<SEC-DOCUMENT>0001171843-19-007046.txt : 20191031
<SEC-HEADER>0001171843-19-007046.hdr.sgml : 20191031
<ACCEPTANCE-DATETIME>20191031170738
ACCESSION NUMBER:		0001171843-19-007046
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191030
FILED AS OF DATE:		20191031
DATE AS OF CHANGE:		20191031

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:		191184428

	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_103019.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<p style="margin: 0">&#160;</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font-size: 10pt; margin: 0pt 0"><b>As of October 30, 2019</b></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font-size: 10pt; text-indent: 21.3pt; margin: 0pt 0">Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12G3-2(b) under
the Securities Exchange Act of 1934.</p>

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

<p style="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Yes ___ No <font style="font-family: Symbol"><u>&Ouml;</u></font>
&#9;</p>

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

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

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

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

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

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<p style="font-size: 10pt; margin: 0pt 0">The attached material is being furnished to the Securities and Exchange Commission pursuant
to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris&rsquo;s Press Release
announcing 2019 Third Quarter Results.</p>

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

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

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

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

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

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

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

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

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

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

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

<p style="font-size: 10pt; margin: 0pt 0">Date: October 30, 2019</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 14pt"><b>Tenaris Announces 2019 Third Quarter Results</b></font></p>

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

<p style="font-size: 10pt; font-style: italic; text-align: justify; margin: 0pt 0"><font style="font-style: normal">The financial
and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements
presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standard Board and adopted by the European Union, or IFRS. </font>Additionally, this press release includes non-IFRS
alternative performance measures i.e., EBITDA, Free cash flow and Net cash / debt. See exhibit I for more details on these alternative
performance measures.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Luxembourg, October 30, 2019</b> - Tenaris S.A. (NYSE and Mexico:
TS and MTA Italy: TEN) (&ldquo;Tenaris&rdquo;) today announced its results for the quarter and nine months ended September 30,
2019 with comparison to its results for the quarter and nine months ended September 30, 2018.</p>

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

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

<p style="font-size: 10pt; margin: 0pt 0"><b>Summary of 2019 Third Quarter Results</b></p>

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

<p style="font-size: 10pt; margin: 0pt 0">(Comparison with second quarter of 2019 and third quarter of 2018)</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">2Q 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2018</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 45%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">1,764</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">1,918</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">(8</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">1,899</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">(7</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">187</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">234</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(20</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">258</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(28</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">101</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">240</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(58</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">247</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(59</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Shareholders&rsquo; net income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">107</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">241</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(56</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">247</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(57</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Earnings per ADS ($)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.18</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.41</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(56</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.42</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(57</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Earnings per share ($)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.09</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.20</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(56</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.21</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(57</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">322</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">370</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(13</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">394</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(18</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA margin (% of net sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">18.2</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">19.3</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">20.7</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Our third quarter sales fell 8% sequentially and 7% year on year,
despite gains in the Middle East and Mexico, reflecting ongoing activity reductions in the US and Argentine shales, which is affecting
prices throughout the Americas, and a downturn in our European industrial sales. Our EBITDA margin was affected by a decline in
average selling prices and the impact of major maintenance stoppages in the northern hemisphere, principally in Mexico. Net income
for the quarter was further affected by the impact of currency devaluations on our income tax charge in Argentina and Mexico and
by a lower contribution from our equity investment in Ternium.</p>

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

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

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Despite the decline in net income, we generated a free cash flow
of $287 million, or 16% of revenues, which included a further decline in working capital of $157 million, and we ended the quarter
with a net cash position of $964 million.</p>

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

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

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Our board of directors approved the payment of an interim dividend
of $0.13 per share ($0.26 per ADS), or approximately $153 million. The payment date will be November 20, 2019 , with an ex-dividend
date on November 18, 2019 and record date on November 19, 2019.</p>

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

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

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">During the third quarter, drilling activity in the US shales fell
further, as operators chose to prioritize investor returns over production growth and maintain spending within budget limits announced
at the beginning of the year. We do not expect a recovery in US shale drilling activity going into 2020. In Canada, the situation
is similar with drilling activity well down on last year and no recovery expected over last year in the upcoming winter drilling
season.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In Latin America, drilling activity in Argentina is declining as
operators put on hold their investment plans for Vaca Muerta pending more clarity on the policy measures that will be adopted by
the incoming government. In Mexico, offshore drilling activity has been increasing.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In the Eastern Hemisphere, drilling activity continues to improve,
led by gas developments in the Middle East, and a gradual recovery in offshore basins.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Price levels for steel pipe products in North America have been
affected by the decline in demand, the increased competitiveness of domestic welded pipe products reflecting lower costs of hot
rolled coils, and continuing high import levels, despite the application of US Section 232 tariffs and quotas.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In the fourth quarter, our sales will be affected by lower average
selling prices and the activity slowdowns in the USA and Argentina. We expect to mitigate much of the impact of lower average selling
prices with lower costs and maintain our EBITDA margin in line with that of this third quarter. Going into 2020, we expect a recovery
in sales, particularly for offshore and gas drilling activity, as well as in margins and cash flow as we work on reducing costs
and working capital.</p>

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

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

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<p style="font-size: 10pt; margin: 0pt 0"><b>Analysis of 2019 Third Quarter Results</b></p>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold; padding-left: 10pt">Tubes Sales volume (thousand metric tons)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">2Q 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2018</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 45%; font-size: 10pt; color: #009900; text-indent: 9pt">Seamless</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">645</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">674</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">(4</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">654</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">(1</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Welded</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">150</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">173</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(13</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">199</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(25</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-indent: 9.05pt">Total</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">796</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">846</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(6</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">853</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(7</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</td></tr>
</table>

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold; padding-left: 10pt">Tubes</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">2Q 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2018</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">(Net sales - $ million)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 45%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">North America</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">772</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">863</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">(11</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">887</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">(13</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">South America</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">308</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">337</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(9</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">334</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(8</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Europe</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">136</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">194</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(30</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">148</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(8</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Middle East &amp; Africa</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">369</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">315</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">17</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">350</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">5</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Asia Pacific</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">77</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">105</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(27</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">77</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(1</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Total net sales ($ million)</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">1,661</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">1,814</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(8</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">1,797</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(8</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Operating income ($ million)</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">163</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">216</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(25</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">233</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(30</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating margin (% of sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">9.8</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">11.9</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">13.0</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Net sales of tubular products and services</i> decreased 8% sequentially
and year on year. The sequential decrease reflects a 6% decrease in volumes and a 3% decrease in average selling prices. In North
America our sales declined affected by a general decline in prices for all products and lower volumes of line pipe products. In
South America, sales of OCTG products in Argentina started to decline in September, and we had lower sales of conductor casing
in Brazil. In Europe sales declined reflecting seasonally lower sales of mechanical and line pipe products and lower sales of premium
OCTG in the North Sea. In the Middle East and Africa sales increased mainly due to large orders sold in India. In Asia Pacific
we had lower sales throughout the region.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Operating income from tubular products and services, amounted to
$163 million in the third quarter of 2019, compared to $216 million in the previous quarter and $233 million in the third quarter
of 2018. Sequentially, operating income was affected by lower sales and a decrease of 210 basis points in the operating margin.
The 3% decline in prices was only partially offset by lower costs as a decline in direct costs was offset by a worse industrial
performance related to the plant maintenance stoppages in the northern hemisphere, mainly in Mexico.</p>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold; padding-left: 10pt">Others</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">2Q 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2018</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 45%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">102</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">104</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">(1</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">102</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">0</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">24</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">18</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">32</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">26</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(6</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income (% of sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">23.6</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">17.7</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">25.2</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Net sales of other products and services</i> declined 1% sequentially
and remained flat year on year. The improvement in operating income is mainly related to our industrial equipment business in Brazil.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Selling, general and administrative expenses, or SG&amp;A</b>,
amounted to $333 million, or 18.9% of net sales in the third quarter of 2019, compared to $339 million, 17.7% in the previous quarter
and $336 million, 17.7% in the third quarter of 2018. Sequentially, a reduction in logistic and general expenses was partially
offset by higher allowances for doubtful accounts.</p>

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

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

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><font style="font-size: 10pt"><b>Financial results </b>amounted
to a gain of $8 million in the third quarter of 2019, compared to a loss of $6 million in the previous quarter and a gain of $13
million in the third quarter of 2018. The gain of the quarter corresponds mainly to an FX gain of&nbsp;$14 million related to the
Argentine peso devaluation (36%) on trade, social and financial payables at Argentine subsidiaries which functional currency is
the U.S. dollar, partially offset by a&nbsp;$5 million&nbsp;loss due to the devaluation of the Brazilian Real (9%) on U.S. dollar
denominated intercompany liabilities at our Brazilian subsidiaries which functional currency is the Brazilian Real</font>, <font style="font-size: 10pt">largely
compensated by an increase in currency translation adjustment reserve from the Brazilian subsidiaries.</font></p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Equity in earnings of non-consolidated companies</b> generated
a gain of $13 million in the third quarter of 2019, compared to $26 million in the previous quarter and $56 million in the third
quarter of 2018. These results are mainly derived from our equity investment in Ternium (NYSE:TX) and Usiminas.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Income tax charge</b> amounted to $108 million in the third quarter
of 2019, compared to $15 million in the previous quarter and $80 million in the third quarter of 2018. This quarter&rsquo;s income
tax includes a charge of approximately $76 million mainly related to the devaluation of the Argentine and Mexican Peso affecting
the tax base of our subsidiaries in these two countries. Such effect impacted current income tax charge for $35 million and deferred
income tax for $41 million.</p>

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

<p style="font-size: 10pt; margin: 0pt 0"><b>Cash Flow and Liquidity of 2019 Third Quarter</b></p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Net cash provided by operating activities during the third quarter
of 2019 was $374 million, compared to $342 million in the previous quarter and $50 million in the third quarter of last year. During
the third quarter of 2019 the operating cash flow includes $157 million from the reduction in working capital.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">After capital expenditure of $87 million we generated free cash
flow of $287 million (16% of revenues) and ended the quarter with a net cash position of $964 million.</p>

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

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

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<p style="font-size: 10pt; margin: 0pt 0"><b>Analysis of 2019 First Nine Months Results</b></p>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold">Increase/(Decrease)</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 67%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">5,554</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">5,554</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">0</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income (loss) ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">681</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">693</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(2</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">583</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">649</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(10</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Shareholders&rsquo; net income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">591</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">650</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(9</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Earnings per ADS ($)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">1.00</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">1.10</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(9</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Earnings per share ($)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.50</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">0.55</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(9</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">1,082</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">1,110</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(3</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA margin (% of net sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">19.5</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">20.0</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold; padding-left: 10pt">Tubes Sales volume (thousand metric tons)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">Increase/(Decrease)</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 67%; font-size: 10pt; color: #009900; text-indent: 9pt">Seamless</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">1,959</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">1,994</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">(2</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Welded</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">507</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">630</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(20</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-indent: 9.05pt">Total</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">2,467</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">2,624</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(6</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</td></tr>
</table>

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold; padding-left: 10pt">Tubes</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">Increase/(Decrease)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">(Net sales - $ million)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 67%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">North America</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">2,529</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">2,521</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">0</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">South America</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">975</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">929</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">5</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-indent: 9pt">Europe</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">488</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">480</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">2</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Middle East &amp; Africa</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">985</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">1,105</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(11</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Asia Pacific</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">263</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">215</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">23</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Total net sales ($ million)</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">5,239</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">5,249</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">0</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Operating income ($ million)</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">618</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">623</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(1</td><td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income (% of sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">11.8</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">11.9</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Net sales of tubular products and services</i> remained flat,
amounting to $5,239 million in the first nine months of 2019, compared to $5,249 million in the first nine months of 2018, reflecting
a 6% decrease in volumes offset by a 6% increase in average selling prices.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><font style="font-size: 10pt"><i>Operating income from tubular products
and services</i> amounted</font> to <font style="font-size: 10pt">$618 million in the first nine months of 2019 compared to $623
million in the first nine months of 2018. Results remained relatively flat reflecting stable revenues and margins. </font></p>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: #009900">
    <td style="font-size: 10pt; color: white; font-weight: bold; padding-left: 10pt">Others</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2019</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">9M 2018</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt; color: white; font-weight: bold; text-align: center">Increase/(Decrease)</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 67%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">315</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">305</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; color: #009900; text-align: right">3</td><td style="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income ($ million)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">63</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">70</td><td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">(9</td><td style="font-size: 10pt; color: #009900; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating margin (% of sales)</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">20.1</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt; color: #009900">&nbsp;</td>
    <td style="font-size: 10pt; color: #009900; text-align: left">&nbsp;</td><td style="font-size: 10pt; color: #009900; text-align: right">22.8</td><td style="font-size: 10pt; color: #009900; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>

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

<p style="font-size: 10pt; margin: 0pt 0"><i>Net sales of other products and services</i> increased 3% to $315 million in the first
nine months of 2019, compared to $305 million in the first nine months of 2018, however operating income declined due to a reduction
in margins.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>SG&amp;A</b> remained flat, amounting to $1,017 million, or 18.3%
of net sales during the first nine months of 2019, compared to $1,023 million, or 18.4% in the same period of 2018.</p>

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

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

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Financial results</b> amounted to a gain of $26 million in the
first nine months of 2019 compared to a gain of $44 million in the same period of 2018. While in both periods the gains are mainly
related to the Argentine peso devaluation, the nine-month period of 2018 also benefited from the Euro depreciation. In the first
nine months of 2019 we had an FX gain of $28 million; $34 million gain related to the Argentine peso devaluation (53%) on Peso
denominated liabilities at Argentine subsidiaries which functional currency is the U.S. dollar, partially offset by a $6 million
loss due to the devaluation of the Brazilian Real (7%) on U.S. dollar denominated intercompany liabilities at our Brazilian subsidiaries
which functional currency is the Brazilian Real.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Equity in earnings of non-consolidated companies</b> generated
a gain of $69 million in the first nine months of 2019, compared to a gain of $143 million in the first nine months of 2018. These
results are mainly derived from our equity investment in Ternium (NYSE:TX) and Usiminas.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Income tax</b> amounted to a charge of $193 million in the first
nine months of 2019, compared to $231 million in the first nine months of 2018. Both periods charges were affected by the Argentine
and Mexican peso devaluation on the tax base at our Argentine and Mexican subsidiaries which have the U.S. dollar as their functional
currency.</p>

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

<p style="font-size: 10pt; margin: 0pt 0"><b>Cash Flow and Liquidity of 2019 First Nine Months</b></p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">During the first nine months of 2019, net cash provided by operations
was $1,264 million, compared to $372 million in the same period of 2018. While in the first nine months of 2019 our working capital
decreased by $503 million in the same period of 2018 it increased by $659 million.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Capital expenditures amounted to $270 million in the first nine
months of 2019, similar to $274 million in the same period of 2018.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Free cash flow amounted to $994 million (18% of revenues) in the
first nine months of 2019, compared to $98 million (2%) in the same period of 2018.</p>

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">We reached a net cash position of $964 million at September 30,
2019.</p>

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

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

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

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Tenaris will hold a conference call to discuss the above reported
results, on October 31, 2019, at 10:00 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;5688609&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-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">A replay of the conference call will be available on our webpage
http://ir.tenaris.com/ or by phone from 1.00 pm ET on October 31 through 11:59 pm ET on November 8, 2019. To access the replay
by phone, please dial 855 859 2056 or 404 537 3406 and enter passcode &ldquo;5688609&rdquo; when prompted.</p>

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

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

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

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Some of the statements contained in this press release are &ldquo;forward-looking
statements&rdquo;. Forward-looking statements are based on management&rsquo;s current views and assumptions and involve known and
unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those
statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their
impact on investment programs by oil and gas companies.</i></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050">Three-month period ended September 30,</td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #00B050">&nbsp;</td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #00B050">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050">Nine-month period ended September 30,</td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #00B050">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Continuing operations</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">Unaudited</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">Unaudited</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 56%; font-size: 10pt; text-align: justify">Net sales</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">1,763,783</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">1,898,892</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">5,553,507</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">5,553,611</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Cost of sales</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,248,691</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,305,232</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,863,309</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,837,295</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Gross profit</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">515,092</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">593,660</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">1,690,198</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">1,716,316</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Selling, general and administrative expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(333,111</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(335,714</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,017,085</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,022,922</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating income (expense), net</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,139</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">551</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,511</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(264</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Operating income</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">187,120</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">258,497</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">680,624</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">693,130</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Finance Income</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">13,015</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">10,804</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">36,212</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">29,786</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Finance Cost</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(13,454</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(8,586</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(31,723</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(29,182</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other financial results</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,340</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,839</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,670</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">43,156</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">195,021</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">271,554</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">706,783</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">736,890</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Equity in earnings of non-consolidated companies</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,235</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">55,930</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">68,659</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">142,876</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Income before income tax</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">208,256</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">327,484</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">775,442</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">879,766</td><td style="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Income tax</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(107,741</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(80,355</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(192,639</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(230,931</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Income for the period</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">100,515</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">247,129</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">582,803</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">648,835</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Attributable to:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Owners of the parent</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">106,548</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">246,927</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">590,913</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">650,238</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Non-controlling interests</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(6,033</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">202</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(8,110</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,403</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">100,515</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">247,129</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">582,803</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">648,835</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
</table>


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

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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">(all amounts in thousands of U.S. dollars)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050">At September 30, 2019</td><td style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050">At December 31, 2018</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Unaudited</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="7" style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">ASSETS</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="3" style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Non-current assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 56%; font-size: 10pt; text-align: justify; padding-left: 10pt">Property, plant and equipment, net</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">6,111,975</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">&nbsp;</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">6,063,908</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">&nbsp;</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Intangible assets, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,565,891</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,465,965</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Right-of-use assets, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">240,182</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Investments in non-consolidated companies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">856,524</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">805,568</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Other investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">42,605</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">118,155</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Deferred tax assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">217,608</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">181,606</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Receivables, net</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">154,718</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">9,189,503</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">151,905</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">8,787,107</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Current assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Inventories, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,387,367</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,524,341</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Receivables and prepayments, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">111,673</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">155,885</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Current tax assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">157,056</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">121,332</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Trade receivables, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,310,213</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,737,366</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Derivative financial instruments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4,697</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">9,173</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Other investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">322,763</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">487,734</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Cash and cash equivalents</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,537,005</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">5,830,774</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">428,361</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">5,464,192</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total assets</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">15,020,277</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,251,299</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">EQUITY</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Capital and reserves attributable to owners of the parent</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11,955,266</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11,782,882</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Non-controlling interests</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">200,939</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">92,610</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">12,156,205</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,875,492</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">LIABILITIES</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Non-current liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Borrowings</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">49,050</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">29,187</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Lease liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">201,693</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Deferred tax liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">380,809</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">379,039</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Other liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">239,921</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">213,129</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Provisions</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">38,748</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">910,221</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">36,089</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">657,444</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Current liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Borrowings</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">873,822</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">509,820</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Lease liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">37,781</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">-</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Derivative financial instruments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">18,088</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11,978</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Current tax liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">130,961</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">250,233</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Other liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">233,838</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">165,693</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Provisions</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">27,921</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">24,283</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Customer advances</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">79,581</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">62,683</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Trade payables</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">551,859</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">1,953,851</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">693,673</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">1,718,363</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,864,072</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,375,807</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity and liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">15,020,277</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,251,299</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td></tr>
</table>



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

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050">Three-month period ended September 30,</td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #00B050">&nbsp;</td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #00B050">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050">Nine-month period ended September 30,</td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #00B050">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-bottom: 1pt">(all amounts in thousands of U.S. dollars)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">2018</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; background-color: white">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Cash flows from operating activities</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">Unaudited</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">Unaudited</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 56%; font-size: 10pt; text-align: justify">Income for the period</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">100,515</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right; background-color: white">247,129</td><td style="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">582,803</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">648,835</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Adjustments for:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Depreciation and amortization</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">134,624</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">135,044</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">401,179</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">417,247</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Income tax accruals less payments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">9,015</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">36,987</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(145,404</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">104,838</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Equity in earnings of non-consolidated companies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(13,235</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(55,930</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(68,659</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(142,876</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Interest accruals less payments, net</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3,411</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(811</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3,706</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5,964</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Changes in provisions</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3,182</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(5,194</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2,208</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(10,815</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Changes in working capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">157,313</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(301,306</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">503,358</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(658,961</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Currency translation adjustment and others</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7,889</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,074</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,696</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,288</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Net cash provided by operating activities</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">373,750</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">49,845</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,263,667</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">371,520</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Cash flows from investing activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Capital expenditures</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(86,643</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(77,938</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(269,707</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(273,669</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Changes in advance to suppliers of property, plant and equipment</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,149</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">719</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,185</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4,937</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Acquisition of subsidiaries, net of cash acquired</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">-</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(132,845</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Additions to associated companies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(9,800</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">-</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(9,800</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Loan to non-consolidated companies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(11,220</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">(14,740</td><td style="font-size: 10pt; text-align: left; background-color: white">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Repayment of loan by non-consolidated companies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">3,900</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">40,470</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">9,370</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Proceeds from disposal of property, plant and equipment and intangible assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">437</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">1,491</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,173</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4,199</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Dividends received from non-consolidated companies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">-</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">28,974</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">25,722</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Changes in investments in securities</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">24,463</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(47,655</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">254,369</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">348,423</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Net cash (used in) provided by investing activities</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(70,394</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(130,703</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(84,181</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">104,242</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Cash flows from financing activities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">Dividends paid</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(330,550</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(330,550</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Dividends paid to non-controlling interest in subsidiaries</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,200</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(590</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,872</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,698</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Changes in non-controlling interests</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Payments of lease liabilities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(9,388</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(28,835</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Proceeds from borrowings</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">387,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">147,296</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,031,716</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">723,303</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-bottom: 1pt">Repayments of borrowings</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(320,743</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(251,584</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(733,837</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(948,436</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net cash (used in) provided by financing activities</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">55,669</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(104,873</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(63,377</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(557,377</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right; background-color: white">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Increase (decrease) in cash and cash equivalents</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">359,025</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(185,731</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,116,109</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(81,615</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Movement in cash and cash equivalents</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">At the beginning of the period</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,183,017</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">427,256</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">426,717</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">330,090</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Effect of exchange rate changes</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(6,513</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5,495</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(7,297</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(12,445</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt">Increase (decrease) in cash and cash equivalents</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">359,025</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(185,731</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">1,116,109</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(81,615</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1.5pt">At September 30,</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,535,529</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">236,030</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,535,529</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">236,030</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
</table>



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

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

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

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

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

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

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

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900"><p style="margin-top: 0; margin-bottom: 0">Three-month period ended</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">September 30,</p></td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #009900">&nbsp;</td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #009900">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900"><p style="margin-top: 0; margin-bottom: 0">Nine-month period ended</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">September 30,</p></td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #009900">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">2019</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">2018</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">2019</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">2018</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; font-size: 10pt; text-align: left">Operating income</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">187,120</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">258,497</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">680,624</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">693,130</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Depreciation and amortization</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">134,624</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">135,044</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">401,179</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">417,247</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold">EBITDA</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">321,744</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">393,541</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">1,081,803</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">1,110,377</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
</table>

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

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

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

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

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900"><p style="margin-top: 0; margin-bottom: 0">Three-month period ended</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">September 30,</p></td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #009900">&nbsp;</td><td style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900"><p style="margin-top: 0; margin-bottom: 0">Nine-month period ended</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">September 30,</p></td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #009900">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; font-size: 10pt; text-align: left">Net cash provided by operating activities</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">373,750</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">49,845</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">1,263,667</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">371,520</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Capital expenditures</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(86,643</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(77,938</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(269,707</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(273,669</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Free cash flow</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">287,107</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">(28,093</td><td style="font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">993,960</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">97,851</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
</table>

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

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

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

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

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

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

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td><td style="font-size: 10pt; color: white; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900">At September 30,</td><td style="font-size: 10pt; color: white; font-weight: bold; background-color: #009900">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 70%; font-size: 10pt; text-align: left">Cash and cash equivalents</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">1,537,005</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">236,303</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Other current investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">322,763</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">794,330</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Non-current Investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">38,678</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">176,178</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(11,492</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(64,525</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Borrowings &ndash; current and non-current</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(922,872</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(734,130</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Net cash / (debt)</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">964,082</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">408,156</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
</table>

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

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

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

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

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
