<SEC-DOCUMENT>0001102624-16-003589.txt : 20161104
<SEC-HEADER>0001102624-16-003589.hdr.sgml : 20161104
<ACCEPTANCE-DATETIME>20161104150820
ACCESSION NUMBER:		0001102624-16-003589
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20161103
FILED AS OF DATE:		20161104
DATE AS OF CHANGE:		20161104

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:		161974884

	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
<SEQUENCE>1
<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; FONT-WEIGHT: normal">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; 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: 13.7pt; 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 November 3, 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>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(<font style="FONT-WEIGHT: normal">Translation of Registrant's name into English)</font></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>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">29, Avenue de la Porte-Neuve 3rd floor</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: normal">(Address of principal executive offices)</div>

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

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">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; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Yes&#160;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>&#160;&#160;&#160; &#160;&#160;&#160;</u><font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"> </font></font>No<u><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 14pt">&#214; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font></u></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>&#160;&#160;&#160;</u></font>.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">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&#8217;s Press Release announcing Tenaris 2016 Third Quarter Results.</div>

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

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: normal">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; FONT-WEIGHT: normal">Date: November 3, 2016.<br style="LINE-HEIGHT: 14pt">
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: normal">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; FONT-WEIGHT: normal">By: /s/ Cecilia Bilesio</div>

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

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

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 18.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Giovanni Sardagna</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tenaris</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;1-888-300-5432</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">www.tenaris.com</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Tenaris Announces 2016 Third Quarter Results</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The financial information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars ($) and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 11.4pt">
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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"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Luxembourg, November 3, 2016</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>- <font style="FONT-WEIGHT: normal">Tenaris S.A. (NYSE, Buenos Aires and Mexico: TS and MTA Italy: TEN) (&#8220;Tenaris&#8221;) today announced its results for the quarter and nine months ended September 30, 2016 with comparison to its results for the quarter and nine months ended September 30, 2015.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary of 2016 Third Quarter Results</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">(Comparison with second quarter of 2016 and third quarter of 2015)</div>

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<td style="WIDTH: 43.78%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q3 2016</div>
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<td style="WIDTH: 18.62%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q2 2016</div>
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<td style="WIDTH: 22.36%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q3 2015</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales ($ million)</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,049</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,121</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6%)</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,559</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(33%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating (loss) ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(14)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(40)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">65%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(319)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">96%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net income (loss) ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(9)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">269%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(356)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">104%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Shareholders&#8217; net income (loss) ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(13)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">225%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(355)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">105%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Earnings (loss) per ADS ($)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.03</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.02)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">225%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.60)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">105%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Earnings (loss) per share ($)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.01</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.01)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">225%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.30)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">105%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EBITDA* ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">154</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">124</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">24%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">240</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(36%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EBITDA margin (% of net sales)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.43%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11.1%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15.4%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.69%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">*EBITDA is defined as operating income plus depreciation, amortization and impairment charges/(reversals). EBITDA includes severance charges of $10 million in Q3 2016, $43 million in Q2 2016 and $38 million in Q3 2015, in Q3 2016 EBITDA also includes a one off-gain of $14 million from the sale of land. If these charges and one-off gains were not included EBITDA would have been $150 million (14%) in Q3 2016, $167 million (15%) in Q2 2016 and $278 million (18%) in Q3 2015.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: normal"><br style="LINE-HEIGHT: 10.25pt">
</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: normal">Our third quarter sales were down 6% sequentially reflecting a further decline in average selling prices. Shipments, however, stabilized following six consecutive quarters of declines, with higher volumes in US onshore compensating seasonally lower volumes in Europe and the completion of shipments for line pipe projects in Argentina. EBITDA for the quarter rose sequentially with the margin recovering reflecting lower severance charges and a one-off gain of $14 million from the sale of land.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; CLEAR: both; FONT-SIZE: 14pt; FONT-WEIGHT: bold" id="DSPFPageBreakArea">
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</div>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><img src="image00002.jpg"></div>

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

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Operating cash flow amounted to $254 million with a further reduction of $149 million in working capital and our free cash flow was positive at $66 million after capital expenditures of $187 million, mainly relating to the construction of our new mill in Bay City. Our financial position remains stable with net cash (cash, other current investments and fixed income investments held to maturity less total borrowings) of $1.8 billion at September 30, 2016.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Interim Dividend Payment<br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Our board of directors approved the payment of an interim dividend of $0.13 per share ($0.26 per ADS), or approximately $153 million. The payment date will be November 23, 2016 , with an ex-dividend date on November 21, 2016 and record date on November 22, 2016.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Market Background and Outlook</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 13.7pt">
</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: normal">The oil market is close to a balance between supply and demand. Modest increases in commodity prices are helping oil and gas companies to balance cash flows. US drilling activity is gradually increasing and is up 25% from its low in May. In the rest of the world, drilling activity is close to bottoming out. The recovery, however, will be gradual while oil inventories remain high and the financial condition of the oil and gas industry and its suppliers is stretched.</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: normal">Our sales and EBITDA in the fourth quarter will benefit from the gradual recovery of demand in North America and a strong level of shipments in the Middle East and Africa. In the first half of 2017, our sales and EBITDA should continue to benefit from a recovery in sales in North America but a slowdown in sales to the Middle East and Africa will hold back the results of the first quarter.<br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; CLEAR: both; FONT-SIZE: 14pt; FONT-WEIGHT: bold" id="DSPFPageBreakArea">
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</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><img src="image00002.jpg"><br style="LINE-HEIGHT: 12pt">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Analysis of 2016 Third Quarter Results</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 14pt">
 &#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z96cdcf4f66e14644aebecc930c58baae" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 29.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tubes Sales volume</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(thousand metric tons)</div>
</td>
<td style="WIDTH: 16.45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q3 2016</div>
</td>
<td style="WIDTH: 25.5%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q2 2016</div>
</td>
<td style="WIDTH: 28.42%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q3 2015</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Seamless</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">416</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">395</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">439</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(5%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Welded</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">62</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">80</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(23%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">160</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(61%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.63%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">477</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">475</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">599</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(20%)</div>
</td>
</tr>
</table>
</div>

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

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zc896509870b94bd59b3fca8f8a118cb2" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tubes</div>
</td>
<td style="WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q3 2016</div>
</td>
<td style="TEXT-ALIGN: center; WIDTH: 25.75%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q2 2016</div>
</td>
<td style="WIDTH: 28.31%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q3 2015</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Net sales - $ million)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.42%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 15.27%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.42%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.89%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">North America</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">282</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 15.27%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 21.3pt">266</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">502</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(44%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">South America</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">225</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 15.27%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 21.3pt">245</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(8%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">465</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(52%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Europe</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">126</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 15.27%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 21.3pt">162</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(23%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">150</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(16%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Middle East &amp; Africa</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">251</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 15.27%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 21.3pt">276</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(9%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">229</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Asia Pacific</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 15.27%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 21.3pt">36</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(5%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">47</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(28%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total net sales ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">917</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 15.27%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 21.3pt">985</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(7%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,393</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(34%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating (loss) ($ million)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller"> &#8224;</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(32)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: 15.27%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(65)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">50%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(337)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">90%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating margin (% of sales)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3.5%)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 15.27%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;(6.6%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(24.1%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.89%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup>Tubes operating income includes severance charges of $9 million in Q3 2016, $39 million in Q2 2016 and $35 million in Q3 2015. Additionally in the third quarter of 2015 operating result includes a goodwill impairment charge of $400 million on our North American business.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 14pt">
</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"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales of tubular products and services</font><font style="FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>decreased 7% sequentially and 34% year on year. Sequentially volumes were stable but sales declined reflecting a 7% decline in average selling prices. In North America, sales increased due to higher activity and consumption in the United States and Canada land operations, partially offset by further price declines. In South America we had lower sales following the completion of deliveries to pipeline projects in Argentina. In Europe sales declined reflecting seasonally lower sales to industrial and line pipe customers and lower sales on reduced activity in the North Sea. In the Middle East and Africa sales were negatively affected by lower selling prices with an increase in shipments to Saudi Arabia and for the Zohr project in Egypt offset by lower shipments to Kuwait and UAE. In Asia Pacific higher sales to Chevron in Thailand were offset by lower sales in Indonesia.</font></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"><font style="FONT-WEIGHT: normal"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating result from tubular products and services</font>, <font style="FONT-WEIGHT: normal">was a loss of $32 million in the third quarter of 2016, compared to a loss of $65 million in the previous quarter and a loss of $337 million in the third quarter of 2015 when we</font></font><font style="FONT-WEIGHT: normal"> recorded an impairment charge of $400 million. Sequentially, we reduced the Tubes operating loss mainly due to a reduction in selling, general and administrative expenses and a one-off gain on the sale of land amounting to $14 million. Part of the reduction in SG&amp;A and the improvement in results was due to lower severance charges in the Tubes segment, wich amounted to $10 million in Q3 2016 ($6 million in SG&amp;A and $4 million in cost of sales), compared to $40 million in Q2 2016 ($24 million in SG&amp;A and $16 million in COS) and $36 million in Q3 2015 ($19 million in SG&amp;A and $17 million in COS).</font><br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; CLEAR: both; FONT-SIZE: 14pt; FONT-WEIGHT: bold" id="DSPFPageBreakArea">
<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><img src="image00002.jpg"></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z3ff7650d59b946b3b9a07f1b590f8fb9" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q3 2016</div>
</td>
<td style="WIDTH: 25.75%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q2 2016</div>
</td>
<td style="WIDTH: 28.31%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Q3 2015</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">131</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">136</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">166</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(21%)</div>
</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(27%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7%</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">Operating margin (% of sales)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top">
<div>14.1%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top">
<div>18.6%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: auto; VERTICAL-ALIGN: top"></td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top">
<div>10.4%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top">&#160;</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"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales of other products and services</font><font style="FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>decreased 3% sequentially and 21% year on year. Operating income declined due to a further deterioration in our industrial equipment business in Brazil and our coiled tubing business.</font></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"><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><font style="FONT-WEIGHT: normal">, amounted to $312 million, or 29.8% of net sales in the third quarter of 2016, compared to $342 million, 30.5% in the previous quarter and $382 million, 24.5% in the third quarter of 2015. The sequential decline in SG&amp;A expenses is mainly explained by lower labor costs due to a lower headcount and a lower level of severance charges and lower services and fees, partially offset by an increase in provisions for contingencies and allowance for doubtful accounts.</font></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"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other operating results</font><font style="FONT-WEIGHT: normal">, amounted to a gain of $17 million in the third quarter of 2016, compared with a loss of $4 million in the previous quarter and a loss of $401 million in the third quarter of 2015. The gain of this quarter comes from the sale of land not used in the production process of the Company.</font></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"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial results </font><font style="FONT-WEIGHT: normal">amounted to a gain of $4 million in the third quarter of 2016, compared to a gain of $10 million in the previous quarter and a gain of $5 million in the third quarter of 2015. The sequential decline is mainly explained by lower returns on financial investments due to expectations of interest rates increases, partially offset by lower hedging costs.</font></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"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity in earnings of non-consolidated companies</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-WEIGHT: normal">generated a gain of $27 million in the third quarter of 2016, compared to a gain of $19 million in the previous quarter and a loss of $5 million in the third quarter of 2015. These results are mainly derived from our equity investment in Ternium (NYSE:TX) and Usiminas.</font></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"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Results attributable to non-controlling interests</font> <font style="FONT-WEIGHT: normal">amounted to $1 million loss in the third quarter of 2016, compared to $4 million gain in the previous quarter and $1 million loss in the third quarter of 2015. These results were mainly attributable to non-controlling interests at our Japanese subsidiary NKKTubes and our pipe coating subsidiary in Nigeria.</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash Flow and Liquidity of 2016 Third Quarter</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 13.7pt">
</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: normal">Net cash provided by operations during the third quarter of 2016 was $254 million, compared to $380 million in the previous quarter and $586 million in the third quarter of 2015. Working capital decreased by $149 million during the third quarter of 2016, compared to $307 million in the previous quarter and $438 million in the third quarter of 2015. The decrease in working capital in the third quarter of 2016 was mainly due to a decrease in trade receivables and inventories together with an increase in trade payables.</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: normal">Capital expenditures amounted to $187 million in the third quarter of 2016, mainly associated with the construction of the new greenfield seamless mill in Bay City, Texas.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">We maintained a net cash position (cash, other current investments and fixed income investments held to maturity less total borrowings) of $1.8 billion at September 30, 2016.</div>

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</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><img src="image00002.jpg"></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Analysis of 2016 First Nine Months Results</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zc592e5f4763f466da8f70ee6356d2381" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 17.05%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9M 2016</div>
</td>
<td style="WIDTH: 20.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9M 2015</div>
</td>
<td style="TEXT-ALIGN: center; WIDTH: 24.78%; VERTICAL-ALIGN: middle">&#160;Increase/(Decrease)</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 36.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.05%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,426</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,681</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(40%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 36.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating (loss) income ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.05%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(11)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">171</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(107%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 36.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net income (loss) ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.05%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(29)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">217%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 36.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Shareholders&#8217; net income (loss) ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.05%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(34)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">164%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 36.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Earnings (loss) per ADS ($)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.05%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.04</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.06)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">164%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 36.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Earnings (loss) per share ($)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.05%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.02</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(0.03)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">164%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 36.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EBITDA* ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.05%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">483</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,032</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(53%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 36.27%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EBITDA margin (% of net sales)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.05%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14.1%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.78%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><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; FONT-WEIGHT: normal">*EBITDA is defined as operating income plus depreciation, amortization and impairment charges /(reversals).</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 12.55pt">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zf74259eae03b43d1a9ac953851dfcb61" border="0" cellspacing="0" cellpadding="1">
<tr>
<td style="WIDTH: 35.49%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tubes Sales volume</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(thousand metric tons)</div>
</td>
<td style="WIDTH: 17.74%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 3.6pt; FONT-SIZE: 10pt">9M 2016</div>
</td>
<td style="WIDTH: 22.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 10.7pt; FONT-SIZE: 10pt">9M 2015</div>
</td>
<td style="WIDTH: 24.19%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase/(Decrease)</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.49%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Seamless</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 17.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 3.6pt; FONT-SIZE: 10pt">1,177</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 3.6pt; FONT-SIZE: 10pt">1,588</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(26%)</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.49%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Welded</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 17.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 3.6pt; FONT-SIZE: 10pt">288</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 22.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 3.6pt; FONT-SIZE: 10pt">460</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(37%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.49%; 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="BACKGROUND-COLOR: #cceeff; WIDTH: 17.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 3.6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,465</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 3.6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,048</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.19%; 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">(28%)</div>
</td>
</tr>
</table>
</div>

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

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

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zb6cfe3599bc14186a2226cbe92de5313" border="0" cellspacing="0" cellpadding="1">
<tr>
<td style="WIDTH: 36.25%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tubes</div>
</td>
<td style="WIDTH: 16.18%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">9M 2016</div>
</td>
<td style="WIDTH: 24.14%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.8pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 10.65pt">9M 2015</div>
</td>
<td style="WIDTH: 23.28%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase/(Decrease)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 36.25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Net sales - $ million)</div>
</td>
<td style="WIDTH: 16.18%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 24.14%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 23.28%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 11px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 36.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">North America</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">929</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">2,051</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.6pt">(55%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 36.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">South America</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">820</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">1,418</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.6pt">(42%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 36.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Europe</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">421</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">576</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.6pt">(27%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 36.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Middle East &amp; Africa</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">765</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">882</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.6pt">(13%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 36.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Asia Pacific</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">98</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">225</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.6pt">(57%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 36.25%; 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 net sales ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3,033</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,152</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.28%; 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; MARGIN-RIGHT: 7.6pt">(41%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 36.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating (loss) income ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">(76)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">132</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.6pt">(158%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 36.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating margin (% of sales)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">(2.5%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 15.55pt; FONT-SIZE: 10pt">2.6%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 14pt">
</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"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales of tubular products and services</font><font style="FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>decreased 41% to $3,033 million in the first nine months of 2016, compared to $5,152 million in the first nine months of 2015, reflecting a 28% decrease in volumes and an 18% decrease in average selling prices.</font></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"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating result from tubular products and services</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-WEIGHT: normal">amounted<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>a loss of $76 million in the first nine months of 2016 compared to a gain of $132 million in the first nine months of 2015. Results have been negatively affected by the decline in sales and a higher ratio of fixed costs resulting from low utilization of production capacity and severance costs to adjust the workforce to current market conditions. Severance charges in the Tubes segment amounted to $60 million in the first nine months of 2016 ($32 million in SG&amp;A and $28 million in cost of sales), compared to $136 million in the same period of 2015 ($55 million in SG&amp;A and $80 million in COS).</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><img src="image00002.jpg"></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z6dad3829733b4716b8bf3de1a3c48b32" border="0" cellspacing="0" cellpadding="1">
<tr>
<td style="WIDTH: 35.46%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Others</div>
</td>
<td style="WIDTH: 19.12%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9M 2016</div>
</td>
<td style="WIDTH: 23.35%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.55pt">9M 2015</div>
</td>
<td style="WIDTH: 22.95%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase/(Decrease)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">394</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">529</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(26%)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 35.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating income ($ million)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">65</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.35%; 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="BACKGROUND-COLOR: #ffffff; WIDTH: 22.95%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">67%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Operating margin (% of sales)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.35%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 22.95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 14pt">
</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: normal"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net sales of other products and services</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>decreased 26% to $394 million in the first nine months of 2016, compared to $529 million in the first nine months of 2015, while operating income increased 67% reflecting higher margins.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="FONT-WEIGHT: bold">SG&amp;A</font> amounted to $941 million, or 27.5% of net sales during the first nine months of 2016, compared to $1,255 million, or 22.1% in the same period of 2015. Despite a 25% decline in SG&amp;A expenses, SG&amp;A as a percentage of sales increased mainly due to a higher proportion of fixed costs over lower revenues.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#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"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other operating results</font> <font style="FONT-WEIGHT: normal">amounted to net gain of $12 million in the first nine months of 2016, compared with a loss of $393 million in the same period of 2015 when we recorded a goodwill impairment charge of $400 million on our welded pipe business in the United States.</font></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"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Financial results</font> <font style="FONT-WEIGHT: normal">were a loss of $1 million in the first nine months of 2016 compared to a loss of $5 million in the same period of 2015, mainly explained by higher returns on financial investments partially offset by negative impact from Brazilian Real appreciation against the U.S. dollar on hedging instruments.</font></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"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity in earnings of non-consolidated companies</font> <font style="FONT-WEIGHT: normal">generated a gain of $57 million in the first nine months of 2016, compared to a gain of $7 million in the first nine months of 2015. These results are mainly derived from our equity investment in Ternium (NYSE:TX) and Usiminas.</font></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"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income tax <font style="FONT-WEIGHT: normal">charges</font></font><font style="FONT-WEIGHT: normal"> totalled $10 million in the first nine months of 2016, compared to $202 million in the same period of 2015.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; 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; FONT-WEIGHT: bold">Income attributable to non-controlling interests</font> <font style="FONT-WEIGHT: normal">amounted to $13 million in the first nine months of 2016, compared to $4 million in the first nine months of 2015. These results were mainly attributable to non-controlling interests at our Japanese subsidiary NKKTubes and our pipe coating subsidiary in Nigeria.</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash Flow and Liquidity of 2016 First Nine Months</div>

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

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"></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: normal">During the first nine months of 2016, net cash provided by operations was $942 million, compared to $2,012 million in the same period of 2015. Working capital decreased by $559 million in the first nine months of 2016, compared to $1,350 million in the first nine months of 2015.</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: normal">Capital expenditures amounted to $629 million in the first nine months of 2016, compared with $824 million in the same period of 2015. As of September 30, 2016 we had invested $1.2 billion in the ongoing construction of the new greenfield seamless mill in Bay City, Texas, of which $402 million correspond to the first nine months of 2016.<br style="LINE-HEIGHT: 12.55pt">
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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: normal">We maintained a net cash position (cash, other current investments and fixed income investments held to maturity less total borrowings) of $1.8 billion at September 30, 2016.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Conference call</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 11.4pt">
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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: normal">Tenaris will hold a conference call to discuss the above reported results, on November 4, 2016, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions. To access the conference call dial in +1 877 730 0732 within North America or +1 530 379 4676 Internationally. The access number is &#8220;96619866&#8221;. Please dial in 10 minutes before the scheduled start time. The conference call will be also available by webcast at <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">www.tenaris.com/investors</font>.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 13.7pt">
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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: normal">A replay of the conference call will be available on our webpage <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">http://ir.tenaris.com/</font> or by phone from 11.00 am ET on November 4, through 11.59 pm on November 12, 2016. To access the replay by phone, please dial +1 855 859 2056 or +1 404 537 3406 and enter passcode &#8220;96619866&#8221; when prompted.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br style="LINE-HEIGHT: 12.55pt">
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Some of the statements contained in this press release are &#8220;forward-looking statements&#8221;. Forward-looking statements are based on management&#8217;s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Press releases and financial statements can be downloaded from Tenaris&#8217;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: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 14pt">Consolidated Condensed Interim Income Statement</font><br style="LINE-HEIGHT: 14pt">
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<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)</div>
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<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three-month period ended </div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September 30,</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">Nine-month period ended </div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September 30,</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">2016</div>
</td>
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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">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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2015</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">Continuing operations</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unaudited</div>
</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="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unaudited</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="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: 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,048,527</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,559,194</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,426,454</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,680,827</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: 52%; VERTICAL-ALIGN: bottom" valign="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="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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(766,574</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,096,539</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,508,814</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3,861,608</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="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: #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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">281,953</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">462,655</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">917,640</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,819,219</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: 52%; VERTICAL-ALIGN: bottom" valign="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: #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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(312,481</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(381,582</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(941,044</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,255,309</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other operating income (expense), 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,717</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(400,532</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,943</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(392,874</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating (loss) 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(13,811</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(319,459</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(11,461</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">171,036</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: 52%; VERTICAL-ALIGN: bottom" valign="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: 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14,226</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,554</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">58,333</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">25,639</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: 52%; VERTICAL-ALIGN: bottom" valign="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: 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,913</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(4,721</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(16,031</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(20,341</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="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="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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(3,456</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,754</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(43,390</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,234</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="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 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(9,954</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(314,872</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(12,549</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">166,100</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: 52%; VERTICAL-ALIGN: bottom" valign="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="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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">26,586</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(5,375</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">56,925</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,809</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income (loss) before 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">16,632</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(320,247</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">44,376</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">172,909</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: 52%; VERTICAL-ALIGN: bottom" valign="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="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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,144</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(35,420</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(10,115</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(202,310</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Income (loss) for the period</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">15,488</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(355,667</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">34,261</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(29,401</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" 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>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="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: #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: 52%; VERTICAL-ALIGN: bottom" valign="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: #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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,603</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(354,904</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,498</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(33,508</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="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="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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,115</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(763</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,763</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,107</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 style="HEIGHT: 16px">
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">15,488</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(355,667</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">34,261</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(29,401</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<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: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><img src="image00002.jpg"></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Consolidated Condensed Interim Statement of Financial Position</div>

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

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zbc189e7866c9422f9b3cf729fbb7f5a5" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 46.15%; 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="WIDTH: 25.32%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At September 30, 2016</div>
</td>
<td style="WIDTH: 2.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.14%; VERTICAL-ALIGN: bottom" colspan="2">
<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, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 25.32%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unaudited</div>
</td>
<td style="WIDTH: 2.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.14%; VERTICAL-ALIGN: top" colspan="2">
<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: 46.15%; 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">ASSETS</div>
</td>
<td style="WIDTH: 13.49%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.33%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.81%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 46.15%; 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">Non-current assets</div>
</td>
<td style="WIDTH: 13.49%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.33%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.81%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; 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: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6,026,707</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Intangible assets, net</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,970,995</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,143,452</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; 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: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">548,882</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">490,645</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Available for sale assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21,572</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">285,508</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">394,746</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Deferred tax assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">181,467</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">200,706</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; 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; FONT-WEIGHT: bold">&#160;&#160;</font>Receivables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">202,368</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,237,499</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">220,564</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,143,943</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; 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">Current assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; 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; FONT-WEIGHT: bold">&#160;&#160;</font>Inventories</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,498,624</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,843,467</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Receivables and prepayments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">116,416</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">148,846</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Current tax assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">157,190</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">188,180</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Trade receivables</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">918,814</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; 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>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,830,590</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,140,862</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Cash and cash equivalents</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">468,613</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,990,247</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; 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: 11.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,743,031</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; 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 assets</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; 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">14,227,746</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; 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">14,886,974</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; 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">EQUITY</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; 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: 13.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,484,349</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,713,344</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; 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: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">136,531</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">152,712</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; 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 equity</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; 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">11,620,880</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; 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>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; 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">LIABILITIES</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; 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">Non-current liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">32,737</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">223,221</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Deferred tax liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">629,828</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">750,325</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">228,339</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">231,176</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Provisions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">63,689</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">954,593</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">61,421</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,266,143</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; 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">Current liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Borrowings</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">713,222</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">748,295</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Current tax liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">94,904</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">136,018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Other liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">231,744</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">222,842</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Provisions</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,574</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,995</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Customer advances</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">40,904</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">134,780</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;Trade payables</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">550,925</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,652,273</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">503,845</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,754,775</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.15%; 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 liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; 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">2,606,866</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.81%; 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">3,020,918</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 46.15%; 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 equity and liabilities</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 13.49%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; 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">14,227,746</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 2.39%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 14.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.81%; 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">14,886,974</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<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="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><img src="image00002.jpg"></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Consolidated Condensed Interim Statement of Cash Flow</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 14.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z955b2ae841894a4a9b1022880cb582c6" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three-month period ended </div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September 30,</div>
</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="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nine-month period ended </div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September 30,</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="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="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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; 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">
<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; TEXT-ALIGN: left; 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">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; 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">
<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; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from operating activities</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unaudited</div>
</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="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unaudited</div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" 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>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income (loss) for the period</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15,488</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(355,667</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">34,261</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(29,401</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Adjustments for:</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>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Depreciation and amortization</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">167,520</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">159,215</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">494,638</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">460,416</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Impairment charge</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">400,314</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">400,314</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income tax accruals less payments</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(47,047</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(24,388</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(115,778</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(112,002</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Equity in earnings of non-consolidated companies</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(26,586</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,375</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(56,925</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,809</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interest accruals less payments, net</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(8,165</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,616</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(38,350</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,003</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in provisions</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,676</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(8,675</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,847</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(15,865</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in working capital</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">148,955</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">437,624</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">559,187</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: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,350,106</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other, including currency translation adjustment</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(2,330</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(33,081</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">51,506</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(37,447</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net cash provided&#160; by operating activities</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">253,511</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">586,333</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">942,386</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,012,315</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: 52%; VERTICAL-ALIGN: bottom" 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>
<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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; 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: 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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital expenditures</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(187,376</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(300,895</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(628,799</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(824,082</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; 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: 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,622</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7,417</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">41,974</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23,316</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Investment in non-consolidated companies</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: 10.25pt; 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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(17,108</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; 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="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net loan to non-consolidated companies</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(11,550</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(6,922</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(35,398</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(16,671</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; 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: #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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18,253</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,021</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22,232</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,894</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends received from non-consolidated companies</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: 10.25pt; 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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,674</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20,674</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Changes in investments in securities</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">93,841</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(49,358</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">419,523</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(780,045</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net cash used in investing activities</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(79,210</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(348,737</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(176,902</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1,573,914</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" 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>
<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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash flows from financing 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">&#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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends paid</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: 10.25pt; 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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(354,161</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(354,161</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividends paid to non-controlling interest in subsidiaries</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(24,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(28,311</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; 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>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Acquisitions of non-controlling interests</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(309</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; 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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(786</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(877</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Proceeds from 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">300,029</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">330,939</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">795,971</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,454,833</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Repayments of borrowings</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(373,324</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(577,340</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,001,228</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,436,803</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net cash used in financing activities</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(97,604</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(246,424</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(588,515</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(337,008</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Increase in cash and cash equivalents</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">76,697</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(8,828</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">)</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">176,969</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">101,393</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; 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: #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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At the beginning of the period</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">392,643</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">516,724</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">286,198</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">416,445</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Effect of exchange rate changes</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,217</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(11,424</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4,956</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(21,366</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Increase in cash and cash equivalents</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">76,697</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(8,828</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">176,969</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">101,393</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At September 30,</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">468,123</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">496,472</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">468,123</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">496,472</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; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At September 30,</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">At September 30,</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</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: 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; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2016</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: 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; 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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cash and bank deposits</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">468,613</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">497,753</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">468,613</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">497,753</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: 52%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank overdrafts</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(490</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,281</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(490</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: 10.25pt; 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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,281</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 52%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">468,123</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">496,472</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">468,123</div>
</td>
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<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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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">2016</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="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">468,123</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>
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<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">496,472</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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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Bank overdrafts</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<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>
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<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,281</div>
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<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="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,830,590</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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,338,772</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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<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>
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<div style="LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">283,833</div>
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<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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">279,652</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Borrowings</div>
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<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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(745,959</div>
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<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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
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<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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(998,898</div>
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<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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div>
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<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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1,837,077</div>
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<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: 10.25pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2,117,279</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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