<SEC-DOCUMENT>0001171843-19-001142.txt : 20190222
<SEC-HEADER>0001171843-19-001142.hdr.sgml : 20190222
<ACCEPTANCE-DATETIME>20190222141752
ACCESSION NUMBER:		0001171843-19-001142
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190221
FILED AS OF DATE:		20190222
DATE AS OF CHANGE:		20190222

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:		19625157

	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_022119.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><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>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"><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: 14pt"><B>As of February 21, 2019</B></FONT></P>

<P STYLE="font-size: 10pt; 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>TENARIS, S.A.</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt">(Translation of Registrant's name
into English)</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>TENARIS, S.A.</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt">29, Avenue de la Porte-Neuve 3rd floor</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt">L-2227 Luxembourg</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt">(Address of principal executive offices)</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; text-indent: 21.3pt; margin: 0pt 2.45pt 0pt 0"><FONT STYLE="font-size: 12pt">Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or 40-F.</FONT></P>

<P STYLE="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">Form 20-F <FONT STYLE="font-family: Symbol"><U>&Ouml;
</U></FONT>Form 40-F __</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-indent: 21.3pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Indicate by check mark whether the
registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12G3-2(b) under the Securities Exchange Act of 1934.</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; 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">Yes __No <FONT STYLE="font-family: Symbol"><U>&Ouml;
</U></FONT></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; text-indent: 21.3pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt">If &ldquo;Yes&rdquo;
is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-__.</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 21.3pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 21.3pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 21.3pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"></FONT></P>

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<P STYLE="font-size: 10pt; text-align: center; text-indent: 21.3pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt">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 Fourth Quarter and Annual Results.</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">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 13"></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">SIGNATURE</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 13">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></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: 13">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 13">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Date: February 21, 2019.</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 0pt 200pt"><FONT STYLE="font-size: 12pt">Tenaris, S.A.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 13">&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</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="margin: 0"></P>

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

<P STYLE="margin: 0"><IMG SRC="logo.jpg" ALT="" STYLE="width: 803px; height: 66px"></P>

<P STYLE="margin: 0"></P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0; color: silver">Giovanni Sardagna</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: silver">Tenaris</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: silver">1-888-300-5432</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: silver">www.tenaris.com</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Tenaris Announces 2018 Fourth Quarter and Annual Results</B></FONT></P>

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

<P STYLE="font-size: 10pt; font-style: italic; text-align: justify; margin: 0pt 0">The financial and operational information contained
in this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance
with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European
Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Net cash / debt
and Free Cash Flow. See exhibit I for more details on these alternative performance measures.</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"><B>Luxembourg, February 20, 2019.</B> - Tenaris S.A. (NYSE, Buenos
Aires and Mexico: TS and MTA Italy: TEN) (&ldquo;Tenaris&rdquo;) today announced its results for the fourth quarter and year ended
December 31, 2018 with comparison to its results for the fourth quarter and year ended December 31, 2017.</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>Summary of 2018 Fourth Quarter Results</B></FONT></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">(Comparison with third quarter of 2018 and fourth quarter of 2017)</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">4Q 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 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">4Q 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">2,105</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">1,899</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">11</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">1,589</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">32</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">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">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">(31</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">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">6</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">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">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">(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">162</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">39</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">226</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">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">(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">160</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; text-indent: 9pt">Earnings per ADS ($)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">0.38</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">0.42</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(9</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">0.27</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">41</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-indent: 9pt">Earnings per share ($)</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">0.19</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">0.21</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">(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">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">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; 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">426</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">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">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">319</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">33</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">20.2</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">20.7</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">20.1</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; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In the fourth quarter of 2018, sales rose a further 11% quarter
on quarter on higher sales throughout North America and the completion of deliveries for the second Zohr pipeline in the Eastern
Mediterranean. EBITDA rose to the highest level of the year but operating income was affected as we accelerated the residual amortization
($109 million) of the value of the customer relationships we recorded in 2006 at the time of the acquisition of Maverick.</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">During the quarter, cash flow from operations amounted to $239 million,
despite an increase in working capital of $79 milion following the increase in sales in the quarter. After capital expenditures
of $76 million and dividend payments of $153 million, our net cash position rose to $485 million.</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">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="logo2.jpg" ALT=""></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"><FONT STYLE="font-size: 12pt"><B>Summary of 2018 Annual Results</B></FONT></P>

<P STYLE="font-size: 10pt; 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">12M 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">12M 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">7,659</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">5,289</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">45</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">872</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">335</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">161</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">874</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">536</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">63</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">876</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">545</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">61</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 ($)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">1.48</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">0.92</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">61</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-indent: 9pt">Earnings per share ($)</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">0.74</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">0.46</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">61</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">1,536</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">943</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">63</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">20.1</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">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; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In 2018, our financial results recovered strongly at all levels.
Our sales rose 45% year on year, increasing in all regions and also in our non-Tubes profit centers. Highlights of the year include
the consolidation of our positioning and Rig Direct&reg; service in USA and Canada, the fast track delivery of the pipes for three
East Mediterranean offshore gas piplines, and our successful positioning for major gas developments in Argentina, Qatar, Indonesia,
Mozambique and Australia.</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">EBITDA rose 63% year on year to $1.5 billion, with margins recovering
to the level of 20%. Shareholders net income rose strongly to $876 million, benefitting from substantially higher operating income,
and an excellent contribution from our investment in Ternium.</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">Despite a build up in working capital to support our growth in sales,
we were able to generate free cash flow of $261 million. After payment of dividends, our net cash position declined during the
year to $485 million at December 31, 2018, compared to $647 million at December 31, 2017.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Annual Dividend Proposal</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The board of directors proposes,
for the approval of the annual general shareholders&rsquo; meeting to be held on May 6, 2019, the payment of an annual
dividend of $0.41 per share ($0.82 per ADS), or approximately $484 million, which includes the interim dividend of $0.13 per
share ($0.26 per ADS), or approximately $153 million, paid in November 2018. If the annual dividend is approved by the
shareholders, a dividend of $0.28 per share ($0.56 per ADS), or approximately $331 million will be paid on May 22, 2019, with
an ex-dividend date on May 20, 2019 and record date on May 21, 2019.</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>

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<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="logo2.jpg" ALT=""></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"><FONT STYLE="font-size: 12pt"><B>Market Background and Outlook</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Drilling activity in the US shales continued to grow in 2018, following
the previous year&rsquo;s strong recovery, while drilling activity in Canada was affected at the end of the year by the drop in
oil prices. For 2019, following the recent reset of oil prices, US drilling activity is expected to be stable while in Canada drilling
activity is expected to be well below the level of last year.</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">In Latin America, a recovery in drilling activity in Mexico is expected
as the new government makes more funds available for Pemex and private operators begin implementing their energy reform commitments.
In the rest of the regions drilling activity is expected to be relatively stable, with shale drilling activity in Argentina likely
to switch from gas to oil.</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">In the eastern Hemisphere, drilling activity is expected to continue
a gradual recovery with a focus on gas developments.</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">After our strong performance in 2018, we expect to consolidate our
sales and margins through the year, with sales and margins in line with those of the second half of 2018. We should benefit from
growing sales of premium connection products for offshore projects around the world, and the inclusion of consolidated revenues
from our new operation in Saudi Arabia, but we will not repeat the exceptional level of offshore line pipe shipments to the Eastern
Mediterranean and will have lower sales in Canada. With a stable level of sales, and limited capital investment requirements, we
should be able to generate a strong free cash flow during the year.</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">&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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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><IMG SRC="logo2.jpg" ALT=""></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">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Analysis of 2018 Fourth Quarter Results</B></FONT></P>

<P STYLE="font-size: 10pt; 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; padding-left: 10pt">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">4Q 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 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">4Q 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">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">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">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">593</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">18</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">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">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">24</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">171</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">45</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">947</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">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">11</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">764</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">24</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; 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; padding-left: 10pt">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">4Q 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 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">4Q 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">967</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">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">9</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">707</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">37</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">356</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">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">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">296</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">20</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">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">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">133</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">11</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">436</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">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">25</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">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">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; 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">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">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">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">50</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">1,984</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">1,797</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">10</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">1,478</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">34</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">154</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">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">-34</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">150</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></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">7.7</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">13.0</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">10.1</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; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Net sales of tubular products and services</I> increased 10%
sequentially and 34% year on year. Sequentially, the increase in sales in North America, reflects higher sales of OCTG products
in the United States, Canada and Mexico. In South America, sales increased due to higher sales of OCTG products in the Andean region
and higher sales of line pipe in Argentina. In Europe sales remained stable across the region and for the different products. In
the Middle East and Africa sales increased significantly as we completed deliveries of Zohr&rsquo;s offshore line pipe in the East
Mediterranean. In Asia Pacific we had stable sales.</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">Operating income from tubular products and services, amounted to
$154 million in the fourth quarter of 2018, compared to $233 million in the previous quarter and $150 million in the fourth quarter
of 2017. Operating income during the quarter was negatively affected by a higher customer relationships amortization charge of
$109 million, after the full amortization of the residual value of Maverick&rsquo;s Tubes segment customer relationships. Excluding
this one off effect operating income would have increased 13%, mainly thanks to an increase in shipments that improved the utilization
of production capacity and therefore the absorption of fixed costs.</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">&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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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><IMG SRC="logo2.jpg" ALT=""></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></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; padding-left: 10pt">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">4Q 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 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">4Q 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">121</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">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">18</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">111</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">8</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">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">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">(3</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">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">36</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">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">25.2</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">16.5</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; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Net sales of other products and services</I> increased 18% sequentially
and 8% year on year. The sequential increase in sales is mainly due to higher sales of sucker rods, small diameter pipe for plumbing
applications from our facility in Piombino, Italy, and excess energy and raw materials.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Selling, general and administrative expenses, or SG&amp;A</B>,
amounted to $487 million, including a higher amortization charge of $109 million, after the full amortization of the residual
value of Maverick&rsquo;s Tubes segment customer relationships. Excluding this one off effect, SG&amp;A amounted to $378 million
(18% of sales), compared to $336 million (18%) in the previous quarter and $344 million (22%) in the fourth quarter of 2017. The
sequential increase is mostly due to higher selling expenses following an increase in revenues of 11%, while as a percentage of
sales SG&amp;A remained stable.</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"><B>Financial results</B> amounted to a loss of $6 million in the
fourth quarter of 2018, compared to a gain of $13 million in the previous quarter and $4 million in the fourth quarter of 2017.
The loss during the quarter corresponds mainly to the effect of an 8.6% appreciation of the Argentine peso on net fiscal, trade
and financial liabilities denominated in Argentine peso.</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"><B>Equity in earnings of non-consolidated companies</B> generated
a gain of $51 million in the fourth quarter of 2018, compared to a gain of $56 million in the previous quarter and $26 million
in the same period of 2017. These results are mainly derived from our equity investment in Ternium (NYSE:TX).</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"><B>Income tax </B>amounted to a gain of $2 million in the fourth
quarter of 2018. This result includes a gain of $48 million derived from a fiscal revaluation in Argentina and a gain of $26 million
derived from the reversal of deferred tax liabilities after the amortization of the residual useful life of Maverick&rsquo;s Tubes
segment customer relationships. On the other hand, we recorded a charge of $19 million due to the effect on the tax base used to
calculate deferred taxes of the devaluation of the Mexican and Colombian peso and the Canadian dollar, partially offset by the
revaluation of the Argentine peso.</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">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="logo2.jpg" ALT=""></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"><FONT STYLE="font-size: 12pt"><B>Cash Flow and Liquidity of 2018 Fourth Quarter</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Net cash provided by operations during the fourth quarter of 2018
was $239 million, compared with $50 million in the previous quarter and a use of cash of $13 million in the fourth quarter of 2017.
Working capital increased by $79 million during the fourth quarter of 2018, in line with the increase in trade receivables on higher
sales, while a reduction in inventories of $120 million was offset by other items.</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">Capital expenditures amounted to $76 million for the fourth quarter
of 2018, compared to $78 million in the previous quarter and $121 million in the fourth quarter of 2017.</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">During the quarter, our net cash position increased by $77 million
to $485 million at the end of the year, following the payment of an interim dividend of $153 million in November 2018.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></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>Analysis of 2018 Annual Results</B></FONT></P>

<P STYLE="font-size: 10pt; 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; padding-left: 10pt">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">12M 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">12M 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">2,694</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">2,157</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">25</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">877</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">461</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">90</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">3,571</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">2,618</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">36</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; 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; padding-left: 10pt">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">12M 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">12M 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">3,488</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">2,362</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">48</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">1,284</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">982</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">31</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">628</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">497</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">1,541</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">921</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">67</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">292</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">204</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">43</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">7,233</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">4,966</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">777</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">292</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">166</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">10.7</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">5.9</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; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Net sales of tubular products and services</I> increased 46%
to $7,233 million in 2018, compared to $4,966 million in 2017, reflecting a 36% increase in volumes and a 7% increase in average
selling prices. Sales increased mainly due to a strong increase in demand in the United States and Canada and higher sales of line
pipe for complex projects, including shipments for the second Zohr offshore welded pipeline in Egypt. In North America sales increased
mainly due to higher demand of OCTG and line pipe and the consolidation of our market position throughout the region. In South
America, sales increased mainly due to higher demand of OCTG and line pipe in Argentina, associated with increased investments
in Vaca Muerta shale and higher demand for OCTG in the Andean region, including sales to the Liza development in Guyana, partially
offset by lower sales of OCTG in Brazil, reflecting transition to new contracts with Petrobras. In Europe, sales increased reflecting
higher demand for industrial products and for OCTG products in the North Sea and continental Europe. In the Middle East and Africa
sales increased significantly, thanks to an exceptional level of sales for offshore line pipe for East Mediterranean gas development
projects and higher sales of OCTG in the Middle East and Caspian areas. In Asia Pacific sales increased following a recovery in
Indonesia and China from very low levels in 2017.</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">&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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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><IMG SRC="logo2.jpg" ALT=""></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">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Operating income from tubular products and services</I>, amounted
to $777 million in 2018, compared to $292 million in 2017. Operating income during 2018 was negatively affected by a higher customer
relationships amortization charge of $109 million, after the full amortization of the residual value of Maverick&rsquo;s Tubes
segment customer relationships. Excluding this one off effect operating income would amount to $886 million, 12% of sales. The
significant improvement in Tubes operating income reflects a better operating environment, where a 46% increase in sales improved
the utilization of production capacity and therefore the absorption of fixed costs.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></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; padding-left: 10pt">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">12M 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">12M 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">426</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">323</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">32</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">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">43</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">122</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">22.2</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">13.2</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; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Net sales of other products and services</I> increased 32% to
$426 million in 2018, compared to $323 million in 2017, mainly due to higher sales of energy related products e.g., sucker rods
and coiled tubing.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Operating income from other products and services</I><B>, </B>increased
from $43 million in 2017 to $95 million in 2018, while all the profit centers improved their results, the main contributors were
the energy related businesses, mainly sucker rods and coiled tubing.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Selling, general and administrative expenses, or SG&amp;A</B>,
increased by $240 million (19%) in 2018 from $1,270 million in 2017 to $1,510 million in 2018. SG&amp;A during 2018 includes a
higher amortization charge of $109 million, after the full amortization of the residual value of Maverick&rsquo;s Tubes segment
customer relationships. Excluding this one off effect, SG&amp;A amounted to $1,401 million (18% of sales), compared to $1,270
million (24%) in 2017. The decline of SG&amp;A as a percentage of net sales reflects the containment of fixed and semi-fixed expenses
in a higher volumes environment.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Financial results</B> amounted to a gain of $37 million in 2018,
compared to a loss of $23 million in 2017. The 2018 gain corresponds mainly to an FX gain of $29 million; $24 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, $17 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 $8 million due to the devaluation of the
Canadian dollar. Additionally, we gained $7 millions on derivatives, mainly covering net receivables in Canadian dollar and $3
million net interest on our net cash position.</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"><B>Equity in earnings of non-consolidated companies</B> generated
a gain of $194 million in 2018, compared to $116 million in 2017. These results were mainly derived from our equity investment
in Ternium (NYSE:TX).</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">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="logo2.jpg" ALT=""></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; text-align: justify; margin: 0pt 0"><B>Income tax charge </B>amounted to $229 million in 2018 (25% over
income before tax), compared to a gain of $17 million in 2017. In 2017 we recorded a gain of $63 million due to the reduction in
income tax rates in Argentina, the United States and Colombia over deferred tax liabilities. Additionally, during 2017 we recorded
an income tax charge of $29 million corresponding to a settlement agreement between Dalmine, our Italian subsidiary, and the Italian
tax authorities in connection with all withholding tax claims on 2007 and 2008 dividend payments. Under such settlement agreement,
Dalmine paid to the Italian tax administration an aggregate amount of EUR42.9 million (approximately $51 million), net of EUR3.2
million (approximately $4 million) corresponding to the amount previously paid during the litigation proceeding.</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"><B>Net income for continuing operations </B>amounted to $874 million
in 2018, compared with $536 million in 2017. The improvement in results reflects a better operating environment, where a 45% increase
in sales improved the utilization of production capacity and therefore the absorption of fixed costs, better financial results
and better results from our investment in Ternium.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Cash Flow and Liquidity of 2018</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12"></FONT>&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Cash flow provided by operating activities amounted to $611 million
during 2018 (net of an increase in working capital of $738 million). Following dividend payments of $484 million during the year,
and capital expenditures of $349 million, we maintained a positive net cash position of $485 million at December 31, 2018.</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>Conference call</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Tenaris will hold a conference call to discuss the above reported
results, on February 21, 2019, 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;5687985&rdquo;. Please dial in 10 minutes before the scheduled start time. The conference call will be also available
by webcast at <FONT STYLE="color: #0000CC"><U>www.tenaris.com/investors</U></FONT>.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">A replay of the conference call will be available on our webpage <FONT STYLE="color: #0000CC"><U>http://ir.tenaris.com/</U></FONT>
or by phone from 12:00 pm ET on February 21 through 11:59 pm on March 1, 2019. To access the replay by phone, please dial +1 855
859.2056 or +1 404 537.3406 and enter passcode &ldquo;5687985&rdquo; when prompted.</P>

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

<P STYLE="font-size: 10pt; 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; text-align: justify; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I></I></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I><IMG SRC="logo2.jpg" ALT=""></I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Consolidated Income Statement</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></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"><P STYLE="margin-top: 0; margin-bottom: 0">Three-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold; background-color: rgb(0,153,0)">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900"><P STYLE="margin-top: 0; margin-bottom: 0">Twelve-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></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; text-align: left">Continuing operations</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="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <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">2,104,977</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">1,588,916</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">7,658,588</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">5,288,504</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">(1,442,005</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">(1,077,134</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">(5,279,300</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">(3,685,057</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">662,972</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">511,782</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">2,379,288</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">1,603,447</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">(487,054</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">(343,730</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">(1,509,976</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">(1,270,016</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">2,765</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">(23</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">2,501</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">1,157</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">178,683</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">168,029</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">871,813</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">334,588</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">10,070</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">11,843</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">39,856</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">47,605</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">(7,760</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">(8,613</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">(36,942</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">(27,072</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">(8,770</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">1,081</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">34,386</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">(43,550</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">172,223</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">172,340</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">909,113</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">311,571</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">51,118</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">25,987</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">193,994</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">116,140</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">223,341</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">198,327</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">1,103,107</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">427,711</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">1,724</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">(36,159</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">(229,207</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">17,136</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">225,065</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">162,168</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">873,900</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">444,847</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">&mdash;&nbsp;&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; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">&mdash;&nbsp;&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">&mdash;&nbsp;&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">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">225,065</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">162,168</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">873,900</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">536,389</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">225,825</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">160,232</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">876,063</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">544,737</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">(760</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">1,936</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">(2,163</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">(8,348</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">225,065</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">162,168</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">873,900</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">536,389</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; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Consolidated Statement of Financial Position</B></FONT></P>

<P STYLE="font-size: 10pt; 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; padding-bottom: 1pt; padding-left: 10pt">(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 December 31, 2018</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold; padding-bottom: 1pt; background-color: rgb(0,153,0)">&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">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center">&nbsp;</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 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: 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">6,063,908</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">1,465,965</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">805,568</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">&mdash;&nbsp;&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">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">118,155</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">181,606</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">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">151,905</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="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">8,787,107</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="padding-bottom: 1pt; 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">2,524,341</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">155,885</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">135,699</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">121,332</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">1,737,366</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">9,173</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">8,230</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">487,734</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">428,361</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="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">5,464,192</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="padding-bottom: 1pt; 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">14,251,299</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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: 0pt">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">11,782,882</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: 0pt">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">92,610</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="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="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 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">11,875,492</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">29,187</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">379,039</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">213,129</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">36,089</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="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">657,444</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="padding-bottom: 1pt; 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">509,820</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">11,978</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">250,233</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">165,693</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">24,283</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">62,683</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">693,673</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="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">1,718,363</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="padding-bottom: 1pt; 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">2,375,807</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">&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">14,251,299</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: green"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: green"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: green"><B></B></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: green"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: green"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Consolidated Statement of Cash Flows</B></FONT></P>

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<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"><P STYLE="margin-top: 0; margin-bottom: 0">Three-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold; border-bottom: Black 1pt solid; background-color: rgb(0,153,0)">&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"><P STYLE="margin-top: 0; margin-bottom: 0">Twelve-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">(all amounts in thousands of U.S. dollars)</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">&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="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <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">&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">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">225,065</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">162,168</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">873,900</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">536,389</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">247,110</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">151,281</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">664,357</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">608,640</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">(46,344</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">(33,367</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">58,494</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">(193,989</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">(51,118</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">(25,987</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">(193,994</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">(116,140</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">187</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">3,978</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">6,151</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">11,550</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">2,419</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">4,723</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">(8,396</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">(17,245</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">&mdash;&nbsp;&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">&mdash;&nbsp;&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">&mdash;&nbsp;&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">(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">(78,991</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">(321,460</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">(737,952</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">(853,184</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">(59,046</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">45,765</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">(51,758</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">91,648</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">239,282</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">(12,899</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">610,802</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">(22,025</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">(75,804</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">(121,074</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">(349,473</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">(558,236</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">(86</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">868</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">4,851</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">7,077</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 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">&mdash;&nbsp;&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">&mdash;&nbsp;&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">&mdash;&nbsp;&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">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; background-color: white">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">&mdash;&nbsp;&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">&mdash;&nbsp;&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">&mdash;&nbsp;&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">(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; background-color: white">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">&mdash;&nbsp;&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">&mdash;&nbsp;&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">&mdash;&nbsp;&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">(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">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">&mdash;&nbsp;&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">&mdash;&nbsp;&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">(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">&mdash;&nbsp;&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">&mdash;&nbsp;&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">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">1,811</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">1,045</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">6,010</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">5,443</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 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">&mdash;&nbsp;&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">&mdash;&nbsp;&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">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">368,945</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">53,341</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">717,368</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">565,387</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 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">294,866</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">(65,820</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">399,108</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">349,118</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">(153,470</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">(153,470</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">(484,020</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">(484,020</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">(1,800</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">(4,800</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">(3,498</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">(24,000</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">(28</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">(15</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">(24</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">(49</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">295,999</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">334,818</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">1,019,302</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">1,196,781</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">(483,766</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">(201,614</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">(1,432,202</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">(1,090,129</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">(343,065</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">(25,081</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">(900,442</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">(401,417</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">191,083</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">(103,800</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">109,468</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">(74,324</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; 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">236,030</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">434,778</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">(396</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">(888</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">(12,841</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">5,834</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">191,083</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">(103,800</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">109,468</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">(74,324</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">At December 31,</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">426,717</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">330,090</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">426,717</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">330,090</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; 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">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="logo2.jpg" ALT=""></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"><FONT STYLE="font-size: 12pt"><B>Exhibit I &ndash; Alternative performance measures
</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>EBITDA, Earnings before interest, tax, depreciation
and amortization.</B></FONT></P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">EBITDA is calculated in the following manner:</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">EBITDA= Operating results + Depreciation and amortization + Impairment charges/(reversals).</P>

<P STYLE="font-size: 10pt; 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"><P STYLE="margin-top: 0; margin-bottom: 0">Three-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold; background-color: rgb(0,153,0)">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900"><P STYLE="margin-top: 0; margin-bottom: 0">Twelve-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">2018</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">2017</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">2018</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">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">178,683</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">168,029</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">871,813</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">334,588</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; 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">247,110</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">151,281</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">664,357</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">608,640</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">425,793</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">319,310</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">1,536,170</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">943,228</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Net Cash / (Debt)</B></FONT></P>

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

<P STYLE="font-size: 10pt; 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; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Net cash/ debt is calculated in the following manner:</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Net cash= Cash and cash equivalents + Other investments (Currentand Non-Current)+/-Derivatives
hedging borrowings and investments&ndash;Borrowings(Current and Non-Current)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%">
<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 December 31,</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: 64%; 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: 15%; font-size: 10pt; text-align: right">428,361</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: 15%; font-size: 10pt; text-align: right">330,221</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: 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">487,734</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></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">113,829</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">123,498</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">(6,063</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">(32,734</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">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">(539,007</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">(965,859</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">484,854</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">647,432</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><IMG SRC="logo2.jpg" ALT=""></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"><FONT STYLE="font-size: 12pt"><B>Free Cash Flow</B></FONT></P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Free cash flow is calculated in the following manner:</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Free cash flow= Net cash (used in) provided by operating activities &ndash; Capital expenditures.</P>

<P STYLE="font-size: 10pt; 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"><P STYLE="margin-top: 0; margin-bottom: 0">Three-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold; background-color: rgb(0,153,0)">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900"><P STYLE="margin-top: 0; margin-bottom: 0">Twelve-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></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">239,282</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">(12,899</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">610,802</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">(22,025</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">(75,804</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">(121,074</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">(349,473</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">(558,236</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">163,478</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">(133,973</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">261,329</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">(580,261</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
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