<SEC-DOCUMENT>0001171843-21-005587.txt : 20210805
<SEC-HEADER>0001171843-21-005587.hdr.sgml : 20210805
<ACCEPTANCE-DATETIME>20210805172607
ACCESSION NUMBER:		0001171843-21-005587
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210804
FILED AS OF DATE:		20210805
DATE AS OF CHANGE:		20210805

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:		211149647

	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_080521.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 12pt"><B>FORM 6 - K</B></FONT></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 11pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 11pt">Washington, D.C. 20549</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 11pt"><B>Report of Foreign Private Issuer</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 11pt"><B>Pursuant to Rule 13a - 16 or 15d - 16 of</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 11pt"><B>the Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

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

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 12pt"><B>As of 4 August, 2021</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="margin: 0; font-size: 10pt">The attached material is being furnished to the Securities and Exchange Commission pursuant to Rule
13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris&rsquo;s Press Release announcing
2021 Second Quarter Results.</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">Date: 4 August, 2021</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 11pt"><B>Tenaris Announces 2021 Second Quarter Results</B></FONT></P>

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

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

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

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

<P STYLE="text-align: justify; font-size: 10pt; margin: 0"><B>Luxembourg, August 4, 2021. -</B> Tenaris S.A. (NYSE and Mexico: TS and MTA Italy: TEN) (&ldquo;Tenaris&rdquo;)
today announced its results for the quarter ended June 30, 2021 in comparison with its results for the quarter ended June 30, 2020.</P>

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

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

<P STYLE="font-size: 10pt; margin: 0"><B>Summary of 2021 Second Quarter Results</B></P>

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

<P STYLE="font-size: 10pt; margin: 0">(Comparison with first quarter of 2021 and second quarter of 2020)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>1Q 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 40%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net sales ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1,529</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1,182</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">29%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1,241</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">23%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating income (loss) ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">152</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">52</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">194%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(91)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net income (loss) ($ million) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">290</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">101</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">188%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(50)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Shareholders&rsquo; net income (loss) ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">294</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">106</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">176%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(48)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Earnings (losses) per ADS ($)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">0.50</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">0.18</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">176%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(0.08)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Earnings (losses) per share ($)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">0.25</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">0.09</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">176%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(0.04)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">EBITDA ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">301</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">196</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">54%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">59</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">414%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">EBITDA margin (% of net sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">19.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">16.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Our second quarter sales were up 29% sequentially, led
by a recovery in North and South America but with sales increasing in all reporting regions. EBITDA, which included an extraordinary gain
of $33 million from the recognition of fiscal credits in Brazil, continues to recover supported by higher shipments and an increase in
average selling prices that compensated higher raw material costs. Operating income is increasing strongly while our net income continues
to be boosted by the contribution from our investments in Ternium and Usiminas.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; margin-right: 0; margin-left: 0">With the increase in activity levels, working capital
during the quarter rose by $314 million. Cash used in operating activities totaled $50 million and with capital expenditures of $51 million
during the quarter, our free cash flow was negative with an outflow of $102 million. After a dividend payment of $165 million in May 2021,
our net cash position declined to $854 million at June 30, 2021.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The global economy continues to improve, although rates
of infection from newer and more infectious COVID-19 variants remain high in many parts of the world. Oil prices have returned to pre-COVID
levels as global consumption increases, OPEC+ countries contain production levels and large U.S. shale producers restrain capital spending.
Natural gas prices have also risen.</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">Seasonally adjusted drilling activity has risen in the
U.S. and Canada in the first half and is expected to continue to rise in the second half though at a slower pace. In Latin America, it
has risen in the first half and is expected to consolidate close to current levels. In the Eastern Hemisphere, drilling activity has started
to recover slowly.</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">We anticipate sales will continue to increase in the
third quarter, led by North and South America but tempered by ongoing destocking in the Middle East and a seasonal slow down in Europe.
EBITDA margins should reach 20% as price increases and higher absorption of fixed costs continue to compensate for the impact of significant
cost increases.</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">Our North American industrial facilities continue ramping
up to meet higher demand. We have hired 700 additional employees in the U.S. since October as we ramped up our facilities in Bay City
and McCarty (TX) to full production and reopened our facilities in Conroe (TX) and Koppel (PA). We will reopen our facilities in Ambridge
(PA) and Baytown (TX) in August and expect to hire a further 450 persons by the end of the year. We are also advancing with our investments
to consolidate our Canadian industrial operations in Sault Ste Marie (ON), where we are now producing premium products.&nbsp;</P>

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

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

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

<P STYLE="margin: 0; font-size: 10pt"><B>Analysis of 2021 Second Quarter Results</B></P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table indicates, for our Tubes business segment, sales volumes of seamless and
welded pipes for the periods indicated below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: white"><B>Tubes Sales volume (thousand metric tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>1Q 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 40%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Seamless</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">611</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">496</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">23%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">446
</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">37%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Welded</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">79</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">71</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">108 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(27%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>690</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>568</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>21%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>554</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>25%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table indicates, for our Tubes business segment, net sales by geographic region,
operating income and operating income as a percentage of net sales for the periods indicated below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: white"><B>Tubes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>1Q 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 40%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">(Net sales - $ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">North America</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">706</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">514</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">37%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">485</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">45%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">South America</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">230</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">166</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">38%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">145</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">58%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Europe</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">170</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">143</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">19%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Middle East &amp; Africa</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">228</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">196</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">308</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(26%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Asia Pacific</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">62</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">60</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">4%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">83</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(24%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Total net sales ($ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>1,397</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>1,080</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>29%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>1,190</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>17%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Operating income (loss) ($ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>130</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>38</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>243%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(75)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating margin (% of sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(6.3%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><I>Net sales of tubular products and services</I> increased 29% sequentially
and 17% year on year. On a sequential basis volumes sold increased 21% and average selling prices increased 6% pulled by higher raw material
costs, lower inventory levels and higher demand. Sales increased in all reporting regions, particularly in North and South America reflecting
a recovery in drilling activity and higher prices. In North America, we experienced a strong increase in OCTG sales in the United States,
with higher prices across the region. In South America we had higher sales in Brazil and Argentina. In Europe we had higher sales of mechanical
products to the industrial sector. In the Middle East and Africa we had higher sales in the Middle East while sales in Africa remain low.
In Asia Pacific, we had a stable level of sales across the region.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Operating results from tubular products and services </I>amounted to a gain
of $130 million in the second quarter of 2021 compared to a gain of $38 million in the previous quarter and a loss of $75 million in the
second quarter of 2020. Operating results for our Tubes segment included severance charges of $8 million in the quarter, $5 million in
the previous quarter and $52 million in the second quarter of 2020. During the quarter operating results include a $33 million gain related
to the recognition of fiscal credits in Brazil, while in the previous quarter we suffered $23 million higher costs associated to the Winter
Storm Uri. Our operating margin improved as price increases and a better industrial performance related to the increase in volumes, compensate
for higher raw material costs.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table indicates, for our Others business segment, net sales, operating income
and operating income as a percentage of net sales for the periods indicated below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>1Q 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2Q 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 40%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net sales ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">132</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">102</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">29%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">51</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">157%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating income (loss) ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">21</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">13</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">62%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating margin (% of sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">16.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">13.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(29.5%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><I>Net sales of other products and services</I> increased 29% sequentially
and 157% year on year. The sequential increase in sales is mainly related to higher sales of industrial equipment in Brazil, higher sales
of sucker rods and sales from our new oil services business in Argentina which offers hydraulic fracturing and coiled tubing services.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Selling, general and administrative expenses</B>, <B>or SG&amp;A</B>, amounted
to $297 million, or 19.4% of net sales, in the second quarter of 2021, compared to $255 million, 21.6% in the previous quarter and $286
million, 23.0% in the second quarter of 2020. SG&amp;A expenses during the quarter included $6 million of leaving indemnities compared
to $3 million in the previous quarter and $26 million in the second quarter of 2020. Sequentially SG&amp;A increased 16%, mainly due to
higher selling expenses associated with the recovery in sales.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Other operating results </B>amounted to a gain of $34 million in the second
quarter of 2021, compared to $8 million gain in the previous quarter and $3 million loss in the second quarter of 2020. The gain of the
quarter is mainly due to a $33 million recognition of fiscal credits in Brazil.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Financial results</B> amounted to a gain of $10 million in the second quarter
of 2021, compared to a gain of $12 million in the previous quarter and a loss of $14 million in the second quarter of 2020. The gain of
the quarter includes a $17 million gain attributable to interests from fiscal credits in Brazil, which were partially offset by foreign
exchange derivatives results.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Equity in earnings of non-consolidated companies</B> generated a gain of
$146 million in the second quarter of 2021, compared to a gain of $79 million in the previous quarter and a gain of $4 million in the
second quarter of last year. These results are mainly derived from our participation in Ternium (NYSE:TX) and Usiminas, and reflect the
good dynamics at the flat steel sector derived from record high steel prices.</P>

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

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Income tax charge</B> amounted to $17 million in the second quarter
of 2021, compared to $42 million in the previous quarter and a gain of $49 million in the second quarter of last year. During the quarter
the tax charge includes a $24 million deferred tax gain, which is mainly explained by the gain from the revaluation of tax basis in Italy
and Argentina, partially offset by a tax rate increase in Argentina.</P>

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

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

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

<P STYLE="font-size: 10pt; margin: 0"><B>Cash Flow and Liquidity of 2021 Second Quarter</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Net cash used in operating activities during the second quarter of 2021 was
$50 million, compared to $70 million generated in the first quarter of 2021 and $448 million generated in the second quarter of last year.
During the second quarter of 2021 cash used in working capital amounted to $314 million.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">With capital expenditures of $51 million, we had a negative free cash flow
of $102 million during the quarter. After a dividend payment of $165 million in May 2021, our net cash position amounted to $854 million
at June 30, 2021, from $1.1 billion at March 31, 2021.</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"><B>Analysis of 2021 First Half Results</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; width: 49%; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>6M 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>6M 2020</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 17%"><FONT STYLE="font-size: 10pt; color: white"><B>Increase/(Decrease)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net sales ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">2,710</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">3,003</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(10%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating income (loss) ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">203</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(600)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">134%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net income (loss) ($ million) </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">391</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(716)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">155%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Shareholders&rsquo; net income (loss) ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">400</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(708)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">157%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Earnings (losses) per ADS ($)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">0.68</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(1.20)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">157%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Earnings (losses) per share ($)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">0.34</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(0.60)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">157%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">EBITDA ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">497</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">338</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">47%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">EBITDA margin (% of net sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">18.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">11.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Our sales in the first half of 2021 decreased 10% compared to the first
half of 2020 as volumes of tubular products shipped declined 9% and average selling prices declined 4% while an increase in the Others
segment partially compensates the decline. Despite the reduction in sales, EBITDA increased by $159 million in the first half of 2021
compared to a year ago, as our industrial performance improved due to a more efficient utilization of production capacity as activity
levels recovered, lower structural costs and severance charges, which declined steeply from $77 million in the first half of 2020 to $14
million in the first half of 2021. Additionally, during the first six months of 2021 we had a $34 million gain from the recognition of
fiscal credits in Brazil, partially offset by $23 million higher costs associated to the Winter Storm Uri. Operating income amounted to
$203 million in the first six months of 2021 compared to a net loss of $600 million a year ago, which included an impairment charge of
$622 million. Net income in the first six months of 2021 benefited from a $225 million gain from our equity participations, mainly Ternium.</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">Cash flow provided by operating activities amounted to $20 million
during the first half of 2021, including an increase in working capital of $397 million, which reflects the recovery in activity levels.
After capital expenditures of $97 million, we had a negative free cash flow of $76 million. Following a dividend payment of $165 million
in May 2021, our positive net cash position amounted to $854 million at the end of June 2021.</P>

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

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

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The following table shows our net sales by business segment for the periods indicated below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; width: 50%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: white"><B>Net sales ($ million)</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 10%"><FONT STYLE="font-size: 10pt; color: white"><B>6M 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 10%"><FONT STYLE="font-size: 10pt; color: white"><B>6M 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; width: 10%"><FONT STYLE="font-size: 10pt; color: white"><B>Increase/(Decrease)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Tubes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">2,476</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">91%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">2,848</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">95%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(13%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">234</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">155</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">51%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Total</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">2,710</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">3,003</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(10%)</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0"><B><I>&nbsp;</I></B></P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table indicates, for our Tubes business segment, sales volumes of seamless
and welded pipes for the periods indicated below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; width: 40%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: white"><B>Tubes Sales volume (thousand metric tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>6M 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>6M 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Increase/(Decrease)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Seamless</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 10pt; color: #009900">1,108 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 10pt; color: #009900">1,111 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Welded</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 10pt; color: #009900">150 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 10pt; color: #009900">278 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(46%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>1,258 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>1,389 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(9%)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0"><I>&nbsp;</I></P>

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

<P STYLE="font-size: 10pt; margin: 0">The following table indicates, for our Tubes business segment, net sales by geographic region, operating
income and operating income as a percentage of net sales for the periods indicated below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; width: 40%; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: white"><B>Tubes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>6M 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>6M 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Increase/(Decrease)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">(Net sales - $ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">North America</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1,220</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">1,364</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(11%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">South America</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">396</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">370</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Europe</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">314</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">303</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Middle East &amp; Africa</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">424</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">638</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(34%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Asia Pacific</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">122</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">173</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(29%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Total net sales ($ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>2,476</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>2,848</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(13%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900"><B>Operating income (loss) ($ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>169</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900"><B>(553)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating margin (% of sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">6.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(19.4%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Net sales of tubular products and services </I>decreased 13% to $2,476
million in the first half of 2021, compared to $2,848 million in the first half of 2020 due to a reduction of 9% in volumes and a 4% decrease
in average selling prices. Sales decreased in the Middle East &amp; Africa region, in Asia Pacific and in North America, partially compensated
by an increase in South America and Europe. Average drilling activity in the first half of 2021 declined 25% both in the United States
&amp; Canada and internationally compared to the first half of 2020.</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"><I>Operating results from tubular products and services </I>amounted
to a gain of $169 million in the first half of 2021 compared to a loss of $553 million in the first half of 2020. Tubes operating results
in the first six months of 2020 were affected by $75 million of severance charges and by an impairment charge of $582 million. In the
first six months of 2021 Tubes operating results were negatively affected by $13 million of severance charges but they benefited from
a $34 million gain from the recognition of fiscal credits in Brazil, partially offset by $23 million higher costs associated to the Winter
Storm Uri. Despite the reduction in sales our industrial performance improved due to the increased utilization of production capacity.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The following table indicates, for our Others business segment, net sales, operating income
and operating income as a percentage of net sales for the periods indicated below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: #009900">
    <TD STYLE="white-space: nowrap; width: 40%"><FONT STYLE="font-size: 10pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>6M 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>6M 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Increase/(Decrease)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Net sales ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">234</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">155</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">51%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating income (loss) ($ million)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">35</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(47)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">174%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-indent: 9pt"><FONT STYLE="font-size: 10pt; color: #009900">Operating margin (% of sales)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">14.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt; color: #009900">(30.0%)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt"><I></I></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>Net sales of other products and services</I> increased 51% to $234
million in the first half of 2021, compared to $155 million in the first half of 2020, mainly due to higher sales of excess raw materials,
pipes for plumbing applications in Italy and industrial equipment in Brazil.</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"><I>Operating results from other products and services</I> amounted to
a gain of $35 million in the first half of 2021, compared to a loss of $47 million in the first half of 2020. Results in the first six
months of 2020 were affected by an impairment charge of $40 million related to sucker rods and coiled tubing businesses. The improvement
in operating results is mainly driven by the increase in sales following a recovery in activity and in the level of capacity utilization
of our production facilities.</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"><B>Selling, general and administrative expenses, or SG&amp;A, </B>amounted
to $552 million in the first half of 2021, representing 20.4% of sales, and $643 million in the first half of 2020, representing 21.4%
of sales. During the first half of 2021 SG&amp;A includes $8 million of severance charges, compared to $36 million in the first half of
2020. Apart from leaving indemnities main SG&amp;A reductions were in selling expenses related to the reduction in sales, in services
and fees and in amortizations of intangible assets.</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"><B>Other operating results </B>amounted to a gain of $42 million in
the first half of 2021, compared to a loss of $2 million in the first half of 2020. The gain in 2021 is mainly due to a $34 million recognition
of fiscal credits in Brazil.</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"><B>Financial results </B>amounted to a gain of $21 million in the first
half of 2021, compared to a loss of $36 million in the first half of 2020. The $17 million net finance income in the first six months
of 2021 includes a $17 million gain attributable to interests from fiscal credits in Brazil. Additionally, in the first half of 2021 we
had a $5 million foreign exchange gain net of foreign exchange-derivative results, which is mainly related to the Euro depreciation on
Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar and the Brazilian real appreciation on
U.S. dollar denominated intercompany liabilities in subsidiaries with functional currency Brazilian real, both largely offset in the currency
translation reserve in equity.</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"><B>Equity in earnings of non-consolidated companies </B>generated a
gain of $225 million in the first half of 2021, compared to a gain of $6 million in the first half of 2020. These results are mainly derived
from our participation in Ternium (NYSE:TX) and Usiminas, and currently reflect the good dynamics at the flat steel sector derived from
record high steel prices.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>Income tax</B> amounted to a charge of $59 million in the first half
of 2021, compared to $86 million in the first half of 2020.</P>

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

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

<P STYLE="margin: 0; font-size: 10pt"><B>Cash Flow and Liquidity of 2021 First Half</B></P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Net cash provided by operating activities during the first half of 2021
amounted to $20 million (including an increase in working capital of $397 million), compared to cash provided by operations of $964 million
(including a reduction in working capital of $763 million) in the first half of 2020. Working capital, mainly inventories and trade receivables,
increased in the first half of 2021 following the recovery in activity from very low levels in the second half of 2020.</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">Capital expenditures amounted to $97 million in the first half of 2021,
compared to $114 million in the first half of 2020. Negative free cash flow amounted to $76 million in the first half of 2021, compared
to a positive free cash flow of $850 million in the first half of 2020.</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">After a dividend payment of $165 million in May 2021, our net cash position
amounted to $854 million at June 30, 2021, from $1.1 billion at December 31, 2020.</P>

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

<P STYLE="font-size: 10pt; margin: 0"><B>Tenaris Files Half-Year Report</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Tenaris S.A. announces that it has filed its half-year report for the six-month
period ended June 30, 2021 with the Luxembourg Stock Exchange. The half-year report can be downloaded from the Luxembourg Stock Exchange&rsquo;s
website at www.bourse.lu and from Tenaris&rsquo;s website at ir.tenaris.com.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Holders of Tenaris&rsquo;s shares and ADSs, and any other interested parties,
may request a hard copy of the half-year report, free of charge, at 1-888-300-5432 (toll free from the United States) or 52-229-989-1159
(from outside the United States).</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Tenaris will hold a conference call to discuss the above reported results,
on August 5, 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;9397370&rdquo;.
Please dial in 10 minutes before the scheduled start time. The conference call will be also available by webcast at ir.tenaris.com/events-and-presentations</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">A replay of the conference call will be available on our webpage http://ir.tenaris.com/
or by phone from 1.00 pm ET on August 5 through 1.00 pm on August 13, 2021. To access the replay by phone, please dial +1 855 859 2056
or +1 404 537 3406 and enter passcode &ldquo;9397370&rdquo; when prompted.</P>

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #00B050; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Three-month period ended <BR>
June 30, </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #00B050; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Six-month period ended <BR>
June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 52%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Continuing operations</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,528,511</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,241,045</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,710,300</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,003,356</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,113,782)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,042,322)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,996,781)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,335,987)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>414,729</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>198,723</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>713,519</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>667,369</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Selling, general and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(296,785)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(285,964)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(551,811)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(643,009)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Impairment Charge</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(622,402)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Other operating income (expense), net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">33,750</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,354)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">41,577</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,098)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Operating income (loss)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>151,694</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(90,595)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>203,285</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(600,140)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Finance Income</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">21,517</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,792</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">27,215</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,669</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Finance Cost</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(5,831)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(7,418)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(10,506)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(15,860)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,074)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(9,894)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,680</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(25,636)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Income (loss) before equity in earnings of non-consolidated companies and income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>161,306</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(104,115)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>224,674</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(635,967)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">145,829</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,406</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">224,970</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6,295</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Income (loss) before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>307,135</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(99,709)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>449,644</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(629,672)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(16,953)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">49,402</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(58,697)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(86,367)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Income (loss) for the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>290,182</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(50,307)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>390,947</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt"><B>(716,039)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Owners of the parent</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">293,940</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(47,961)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">400,286</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(708,029)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(3,758)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,346)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(9,339)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(8,010)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>290,182</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(50,307)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>390,947</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(716,039)</B></FONT></TD></TR>
  </TABLE>
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<P STYLE="font-size: 10pt; margin: 0"><B>Consolidated Condensed Interim Statement of Financial Position</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars) </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B050; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>At June 30, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; background-color: #00B050; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B050; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>At December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 51%; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Property, plant and equipment, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,024,114</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,193,181</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Intangible assets, net </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,404,265</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,429,056</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Right-of-use assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">224,514</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">241,953</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Investments in non-consolidated
companies</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,144,191</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">957,352</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Other investments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">292,162</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">247,082</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">239,384</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">205,590</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Receivables, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">211,869</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,540,499</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">154,303</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,428,517</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Inventories, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,145,560</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,636,673</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Receivables and prepayments, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">85,989</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">77,849</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Current tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">179,942</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">136,384</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Trade receivables, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,093,496</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">968,148</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">7,234</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,449</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Other investments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">573,679</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">872,488</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">587,337</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,673,237</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">584,681</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4,287,672</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>14,213,736 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>13,716,189 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>EQUITY&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Capital and reserves attributable to owners of the parent</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,485,222</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,262,888</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">178,485</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">183,585</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Total equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,663,707 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,446,473 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">290,071</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">315,739</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">189,386</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">213,848</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">283,190</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">254,801</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">240,923</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">245,635</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">84,327</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,087,897</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">73,218</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,103,241</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">310,344</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">303,268</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">40,994</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">43,495</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,503</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,217</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Current tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">82,814</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">90,593</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Other liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">246,040</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">202,826</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">10,768</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">12,279</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Customer advances</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">37,580</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">48,692</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">730,089</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,462,132</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">462,105</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,166,475</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,550,029 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,269,716 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>14,213,736 </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>13,716,189 </B></FONT></TD></TR>
  </TABLE>
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<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #00B050; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Three-month period ended <BR>
June 30, </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #00B050; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Six-month period ended <BR>
June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 50%"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars) </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Cash flows from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unaudited</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;Unaudited </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Income (loss) for the period</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">290,182</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(50,307)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">390,947</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(716,039)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Adjustments for:</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">149,627</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">149,203</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">294,096</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">316,180</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Impairment charge</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">622,402</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Income tax accruals less payments</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(12,658)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(88,553)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(567)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,295)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Equity in earnings of non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(145,829)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(4,406)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(224,970)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,295)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Interest accruals less payments, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(12,001)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(1,765)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(12,047)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,371</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in provisions</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,562</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(291)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,598</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(11,781)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in working capital</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(313,764)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">446,069</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(397,090)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">763,040</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Currency translation adjustment and others</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(11,472)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,371)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(39,826)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,926)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Net cash (used in) provided by operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(50,353)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>447,579</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>20,141</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>963,657</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Cash flows from investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(51,274)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">(45,541)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(96,565)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(113,585)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in advance to suppliers of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,624)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">544</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(5,728)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">117</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Acquisition of subsidiaries, net of cash acquired</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(1,063,848)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Proceeds from disposal of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">416</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">647</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,339</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,165</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dividends received from non-consolidated companies</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">49,131</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right"><FONT STYLE="font-size: 10pt">278</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">49,131</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">278</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in investments in securities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">65,991</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(286,733)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">242,923</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(255,439)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Net cash provided by (used in) investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>61,640</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(330,805)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>195,100</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,431,312)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Cash flows from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dividends paid</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(165,275)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(165,275)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Dividends paid to non-controlling interest in subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,207)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,207)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Changes in non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Payments of lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(10,404)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(9,982)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(26,304)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(24,943)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">191,515</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">223,090</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">286,120</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">442,248</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Repayments of borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(135,617)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(256,628)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(303,888)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(571,122)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Net cash (used in) financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(122,988)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(43,519)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(212,554)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(153,815)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>(Decrease) Increase in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(111,701)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>73,255</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,687</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(621,470)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt; color: #008F00"><B>Movement in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">At the beginning of the period</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">695,127</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">839,864</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">584,583</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,554,275</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Effect of exchange rate changes </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,813</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,221)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,031)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(21,907)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">(Decrease) Increase in cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(111,701)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">73,255</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,687</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(621,470)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>585,239</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>910,898</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>585,239</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>910,898</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #009900; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Three-month period ended <BR>
June 30, </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #009900; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Six-month period ended <BR>
June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Operating income (Loss)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">151,694</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(90,595)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">203,285</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(600,140)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">149,627</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">149,203</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">294,096</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">316,180</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">622,402</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #009900"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>301,321</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>58,608</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>497,381</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>338,442</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0"><B>&nbsp;</B></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #009900; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Three-month period ended <BR>
June 30, </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #009900; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Six-month period ended <BR>
June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Net cash (used in) provided by operating activities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(50,353)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">447,579</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">20,141</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">963,657</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Capital expenditures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(51,274)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(45,541)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(96,565)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(113,585)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #009900"><B>Free cash flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>(101,627)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>402,038</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>(76,424)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>850,072</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #009900; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>At June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 76%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">587,337</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">910,957</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Other current investments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">573,679</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">445,217</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Non-current investments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">286,264</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">36,516</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Derivatives hedging borrowings and investments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6,833</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(23,458)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Current borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(310,344)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">(467,115)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Non-current borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(290,071)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(231,799)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #009900"><B>Net cash / (debt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>853,698</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>670,318</B></FONT></TD></TR>
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