<SEC-DOCUMENT>0001171843-18-007524.txt : 20181102
<SEC-HEADER>0001171843-18-007524.hdr.sgml : 20181102
<ACCEPTANCE-DATETIME>20181102151256
ACCESSION NUMBER:		0001171843-18-007524
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20181031
FILED AS OF DATE:		20181102
DATE AS OF CHANGE:		20181102

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:		181156744

	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>f6k_103118.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<p style="margin: 0"><font style="font-size: 12pt">&#160;</font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b>FORM 6 - K</b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b>&nbsp;</b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b>&nbsp;</b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b>&nbsp;</b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b>SECURITIES AND EXCHANGE COMMISSION</b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt">Washington, D.C. 20549</font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b>Report of Foreign Private Issuer</b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b>Pursuant to Rule 13a - 16 or 15d
- 16 of</b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b>the Securities Exchange Act of
1934</b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt"><b>As of October 31, 2018</b></font></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b>TENARIS, S.A.</b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">(Translation of Registrant's name into English)</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b>TENARIS, S.A.</b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">29, Avenue de la Porte-Neuve 3rd floor</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">L-2227 Luxembourg</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">(Address of principal executive offices)</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; text-indent: 21.3pt; margin: 0pt 2.45pt 0pt 0">Indicate by check mark whether the
registrant files or will file annual reports under cover Form 20-F or 40-F.</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">Form 20-F <font style="font-family: Symbol"><u>&nbsp;&nbsp;&Ouml;&nbsp;&nbsp;</u></font>
Form 40-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-indent: 21.3pt; margin: 0pt 0">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.</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Yes _____ No <font style="font-family: Symbol"><u>&nbsp;&nbsp;&Ouml;&nbsp;&nbsp;</u></font>
</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; text-indent: 21.3pt; margin: 0pt 0">If &ldquo;Yes&rdquo; is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"></p>

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<p style="font-size: 10pt; margin: 0pt 0">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&rsquo;s Press Release announcing
2018 Third Quarter Results.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">SIGNATURE</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">Date: November 2, 2018.</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">Tenaris, S.A.</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">&nbsp;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">By: /s/ Cecilia Bilesio&#9;</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">Cecilia Bilesio</font></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt">Corporate Secretary</font></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"></p>

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<p style="font-size: 10pt; margin: 0pt 0"></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;<img src="logo1.jpg" alt=""></p>

<p style="font-size: 10pt; margin: 0pt 0; color: silver">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0; color: rgb(51,51,51)">Giovanni Sardagna</p>

<p style="font-size: 10pt; margin: 0pt 0; color: rgb(51,51,51)">Tenaris</p>

<p style="font-size: 10pt; margin: 0pt 0; color: rgb(51,51,51)">1-888-300-5432</p>

<p style="font-size: 10pt; margin: 0pt 0; color: rgb(51,51,51)">www.tenaris.com</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><font style="font-size: 12pt"><b>Tenaris Announces 2018 Third Quarter
Results</b></font></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; line-height: 14pt; text-align: justify; margin: 0pt 0"><font style="font-style: normal">The
financial and operational 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. </font>Additionally, this press release includes
non-IFRS alternative performance measures i.e., EBITDA and Net cash / debt. See exhibit I for more details on these alternative
performance measures.</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><b>Luxembourg, October 31, 2018</b> - Tenaris
S.A. (NYSE, Buenos Aires and Mexico: TS and MTA Italy: TEN) (&ldquo;Tenaris&rdquo;) today announced its results for the quarter
and nine months ended September 30, 2018 with comparison to its results for the quarter and nine months ended September 30, 2017.</p>

<p style="font-size: 10pt; line-height: 14pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>Summary of 2018 Third Quarter Results</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">(Comparison with second quarter of 2018 and third quarter of 2017)</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">2Q 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2017</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 35%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">1,899</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">1,788</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">6</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">1,303</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">46</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">258</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">222</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">16</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">79</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">227</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">247</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">166</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">48</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">95</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">160</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Shareholders&rsquo; net income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">247</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">168</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">47</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">105</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">135</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Earnings per ADS ($)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.42</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.29</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">47</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.18</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">135</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Earnings per share ($)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.21</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.14</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">47</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.09</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">135</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">394</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">363</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">8</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">225</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">75</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA margin (% of net sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">20.7</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">20.3</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">17.3</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

<p style="font-size: 10pt; line-height: 14pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">In the third quarter of 2018, sales rose reflecting an increase in
average selling prices, particularly in North America where prices have risen to compensate higher costs including tariffs, and
higher sales of line pipe for complex projects, including shipments for the second Zohr offshore welded pipeline in Egypt. Operating
income rose 16% sequentially on better absorption of fixed costs, while net income rose 48% sequentially boosted by lower deferred
tax charges relating to the revaluation of the Mexican currency and higher equity in earnings from non-controlled companies.</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

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<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>Interim Dividend Payment</b></p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">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 21,
2018 , with an ex-dividend date on November 19, 2018 and record date on November 20, 2018.</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>Market Background and Outlook</b></p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">After increasing through the first half of the year, growth in drilling
activity in North America paused during the third quarter reflecting constraints on pipeline takeaway capacity in the Permian and
Canada and widening oil price differentials. In Latin America, drilling activity has also increased during the year, particularly
in Colombia and the new Guyana offshore play, and is slowly picking up in Mexico and the Vaca Muerta shale play in Argentina. In
the rest of the world, a gradual recovery in drilling activity is taking hold in many regions but offshore drilling activity remains
subdued.</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">In the fourth quarter, we expect to finish the year strongly with
a high level of shipments to the Zohr project and a seasonal increase in sales in Canada, with margins in line with the current
level. In the first quarter of 2019, sales should remain in line with those of the fourth quarter with margins similar to the current
level, while, for the rest of the year, our results will be influenced by the implementation of USMCA and the application of Section
232 tariffs within the agreement.</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">&nbsp;</p>

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<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>Analysis of 2018 Third Quarter Results</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold">Tubes Sales volume (thousand metric tons)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">2Q 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2017</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 35%; font-size: 10pt; color: #009900; text-indent: 9pt">Seamless</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">654</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">689</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">(5</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">527</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">24</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Welded</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">199</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">146</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">37</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">120</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">66</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-indent: 9.05pt">Total</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">853</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">834</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">2</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">647</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">32</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</td></tr>
</table>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold">Tubes</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">2Q 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2017</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">(Net sales - $ million)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 35%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">North America</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">887</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">827</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">7</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">633</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">40</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">South America</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">334</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">310</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">8</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">256</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">30</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Europe</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">148</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">179</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(17</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">117</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">26</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Middle East &amp; Africa</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">350</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">299</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">17</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">170</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">106</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Asia Pacific</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">77</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">71</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">9</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">51</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">51</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Total net sales ($ million)</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">1,797</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">1,686</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">7</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">1,228</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">46</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Operating income ($ million)</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">233</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">197</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">18</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">66</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">253</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating margin (% of sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">13.0</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">11.7</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">5.4</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><i>Net sales of tubular products and services</i>
increased 7% sequentially and 46% year on year. The sequential increase reflects a 2% increase in volumes and a 4% increase in
average selling prices, particularly in North America. In North America, in addition to the increase in realized prices we had
higher sales in Canada reflecting seasonal effects. In South America sales increased due to an increase in activity in Colombia
and Argentina. In Europe sales declined reflecting seasonally lower sales of mechanical and line pipe products and lower sales
of premium OCTG in the North Sea and Russia. In the Middle East and Africa sales increased reflecting higher sales of OCTG in Saudi
Arabia and the start of shipments to Zohr&rsquo;s second pipeline. In Asia Pacific we had higher sales in China and Australia.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><i>Operating income from tubular products
and services</i>, amounted to $233 million in the third quarter of 2018, compared to $197 million in the previous quarter and
$66 million in the third quarter of 2017. Sequentially, the increase in operating income is due to an improvement in gross profit,
as higher sales prices and volumes, more than offset an increase in raw material costs, and the cost of import tariffs in the
United States. Additionally, SG&amp;A, declined slightly.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"></p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold">Others</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">2Q 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2017</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 35%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">102</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">103</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">(1</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">75</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">36</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">26</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">25</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">2</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">13</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">93</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income (% of sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">25.2</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">24.5</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">17.8</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><i>&nbsp;</i></p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><i>Net sales of other products and services</i>
declined 1% sequentially but increased 36% year on year. Despite the decline in sales, operating income increased 2% sequentially
due to an increase in results at our sucker rods business.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><b>Selling, general and administrative expenses,
or SG&amp;A</b>, amounted to $336 million, or 17.7% of net sales in the third quarter of 2018, compared to $338 million, 18.9%
in the previous quarter and $305 million, 23.4% in the third quarter of 2017. Sequentially, an increase in selling expenses, due
to higher sales, was offset by lower labor and service costs and therefore SG&amp;A declined 1.2 percentage points of sales.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"></p>

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<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><b>Financial results </b>amounted to a gain
of $13 million in the third quarter of 2018, compared to a gain of $39 million in the previous quarter and a loss of $7 million
in the third quarter of 2017. The gain of the quarter corresponds mainly to an FX gain of $11 million related to the Argentine
peso devaluation on Peso denominated financial, trade, social and fiscal payables at Argentine subsidiaries which functional currency
is the U.S. dollar.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><b>Equity in earnings of non-consolidated companies</b>
generated a gain of $56 million in the third quarter of 2018, compared to $41 million in the previous quarter and $25 million in
the third quarter of 2017. These results are mainly derived from our equity investment in Ternium (NYSE:TX) and Usiminas.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><b>Income tax charge</b> amounted to $80 million
in the third quarter of 2018, compared to $135 million in the previous quarter and $1 million in the third quarter of 2017. Sequentially,
the main reason for the lower income tax is the impact of FX movements on the tax base at our Mexican subsidiaries; during the
third quarter of 2018 an appreciation of the Mexican peso reduced our deferred income tax by $21 million, while in the previous
quarter a devaluation of the Mexican peso increased our deferred tax by $31 million.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>Cash Flow and Liquidity of 2018 Third Quarter</b></p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">Net cash provided by operating activities during the third quarter
of 2018 was $50 million, compared to $351 million in the previous quarter and a use of $2 million in the third quarter of last
year. During the third quarter of 2018 we used $301 million for the increase in working capital following higher inventories primarly
from production anticipation for the Zohr project and the Canadian winter season to be shipped during the fourth quarter as well
as higher raw material costs and the impact of Section 232 duties, while recivables were affected by higher sales and some payment
delays by some customers.</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">Capital expenditures continued to decline reaching $78 million for
the third quarter of 2018, compared to $104 million in the previous quarter and $143 million in the third quarter of 2017.</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">Our net cash position slightly declined to $408 million at September
30, 2018.</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

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<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>Analysis of 2018 First Nine Months Results</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2017</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold">Increase/(Decrease)</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 61%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">5,554</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">3,700</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">50</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income (loss) ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">693</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">167</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">316</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">649</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">374</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">73</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Shareholders&rsquo; net income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">650</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">385</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">69</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Earnings per ADS ($)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">1.10</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.65</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">69</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Earnings per share ($)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.55</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.33</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">69</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">1,110</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">624</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">78</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA margin (% of net sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">20.0</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">16.9</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold">Tubes Sales volume (thousand metric tons)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2017</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">Increase/(Decrease)</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 61%; font-size: 10pt; color: #009900; text-indent: 9pt">Seamless</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">1,994</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">1,564</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">27</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Welded</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">630</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">290</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">117</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-indent: 9.05pt">Total</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">2,624</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">1,854</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">42</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</td></tr>
</table>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold">Tubes</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2017</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">Increase/(Decrease)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">(Net sales - $ million)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 61%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">North America</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">2,521</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">1,654</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">52</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">South America</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">929</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">686</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">35</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Europe</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">480</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">364</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">32</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Middle East &amp; Africa</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">1,105</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">631</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">75</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Asia Pacific</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">215</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">152</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">41</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Total net sales ($ million)</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">5,249</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">3,488</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">50</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Operating income ($ million)</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">623</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">142</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">339</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income (% of sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">11.9</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">4.1</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><i>Net sales of tubular products and services</i>
increased 50% to $5,249 million in the first nine months of 2018, compared to $3,488 million in the first nine months of 2017,
reflecting a 42% increase in volumes and a 6% increase in average selling prices.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><font style="font-size: 10pt"><i>Operating
income from tubular products and services</i> amounted</font> to <font style="font-size: 10pt">$623 million in the first nine months
of 2018 compared to $142 million in the first nine months of 2017. Results improved following a 42% increase in shipment volumes,
higher sales and utilization of production capacity that translated into better absorption of fixed costs, including a decline
in SG&amp;A expenses as a percentage of sales. </font></p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold">Others</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2017</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">Increase/(Decrease)</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 61%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">305</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">212</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; color: #009900; text-align: right">44</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">70</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">24</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">186</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating margin (% of sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">22.8</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">11.5</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><i>Net sales of other products and services</i>
increased 44% to $305 million in the first nine months of 2018, compared to $212 million in the first nine months of 2017, reflecting
increased sales in our Sucker Rods and Coiled Tubing businesses,while operating income increased 186% reflecting higher margins.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"></p>

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<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><b>SG&amp;A</b> amounted to $1,023 million,
or 18.4% of net sales during the first nine months of 2018, compared to $926 million, or 25.0% in the same period of 2017. Despite
a 10% increase in SG&amp;A expenses, SG&amp;A as a percentage of sales declined 660 basis points following a 50% increase in sales.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><b>Financial results</b> amounted to a gain
of $44 million in the first nine months of 2018 compared to a loss of $27 million in the same period of 2017. The gain in the first
nine months of 2018 corresponds mainly to an FX gain of $41 million; $31 million related to the Argentine peso devaluation on Peso
denominated financial, trade, social and fiscal payables at Argentine subsidiaries which functional currency is the U.S. dollar,
$14 million related to the Euro depreciation on Euro denominated intercompany liabilities (offset in the currency translation reserve
in equity), partially offset by a loss of $4 million due to the devaluation of the Canadian dollar.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><b>Equity in earnings of non-consolidated companies</b>
generated a gain of $143 million in the first nine months of 2018, compared to a gain of $90 million in the first nine months of
2017. These results are mainly derived from our equity investment in Ternium (NYSE:TX) and Usiminas.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><b>Income tax</b> amounted to a charge of $231
million in the first nine months of 2018, compared to a gain of $53 million in the first nine months of 2017. The increase in income
tax charges reflects both the improvement in results and the effect of the Argentine and Mexican peso devaluation on the tax base
at our Argentine and Mexican subsidiaries which have the U.S. dollar as their functional currency.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>Cash Flow and Liquidity of 2018 First Nine Months</b></p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">During the first nine months of 2018, net cash
provided by operations was $372 million, compared to cash used of $9 million in the same period of 2017. Working capital increased
by $659 million in the first nine months of 2018 and by $532 million in the first nine months of 2017.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">Capital expenditures amounted to $274 million
in the first nine months of 2018, compared with $437 million in the same period of 2017. The decline in investments is related
with the conclusion of works at our new greenfield seamless mill in Bay City, Texas.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">We maintained a net cash position of $408 million
at September 30, 2018.</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>Conference call</b></p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">Tenaris will hold a conference call to discuss
the above reported results, on November 1, 2018, at 09:00 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 &ldquo;4796176&rdquo;. Please dial in 10 minutes before the scheduled start time. The conference call will
be also available by webcast at <font style="color: Black">www.tenaris.com/investors.</font></p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">A replay of the conference call will be available
on our webpage http://ir.tenaris.com/ or by phone from 12.00 pm ET on November 1 through 11:59 pm on November 9, 2018. To access
the replay by phone, please dial 855 859 2056 or 404 537 3406 and enter passcode &ldquo;4796176&rdquo; when prompted.</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"></p>

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<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><i>&nbsp;</i></p>

<p style="font-size: 10pt; line-height: 14pt; text-align: justify; margin: 0pt 0"><i>Some of the statements contained in this press
release are &ldquo;forward-looking statements&rdquo;. Forward-looking statements are based on management&rsquo;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.</i></p>

<p style="font-size: 10pt; line-height: 14pt; text-align: justify; margin: 0pt 0"><i>&nbsp;</i></p>

<p style="font-size: 10pt; line-height: 14pt; text-align: justify; margin: 0pt 0"><i>Press releases and financial statements can
be downloaded from Tenaris&rsquo;s website at www.tenaris.com/investors.</i></p>

<p style="font-size: 10pt; line-height: 14pt; text-align: justify; margin: 0pt 0"><i>&nbsp;</i></p>

<p style="font-size: 10pt; line-height: 14pt; text-align: justify; margin: 0pt 0"><i>&nbsp;</i></p>

<p style="font-size: 10pt; line-height: 14pt; text-align: justify; margin: 0pt 0"><i>&nbsp;</i></p>

<p style="font-size: 10pt; line-height: 14pt; text-align: justify; margin: 0pt 0"><i></i></p>

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<p style="font-size: 10pt; line-height: 14pt; text-align: justify; margin: 0pt 0"><i>&nbsp;</i></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>Consolidated Condensed Interim Income Statement</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">(all amounts in thousands of U.S. dollars)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900">Three-month period ended September 30,</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900">Nine-month period ended September 30,</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold">Continuing operations</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Unaudited</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Unaudited</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 48%; font-size: 10pt; text-align: left">Net sales</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right; background-color: white">1,898,892</td><td style="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right; background-color: white">1,302,924</td><td style="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">5,553,611</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">3,699,588</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-bottom: 1pt">Cost of sales</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(1,305,232</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(918,338</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,837,295</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,607,923</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Gross profit</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">593,660</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">384,586</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">1,716,316</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">1,091,665</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Selling, general and administrative expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(335,714</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(304,723</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,022,922</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(926,286</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating income (expense), net</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">551</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(808</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(264</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,180</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Operating income</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">258,497</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">79,055</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">693,130</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">166,559</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Finance Income</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">10,804</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">11,776</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">29,786</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">35,762</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Finance Cost</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(8,586</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(6,501</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(29,182</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(18,459</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other financial results</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">10,839</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(12,549</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">43,156</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(44,631</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Income before equity in earnings of non-consolidated companies and income tax</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">271,554</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">71,781</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">736,890</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">139,231</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Equity in earnings of non-consolidated companies</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">55,930</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">24,752</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">142,876</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">90,153</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Income before income tax</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">327,484</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">96,533</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">879,766</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">229,384</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(80,355</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(1,307</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(230,931</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">53,295</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; padding-bottom: 2pt">Income for continuing operations</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">247,129</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">95,226</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">648,835</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">282,679</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Discontinued operations</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Result for discontinued operations</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">-</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">-</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">91,542</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; padding-bottom: 2pt">Income for the period</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">247,129</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">95,226</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">648,835</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">374,221</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Attributable to:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Owners of the parent</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">246,927</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">104,854</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">650,238</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">384,505</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interests</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">202</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(9,628</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,403</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(10,284</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-bottom: 2pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">247,129</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">95,226</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">648,835</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">374,221</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
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<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

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<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>Consolidated Condensed Interim Statement of Financial Position</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 0pt">(all amounts in thousands of U.S. dollars)</td><td style="font-size: 10pt; color: white; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #009900">At September 30, 2018</td><td style="font-size: 10pt; color: white; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #009900">At December 31, 2017</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-left: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Unaudited</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; padding-left: 0pt">ASSETS</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; padding-left: 0pt">Non-current assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 48%; font-size: 10pt; text-align: justify; padding-left: 10pt">Property, plant and equipment, net</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">6,092,025</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">&nbsp;</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">6,229,143</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">&nbsp;</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Intangible assets, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,590,979</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,660,859</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Investments in non-consolidated companies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">743,748</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">640,294</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Other equity investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">21,572</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">21,572</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Other investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">180,620</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">128,335</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Deferred tax assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">190,224</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">153,532</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Receivables, net</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">130,049</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">8,949,217</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">183,329</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">9,017,064</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-left: 0pt">Current assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Inventories, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,664,573</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,368,304</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Receivables and prepayments, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">163,606</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">135,698</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Current tax assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">143,484</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">132,334</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Trade receivables, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,659,023</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,214,060</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Derivative financial instruments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">10,088</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8,231</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Other investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">794,330</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,192,306</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Cash and cash equivalents</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">236,303</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">5,671,407</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">330,221</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">5,381,154</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 0pt">Total assets</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,620,624</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,398,218</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-left: 0pt">EQUITY</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Capital and reserves attributable to owners of the parent</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11,691,657</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11,482,185</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Non-controlling interests</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">95,340</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">98,785</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 0pt">Total equity</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,786,997</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,580,970</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-left: 0pt">LIABILITIES</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-left: 0pt">Non-current liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Borrowings</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">31,553</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">34,645</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Deferred tax liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">474,135</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">457,970</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Other liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">215,586</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">217,296</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Provisions</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">37,125</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">758,399</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">36,438</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">746,349</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-left: 0pt">Current liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Borrowings</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">702,577</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">931,214</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Derivative financial instruments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">76,294</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">39,799</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Current tax liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">210,695</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">102,405</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Other liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">241,521</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">157,705</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Provisions</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">20,828</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">32,330</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Customer advances</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">60,577</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">56,707</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Trade payables</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">762,736</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">2,075,228</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">750,739</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">2,070,899</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 0pt">Total liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,833,627</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,817,248</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-left: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 0pt">Total equity and liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,620,624</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,398,218</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
</table>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b></b></p>

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<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>Consolidated Condensed Interim Statement of Cash Flow </b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; color: white; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #009900">Three-month period ended September 30,</td><td style="font-size: 10pt; color: white; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #009900">Nine-month period ended September 30,</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">2017</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify">Cash flows from operating activities</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Unaudited</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Unaudited</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 48%; font-size: 10pt; text-align: justify">Income for the period</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">247,129</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right; background-color: white">95,226</td><td style="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">648,835</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">374,221</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Adjustments for:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Depreciation and amortization</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">135,044</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">146,293</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">417,247</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">457,359</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Income tax accruals less payments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">36,987</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(30,804</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">104,838</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(160,622</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Equity in earnings of non-consolidated companies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(55,930</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(24,752</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(142,876</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(90,153</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Interest accruals less payments, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(811</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">2,683</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5,964</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">7,572</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Changes in provisions</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,194</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(2,048</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(10,815</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(21,968</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Income from the sale of Conduit business</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">-</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(89,694</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Changes in working capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(301,306</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(240,003</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(658,961</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(531,724</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Derivatives, currency translation adjustment and others</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,074</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">50,975</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,288</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">45,883</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-bottom: 2pt">Net cash provided by (used in) operating activities</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">49,845</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,430</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">371,520</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">(9,126</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify">Cash flows from investing activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Capital expenditures</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(77,938</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(143,356</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(273,669</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(437,162</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Changes in advance to suppliers of property, plant and equipment</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">719</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">1,880</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4,937</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6,209</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Acquisition of subsidiaries</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(10,418</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(10,418</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Proceeds from disposal of Conduit business</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">-</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">327,631</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Loan to non-consolidated companies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(11,220</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">-</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(14,740</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(10,956</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Repayment of loan by non-consolidated companies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,900</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">1,950</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">9,370</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,900</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Proceeds from disposal of property, plant and equipment and intangible assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,491</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">1,520</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4,199</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4,398</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Investment in companies under cost method</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">-</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3,681</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Dividends received from non-consolidated companies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">-</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">25,722</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">22,971</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Changes in investments in securities</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(47,655</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">341,975</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">348,423</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">512,046</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-bottom: 2pt">Net cash (used in) provided by investing activities</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">(130,703</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">193,551</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">104,242</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: right">414,938</td><td style="border-bottom: Black 2pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify">Cash flows from financing activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Dividends paid</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">-</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(330,550</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(330,550</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Dividends paid to non-controlling interest in subsidiaries</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(590</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">-</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,698</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(19,200</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Changes in non-controlling interests</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(3</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(34</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Proceeds from borrowings</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">147,296</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">342,228</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">723,303</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">861,963</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Repayments of borrowings</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(251,584</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(370,665</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(948,436</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(888,515</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net cash (used in) financing activities</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(104,873</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">(28,440</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(557,377</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(376,336</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-bottom: 1pt">(Decrease) increase in cash and cash equivalents</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(185,731</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">162,681</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(81,615</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">29,476</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify">Movement in cash and cash equivalents</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">At the beginning of the period</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">427,256</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">270,837</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">330,090</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">398,580</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Effect of exchange rate changes</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,495</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">1,260</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(12,445</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6,722</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">(Decrease) increase in cash and cash equivalents</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(185,731</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">162,681</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(81,615</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">29,476</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: justify; padding-bottom: 1pt">At September 30,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">236,030</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">434,778</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">236,030</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">434,778</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
</table>


<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>&nbsp;</b></p>

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<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b></b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>Exhibit I &ndash; Alternative performance measures </b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>EBITDA, Earnings before interest, tax, depreciation and amortization.</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; text-align: justify; margin: 0pt 0">EBITDA provides an analysis of the operating
results excluding depreciation and amortization and impairments, as they are non-cash variables which can vary substantially from
company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax
operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating
businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with
net debt.</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">EBITDA is calculated in the following manner:</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">EBITDA= Operating results + Depreciation and amortization + Impairment
charges/(reversals).</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900">Three-month period ended September 30,</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900">Nine-month period ended September 30,</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 48%; font-size: 10pt; text-align: left">Operating income</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">258,497</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">79,055</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">693,130</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">166,559</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Depreciation and amortization</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">135,044</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">146,293</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">417,247</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">457,359</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold">EBITDA</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">393,541</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">225,348</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">1,110,377</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">623,918</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
</table>



<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>Free Cash Flow</b></p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">Free cash flow is a measure of financial performance, calculated
as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the
money required to maintain or expand its asset base.</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">Free cash flow is calculated in the following manner:</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">Free cash flow = Net cash (used in) provided by operating activities
- Capital expenditures.</p>

<p style="font-size: 10pt; line-height: 13.5pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900">Three-month period ended September 30,</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900">Nine-month period ended September 30,</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 48%; font-size: 10pt; text-align: left">Net cash provided by (used in) operating activities</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">49,845</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">(2,430</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">371,520</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">(9,126</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Capital expenditures</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(77,938</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(143,356</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(273,669</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(437,162</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Free cash flow</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">(28,093</td><td style="font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">(145,786</td><td style="font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">97,851</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">(446,288</td><td style="font-size: 10pt; font-weight: bold; text-align: left">)</td></tr>
</table>


<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"><b>Net Cash / (Debt)</b></p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">This is the net balance of cash and cash equivalents,
other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial
solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess
the company&rsquo;s leverage, financial strength, flexibility and risks.</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0"></p>

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<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">Net cash/ debt is calculated in the following manner:</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0">Net cash= Cash and cash equivalents + Other investments (Current and
Non-Current)+/- Derivatives hedging borrowings and investments&ndash; Borrowings (Current and Non-Current).</p>

<p style="font-size: 10pt; line-height: 14pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900">At September 30,</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 74%; font-size: 10pt; text-align: left">Cash and cash equivalents</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">236,303</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">436,359</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Other current investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">794,330</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,146,153</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Non-current Investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">176,178</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">222,992</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(64,525</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">14,492</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Borrowings &ndash; current and non-current</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(734,130</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(831,533</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Net cash / (debt)</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">408,156</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">988,463</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
</table>


<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; line-height: normal; margin: 0pt 0">&nbsp;</p>



<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"></p>

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