<SEC-DOCUMENT>0001171843-21-001340.txt : 20210225
<SEC-HEADER>0001171843-21-001340.hdr.sgml : 20210225
<ACCEPTANCE-DATETIME>20210225162047
ACCESSION NUMBER:		0001171843-21-001340
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210224
FILED AS OF DATE:		20210225
DATE AS OF CHANGE:		20210225

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:		21680643

	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_022421.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>As of 24 February, 2021</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Form 20-F <FONT STYLE="font-family: Symbol"><U>&Ouml;_</U></FONT>
Form 40-F<U> __</U></P>

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

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

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

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Yes __ No <FONT STYLE="font-family: Symbol"><U>&Ouml;_</U></FONT></P>

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="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 </FONT>2020 Fourth Quarter and Annual Results.</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Date: 24 February, 2021</FONT></P>

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 2.5in"><FONT STYLE="font-size: 12pt">Tenaris, S.A.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><IMG SRC="logo.jpg" ALT="" STYLE="height: 46px; width: 150px"></TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 33%"><IMG SRC="logo2.jpg" ALT="" STYLE="height: 38px; width: 150px"></TD></TR>
</TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; color: silver"><FONT STYLE="color: #999999">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: silver"><FONT STYLE="color: #999999">Giovanni Sardagna</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: silver"><FONT STYLE="color: #999999">Tenaris</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: silver"><FONT STYLE="color: #999999">1-888-300-5432</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: silver"><FONT STYLE="color: #999999">www.tenaris.com</FONT></P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Tenaris Announces 2020 Fourth Quarter and Annual Results</B></FONT></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Luxembourg, February 24, 2021.</B> - Tenaris S.A. (NYSE and Mexico:
TS and MTA Italy: TEN) (&ldquo;Tenaris&rdquo;) today announced its results for the fourth quarter and year ended December 31, 2020
with comparison to its results for the fourth quarter and year ended December 31, 2019.</P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Summary of 2020 Fourth Quarter Results</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">4Q 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">4Q 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">1,131</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">1,013</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">12</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">1,741</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">(35</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income (loss) ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">7</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(70</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">111</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">152</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(95</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net income (loss) ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">110</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(36</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">405</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">148</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(26</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Shareholders&rsquo; net income (loss) ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">107</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(33</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">423</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">152</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(30</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Earnings (losses) per ADS ($)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">0.18</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(0.06</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">423</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">0.26</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(30</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-indent: 9pt">Earnings (losses) per share ($)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">0.09</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(0.03</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">423</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">0.13</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(30</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA* ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">192</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">107</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">79</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">290</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(34</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA margin (% of net sales)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">17.0</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">10.6</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">16.7</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">*EBITDA is defined as operating income (loss) plus depreciation,
amortization and impairment charges / (reversals). EBITDA includes severance charges of $37 million in 4Q 2020 and $28 million
in 3Q 2020. If these charges were not included EBITDA would have been $229 million (20.3%) in 4Q 2020 and $135 million (13.4%)
in 3Q 2020.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In the fourth quarter of 2020, our sales rose 12% sequentially driven
by a gradual recovery in drilling activity in the Americas and a good mix of products sold in the Middle East. EBITDA, which included
restructuring costs of $37 million and one-off gains of $17 million due to the reversal of a provision on a claim against the former
IPSCO in Canada and the recovery of a tax credit in Brazil, rose 79% sequentially, reflecting a better industrial performance and
the operating leverage of higher volumes on a lower fixed cost base after the restructuring measures implemented during the year.
Net income benefited from a strong contribution from our investment in Ternium and a positive tax charge.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">During the quarter, cash flow from operations amounted to $139 million,
which included an increase in working capital of $38 million reflecting the recovery in activity. After capital expenditures of
$38 million and dividend payments of $83 million, our net cash position remained stable at $1.1 billion.</P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Summary of 2020 Annual Results</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">12M 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">12M 2019</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold">Increase/(Decrease)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">5,147</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">7,294</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">(29</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating (loss) income ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(663</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">832</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(180</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net (loss) income ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(642</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">731</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(188</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Shareholders&rsquo; net (loss) income ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(634</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">743</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(185</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">(Losses) earnings per ADS ($)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(1.07</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">1.26</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(185</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-indent: 9pt">(Losses) earnings per share ($)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(0.54</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">0.63</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(185</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA* ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">638</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">1,372</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(53</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">EBITDA margin (% of net sales)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">12.4</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">18.8</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt">*EBITDA is defined as operating (loss) income plus depreciation, amortization and impairment
charges / (reversals). EBITDA includes severance charges of $142 million in 2020. If these charges were not included EBITDA would
have been $780 million (15.2%) in 2020.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our sales and results in 2020 were severely affected by the COVID-19
pandemic, the measures taken around the world to contain it, the impact this had on global oil demand which caused a collapse in
prices and rapid build up of excess inventories, and the consequent drop in investments in drilling activity by our oil and gas
customers. While sales held up relatively well in the Eastern Hemisphere regions, they plunged, along with drilling activity, in
the Americas, where, in Argentina for example, drilling activity was halted for a couple of months. Overall, sales declined 29%
year on year and EBITDA, which included $142 million of restructuring charges fell 53% to $638 million, reflecting the lower absorption
of fixed costs as well as lower sales, while we met our target for a reduction in our fixed cost structure of $230 million annualized
by the end of the year.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">For the year, we recorded a net loss attributable to owners of the
parent company of $634 million, or ($1.07) per ADS. This included an impairment charge of $622 million on the carrying value of
goodwill and other assets in the United States, mainly related to the former IPSCO business and our welded pipe operations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Cash flow provided by operating activities amounted to $1.5 billion
during 2020, as we exceeded our target for reductions in working capital. Capital expenditures were also reduced in line with our
target to $193 million in 2020, compared to the $350 million invested in 2019. Free cash flow, which amounted to $1.3 billion (26%
of revenues) in 2020, exceeded the $1.2 billion (16%) we generated in 2019.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our financial position at December 31, 2020 amounted to a net cash
position of $1.1 billion ($1.7 billion of liquid assets less $0.6 billion of debt), after having paid $1.0 billion for the acquisition
of IPSCO in January 2020.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our Board of Directors has approved a medium-term target to reduce
the carbon emissions intensity rate of its operations by 2030 by 30%, compared to its level in 2018, considering scope 1, 2 and
3 emissions. We aim to achieve this target by using a higher proportion of recycled steel scrap in the metallic mix, investments
to increase energy efficiency and the use of renewable energy for part of our energy requirements.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This target forms part of a broader long-term objective of reaching
carbon neutrality. This will depend on the development of emerging technologies and market and regulatory conditions, including
carbon pricing and customer support. To further this objective, we will actively pursue the development of technologies involving
the use of hydrogen and carbon capture, with partners, including our affiliated company Tenova, and participate in pilot projects
such as the one we recently announced to use hydrogen in our Dalmine steel shop in Italy.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">To accelerate the fulfilment of these targets, we will implement
the use of an internal carbon price at a minimum of $80/ton for evaluating investments and more generally in our operations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Board of Directors has nominated its Vice-Chairman, Germ&aacute;n
Cur&aacute;, to oversee the development and implementation of the Company&rsquo;s strategy for climate change going forward.</P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Market Background and Outlook</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">With vaccination programs starting to be rolled out in many countries,
economic activity is recovering in many sectors, though selected lockdowns are still being implemented to contain the spread of
new and more infectious variants of the original COVID-19 strain. Global oil consumption is increasing along with industrial production
and mobility, while OPEC+ countries continue to contain production levels and Saudi Arabia is implementing an additional production
cut during February and March. Oil prices have returned to levels where selective investment activity could move forward and natural
gas prices have also increased following temporary market shortages due to weather events and production outages.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Drilling activity in the US and Canada has risen over the past three
months, as it has in Latin America, and may continue to rise further through the year. In the Eastern Hemisphere, drilling activity
may be close to bottoming out but we do not expect any significant recovery this year.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In this still uncertain environment, we anticipate a gradual recovery
in sales through most of the year. In the first quarter, however, our EBITDA will be impacted in around $20 million by additional
costs and production losses in USA and Mexico associated to this month&rsquo;s Texas gas and power shortages. After a first quarter
EBITDA similar to that of the fourth quarter 2020, from the second quarter, EBITDA should increase with margins stabilizing around
20% as price increases compensate for higher raw material costs.<BR STYLE="clear: both"></P>

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

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

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Upon approval of the Company&acute;s annual accounts in March 2021,
the board of directors intends to propose, for approval of the annual general shareholders&rsquo; meeting to be held on May 3,
2021, the payment of dividends in an aggregate amount of approximately $248 million, which would include the interim dividend of
approximately $83 million paid in November 2020. If the annual dividend is approved by the shareholders, a dividend of $0.14 per
share ($0.28 per ADS), or approximately $165 million, will be paid on May 26, 2021, with an ex-dividend date on May 24, 2021 and
record date on May 25, 2021.</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Analysis of 2020 Fourth Quarter Results</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="font-size: 10pt; color: white; font-weight: bold">Tubes Sales volume (thousand metric tons)</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">4Q 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">4Q 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; color: #009900; text-indent: 9pt">Seamless</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">423</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">383</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">10</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">641</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">(34</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-indent: 9pt">Welded</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">103</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">99</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">4</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">164</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(37</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-indent: 9.05pt">Total</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">526</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">482</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">9</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">805</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(35</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="font-size: 10pt; color: white; font-weight: bold">Tubes</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">4Q 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">4Q 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">(Net sales - $ million)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">North America</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">391</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">353</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">11</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">779</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">(50</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">South America</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">160</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">131</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">22</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">265</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(40</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-indent: 9pt">Europe</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">137</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">126</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">8</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">153</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(11</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Middle East &amp; Africa</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">294</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">262</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">12</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">352</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(16</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Asia Pacific</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">68</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">75</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(9</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">82</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(17</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Total net sales ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">1,050</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">946</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">11</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">1,631</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(36</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Operating income (loss) ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">3</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(66</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">105</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">138</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(98</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating margin (% of sales)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">0.3</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(6.9</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">8.5</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Net sales of tubular products and services</I> increased 11%
sequentially and decreased 36% year on year. Volumes increased 9% sequentially while average selling prices increased 2%. In North
America, sales increased sequentially 11% reflecting higher sales of OCTG products in the USA and Canada as drilling activity ramps
up. In South America, sales increased 22% sequentially as drilling activity gradually recovers across the region. In Europe sales
increased 8% mainly due to higher sales of mechanical pipes to the industrial sector. In the Middle East and Africa sales were
up 12% sequentially, reflecting higher sales of OCTG in the Middle East. In Asia Pacific sales declined 9% sequentially due to
lower sales of industrial and line pipe products.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Operating income from tubular products and services, amounted to
$3 million in the fourth quarter of 2020, compared to a loss of $66 million in the previous quarter and a gain of $138 million
in the fourth quarter of 2019. During the quarter leaving indemnities in the Tubes segment amounted to $37 million, $9 million
more than in the previous quarter. The improvement in our Tubes operating result reflects a better industrial performance and the
operating leverage of higher volumes on a lower fixed cost base after the restructuring measures implemented during the year.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="font-size: 10pt; color: white; font-weight: bold">Others</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">4Q 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">3Q 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">4Q 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">81</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">66</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">22</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">109</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">(26</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating income (loss) ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">4</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(5</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">188</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">14</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(71</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating margin (% of sales)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">5.0</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(6.9</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">12.6</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Net sales of other products and services</I> increased 22% sequentially
and declined 26% year on year. The sequential increase in sales is mainly due to the improvement in the sucker rods and coiled
tubing businesses, mainly due to the recovery of drilling activity, in particular in the Americas.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Selling, general and administrative expenses, or SG&amp;A, amounted
to $242 million (21.4% of net sales), compared to $234 million (23.1%) in the previous quarter and $349 million (20.0%) in the
fourth quarter of 2019. SG&amp;A during the quarter included $16 million of leaving indemnities compared to $9 million in the previous
quarter. Excluding leaving indemnities, SG&amp;A remained relatively flat compared to the previous quarter in absolute terms but
declined 220 basis points as a percentage of sales due to the increase in sales. Additionally, SG&amp;A of the quarter, included
a $9 million gain due to the reversal of a provision on a claim against the former IPSCO in Canada.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Other operating income (expense) amounted to a net gain of $14 million
in the fourth quarter of 2020, compared with a gain of $7 million in the previous quarter and a gain of $4 million in the fourth
quarter of 2019. In the fourth quarter of 2020, we recognized a gain of approximately $8 million for a favorable decision on a
fiscal litigation in Brazil.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Financial results</B> amounted to a loss of $14 million in the
fourth quarter of 2020, compared to a loss of $15 million in the previous quarter and a loss of $7 million in the fourth quarter
of 2019. The loss of the quarter corresponds mainly to a $13 million FX charge due to the Euro appreciation on Euro denominated
intercompany liabilities at subsidiaries whose functional currency is the USD, largely compensated by changes to our currency translation
adjustment reserve in equity.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Equity in earnings of non-consolidated companies</B> generated
a gain of $81 million in the fourth quarter of 2020, compared to $21 million in the previous quarter and $13 million in the same
period of 2019. These positive results are mainly derived from our equity investment in Ternium (NYSE:TX) and Usiminas.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Income tax </B>was a gain of $35 million in the fourth quarter
of 2020, compared to a $28 million gain in the previous quarter and $10 million charge in the fourth quarter of 2019. Income tax
continues to be affected by losses which generates tax credits and during the quarter was affected by the effect on the tax base
of the revaluation of the Mexican Peso, Canadian Dollar and Colombian Peso, partially offset by the Argentine Peso devaluation.</P>

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Cash Flow and Liquidity of 2020 Fourth Quarter</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Net cash provided by operations during the fourth quarter of 2020
was $139 million, compared with $417 million in the previous quarter and $264 million in the fourth quarter of 2019. With the recovery
in activity our working capital increased by $38 million during the fourth quarter of 2020 mainly due to higher receivables and
inventories partially offset by higher accounts payables.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Capital expenditures amounted to $38 million for the fourth quarter
of 2020, compared to $42 million in the previous quarter and $80 million in the fourth quarter of 2019.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Free cash flow amounted to $101 million during the quarter, compared
to $376 million in the previous quarter and $184 million in the fourth quarter of 2019. After paying an $83 million dividend during
the quarter, at December 31, 2020 our net cash position amounted to $1.1 billion, similar to the end of the previous quarter.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="font-size: 10pt; color: white; font-weight: bold">Tubes Sales volume (thousand metric tons)</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">12M 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">12M 2019</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">Increase/(Decrease)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; color: #009900; text-indent: 9pt">Seamless</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">1,918</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">2,600</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">(26</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-indent: 9pt">Welded</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">480</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">671</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(28</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-indent: 9.05pt">Total</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">2,398</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">3,271</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(27</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="font-size: 10pt; color: white; font-weight: bold">Tubes</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">12M 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">12M 2019</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">Increase/(Decrease)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">(Net sales - $ million)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">North America</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">2,108</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">3,307</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">(36</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">South America</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">660</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">1,240</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(47</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-indent: 9pt">Europe</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">566</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">641</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(12</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Middle East &amp; Africa</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">1,194</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">1,337</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(11</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Asia Pacific</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">315</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">345</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(9</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Total net sales ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">4,844</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">6,870</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(29</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left; text-indent: 9.05pt">Operating (loss) income ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(616</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">755</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: right">(182</TD><TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating margin (% of sales)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(12.7</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">11.0</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Net sales of tubular products and services</I> decreased 29%
to $4,844 million in 2020, compared to $6,870 million in 2019, reflecting a 27% decline in volumes and a 4% decrease in average
selling prices. In North America, we had lower volumes and prices across the region where activity was severely affected by the
downturn in oil prices and the pandemic. In South America we also had lower volumes and prices across the region where activity
was severely affected by the downturn in oil prices and the pandemic, except in Brazil where offshore drilling activity continued.
In Europe, while sales of OCTG in the North Sea and line pipe for downstream processing remained stable, sales of mechanical and
other products declined. In the Middle East &amp; Africa, while sales in Saudi Arabia declined, they were compensated by higher
OCTG sales in the rest of the Middle East. Line pipe for deepwater product in West Africa and downstream projects through the region
declined. In Asia Pacific, our sales declined mainly driven by lower sales in Thailand.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Operating results from tubular products and services</I>, amounted
to a loss of $616 million in 2020, compared to a gain of $755 million in 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 since March 2020. Additionally, Tubes operating income was affected by $139 million of
severance charges, 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
and by $138 million higher depreciation and amortization charge mainly related to the incorporation of the IPSCO facilities and
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.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="font-size: 10pt; color: white; font-weight: bold">Others</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">12M 2020</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">12M 2019</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center">Increase/(Decrease)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Net sales ($ million)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">303</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">424</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #009900; text-align: right">(29</TD><TD STYLE="width: 1%; font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating (loss) income ($ million)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(47</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">77</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(161</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left; text-indent: 9pt">Operating margin (% of sales)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">(15.6</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%)</TD><TD STYLE="font-size: 10pt; color: #009900">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #009900; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: right">18.2</TD><TD STYLE="font-size: 10pt; color: #009900; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Net sales of other products and services</I> declined 29% from
$424 million in 2019 to $303 million in 2020, mainly due to lower sales of energy related products, i.e., sucker rods and coiled
tubing.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Operating results from other products and services</I><B>, </B>amounted
to a loss of $47 million in 2020, compared to a gain of $77 million in 2019. Others segment in 2020 includes impairment charges
for $40 million, as well as charges for leaving indemnities amounting to $4 million. Additionally, results in 2020 were negatively
impacted by lower absorption of fixed costs and the inefficiencies related to the low level of capacity utilization since March
2020.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Selling, general and administrative expenses</B>, or SG&amp;A,
amounted to $1,119 million (21.7% of net sales), compared to $1,366 million (18.7%) in 2019. SG&amp;A during 2020 included $61
million of leaving indemnities. The $247 million reduction in SG&amp;A was mainly due to lower selling expenses and fixed costs,
net of higher depreciation and amortization related mainly to the incorporation of IPSCO.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Financial results</B> amounted to a loss of $65 million in 2020,
compared to a gain of $19 million in 2019. The loss in 2020 corresponds to a net finance cost of $9 million, reflecting a lower
net cash position and lower yields on the position and $55 million FX loss net of derivative results, mainly due to a 9% Euro appreciation
on Euro denominated intercompany liabilities at subsidiaries whose functional currency is the U.S. dollar and a 29% Brazilian Real
depreciation on USD denominated intercompany liabilities at subsidiaries in Brazil whose functional currency is the Brazilian Real,
both results are to a large extent offset by changes to our currency translation reserve.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Equity in earnings of non-consolidated companies</B> generated
a gain of $109 million in 2020, compared to $82 million in 2019. These results were mainly derived from our equity investment in
Ternium (NYSE:TX), Techgen and Usiminas.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Income tax charge </B>amounted to $23 million in 2020, compared
to $202 million in 2019. The lower charge in 2020 is explained by deferred tax gains arising from losses since the COVID-19 outbreak
around March 2020.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Net results for continuing operations </B>amounted to a loss
of $642 million in 2020, compared with a gain of $731 million in 2019. The lower results reflect a worse operating environment,
include impairment and severance charges, worse financial results, partially compensated by a higher contribution from our non-consolidated
investments, mainly Ternium and lower taxes.</P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Cash Flow and Liquidity of 2020</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Cash flow provided by operating activities amounted to $1.5 billion
during 2020, similar to 2019 as the lower contribution from operating results was compensated by a higher contribution from the
reduction in working capital which amounted to $1.1 billion in 2020.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Capital expenditures amounted to $193 million in 2020, a reduction
of $157 million compared to the $350 million invested in 2019.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Free cash flow amounted to $1.3 billion (26% of revenues) in 2020,
compared to $1.2 billion (16%) in 2019.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Our financial position at December 31, 2020 amounted to a net cash
position of $1.1 billion ($1.7 billion of liquid assets less $0.6 billion of debt), after having paid $1.0 billion for the acquisition
of IPSCO in January 2020.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Tenaris will hold a conference call to discuss the above reported
r<FONT STYLE="color: Black">esults, on February 25, 2021, 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;9369019&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.</FONT></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">A replay of the conference call will be
available on our webpage</FONT> <FONT STYLE="color: Black">ir.tenaris.com/events-and-presentations <FONT STYLE="font-size: 10pt">or
by phone from 1:00 pm ET on February 25 through 1:00 pm on March 5, 2021. To access the replay by phone, please dial +1 855 859
2056 or +1 404 537 3406 and enter passcode &ldquo;9</FONT>369019<FONT STYLE="font-size: 10pt">&rdquo; when prompted.</FONT></FONT></P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050"><P STYLE="margin-top: 0; margin-bottom: 0">Three-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD><TD STYLE="font-size: 10pt; background-color: #00B050; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050"><P STYLE="margin-top: 0; margin-bottom: 0">Twelve-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Continuing operations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: justify">Net sales</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,130,628</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,740,548</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,146,734</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">7,294,055</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Cost of sales</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(895,457</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,244,186</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,087,317</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,107,495</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Gross profit</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">235,171</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">496,362</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,059,417</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">2,186,560</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(242,137</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(348,889</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,119,227</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,365,974</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Impairment charge</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(622,402</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating income (expense), net</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">14,351</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,294</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">19,141</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,805</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Operating income (loss)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">7,385</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">151,767</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(663,071</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">832,391</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance Income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,814</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,785</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,387</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">47,997</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance Cost</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,587</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11,658</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(27,014</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(43,381</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other financial results</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(17,355</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7,003</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(56,368</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">14,667</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">(Loss) Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">(6,743</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">144,891</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(728,066</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">851,674</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Equity in earnings of non-consolidated companies</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">81,360</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,377</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">108,799</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">82,036</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Income (loss) before income tax</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">74,617</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">158,268</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(619,267</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; background-color: white">933,710</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Income tax</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,889</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(9,813</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(23,150</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(202,452</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Income (loss) for continuing operations</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">109,506</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">148,455</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(642,417</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right; background-color: white">731,258</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Owners of the parent</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">106,557</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">151,773</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">(634,418</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">742,686</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">2,949</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(3,318</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">(7,999</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(11,428</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">109,506</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">148,455</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(642,417</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">731,258</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
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<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Consolidated Statement of Financial Position</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050">At December 31, 2020</TD><TD STYLE="font-size: 10pt; background-color: #00B050; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050">At December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Non-current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 48%; font-size: 10pt; text-align: justify">Property, plant and equipment, net</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,193,181</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,090,017</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Intangible assets, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,429,056</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,561,559</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Right-of-use assets, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">241,953</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">233,126</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Investments in non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">957,352</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">879,965</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Other investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">247,082</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,934</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Deferred tax assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">205,590</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">225,680</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Receivables, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">154,303</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">9,428,517</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">157,103</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">9,172,384</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Inventories, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,636,673</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,265,880</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Receivables and prepayments, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">77,849</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">104,575</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Current tax assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">136,384</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">167,388</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Trade receivables, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">968,148</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,348,160</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Derivative financial instruments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,449</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,929</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Other investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">872,488</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">210,376</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">584,681</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">4,287,672</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,554,299</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">5,670,607</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">13,716,189</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,842,991</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Capital and reserves attributable to owners of the parent</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,262,888</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,988,958</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">183,585</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">197,414</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,446,473</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">12,186,372</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">LIABILITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Non-current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">315,739</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40,880</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Lease liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">213,848</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">192,318</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Deferred tax liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">254,801</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">336,982</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Other liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">245,635</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">251,383</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Provisions</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">73,218</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">1,103,241</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">54,599</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">876,162</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">303,268</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">781,272</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Lease liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">43,495</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">37,849</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Derivative financial instruments</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; background-color: white">3,217</TD><TD STYLE="font-size: 10pt; color: black; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,814</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Current tax liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90,593</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">127,625</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Other liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">202,826</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">176,264</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Provisions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,279</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,017</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Customer advances</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48,692</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">82,729</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Trade payables</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">462,105</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">1,166,475</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">555,887</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">1,780,457</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,269,716</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,656,619</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity and liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">13,716,189</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,842,991</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050"><P STYLE="margin-top: 0; margin-bottom: 0">Three-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD><TD STYLE="font-size: 10pt; background-color: #00B050; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #00B050"><P STYLE="margin-top: 0; margin-bottom: 0">Twelve-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">2019</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Cash flows from operating activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: justify">Income (loss) for the period</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">109,506</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: white">148,455</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(642,417</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">731,258</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Adjustments for:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">185,024</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">138,342</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">678,806</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">539,521</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Impairment charge</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">-</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">622,402</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Income tax accruals less payments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(59,631</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">(48,013</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(117,214</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(193,417</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Equity in earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(81,360</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">(13,377</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(108,799</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(82,036</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Interest accruals less payments, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,080</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">(675</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(538</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,381</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in provisions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,192</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">4,947</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13,175</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,739</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in working capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(38,074</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">19,751</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,059,135</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">523,109</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Currency translation adjustment and others</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">29,261</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: white">14,841</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">42,183</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,146</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Net cash provided by operating activities</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">139,454</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">264,271</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,520,383</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,527,939</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Cash flows from investing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Capital expenditures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(38,166</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">(80,467</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(193,322</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(350,174</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in advance to suppliers of property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,857</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">635</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,031</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,820</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Acquisition of subsidiaries, net of cash acquired</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">-</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,025,367</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(132,845</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Investment in companies under cost method</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">(2,933</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,933</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Additions to associated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">(9,810</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(19,610</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Repayment of loan by non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">-</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40,470</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from disposal of property, plant and equipment and intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,710</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">918</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,394</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,091</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">Dividends received from non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">-</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">278</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28,974</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Changes in investments in securities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(323,988</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">135,446</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(887,216</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">389,815</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Net cash (used in) provided by investing activities</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(361,301</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">43,789</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,092,264</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(40,392</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Cash flows from financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(82,637</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(153,470</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(82,637</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(484,020</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends paid to non-controlling interest in subsidiaries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,301</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,301</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,872</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Changes in non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Payments of lease liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12,740</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12,695</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(48,553</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(41,530</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">99,804</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">301,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">658,156</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,332,716</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Repayments of borrowings</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(198,834</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(425,216</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(896,986</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,159,053</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net cash used in financing activities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(199,707</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(290,381</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(375,319</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(353,758</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1.5pt">(Decrease) increase in cash and cash equivalents</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(421,554</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">17,679</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">(947,200</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,133,789</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify">Movement in cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">At the beginning of the period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,004,398</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,535,530</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,554,275</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">426,717</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Effect of exchange rate changes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,739</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,066</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(22,492</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,231</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt">(Decrease) increase in cash and cash equivalents</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(421,554</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">17,679</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(947,200</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">1,133,789</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #008F00; font-weight: bold; text-align: justify; padding-bottom: 1.5pt">At December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">584,583</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,554,275</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">584,583</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,554,275</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><IMG SRC="logo3.jpg" ALT="" STYLE="height: 35px; width: 30px">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900"><P STYLE="margin-top: 0; margin-bottom: 0">Three-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD><TD STYLE="font-size: 10pt; background-color: #009900; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900"><P STYLE="margin-top: 0; margin-bottom: 0">Twelve-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">2020</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">2019</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">2020</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Operating income</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">7,385</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">151,767</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(663,071</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">832,391</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">185,024</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">138,342</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">678,806</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">539,521</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">Impairment</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">622,402</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold">EBITDA</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">192,409</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">290,109</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">638,137</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,371,912</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900">At December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">584,681</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,554,299</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Other current investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">872,488</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">210,376</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">239,422</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,012</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,869</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Current Borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(303,268</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(781,272</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-current borrowings</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(315,739</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(40,880</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Net cash / (debt)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,085,453</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">979,535</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900"><P STYLE="margin-top: 0; margin-bottom: 0">Three-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD><TD STYLE="font-size: 10pt; background-color: #009900; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: white; font-weight: bold; text-align: center; background-color: #009900"><P STYLE="margin-top: 0; margin-bottom: 0">Twelve-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Net cash provided by operating activities</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">139,454</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">264,271</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,520,381</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,527,939</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Capital expenditures</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(38,166</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(80,467</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(193,322</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(350,174</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #009900; font-weight: bold; text-align: left">Free cash flow</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">101,288</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">183,804</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,327,059</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,177,765</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
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