<SEC-DOCUMENT>0001171843-19-002979.txt : 20190506
<SEC-HEADER>0001171843-19-002979.hdr.sgml : 20190506
<ACCEPTANCE-DATETIME>20190506153454
ACCESSION NUMBER:		0001171843-19-002979
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190331
FILED AS OF DATE:		20190506
DATE AS OF CHANGE:		20190506

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:		19799139

	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_050219.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6 - K</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule 13a - 16 or 15d - 16
of</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0"><B>As of May 2, 2019</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TENARIS, S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of Registrant's name into English)</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TENARIS, S.A.</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">L-2227 Luxembourg</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 2.45pt 0pt 0; text-align: center; text-indent: 21.3pt">Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or 40-F.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">Form
20-F </FONT><FONT STYLE="font-family: Symbol; font-size: 16pt">_<U>&Ouml;</U>_</FONT> <FONT STYLE="font-size: 11pt">Form 40-F ___</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.3pt">Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule
12G3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt">Yes
___ No</FONT> <FONT STYLE="font-family: Symbol; font-size: 16pt">_<U>&Ouml;</U>_</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 21.3pt">If &ldquo;Yes&rdquo;
is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-__.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The attached material is being furnished to the Securities and
Exchange Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains
Tenaris&rsquo;s Press Release announcing 2019 First Quarter Results.</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SIGNATURE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0">Date: May 2, 2019.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Tenaris, S.A.</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0">By: /s/ Cecilia Bilesio&#9;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0">Cecilia Bilesio</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Secretary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;<IMG SRC="header.jpg" ALT=""></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: silver">Giovanni Sardagna&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: silver">Tenaris</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: silver">1-888-300-5432</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: silver">www.tenaris.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tenaris Announces 2019 First Quarter Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The financial and operational
information contained in this press release is based on unaudited consolidated condensed interim financial statements presented
in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting
Standard Board and adopted by the European Union, or IFRS. 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.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Luxembourg,</B> <B>May 2, 2019</B>. - Tenaris S.A. (NYSE,
Buenos Aires and Mexico: TS and MTA Italy: TEN) (&ldquo;Tenaris&rdquo;) today announced its results for the quarter ended March
31, 2019 in comparison with its results for the quarter ended March 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary of 2019 First Quarter Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Comparison with fourth and first quarter of 2018)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">1Q 2019</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">4Q 2018</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">1Q 2018</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">1,872</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">2,105</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">(11</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">%)</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">1,866</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">0</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">Operating income ($ million)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">259</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">179</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">45</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">212</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">22</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">Net income ($ million)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">243</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">225</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">8</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">235</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">3</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">Shareholders&rsquo; net income ($ million)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">243</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">226</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">8</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">235</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">3</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-indent: 9pt">Earnings per ADS ($)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">0.41</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">0.38</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">8</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">0.40</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">3</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-indent: 9pt">Earnings per share ($)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">0.21</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">0.19</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">8</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">0.20</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">3</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">EBITDA* ($ million)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">390</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">426</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">(8</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">354</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">10</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">EBITDA margin (% of net sales)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">20.9</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">20.2</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">19.0</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the first quarter of 2019, sales declined
11% quarter-on-quarter, reflecting no deliveries of offshore line pipe for East Mediterranean gas projects concluded in the previous
quarter and the slowdown in the US and Canadian markets. Operating income, which benefited from a $15 million recovery of tariffs
paid on the import of steel bars into the United States to feed our Bay City mill, was 22% higher year-on-year on similar revenues,
while net income for the quarter amounted to 13% of sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the quarter, our working capital
declined by $199 million, reflecting mostly a reduction in receivables and inventories. With operating cash flow of $548 million
and capital expenditures of $86 million, our free cash flow amounted to $462 million (25% of revenues) and after paying $141 million
for our investment in Saudi Steel Pipe (SSP), consolidating $74 million of SSP&rsquo;s net debt and collecting $40 million from
Techgen&acute;s credits, our net cash position increased by $281 million to reach $766 million at the end of the quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Background and Outlook</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the USA, there has been a limited slowdown
in drilling activity in the year to date following the oil price downturn in the fourth quarter of last year and a more disciplined
approach to capital expenditure by shale operators. In Canada, the slowdown has been more pronounced with a lack of pipeline takeaway
capacity and government-mandated production cuts. Although oil prices have recovered in the year to date, capital discipline by
shale operators is likely to persist through the year, which may limit any increase in drilling activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In Latin America, the recovery in drilling
activity in Mexico may be tempered by financial constraints, while, in the rest of the region, drilling activity is expected to
remain relatively stable, with shale drilling activity in Argentina switching from gas to oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the eastern Hemisphere, drilling activity is expected to
continue its gradual recovery with a focus on gas developments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following a solid performance in the first quarter, we expect
to consolidate our sales around this level in the next quarter and hold margins at a similar level to last year. With a stable
level of sales, and limited capital investment requirements, we should continue to generate a strong free cash flow during the
year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Analysis of 2019 First Quarter Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; color: white; font-weight: bold">Tubes Sales volume (thousand metric tons)</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">1Q 2019</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">4Q 2018</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">1Q 2018</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; color: #009900; text-indent: 9pt">Seamless</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">640</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">700</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">(9</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">%)</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">651</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">(2</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-indent: 9pt">Welded</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">184</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">247</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">(26</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">285</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">(35</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold; text-indent: 9.05pt">Total</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">824</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">947</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">(13</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">%)</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">936</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">(12</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">%)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; color: white; font-weight: bold">Tubes</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">1Q 2019</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">4Q 2018</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">1Q 2018</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">(Net sales - $ million)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; color: #009900; text-align: left; text-indent: 9pt">North America</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">893</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">967</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">(8</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">%)</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">807</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">11</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">South America</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">330</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">356</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">(7</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">285</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">16</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-indent: 9pt">Europe</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">158</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">148</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">7</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">153</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">4</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">Middle East &amp; Africa</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">301</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">436</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">(31</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">456</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">(34</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">Asia Pacific</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">81</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">77</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">5</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">66</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">23</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Total net sales ($ million)</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">1,763</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">1,984</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">(11</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">%)</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">1,766</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">0</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Operating income ($ million)</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">238</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">154</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">55</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">%</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">194</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; font-weight: bold; text-align: right">23</TD><TD STYLE="white-space: nowrap; color: #009900; font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">Operating margin (% of sales)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">13.5</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">7.7</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">11.0</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Net sales of tubular products and services</I>
decreased 11% sequentially and were flat year on year. Sequentially a 13% decrease in volumes was partially offset by a 2% increase
in average selling price resulting from a better product mix (higher proportion of seamless pipes). In North America sales decreased
8% sequentially, due to lower sales in the US onshore, reflecting activity reductions by our Rig Direct<SUP>&reg;</SUP> customers.
In South America sales declined 7% sequentially, reflecting lower sales of OCTG in Argentina. In Europe sales increased 7% thanks
to higher sales of offshore line pipe products. In the Middle East and Africa sales decreased 31% sequentially, after the end of
deliveries of line pipe products for the Zohr project in the East Mediterranean, while they were partially offset by $40 million
sales from SSP. In Asia Pacific sales increased 5% thanks to an increase in sales of OCTG products to LNG projects in Australia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Operating income from tubular products
and services </I>amounted to $238 million in the first quarter of 2019, compared to $154 million in the previous quarter and $194
million in the first quarter of 2018. In the previous quarter operating income was negatively affected by $109 million charge to
amortization of customer relationships. Still after correcting for the one off effect in the previous quarter, the operating margin
improved based on a better product mix(reflecting a mix of products with higher participation of seamless products) and a reduction
in selling expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; color: white; font-weight: bold">Others</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">1Q 2019</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">4Q 2018</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center">1Q 2018</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">109</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">121</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">(10</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">%)</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">100</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #009900; text-align: right">9</TD><TD STYLE="white-space: nowrap; width: 1%; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">Operating income ($ million)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">21</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">25</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">(17</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">19</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">11</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; text-align: left; text-indent: 9pt">Operating income (% of sales)</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">19.1</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">20.7</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="color: #009900">&nbsp;</TD>
    <TD STYLE="color: #009900; text-align: left">&nbsp;</TD><TD STYLE="color: #009900; text-align: right">18.7</TD><TD STYLE="white-space: nowrap; color: #009900; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Net sales of other products and services</I> decreased 10%
sequentially but increased 9% year on year. The sequential decrease in sales is mainly related to lower sales of sucker rods and
coiled tubing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Selling, general and administrative
expenses</B>, or SG&amp;A, amounted to $345 million, or 18.5% of net sales, in the first quarter of 2019, compared to $487 million,
23.1% in the previous quarter and $350 million, 18.7% in the first quarter of 2018. In the previous quarter SG&amp;A was negatively
affected by $109 million charge to amortization of customer relationships. In addition to the one off charge, selling expenses
declined reflecting lower volumes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial results</B> amounted to a
gain of $24 million in the first quarter of 2019, compared to a loss of $6 million in the previous quarter and a loss of $8 million
in the first quarter of 2018. The gain of the quarter corresponds mainly to an FX gain of $26 million, $21 million related to the
Argentine peso devaluation on a net short position in local currency at Argentine subsidiaries which functional currency is the
U.S. dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Equity in earnings of non-consolidated
companies</B> generated a gain of $29 million in the first quarter of 2019, compared to a gain of $51 million in the previous quarter
and a gain of $46 million in the first quarter of 2018. These results are mainly derived from our equity investment in Ternium
(NYSE:TX) and Usiminas (BSP:USIM).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Income tax charge </B>amounted to $70
million in the first quarter of 2019 or 22% of income before income tax, including $8 million net charges, related to foreign exchange
variations, mainly in Argentina and Mexico.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cash Flow and Liquidity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by operations during
the first quarter of 2019 was $548 million, compared with $239 million in the previous quarter and a use of cash of $30 million
in the first quarter of 2018. Working capital decreased by $199 million, reflecting, in part, the reduction in sales as well as
a decrease in inventories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital expenditures amounted to $86 million
for the first quarter of 2019, compared to $76 million in the previous quarter and $92 million in the first quarter of 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Free cash flow of the quarter amounted
to $462 million (25% of revenues), compared to $163 million in the previous quarter and a negative free cash flow of $122 million
in the first quarter of 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After paying $141 million for our investment
in SSP, consolidating $74 million of SSP&rsquo;s net debt at the end of the quarter and collecting $40 million from Techgen&acute;s
credits, our net cash position amounted to $766 million, compared to $485 million at the beginning of the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conference call</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tenaris will hold a conference call to
discuss the above reported results, on May 3, 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 +1 866 789 1656 within North America or +1 630 489.1502 Internationally.
The access number is &ldquo;1691768&rdquo;. Please dial in 10 minutes before the scheduled start time. The conference call will
be also available by webcast at www.tenaris.com/investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A replay
of the conference call will be available on our webpage http://ir.tenaris.com/ or by phone from 12.00 pm ET on May 3, through 11.59
pm on May 11, 2019. To access the replay by phone, please dial 855 859 2056 or 404 537 3406 and enter passcode &ldquo;</FONT>1691768<FONT STYLE="font-size: 10pt">&rdquo;
when prompted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consolidated Condensed Interim Income Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #00B050">Three-month period ended March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #009900; font-weight: bold">Continuing operations</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Unaudited</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left">Net sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,871,759</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,866,235</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,271,799</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,305,506</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">Gross profit</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">599,960</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">560,729</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Selling, general and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(345,366</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(349,634</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other operating income (expense), net</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,422</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,102</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">Operating income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">259,016</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">212,197</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Finance Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,461</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,373</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Finance Cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,982</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,174</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other financial results</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,915</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,066</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">283,410</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">204,330</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Equity in earnings of non-consolidated companies</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,135</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,026</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">Income before income tax</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">312,545</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; background-color: white">250,356</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(69,956</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,122</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">Income for the period</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; background-color: white">242,589</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; background-color: white">235,234</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">Attributable to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Owners of the parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">242,879</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234,983</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: white">(290</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: white">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">251</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">242,589</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">235,234</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consolidated Condensed Interim Statement of Financial Position</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center; background-color: #00B050">At March 31, 2019</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center; background-color: #00B050">At December 31, 2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Unaudited</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #008F00; font-weight: bold; text-align: justify">ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; text-align: justify">&nbsp;&nbsp;Property, plant and equipment, net</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6,197,512</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6,063,908</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Intangible assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,576,436</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,465,965</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Right-of-use assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">233,899</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Investments in non-consolidated companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">851,442</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">805,568</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Other investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,119</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118,155</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Deferred tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,231</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,606</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;Receivables, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">156,954</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,290,593</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">151,905</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,787,107</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Inventories, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,462,762</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,524,341</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Receivables and prepayments, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,985</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,885</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Current tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,958</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,332</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Trade receivables, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,528,467</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,737,366</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,614</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,173</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Other investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,604</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">487,734</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;Cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">897,767</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,593,157</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">428,361</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,464,192</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">14,883,750</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">14,251,299</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Capital and reserves attributable to owners of the parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,005,132</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,782,882</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,041</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">92,610</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Total equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">12,216,173</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">11,875,492</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,980</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,187</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,745</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Deferred tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">364,938</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">379,039</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">228,306</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">213,129</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;Provisions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37,511</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">881,480</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,089</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">657,444</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">622,735</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">509,820</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">35,959</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">-</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,462</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,978</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Current tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,622</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,233</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,057</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,693</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,496</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,283</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;Customer advances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,234</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,683</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;Trade payables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">596,532</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,786,097</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">693,673</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,718,363</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,667,577</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,375,807</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Total equity and liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">14,883,750</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">14,251,299</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consolidated Condensed Interim Statement of Cash Flows</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center; background-color: #00B050">Three-month period ended March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #008F00; font-weight: bold; text-align: justify">Cash flows from operating activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Unaudited</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: justify">Income for the period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">242,589</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; background-color: white">235,234</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Adjustments for:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,335</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">141,802</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Income tax accruals less payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,951</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">(24,816</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Equity in earnings of non-consolidated companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29,135</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">(46,026</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Interest accruals less payments, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">560</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">620</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Changes in provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,870</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">1,527</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Changes in working capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">199,489</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">(363,552</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Currency translation adjustment and others</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,303</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,644</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Net cash provided by (used in) operating activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">547,616</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(29,567</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Cash flows from investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Capital expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(85,686</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">(91,938</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Changes in advance to suppliers of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">501</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">(414</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Acquisition of subsidiaries, net of cash acquired</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(132,845</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">-</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Loan to non-consolidated companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">(2,200</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Repayment of loan by non-consolidated companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,470</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">1,950</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Proceeds from disposal of property, plant and equipment and intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">1,484</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Changes in investments in securities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66,777</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">84,616</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Net cash (used in) investing activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(110,521</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(6,502</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Cash flows from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD><TD STYLE="text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Changes in non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Payments of lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,171</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Proceeds from borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,396</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">277,711</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Repayments of borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(139,052</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(248,041</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: justify">Net cash provided by financing activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">35,174</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,670</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: left">Increase (decrease) in cash and cash equivalents</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">472,269</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(6,399</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold; text-align: left">Movement in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">At the beginning of the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">426,717</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,090</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Effect of exchange rate changes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,484</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,050</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase (decrease) in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">472,269</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,399</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #008F00; font-weight: bold">At March 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">897,502</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">324,741</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit I &ndash; Alternative performance measures </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EBITDA, Earnings before interest, tax, depreciation and amortization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EBITDA is calculated in the following manner:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EBITDA= Operating results + Depreciation and amortization +
Impairment charges/(reversals).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center; background-color: #009900">Three-month period ended March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2019</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left">Operating income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">259,016</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">212,197</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">131,335</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">141,802</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold">EBITDA</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">390,351</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">353,999</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Net Cash / (Debt)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This is the net balance of cash and cash
equivalents, other current investments and non-current investments 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net cash/ debt is calculated in the following manner:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center; background-color: #009900">At March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">897,767</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">328,675</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other current investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,604</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">999,576</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Non-current Investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,945</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234,739</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Derivatives hedging borrowings and investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,184</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,063</TD><TD STYLE="white-space: nowrap; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Borrowings &ndash; current and non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(679,715</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,005,595</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">Net cash / (debt)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">765,785</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">551,332</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><IMG SRC="hdr.jpg" ALT="">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Free Cash Flow</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Free cash flow is calculated in the following manner:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: center; background-color: #009900">Three-month period ended March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left">Net cash provided by (used in) operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">547,616</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(29,567</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Capital expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(85,686</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(91,938</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #009900; font-weight: bold; text-align: left">Free cash flow</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">461,930</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(121,505</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<HR NOSHADE SIZE="4" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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