<SEC-DOCUMENT>0001171843-20-007692.txt : 20201105
<SEC-HEADER>0001171843-20-007692.hdr.sgml : 20201105
<ACCEPTANCE-DATETIME>20201105172827
ACCESSION NUMBER:		0001171843-20-007692
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20201104
FILED AS OF DATE:		20201105
DATE AS OF CHANGE:		20201105

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:		201291666

	BUSINESS ADDRESS:	
		STREET 1:		26, BOULEVARD ROYAL, 4TH FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2449
		BUSINESS PHONE:		1-888-300-5432

	MAIL ADDRESS:	
		STREET 1:		26, BOULEVARD ROYAL, 4TH FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2449
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_110420.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 12pt"><B>FORM 6 - K</B></FONT></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 12pt"><B>Report of Foreign Private Issuer</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 12pt"><B>the Securities Exchange Act of 1934</B></FONT></P>

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

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

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 12pt"><B>As of 4 November, 2020</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 12pt"><B>TENARIS, S.A.</B></FONT></P>

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 12pt"><B>TENARIS, S.A.</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 12pt">26, Boulevard Royal, 4th floor</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 12pt">L-2449 Luxembourg</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 12pt">(Address of principal executive offices)</FONT></P>

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

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

<P STYLE="font-size: 10pt; text-align: center; text-indent: 21.3pt; margin: 0 2.45pt 0 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: 0">&nbsp;</P>

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

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

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0; margin-bottom: 0">Yes ___No <FONT STYLE="font-family: Symbol"><U>&Ouml;</U></FONT> &#9;</P>

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

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

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

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

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<P STYLE="margin: 0; font-size: 10pt">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 Tenaris 2020 Third Quarter Results.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 12pt">Date: 4 November, 2020</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 12pt">By: /s/ Cecilia Bilesio</FONT></P>

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

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="text-align: right; width: 50%"><IMG SRC="pr.jpg" ALT=""></TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 12pt"><B>Tenaris Announces 2020 Third Quarter Results</B></FONT></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Luxembourg, November 4, 2020</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,
2020 with comparison to its results for the quarter and nine months ended September 30, 2019.</P>

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

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

<P STYLE="font-size: 10pt; margin: 0"><B>Summary of 2020 Third Quarter Results</B></P>

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

<P STYLE="font-size: 10pt; margin: 0">(Comparison with second quarter of 2020 and third quarter of 2019)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>3Q 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>3Q 2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; width: 50%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net sales ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1,013</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1,241</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(18%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1,764</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(43%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating (loss) income ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(70)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(91)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">22%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">187</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(138%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net (loss) income ($ million) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(36)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(50)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">29%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">101</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(136%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Shareholders&rsquo; net (loss) income ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(33)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(48)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">31%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">107</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(131%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">(Losses) earnings per ADS ($)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(0.06)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(0.08)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">31%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">0.18</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(131%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">(Losses) earnings per share ($)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(0.03)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(0.04)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">31%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">0.09</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(131%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">EBITDA* ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">107</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">59</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">83%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">322</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(67%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">EBITDA margin (% of net sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">10.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">18.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="margin: 0; font-size: 10pt">*EBITDA is defined as operating (loss) income plus depreciation, amortization and impairment
charges / (reversals). EBITDA includes severance charges of $28 million in Q3 2020 and $54 million in Q2 2020. If these charges
were not included EBITDA would have been $135 million (13.4%) in Q3 2020 and $113 million (9,1%) in Q2 2020.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt">Our third quarter sales fell 18% sequentially and 43% year on
year, as drilling activity in the USA and the rest of the world declined further during the quarter. Our sales were also affected
by a 9% decline in our Tubes average selling prices as we did not repeat the exceptional mix of products sold in the second quarter.
Despite this further reduction in sales, EBITDA, excluding severance charges, rose 20% sequentially, reflecting an excellent industrial
performance and the progress we are making with our structural cost reduction plans.</P>

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

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

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

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Free cash flow remained strong at $376 million, including a further
reduction of $334 million in our working capital, which has now been reduced by $1.1 billion in the year to date. Our financial
position at September 30, 2020 amounted to a net cash position of $1.1 billion ($1.8 billion of liquid assets less $0.7 billion
of debt).</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Our board of directors approved the payment of an interim dividend of
$0.07 per share ($0.14 per ADS), or approximately $83 million. The payment date will be November 25, 2020 , with an ex-dividend
date on November 23, 2020 and record date on November 24, 2020.</P>

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

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

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

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

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The number of COVID-19 affected persons around the world continues
to rise as a second wave of cases has taken hold in Europe and a third wave in the United States, while in Latin America the number
of cases remains high. This is slowing down the recovery in the economy and pushing back the rebalancing of oil inventories and
a full return in consumption to pre-pandemic levels. In this environment, investments in exploration and production of oil and
gas will recover only slowly.</P>

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

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Drilling activity in the third quarter fell to levels not seen
in many years, both in North America and the rest of the world. It is, however, starting to pick up in North America and is returning
slowly following the COVID-19 induced shutdowns in Latin America. In the rest of the world, recovery may take longer.</P>

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

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">In this still uncertain environment, we anticipate a gradual
recovery in sales and margins, excluding severance charges, through the fourth quarter of 2020 and into 2021, and to maintain a
positive free cash flow.</P>

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

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

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

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

<P STYLE="margin: 0; font-size: 10pt"><B>Analysis of 2020 Third Quarter Results</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: white"><B>Tubes Sales volume (thousand metric tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>3Q 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>3Q 2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; width: 50%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Seamless</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">383 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt; color: #009900">446 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(14%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt; color: #009900">645 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt; color: #009900">(41%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Welded</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;99 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">108 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(9%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">150 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(34%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>482</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>554</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(13%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>796</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(39%)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: white"><B>Tubes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>3Q 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>3Q 2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; width: 50%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">(Net sales - $ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">North America</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">353</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">485</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(27%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">772</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(54%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">South America</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">131</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">145</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(10%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">308</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(57%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Europe</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">126</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(25%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">136</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(7%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Middle East &amp; Africa</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">262</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">308</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(15%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">369</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(29%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Asia Pacific</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">75</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">83</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(9%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">77</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(3%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Total net sales ($ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>946</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>1,190</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(20%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>1,661</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(43%)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Operating (loss) income ($ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(66)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(75)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>12%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>163</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(140%)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating margin (% of sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(6.9%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(6.3%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">9.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><I>Net sales of tubular products and services</I> decreased 20%
sequentially and 43% year on year. The sequential decrease reflects a 13% decrease in volumes and a 9% decrease in average selling
prices due to a poorer mix of products sold than in the previous quarter. In North America our sales decreased reflecting the decline
in drilling activity, particularly in the United States onshore market. In South America, sales declined mainly due to lower sales
in Brazil. In Europe sales declined reflecting lower sales of OCTG, mechanical and line pipe products. In the Middle East and Africa
sales decreased as lower sales to the Caspian and of line pipe to offshore projects in Africa were partially compensated by higher
sales in Saudi Arabia. In Asia Pacific our sales declined mainly due to lower sales in Indonesia.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><I>Operating result from tubular products and services,</I>
amounted to a loss of $66 million in the third quarter of 2020, compared to a loss of $75 million in the previous quarter and
a gain of $163 million in the third quarter of 2019. During the quarter leaving indemnities in the Tubes segment amounted to $27
million and were $24 million lower than the previous quarter. On the other hand, we recorded a $28 million higher depreciation
and amortization charge mainly related to the accelerated depreciation of the Prudential facility after the decision to close
it and consolidate our Canadian pipe manufacturing operations at our facility in Sault Ste. Marie, Ontario. Excluding these one-off
effects, the improvement in our operating result reflects a better industrial performance and the progress we are making with
our structural cost reduction plans.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>3Q 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>3Q 2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; width: 50%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net sales ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">29%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;102 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(35%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating (loss) income ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">70%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;&nbsp;&nbsp;24 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(119%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating margin (% of sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(6.9%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(29.5%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">23.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><I></I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><I>Net sales of other products and services</I> increased 29%
sequentially but declined 35% year on year. The increase in sales was mainly related to sucker rods and excess energy.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><B>Selling, general and administrative expenses, or SG&amp;A</B>,
amounted to $234 million, or 23.1% of net sales in the third quarter of 2020, compared to $286 million, 23.0% in the previous
quarter and $333 million, 18.9% in the third quarter of 2019. Sequentially the reduction in SG&amp;A expenses was mainly due to
lower selling expenses in line with the evolution of shipments, lower general expenses and severance charges.</P>

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<P STYLE="margin: 0 0 12pt; font-size: 10pt; text-align: justify"><IMG SRC="icon.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0 0 12pt; font-size: 10pt; text-align: justify"><B>Financial results </B>amounted to a loss of $15 million in
the third quarter of 2020, compared to a loss of $14 million in the previous quarter and a gain of $8 million in the third quarter
of 2019. The loss of the quarter corresponds mainly to a $13 million FX charge, mainly due to the Euro appreciation on Euro denominated
intercompany liabilities, largely compensated by changes to our currency translation adjustment reserve in equity.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><B>Equity in earnings of non-consolidated companies</B> generated
a gain of $21 million in the third quarter of 2020, compared to $4 million in the previous quarter and $13 million in the third
quarter of 2019. These results are mainly derived from our equity investment in Ternium (NYSE:TX) and Techgen.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><B>Income tax </B>was a gain of $28 million in the third quarter
of 2020, compared to $49 million gain in the previous quarter and $108 million charge in the third quarter of 2019. The lower gain
in the quarter corresponds mainly to lower operating losses.</P>

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

<P STYLE="font-size: 10pt; margin: 0"><B>Cash Flow and Liquidity of 2020 Third Quarter</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Net cash provided by operating activities during the third quarter of
2020 was $417 million, compared to $448 million in the previous quarter and $374 million in the third quarter of last year. During
the third quarter of 2020 the operating cash flow includes $334 million from the reduction in working capital.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt">Free cash flow during the quarter amounted to $376 million (37%
of revenues) after capital expenditures of $42 million and our net cash position increased to $1.1 billion at September 30, 2020,
from $670 million at June 30, 2020.</P>

<P STYLE="font-size: 10pt; margin: 0 0 12pt"><B>Analysis of 2020 First Nine Months Results</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; width: 49%; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>9M 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>9M 2019</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 17%"><FONT STYLE="font-size: 10pt; color: white"><B>Increase/(Decrease)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net sales ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">4,016</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">5,554</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(28%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating (loss) income ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(670)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">681</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(199%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net (loss) income ($ million) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(752)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">583</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(229%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Shareholders&rsquo; net (loss) income ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(741)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">591</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(225%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">(Losses) earnings per ADS ($)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(1.26)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(225%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">(Losses) earnings per share ($)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(0.63)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">0.50</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(225%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">EBITDA* ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">446</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1,082</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(59%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">EBITDA margin (% of net sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">11.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">19.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0">*EBITDA is defined as operating (loss) income plus depreciation, amortization and impairment
charges / (reversals). EBITDA includes severance charges of $105 million in 9M 2020. If these charges were not included EBITDA
would have been $551 million (13.7%) in 9M 2020.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; width: 49%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: white"><B>Tubes Sales volume (thousand metric tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>9M 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>9M 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Increase/(Decrease)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Seamless</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,495 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,959 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(24%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Welded</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;&nbsp;&nbsp;377 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(26%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>&nbsp;&nbsp;&nbsp;&nbsp;1,871 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;&nbsp;&nbsp;2,467
</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(24%)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; width: 49%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: white"><B>Tubes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>9M 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>9M 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Increase/(Decrease)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">(Net sales - $ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">North America</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1,717</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">2,528</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(32%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">South America</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">501</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">975</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(49%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Europe</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">429</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">488</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(12%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Middle East &amp; Africa</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">900</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">985</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(9%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Asia Pacific</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">247</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">263</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(6%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Total net sales ($ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>3,794</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>5,239</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(28%)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Operating (loss) income ($ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(619)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>618</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(200%)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating margin (% of sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(16.3%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">11.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><I>Net sales of tubular products and services</I> decreased 28%
to $3,794 million in the first nine months of 2020, compared to $5,239 million in the first nine months of 2019 due to a reduction
in volumes of 24% and a 5% decrease in average selling prices. Sales decrease in all regions and particularly steep in North and
South America where drilling activity in average declined 48% compared to the first nine months of 2019. In the rest of the world
the rig count declined 15% year on year.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"><I>Operating income from tubular
products and services</I> amounted</FONT> to <FONT STYLE="font-size: 10pt">a loss of $619 million in the first nine months of 2020
compared to a gain of $618 million in the first nine months of 2019. In addition to the decline in sales following the drop in
drilling activity, our results were negatively impacted by lower absorption of fixed costs and the inefficiencies related to the
low level of capacity utilization between March and September 2020. Additionally, Tubes operating income in the first nine months
of 2020 was affected by $102 million of severance charges and by an impairment charge of $582 million, reflecting the difficult
business conditions generated by COVID-19 pandemic, with the collapse in oil demand and prices and the impact on drilling activity
and on the demand for steel pipe products.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; width: 49%"><FONT STYLE="font-size: 10pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>9M 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>9M 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Increase/(Decrease)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net sales ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">&nbsp;&nbsp;&nbsp;&nbsp;222 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">315</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(29%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating (loss) income ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(51)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">63</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(181%)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating margin (% of sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(23.1%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">20.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0 0 12pt"><I>Net sales of other products and services</I> decreased 29% to $222 million in the
first nine months of 2020, compared to $315 million in the first nine months of 2019, mainly due to lower sales of sucker rods.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><B>SG&amp;A</B> amounted to $877 million in the first nine months
of 2020, representing 21.8% of sales, and $1,017 million in the first nine months of 2019, representing 18.3% of sales. During
the first nine months of 2020 SG&amp;A includes $45 million of leaving indemnities.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><B>Financial results</B> amounted to a loss of $51 million in
the first nine months of 2020 compared to a gain of $26 million in the same period of 2019. The loss in the year to date 2020 corresonds
to a net finance cost reflecting a lower net cash position and lower yields on the position and $38 million FX loss net of derivative
results, mainly due to the results of the Brazilian Real drepreciation and the Euro appreciation, which to a large extent are offset
by changes to our currency translation reserve.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><B>Equity in earnings of non-consolidated companies</B> generated
a gain of $27 million in the first nine months of 2020, compared to a gain of $69 million in the first nine months of 2019. These
results are mainly derived from our equity investment in Ternium (NYSE:TX) and Techgen.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"></P>

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<P STYLE="margin: 0 0 12pt; font-size: 10pt; text-align: justify"><B><IMG SRC="icon.jpg" ALT="">&nbsp;</B></P>

<P STYLE="margin: 0 0 12pt; font-size: 10pt; text-align: justify"><B>Income tax</B> amounted to a charge of $58 million in the
first nine months of 2020, compared to $193 million in the first nine months of 2019. The lower charge in the year to date 2020
is explained by deferred tax gains arising from operating losses in the last two quarters.</P>

<P STYLE="font-size: 10pt; margin: 0"><B>Cash Flow and Liquidity of 2020 First Nine Months</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt">Net cash provided by operations during the first nine months
of 2020 was $1,381 million (including $1,097 million working capital reduction), compared to $1,264 million ( including $503 million
working capital reduction) in the same period of 2019.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt">Capital expenditures amounted to $155 million in the first nine
months of 2020, 42% lower than the $270 million invested in the same period of 2019.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt">Free cash flow amounted to $1,226 million (31% of revenues) in
the first nine months of 2020, compared to $994 million (18%) in the same period of 2019.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Our financial position at September 30, 2020 amounted to a net cash
position of $1.1 billion ($1.8 billion of liquid assets less $0.7 billion of debt), after having paid $1.0 billion for the acquisition
of IPSCO in January 2020.</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Tenaris will hold a conference call to discuss the above reported results,
on November 5, 2020, 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;2889855&rdquo;. Please dial in 10 minutes before the scheduled start time. The conference call will be also available
by webcast at ir.tenaris.com/events-and-presentations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><FONT STYLE="font-size: 10pt">A replay of the conference call will be
available on our webpage </FONT>http://ir.tenaris.com/ <FONT STYLE="font-size: 10pt">or by phone from 1.00 pm ET on November 5
through 1:00 pm ET on November 13, 2020. To access the replay by phone, please dial +1 855 859 2056 or +1 404 537 3406 and enter
passcode &ldquo;2889855&rdquo; when prompted.</FONT></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><I>Press releases and financial statements can be downloaded from Tenaris&rsquo;s
website at http://ir.tenaris.com/</I></P>

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

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

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<P STYLE="margin: 0; font-size: 10pt"><B><IMG SRC="icon.jpg" ALT="">&nbsp;</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #00B050; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; color: white"><B>Three-month period ended</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; color: white"><B>September 30, </B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #00B050; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; color: white"><B>Nine-month period ended</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; color: white"><B>September 30,</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 56%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Continuing operations</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,012,750</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,763,783</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,016,106</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,553,507</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(855,873)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,248,691)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,191,860)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,863,309)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>156,877</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>515,092</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>824,246</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,690,198</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Selling, general and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(234,081)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(333,111)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(877,090)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,017,085)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Impairment charge</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(622,402)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Other operating income (expense), net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6,888</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,139</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,790</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">7,511</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Operating (loss) income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(70,316)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>187,120</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(670,456)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>680,624</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Finance Income</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,904</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">13,015</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">10,573</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">36,212</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Finance Cost</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,567)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(13,454)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(22,427)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(31,723)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(13,377)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">8,340</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(39,013)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">21,670</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>(Loss) income before equity in earnings of non-consolidated companies and income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(85,356)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>195,021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(721,323)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>706,783</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">21,144</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">13,235</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">27,439</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">68,659</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>(Loss) income before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(64,212)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>208,256</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(693,884)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>775,442</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">28,328</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(107,741)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(58,039)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(192,639)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>(Loss) income for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(35,884)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>100,515</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(751,923)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>582,803</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Owners of the parent</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(32,946)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">106,548</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(740,975)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">590,913</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(2,938)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,033)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(10,948)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(8,110)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(35,884)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>100,515</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(751,923)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>582,803</B></FONT></TD></TR>
</TABLE>
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<P STYLE="font-size: 10pt; margin: 0"><B></B></P>

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

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

<P STYLE="font-size: 10pt; margin: 0"><B>Consolidated Condensed Interim Statement of Financial Position</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars) </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B050; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>At September 30, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; background-color: #00B050; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B050; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>At December 31, 2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 49%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 15%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 10%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Property, plant and equipment, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,273,586</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,090,017</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Intangible assets, net </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,444,648</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,561,559</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Right-of-use assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">261,284</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">233,126</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Investments in non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">872,234</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">879,965</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Other investments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">178,115</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">24,934</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">310,949</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">225,680</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Receivables, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">150,597</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,491,413</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">157,103</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,172,384</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Inventories, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,621,644</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,265,880</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Receivables and prepayments, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">84,008</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">104,575</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Current tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">122,917</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">167,388</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Trade receivables, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">910,006</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,348,160</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,617</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">19,929</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Other investments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">620,510</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">210,376</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,005,152</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,370,854</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,554,299</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,670,607</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>13,862,267 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>14,842,991 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>EQUITY&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Capital and reserves attributable to owners of the parent</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,182,057</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,988,958</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">185,228</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">197,414</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Total equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,367,285 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>12,186,372 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">304,260</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">40,880</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">219,996</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">192,318</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Deferred tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">424,365</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">336,982</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">239,911</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">251,383</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">75,810</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,264,342</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">54,599</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">876,162</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">401,374</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">781,272</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">47,556</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">37,849</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">14,542</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,814</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Current tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">91,481</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">127,625</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Other liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">229,980</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">176,264</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">12,879</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">17,017</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Customer advances</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">68,833</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">82,729</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">363,995</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,230,640</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">555,887</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,780,457</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,494,982 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,656,619 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>13,862,267 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>14,842,991 </B></FONT></TD></TR>
</TABLE>
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<P STYLE="margin: 0; font-size: 10pt"></P>

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

<P STYLE="margin: 0; font-size: 10pt"><B>Consolidated Condensed Interim Statement of Cash Flow </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #00B050; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Three-month period ended <BR>
September 30, </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #00B050; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Nine-month period ended <BR>
September 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 50%"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars) </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Cash flows from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;Unaudited </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(Loss) income for the period</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(35,884)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">100,515</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(751,923)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">582,803</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Adjustments for:</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">177,602</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">134,624</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">493,782</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">401,179</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Impairment charge</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">622,402</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Income tax accruals less payments</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(55,288)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">9,015</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(57,583)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(145,404)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(21,144)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(13,235)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(27,439)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(68,659)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Interest accruals less payments, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">171</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(3,411)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,542</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,706)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in provisions</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,798</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(3,182)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(9,983)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,208)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in working capital</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">334,169</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">157,313</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,097,209</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">503,358</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Currency translation adjustment and others</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">15,848</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(7,889)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">12,922</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,696)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Net cash provided by operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>417,272</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>373,750</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,380,929</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,263,667</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Cash flows from investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(41,571)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(86,643)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(155,156)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(269,707)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in advance to suppliers of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">709</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">1,149</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">826</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,185</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Acquisition of subsidiaries, net of cash acquired</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">38,481</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,025,367)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(132,845)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Additions to associated companies</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(9,800)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(9,800)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Repayment of loan by non-consolidated companies&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">40,470</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Proceeds from disposal of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">10,519</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">437</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,684</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,173</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dividends received from non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">278</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">28,974</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in investments in securities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(307,789)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">24,463</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(563,228)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">254,369</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Net cash (used in) investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(299,651)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(70,394)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,730,963)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(84,181)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Cash flows from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dividends paid</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(330,550)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Dividends paid to non-controlling interest in subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,200)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,872)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Changes in non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Payments of lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(10,870)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(9,388)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(35,813)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(28,835)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">116,104</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">387,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">558,352</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,031,716</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Repayments of borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(127,031)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(320,743)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(698,153)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(733,837)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Net cash (used in) provided by financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(21,797)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>55,669</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(175,612)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(63,377)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>95,824</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>359,025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(525,646)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,116,109</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Movement in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">At the beginning of the period</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">910,898</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,183,017</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,554,275</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">426,717</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Effect of exchange rate changes </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,324)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,513)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(24,231)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(7,297)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Increase (decrease) in cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">95,824</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">359,025</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(525,646)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,116,109</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,004,398</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,535,529</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,004,398</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,535,529</B></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt"><B>&nbsp;<IMG SRC="icon.jpg" ALT=""></B></P>

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

<P STYLE="font-size: 10pt; margin: 0"><B>Exhibit I &ndash; Alternative performance measures </B></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #009900; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Three-month period ended <BR>
September 30, </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #009900; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Nine-month period ended <BR>
September 30,</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Operating (loss) income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(70,316)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">187,120</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(670,456)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">680,624</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">177,602</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">134,624</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">493,782</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">401,179</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">622,402</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #009900"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>107,286</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>321,744</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>445,728</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,081,803</B></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0 0 12pt"><B>Free Cash Flow</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt">Free cash flow is a measure of financial performance, calculated
as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the
money required to maintain or expand its asset base.</P>

<P STYLE="font-size: 10pt; margin: 0 0 12pt">Free cash flow is calculated in the following manner:</P>

<P STYLE="font-size: 10pt; margin: 0 0 12pt">Free cash flow = Net cash (used in) provided by operating activities - Capital expenditures.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #009900; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Three-month period ended <BR>
September 30, </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #009900; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Nine-month period ended <BR>
September 30,</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Net cash provided by operating activities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">417,272</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">373,750</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,380,929</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,263,667</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(41,571)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(86,643)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(155,156)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(269,707)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #009900"><B>Free cash flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>375,701</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>287,107</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,225,773</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>993,960</B></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0"><B>&nbsp;</B></P>

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

<!-- Field: Page; Sequence: 12 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font-size: 10pt; margin: 0 0 12pt"><B><IMG SRC="icon.jpg" ALT="">&nbsp;</B></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #009900; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>At September 30,</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 70%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,005,152</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,537,005</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Other current investments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">620,510</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">322,763</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Non-current investments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">167,409</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">38,678</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Derivatives hedging borrowings and investments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(7,673)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(11,492)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Current borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(401,374)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(873,822)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Non-current borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(304,260)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(49,050)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #009900"><B>Net cash / (debt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,079,764</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>964,082</B></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

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

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