsabilit&#233; Limit&#233;e ("Techint"), who is the holder of record of the above-mentioned Tenaris shares.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="d38a6f4debd94a0582fd39e3d2e8fa3e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt">&#167;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a Dutch private foundation (Stichting) ("RP STAK") held shares in San Faustin sufficient in number to control San Faustin.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="641bc9f87cff4f94b28fe90857298853" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt">&#167;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No person or group of persons controls RP STAK.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 12pt"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Based on the information most recently available to the Company, Tenaris' directors and senior management as a group owned 0.12% of the Company's outstanding shares.</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">91</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">28</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Related party transactions (Cont.)</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transactions and balances disclosed as with "non-consolidated parties" are those with companies over which Tenaris exerts significant influence or joint control in accordance with IFRS, but does not have control. All other transactions and balances with related parties which are not non-consolidated parties and which are not consolidated are disclosed as "Other". The following transactions were carried out with related parties:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="35a8c47f4cc34b108762346598387524" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.72%; VERTICAL-ALIGN: top" colspan="5">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="WIDTH: 2.94%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="WIDTH: 2.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(i)</div>
</td>
<td style="WIDTH: 57%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transactions</div>
</td>
<td style="WIDTH: 25.15%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 2.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 10.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(a) Sales of goods and services</div>
</td>
<td style="WIDTH: 12.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 2.94%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 2.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 10.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Sales of goods to non-consolidated parties</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">24,019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">33,342</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">35,358</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Sales of goods to other related parties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">87,663</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">103,377</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">115,505</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Sales of services to non-consolidated parties</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,154</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,932</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15,439</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Sales of services to other related parties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,010</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,264</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,035</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">125,846</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.44%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">150,915</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">171,337</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(b) Purchases of goods and services</div>
</td>
<td style="WIDTH: 12.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Purchases of goods to non-consolidated parties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">260,280</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">302,144</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">320,000</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Purchases of goods to other related parties</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">35,153</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">44,185</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,828</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Purchases of services to non-consolidated parties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,153</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,304</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">56,820</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Purchases of services to other related parties</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">78,805</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">90,652</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100,677</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.78%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">390,391</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.44%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">464,285</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">492,325</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="bba993c587eb414cbc8470d2313105f3" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.49%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(ii)</div>
</td>
<td style="WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Period-end balances</div>
</td>
<td style="WIDTH: 10.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 10.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(a) Arising from sales / purchases of goods / services</div>
</td>
<td style="WIDTH: 10.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 10.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Receivables from non-consolidated parties</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">73,412</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">104,703</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Receivables from other related parties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23,995</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">31,628</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Payables to non-consolidated parties</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(20,000)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(53,777)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Payables to other related parties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(19,655)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(28,208)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.68%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">57,752</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">54,346</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(b) Financial debt</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowings from other related parties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(200)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 70.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.68%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.76%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(200)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Directors' and senior management compensation</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During the years ended December 31, 2015, 2014 and 2013, the cash compensation of Directors and Senior managers amounted to $29.2 million, $26.0 million and $28.1 million respectively. In addition, Directors and Senior managers received 540, 567 and 534 thousand units for a total amount of $5.4 million, $6.2 million and $5.6 million respectively in connection with the Employee retention and long term incentive program mentioned in Note O (2).</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">92</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="LINE-HEIGHT: 9.1pt"><br style="LINE-HEIGHT: 9.1pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">29</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal subsidiaries</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following is a list of Tenaris' principal subsidiaries and its direct and indirect percentage of ownership of each controlled company at December 31, 2015.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="PADDING-BOTTOM: 1px; PADDING-LEFT: 1px; WIDTH: 100%; PADDING-RIGHT: 1px; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; PADDING-TOP: 1px" id="d5cb542e1b4244b99331a95c7a3eeba3" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 34.43%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 8.05pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Company</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Country of Incorporation</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 31.5%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Main activity</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.57%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage of ownership at December 31, (*)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 34.43%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.5%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.7%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.44%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.44%; VERTICAL-ALIGN: bottom; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">ALGOMA TUBES INC.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Canada</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of seamless steel pipes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">CONFAB INDUSTRIAL S.A. and subsidiaries</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Brazil</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of welded steel pipes and capital goods</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">DALMINE S.p.A.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Italy</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of seamless steel pipes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">99%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">99%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">99%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">HYDRIL COMPANY and subsidiaries (except detailed) (a)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USA</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacture and marketing of premium connections</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">MAVERICK TUBE CORPORATION and subsidiaries (except detailed)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USA</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of welded steel pipes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NKKTUBES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Japan</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of seamless steel pipes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">51%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">51%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">51%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">PT SEAMLESS PIPE INDONESIA JAYA</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indonesia</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of seamless steel products</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">77%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">77%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">77%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">PRUDENTIAL STEEL ULC</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Canada</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of welded steel pipes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">S.C. SILCOTUB S.A.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Romania</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of seamless steel pipes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">SIAT SOCIEDAD ANONIMA</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Argentina</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of welded and seamless steel pipes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">SIDERCA S.A.I.C. and subsidiaries (except detailed)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Argentina</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of seamless steel pipes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Madeira</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Trading and holding Company</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TENARIS BAY CITY, INC.</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USA</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of seamless steel pipes</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TENARIS FINANCIAL SERVICES S.A.</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Uruguay</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial company</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TENARIS GLOBAL SERVICES (CANADA) INC.</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Canada</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Marketing of steel products</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USA</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Marketing of steel products</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TENARIS GLOBAL SERVICES NIGERIA LIMITED</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Nigeria</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Marketing of steel products</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TENARIS GLOBAL SERVICES S.A. and subsidiaries (b)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Uruguay</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Holding company and marketing of steel products</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TENARIS GLOBAL SERVICES (UK) LTD</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">United Kingdom</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Marketing of steel products</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TENARIS INVESTMENTS S.&#224;r.l.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Luxembourg</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Holding company</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TENARIS INVESTMENTS S.&#224;r.l. LUXEMBURG, Zug Branch</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Switzerland</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Holding company and financial services</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TENARIS INVESTMENTS SWITZERLAND AG and subsidiaries (except detailed)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Switzerland</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Holding company</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 34.43%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TUBOS DE ACERO DE MEXICO S.A.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mexico</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.5%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Manufacturing of seamless steel pipes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.7%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.44%; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
</tr>
</table>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(*) All percentages rounded.</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a) Tenaris Investments S.a.r.l. holds 100% of Hydril's subsidiaries shares except for Technical Drilling &amp; Production Services Nigeria. Ltd where it holds 80% for 2015, 2014 and 2013.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b) Tenaris holds 97,5% of Tenaris Supply Chain S.A,&#160; 60% of Gepnaris S.A. and 40% of Tubular Technical Services and Pipe Coaters, and 49% of Amaja Tubular Services Limited</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">93</font></div>

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</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">30</font><font style="WIDTH: 28.35pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nationalization of Venezuelan Subsidiaries</font></div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In May 2009, within the framework of Decree Law 6058, Venezuela's President announced the nationalization of, among other companies, the Company's majority-owned subsidiaries TAVSA - Tubos de Acero de Venezuela S.A. ("Tavsa") and, Matesi Materiales Sider&#250;rgicos S.A ("Matesi"), and Complejo Sider&#250;rgico de Guayana, C.A ("Comsigua"), in which the Company has a non-controlling interest (collectively, the "Venezuelan Companies").</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In August 2009, Venezuela, acting through the transition committee appointed by the Minister of Basic Industries and Mines of Venezuela, unilaterally assumed exclusive operational control over Matesi, and in November, 2009, Venezuela, acting through PDVSA Industrial S.A. (a subsidiary of Petr&#243;leos de Venezuela S.A.), formally assumed exclusive operational control over the assets of Tavsa. Venezuela did not pay any compensation for these assets.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris' investments in the Venezuelan Companies are protected under applicable bilateral investment treaties, including the bilateral investment treaty between Venezuela and the Belgium-Luxembourg Economic Union, and Tenaris continues to reserve all of its rights under contracts, investment treaties and Venezuelan and international law. Tenaris has also consented to the jurisdiction of the International Centre for Settlement of Investment Disputes ("ICSID") in connection with the nationalization process.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In August 2011, Tenaris and its wholly-owned subsidiary Talta - Trading e Marketing Sociedad Unipessoal Lda ("Talta"), initiated arbitration proceedings against Venezuela before the ICSID in Washington D.C., seeking adequate and effective compensation for the expropriation of their investment in Matesi.&#160;On January 29, 2016, the tribunal released its award. The award upheld Tenaris' and Talta's claim that Venezuela had expropriated their investments in Matesi in violation of Venezuelan law as well as the bilateral investment treaties entered into by Venezuela with the Belgium-Luxembourg Economic Union and Portugal. The award granted compensation in the amount of $87.3 million for the breaches and ordered Venezuela to pay an additional amount of $85.5 million in pre-award interest, aggregating to a total award of $172.8 million, payable in full and net of any applicable Venezuelan tax, duty or charge. The tribunal granted Venezuela a grace period of six months from the date of the award to make payment in full of the amount due without incurring post-award interest, and resolved that if no, or no full, payment is made by then, post-award interest would apply at the rate of 9% per annum.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In July 2012, Tenaris and Talta initiated separate arbitration proceedings against Venezuela before the ICSID, seeking adequate and effective compensation for the expropriation of their respective investments in Tavsa and Comsigua. The tribunal in these proceedings was constituted in July 2013. Following the exchange of further written submissions by the Parties, an oral hearing was held on June 15-23, 2015 in Washington DC. The parties submitted their post-hearing briefs on September 11, 2015; in their brief Tenaris and Talta claimed a principal sum of $243.7 million plus pre-award interest of $471.1 million, plus post-award interest. There is no procedural deadline by which the award must be rendered.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Based on the facts and circumstances described above and following the guidance set forth by IAS 27R, the Company ceased consolidating the results of operations and cash flows of the Venezuelan Companies as from June 30, 2009, and classified its investments in the Venezuelan Companies as financial assets based on the definitions contained in paragraphs 11(c)(i) and 13 of IAS 32.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company classified its interests in the Venezuelan Companies as available-for-sale investments since management believes they do not fulfil the requirements for classification within any of the remaining categories provided by IAS 39 and such classification is the most appropriate accounting treatment applicable to non-voluntary dispositions of assets.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris or its subsidiaries have net receivables with the Venezuelan Companies as of December 31, 2015, for a total amount of approximately $27.0 million.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company records its interest in the Venezuelan Companies at its carrying amount at June 30, 2009, and not at fair value, following the guidance set forth by paragraphs 46(c), AG80 and AG81 of IAS 39.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">94</font></div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">31</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fees paid to the Company's principal accountant</font></div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total fees accrued for professional services rendered by PwC Network firms to Tenaris S.A. and its subsidiaries are detailed as follows:</div>

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</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="8afc723eafff4650af018af548bbf18b" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 68.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(all amounts in thousands of U.S. dollars)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.15%; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ended December 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 68.85%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 68.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Audit Fees</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,372</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,231</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,723</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 68.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Audit-Related Fees</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">78</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">142</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">143</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 68.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tax Fees</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">89</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">117</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 68.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">All Other Fees</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">51</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 68.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.74%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,490</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,497</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.82%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6,034</div>
</td>
</tr>
</table>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">32</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Subsequent event</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; TEXT-INDENT: -14.2pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 14.2pt; FONT-SIZE: 10pt">Annual Dividend Proposal</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On February 24, 2016 the Company's Board of Directors proposed, for the approval of the Annual General Shareholders' meeting to be held on May 4, 2016, the payment of an annual dividend of $0.45 per share ($0.90 per ADS), or approximately $531.2 million, which includes the interim dividend of $0.15 per share ($0.30 per ADS) or approximately $177.1 million, paid on November 25, 2015. If the annual dividend is approved by the shareholders, a dividend of $0.30 per share ($0.60 per ADS), or approximately $354.1 million will be paid on May 25, 2016, with an ex-dividend date of May 23, 2016. These Consolidated Financial Statements do not reflect this dividend payable.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">/s/ Edgardo Carlos</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Chief Financial Officer</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Edgardo Carlos</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">- -</div>

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<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tenaris S.A. Annual Accounts (Luxembourg GAAP)</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As at December 31, 2015</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">To the Shareholders of</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Report on the annual accounts</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We have audited the accompanying annual accounts of Tenaris S.A., which comprise the balance sheet as at 31 December 2015, the profit and loss account for the year then ended, and a summary of significant accounting policies and other explanatory information.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Board of Directors<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#160;</sup>is responsible for the preparation and fair presentation of these annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the annual accounts, and for such internal control as the Board of Directors<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#160;</sup>determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Responsibility of the "R&#233;viseur d'entreprises agr&#233;&#233;"</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Our responsibility is to express an opinion on these annual accounts based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier". Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the annual accounts are free from material misstatement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts. The procedures selected depend on the judgment of the<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>"R&#233;viseur d'entreprises agr&#233;&#233;", including the assessment of the risks of material misstatement of the annual accounts, whether due to fraud or error. In making those risk assessments, the "R&#233;viseur d'entreprises agr&#233;&#233;" considers internal control relevant to the entity's preparation and fair presentation of the annual accounts in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the annual accounts.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In our opinion, the annual accounts give a true and fair view of the financial position of Tenaris S.A. as of 31 December 2015, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the annual accounts.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The management report, which is responsibility of the Board of Directors, is consistent with the annual accounts and includes the information required by the law with respect to Corporate Governance Statements.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">PricewaterhouseCoopers, Soci&#233;t&#233;&#160;coop&#233;rative Luxembourg, 30 March 2016</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Represented by</div>

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<div style="TEXT-ALIGN: justify; FONT: 10pt/11.4pt 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt"><u>/s/ Mervyn R. Martins&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mervyn R. Martins</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 8pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">PricewaterhouseCoopers, Soci&#233;t&#233; coop&#233;rative, 2, rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 8pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">T : +352 494848 1, F : +352 494848 2900, www.pwc.lu</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 15.95pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Balance Sheet as at December 31, 2015</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Shares in affiliated undertakings</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19,955,026,411</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23,006,961,885</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,955,026,411</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23,006,961,885</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">II.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Debtors</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amounts owed by affiliated undertakings</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">a) becoming due and payable within one year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,305,445</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,528,182</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other receivables</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">a) becoming due and payable within one year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">85,725</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">285</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IV.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash at bank and cash in hand</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">551,150</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">317,613</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,942,320</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,846,080</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,959,968,731</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23,009,807,965</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LIABILITIES</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Capital and reserves</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">I.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Subscribed capital</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,536,830</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,536,830</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">II.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share premium and similar premiums</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">609,732,757</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">609,732,757</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IV.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Reserves</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Legal reserve</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5&amp;6</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">118,053,683</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">118,053,683</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">V.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Profit or loss brought forward</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,718,019,221</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,545,028,256</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">VI.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Profit or loss for the financial year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,516,734,206)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(295,767,461)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">VII.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Interim dividends</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5&amp;8</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(177,080,525)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(177,080,525)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,932,527,760</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">22,980,503,540</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-subordinated debts</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amounts owed to affiliated undertakings</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">a) becoming due and payable within one year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,035,793</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,186,486</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">b) becoming due and payable after more than one year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,460,359</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,082,849</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other creditors</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">a) becoming due and payable within one year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,944,819</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,035,090</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27,440,971</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">29,304,425</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.11%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 16.15%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,959,968,731</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.79%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23,009,807,965</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div id="DSPFPageFooter">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The accompanying notes are an integral part of these annual accounts</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">99</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>
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<div id="DSPFPageHeader">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 15.95pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Tenaris S.A.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 15.95pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Profit and loss account for the year ended December 31, 2015</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(expressed in United States Dollars)</div>
</div>

<div style="LINE-HEIGHT: 14.4pt">
<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3f254cba6dd64687979b0276b7c3c867" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="WIDTH: 6.95%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="WIDTH: 2.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 6.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note</div>
</td>
<td style="WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;USD</div>
</td>
<td style="WIDTH: 2.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;USD</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</div>
</td>
<td style="WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CHARGES</div>
</td>
<td style="WIDTH: 6.95%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 18.3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 18.3%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other operating charges</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22,982,906</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">28,563,073</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.09%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value adjustments and fair value adjustments on financial fixed assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,493,111,324</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">288,522,631</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Interest and other financial charges</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">a) concerning affiliated undertakings</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">713,713</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">772,069</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">b) other interest and similar financial charges</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">125</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">67</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income tax</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,626</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,357</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total charges</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,516,811,694</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">317,862,197</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INCOME</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income from financial fixed assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">a) derived from affiliated undertakings</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22,000,000</div>
</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income from financial current assets</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">a) derived from affiliated undertakings</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">70,835</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19,715</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">b) other income from financial current assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,653</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">75,021</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">13.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Loss for the financial year</div>
</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,516,734,206</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">295,767,461</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
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<tr>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 48.45%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,516,811,694</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">317,862,197</div>
</td>
</tr>
</table>

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<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">100</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 1 &#8211; General information</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris S.A. (the "Company" or "Tenaris") was established on December 17, 2001 under the name of Tenaris Holding S.A. as a public limited liability company under Luxembourg's 1929 holding company regime (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">societ&#233; anonyme holding</font>). On June 26, 2002, the Company changed its name to Tenaris S.A. On January 1, 2011, the Company became an ordinary public limited liability company (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Soci&#233;t&#233; Anonyme</font>).</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris' object is to invest mainly in companies that manufacture and market steel tubes and other related businesses.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The financial year starts on January 1 and ends on December 31 of each year.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris prepares and publishes consolidated financial statements which include further information on Tenaris and its subsidiaries. The financial statements are available at the registered office of the Company, 29, Avenue de la Porte-Neuve &#8211;L-2227&#8211; 3rd Floor, Luxembourg.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 2 &#8211; Presentation of the comparative financial data</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The comparative figures for the financial year ended December 31, 2014 relating to items of balance sheet, profit and loss and the notes to the accounts are reclassified whenever necessary to ensure comparability with the figures for the financial year ended December 31, 2015.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 3 </font>&#8211;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Summary of significant accounting policies</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.1</font><font style="WIDTH: 28.35pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basis of presentation</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">These annual accounts have been prepared in accordance with Luxembourg legal and regulatory requirements under the historical cost convention.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Accounting policies and valuation rules are, besides the ones laid down by the law of 19 December 2002, determined and applied by the Board of Directors.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The preparation of these annual accounts requires management to make certain accounting estimates and assumptions that might affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the reporting dates, and the reported amounts of income and charges during the reporting years. Actual results may differ from these estimates.</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.2</font><font style="WIDTH: 9pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Foreign currency translation</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Current and non-current assets and liabilities denominated in currencies other than the United States Dollar ("USD") are translated into USD at the rate of exchange at the balance sheet date. Non-current assets remain at the exchange rate on the day of incorporation. The resulting gains or losses are reflected in the Profit and loss account for the financial year. Income and expenses in currencies other than the USD are translated into USD at the exchange rate prevailing at the date of each transaction.</div>

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<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.3</font><font style="WIDTH: 9pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial fixed assets</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Shares in affiliated undertakings are stated at purchase price, adding to the price paid the expenses incidental thereto.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Whenever necessary, the Company conducts impairment tests on its fixed assets in accordance with Luxembourg regulations.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In case of other than a temporary decline in respect of the fixed assets value, its carrying value will be reduced to recognize this decline. If there is a change in the reasons for which the value adjustments were made, these adjustments could be reversed, if appropriate.</div>

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<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">101</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 3 </font>&#8211;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Summary of significant accounting policies (Cont.)</font></div>

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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.4</font><font style="WIDTH: 28.35pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Debtors</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Debtors are valued at their nominal value. They are subject to value adjustments where their recovery is compromised. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply.</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.5</font><font style="WIDTH: 27.15pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash at bank and cash in hand</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash at bank and cash in hand mainly comprise cash at bank and liquidity funds. Assets recorded in cash at bank and cash in hand are carried at fair market value or at historical cost which approximates fair market value.</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.6</font><font style="WIDTH: 28.35pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-subordinated debts</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Non-subordinated debts are stated at nominal value.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 4 &#8211; Financial fixed assets</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares in affiliated undertakings</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris holds the 100% shares of Tenaris Investments S.&#224; r.l. (Tenaris Investments) with registered office in Luxembourg and holds, indirectly through this wholly-owned subsidiary, the 100% shares of Confab Industrial S.A., Hydril Company, Inversiones Lucerna Limitada, Maverick Tube Corporation, Siderca S.A.I.C., Talta - Trading e Marketing, Sociedade Unipessoal Lda., Tenaris Investments Switzerland AG, Tenaris Solutions AG, Tubos de Acero de M&#233;xico S.A., Tenaris Bay City, Inc., Tenaris Rods (USA), Inc., Algoma Tubes Inc., Siderca International ApS, Socobras Participa&#231;&#245;es Ltda., Tubman Holdings (Gibraltar) Limited and Tenaris Connections BV, the 50% shares of Exiros B.V and the 11.5% of Ternium S.A.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Movements during the financial year are as follows:</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="589b7cda70d94b0abcf5a70a5a2f1bcb" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">USD</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross book value - opening balance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23,453,141,905</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Decreases for the financial </font>year (a)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(558,824,150)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross book value - closing balance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">22,894,317,755</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Accumulated value adjustments - opening balance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(446,180,020)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Allocations for the financial </font>year (b)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(2,493,111,324)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accumulated value adjustments - closing balance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(2,939,291,344)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net book value - closing balance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,955,026,411</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net book value - opening balance</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">23,006,961,885</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(a) On December 7, 2010, Tenaris entered into a master credit agreement with Tenaris Investments pursuant to which, upon request from Tenaris, Tenaris Investments may, but shall not be required to, from time to time make loans to Tenaris. Any loan under the master credit agreement may be repaid or prepaid from time to time through a reduction of the capital of Tenaris Investments by an amount equivalent to the amount of the loan then outstanding (including accrued interest). As a result of reductions in the capital of Tenaris Investments made during the financial year ended December 31, 2015, in connection with cancellations of loans to Tenaris, the value of the participation of Tenaris in Tenaris Investments decreased by USD 558.8 million.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b) In 2015, results of the Company's subsidiaries indirectly held through its wholly-owned subsidiary Tenaris Investments were affected by adverse market conditions reflecting the decline in oil prices and their impact on drilling activity and on the demand outlook for tubular products. The management of the Company has assessed the value of its investment and recorded an impairment charge of USD 2.5 billion as of December 31, 2015 under Luxembourg GAAP.</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015 Tenaris Investments reported an equity of USD 20.0 billion and a loss for the financial year of USD 5.2 billion.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">102</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 5 &#8211; Capital and reserves</div>

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<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="26f8d83863f748f6ae39514766bb5526" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 22.83%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.28%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Subscribed</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">capital</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.28%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">premium</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.28%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Legal</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">reserve</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.81%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retained</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">earnings</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.69%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Interim</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">dividend</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.81%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Capital and</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">reserves</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 77.17%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">USD</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Balance at the beginning of the financial year</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,180,536,830</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">609,732,757</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">118,053,683</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,249,260,795</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(177,080,525)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22,980,503,540</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 22.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Loss for the financial year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(2,516,734,206)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(2,516,734,206)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividend paid <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(531,241,574)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">177,080,525</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(354,161,049)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 22.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interim Dividend <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(177,080,525)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(177,080,525)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 22.83%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance at the end of the financial year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,180,536,830</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">609,732,757</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.28%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">118,053,683</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.81%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18,201,285,015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.69%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(177,080,525)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.81%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 9.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">19,932,527,760</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1)</font><font style="WIDTH: 9pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As approved by the ordinary shareholders' meeting held on May 6, 2015.</font></div>

<div><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2)</font><font style="WIDTH: 9pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As approved by the board of directors' meeting held on November 4, 2015.</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The authorized capital of the Company amounts to USD 2.5 billion. The total authorized share capital of the Company is represented by 2,500,000,000 shares with a par value of USD 1 per share. The total capital issued and fully paid-up at December 31, 2015 was 1,180,536,830 shares with a par value of USD 1 per share.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The board of directors is authorized until June 5, 2020, to increase the issued share capital, through issues of shares within the limits of the authorized capital.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 6 </font>&#8211;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Legal reserve</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In accordance with Luxembourg law, the Company is required to set aside a minimum of 5% of its annual net profit for each financial year to a legal reserve. This requirement ceases to be necessary once the balance on the legal reserve has reached 10% of the issued share capital. The Company's reserve has already reached this 10%. If the legal reserve later falls below the 10% threshold, at least 5% of net profits again must be allocated toward the reserve. The legal reserve is not available for distribution to the shareholders.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 7 </font>&#8211;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Distributable amounts</font></div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Dividends may be paid by Tenaris upon the ordinary shareholders' meeting approval to the extent distributable retained earnings exist.</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At December 31, 2015, profit brought forward after deduction of the loss and the interim dividend for the financial year of Tenaris under Luxembourg law totaled approximately USD 18.0 billion.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The share premium amounting to USD 0.6 billion can also be reimbursed.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 8 </font>&#8211;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Interim dividend paid</font></div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In November 2015, the Company paid an interim dividend of USD 177.1 million based on the board of directors' decision of November 4, 2015 and in compliance with the conditions set out in the "Amended law of August 10, 1915 on commercial companies" regarding the payment of interim dividends.</div>

<div style="LINE-HEIGHT: 11.4pt; MARGIN-BOTTOM: 12pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 9 &#8211; Taxes</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For the financial year ended December 31, 2015 the Company did not realize any profits subject to tax in Luxembourg and will therefore be only subject to the minimum income tax applicable to a Soparfi (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">soci&#233;t&#233; de participations financi&#232;res</font>). The Company is also liable to the minimum Net Wealth Tax.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">103</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 10 &#8211; Balances with affiliated undertakings</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="fe859d8829794ad9afc1737d1cd7df7a" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 43.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Within a year</div>
</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">After more than one year</div>
</td>
<td style="WIDTH: 14.88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total at December 31, 2015</div>
</td>
<td style="WIDTH: 15.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total at December 31, 2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">USD</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">USD</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">USD</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">USD</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td style="WIDTH: 11.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.86%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Debtors</div>
</td>
<td style="WIDTH: 11.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.86%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">- becoming due and payable within one year</div>
</td>
<td style="WIDTH: 11.36%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.04%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 14.88%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.86%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris Solutions AG</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,304,708</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,304,708</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,527,543</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">737</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">737</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">639</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,305,445</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4,305,445</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,528,182</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-subordinated debts</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">- becoming due and payable within one year</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Siderca Sociedad An&#243;nima Industrial y Comercial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,279,001</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,279,001</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,155,569</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dalmine S.p.A.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,425,235</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,425,235</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,577,664</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris Solutions Uruguay S.A.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">194,471</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">194,471</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">363,670</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tubos de Acero de M&#233;xico, S.A.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">482,368</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">482,368</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">277,331</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Maverick Tube Corporation</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,550,104</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,550,104</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">277,592</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris Solutions AG</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">94,586</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">SIAT Sociedad An&#243;nima</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">103,740</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">103,740</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,423,769</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">874</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">874</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,305</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> becoming due and payable after more than one year</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Siderca Sociedad An&#243;nima Industrial y Comercial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,530,043</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,530,043</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,085,389</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris Solutions AG</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;-</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,514,874</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,514,874</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,733,038</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tenaris Solutions Uruguay S.A.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">415,442</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">415,442</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">264,422</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.36%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7,035,793</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.04%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">18,460,359</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.88%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">25,496,152</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 15.86%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">27,269,335</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">N<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">ote 11 &#8211; Other operating charges</font></div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="11dd49636c9d4a29889a76bc6d83ec3b" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 59.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="WIDTH: 3.28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
</tr>

<tr>
<td style="WIDTH: 59.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">USD</div>
</td>
<td style="WIDTH: 3.28%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">USD</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Services and fees</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,242,051</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">26,825,906</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Board of directors' accrued fees</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,025,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,025,000</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">715,855</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">712,167</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 18.3%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">22,982,906</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">28,563,073</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 12 &#8211; Parent Company</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of December 31, 2015:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 15.75pt; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 15.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">San Faustin S.A., a Luxembourg <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Soci&#233;t&#233; Anonyme</font> ("San Faustin"), owned 713,605,187 shares in the Company, representing 60.45% of the Company's capital and voting rights.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 15.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.&#224; r.l., a Luxembourg <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Soci&#233;t&#233; &#224; Responsabilit&#233; Limit&#233;e</font> ("Techint"), who is the holder of record of the above-mentioned Tenaris shares.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 15.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a Dutch private foundation (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Stichting</font>)&#160; ("RP STAK") held&#160; shares in San Faustin sufficient in number to control San Faustin.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 15.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No person or group of persons controls RP STAK.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Based on the information most recently available to the Company, Tenaris' directors and senior management as a group owned 0.12% of the Company's outstanding shares.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 13 &#8211; Subsequent event</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Annual Dividend Proposal</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On February 24, 2016 the Company's board of directors proposed, for the approval of the annual general shareholders' meeting to be held on May 4, 2016, the payment of an annual dividend of USD 0.45 per share (USD 0.90 per ADS) or approximately USD 531.2 million, which includes the interim dividend of USD 0.15 per share (USD 0.30 per ADS), or approximately USD 177.1 million, paid in November 2015. If the annual dividend is approved by the shareholders, a dividend of USD 0.30 per share (USD 0.60 per ADS), or approximately USD 354.1 million will be paid on May 25, 2016, with an ex-dividend date of May 23, 2016. These annual accounts do not reflect this dividend payable.</div>

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<div style="TEXT-ALIGN: left; FONT: 10pt/11.4pt 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt"><u>/s/ Edgardo Carlos&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Chief Financial Officer</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Edgardo Carlos</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTOR INFORMATION</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investor Relations Director</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Giovanni Sardagna</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">29 avenue de la Porte-Neuve</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3rd Floor</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">L-2227 Luxembourg</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(352) 26 47 89 78 tel</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(352) 26 47 89 79 fax</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">USA 1 888 300 5432</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Argentina (54) 11 4018 2928</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Italy (39) 02 4384 7654</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Mexico (52) 55 5282 9929</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">investors@tenaris.com</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ADS Depositary Bank</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">www.tenaris.com</div>
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$B@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image1.jpg
<TEXT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
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<TEXT>
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end
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<DOCUMENT>
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<TEXT>
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